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Foreign Direct Investment in Latin America and the Caribbean 2020 Foreign Direct Investment in Latin America and the Caribbean 2020 in Latin America andtheCaribbean in Latin Investment Direct Foreign 2020 Thank you for your interest in this ECLAC publication ECLAC Publications Please register if you would like to receive information on our editorial products and activities. When you register, you may specify your particular areas of interest and you will gain access to our products in other formats. www.cepal.org/en/publications ublicaciones www.cepal.org/apps 2 Executive summary Economic Commission for Latin America and the Caribbean (ECLAC) Alicia Bárcena Executive Secretary Mario Cimoli Deputy Executive Secretary Raúl García-Buchaca Deputy Executive Secretary for Management and Programme Analysis Ricardo Pérez Chief, Publications and Web Services Division The 2020 version of Foreign Direct Investment in Latin America and the Caribbean is the most recent edition of an annual series published by the Unit on Investment and Corporate Strategies of the Division of Production, Productivity and Management of the Economic Commission for Latin America and the Caribbean (ECLAC). This year’s edition was prepared by Ana Abeliansky, Álvaro Calderón, Mathilde Closset, Felipe Correa, Marco Dini, Georgina Núñez, Cecilia Plottier and Nunzia Saporito, under the coordination of Giovanni Stumpo. The databases were prepared by Leandro Cabello. Comments and suggestions were received from Alicia Bárcena, Mario Cimoli, Hugo Beteta, Martín Abeles, Olga Lucía Acosta, Anahí Amar, Filipe Da Silva, Sebastián Herreros, Álvaro Lalanne, Jorge Mario Martínez, Machel Pantin, Juan Carlos Ramírez, Joaquín Vargas and Helvia Velloso. Thanks are due to the government authorities and executives of companies consulted, for their inputs for the preparation of this document. Any comments or suggestions concerning the contents of this document should be addressed to Giovanni Stumpo (Giovanni.Stumpo@ cepal.org) and Cecilia Plottier ([email protected]). The boundaries and names shown on the maps included in this publication do not imply official acceptance or endorsement by the United Nations. United Nations publication Explanatory notes ISBN: 978-92-1-122055-1 (print) - Three dots (…) indicate that data are missing, are not available or are not separately reported. - A dash (-) indicates that the amount is nil or negligible. ISBN: 978-92-1-004748-7 (pdf) - A full stop (.) is used to indicate decimals. ISBN: 978-92-1-358298-5 (ePub) - The word “dollars” refers to United States dollars unless otherwise specified. - A slash (/) between years (e.g. 2013/2014) indicates a 12-month period falling between the two years. Sales No.: E.20.II.G.3 - Individual figures and percentages in tables may not always add up to the corresponding total due ot rounding. LC/PUB.2020/15-P Distribution: G Copyright © United Nations, 2020 This publication should be cited as: Economic Commission for Latin America and the Caribbean (ECLAC), Foreign Direct Investment in Latin America and the Caribbean, 2020 (LC/PUB.2020/15-P), Santiago, 2020. All rights reserved Printed at United Nations, Santiago Applications for authorization to reproduce this work in whole or in part should be sent to the Economic Commission for Latin America and the Caribbean (ECLAC), Publications and Web Services Division, [email protected]. Member States and their governmental institutions S.20-00594 may reproduce this work without prior authorization, but are requested to mention the source and to inform ECLAC of such reproduction. Foreign Direct Investment in Latin America and the Caribbean • 2020 Contents 3 CONTENTS Executive summary.................................................................................................................................................... 9 Chapter I Overview of foreign direct investment in the region ......................................................................................... 19 A. 2019 saw a slight increase in global FDI after two years of decline ............................................................. 21 B. The region’s FDI has been in an almost steady decline since 2012 .............................................................. 25 1. FDI inflows fell by 7.8% in 2019 .............................................................................................................. 25 2. Capital outflows in the form of FDI income accounted for 1.9% of GDP in 2019 ................................... 29 3. Market access and natural resources drove FDI in most countries ........................................................ 32 4. Europe and the United States accounted for 82% of FDI ....................................................................... 40 C. Latin American investments overseas: difficult times ................................................................................... 44 D. Complicated prospects for the world and the region in 2020 ........................................................................ 51 E. Conclusions ..................................................................................................................................................... 56 F. Analysis by country ......................................................................................................................................... 58 1. Brazil: the region’s biggest host country is hit hard ................................................................................ 60 2. South America: FDI rose in Chile, Colombia, Peru and Paraguay ........................................................... 63 3. Mexico: the European Union outstripped the United States in FDI ........................................................ 68 4. Panama and Costa Rica remain the main recipients of FDI in Central America ..................................... 71 5. The Caribbean: growth in FDI inflows is explained by increases observed in the Dominican Republic and Guyana ....................................................................................................... 76 Bibliography ........................................................................................................................................................... 81 Chapter II Towards a new post-pandemic global production geography: the reorganization of global value chains ............................................................................................................................................. 85 Introduction ........................................................................................................................................................... 87 A. Evolution of global value chains ..................................................................................................................... 87 1. Global value chains have changed the nature and structure of the world economy .............................. 87 2. A production organization model under pressure ................................................................................. 103 B. The COVID-19 pandemic: a cataclysmic event for global value chains ....................................................... 109 1. Causes of COVID-19’s strong impact on global value chains ............................................................... 110 2. A crisis with an uneven impact ............................................................................................................. 112 3. How to regain control and ensure the stability of global value chains? ............................................... 117 C. Possible future trajectories of global value chains and policy recommendations ....................................... 122 1. Potential trajectories and impacts of megatrends and catastrophic events ........................................ 123 2. The cost of geographic reconfiguration ................................................................................................. 128 3. Considerations on productive development policies ............................................................................. 130 Bibliography ......................................................................................................................................................... 132 Chapter III New scenarios for the medical device sector in Latin America and the Caribbean ................................. 135 Introduction ......................................................................................................................................................... 137 A. A heterogeneous and constantly changing sector ....................................................................................... 138 1. The value chain ...................................................................................................................................... 140 2. Supply and demand are concentrated in developed countries ............................................................. 141 3. Innovation and regulation are key elements of competition ................................................................. 145 B. International trade in medical devices grew moderately in recent years .................................................... 146 1. The United States, Germany and China accounted for 41% of world exports ..................................... 146 2. Increase in exports in the region and concentration in Mexico and Costa Rica ................................... 148 3. Goods of medium and low technological
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