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Foreign Investment 2003 2003 Foreign investment in Latin America and the Caribbean 4 ECLAC LC/G.2226-P May 2004 Copyright © United Nations 2004 All rights reserved Printed in Chile Applications for the right to reproduce this work are welcomed and should be sent to the Secretary of the Publication Board, United Nations Headquarters, New York. N.Y. 10017, U.S.A. Member States and their governmental institutions may reproduce this work without prior authorization, but are requested to mention the source and inform the United Nations of such reproduction. UNITED NATIONS PUBLICATIONS Sales No: E.04.II.G.54 ISSN printed version 1680-8649 ISSN online version: 1681-0287 ISBN 92-1-121445-9 Foreign investment in Latin America and the Caribbean, 2003 5 CONTENTS Page ABSTRACT ........................................................................................................................................................... 9 SUMMARY AND CONCLUSIONS ..................................................................................................................... 11 I. REGIONAL OVERVIEW............................................................................................................................... 19 A. INTRODUCTION ..................................................................................................................................... 19 B. RECENT FDI TRENDS IN LATIN AMERICA AND THE CARIBBEAN............................................ 25 1. Foreign direct investment worldwide .................................................................................................. 25 2. Foreign direct investment in Latin America and the Caribbean: flows and trends ............................. 27 C. THE OPERATIONS OF TRANSNATIONAL ENTERPRISES IN LATIN AMERICA AND THE CARIBBEAN.......................................................................................... 36 1. Transnational corporations ................................................................................................................... 37 2. Transnational banks ............................................................................................................................. 44 D. STRATEGIES OF TRANSNATIONAL CORPORATIONS .................................................................... 46 1. Transnational corporations in search of natural resources .................................................................. 46 2. Transnational firms in search of local markets for services ................................................................ 52 3. Investments and asset purchases in the services sector ....................................................................... 55 E. CONCLUSIONS ....................................................................................................................................... 59 APPENDIX ............................................................................................................................................................ 61 II. EFFICIENCY SEEKING STRATEGIES TO CAPTURE EXPORT MARKETS: TRANSNATIONAL CORPORATIONS IN COSTA RICA, HONDURAS, JAMAICA AND THE DOMINICAN REPUBLIC ..... 69 A. INTRODUCTION ..................................................................................................................................... 69 B. EXPORT COMPETITIVENESS IN COSTA RICA, HONDURAS, JAMAICA AND THE DOMINICAN REPUBLIC ..................................................................................................... 75 C. STRATEGIES OF EFFICIENCY-SEEKING TNCs IN COSTA RICA, HONDURAS, JAMAICA AND THE DOMINICAN REPUBLIC ..................................................................................................... 83 1. Textile and apparel articles: a rootless industry................................................................................... 87 2. The electronics industry: a broken chain? ........................................................................................... 92 3. Medical devices: the new frontier ........................................................................................................ 96 4. Efficiency seeking in the services sector ............................................................................................. 97 D. CONCLUSIONS ....................................................................................................................................... 98 III. INVESTMENT AND BUSINESS STRATEGIES IN THE AUTOMOTIVE INDUSTRY ........................... 101 A. INTRODUCTION ..................................................................................................................................... 101 B. CHANGES IN THE GLOBAL AUTOMOTIVE INDUSTRY................................................................. 102 C. COMPETITIVENESS IN BRAZIL’S AND MEXICO’S AUTOMOTIVE SECTORS........................... 113 D. CONCLUSIONS ....................................................................................................................................... 132 Bibliography ........................................................................................................................................................... 135 6 ECLAC Page Tables, figures, boxes and diagrams Table I.1 Determinants of FDI in recipient countries, by corporate strategy.............................................. 23 Table I.2 Latin America and the Caribbean: the strategies of transnational corporations .......................... 24 Table I.3 Regional distribution of net FDI inflows worldwide, 1991-2003 ................................................ 26 Table I.4 Latin America and the Caribbean: net FDI inflows by subregion, 1990-2003 ............................ 27 Table I.5 Mexico, Central America and the Caribbean: net inward FDI, 1990-2002 ................................. 30 Table I.6 South America: FDI inflows, 1990-2003 ..................................................................................... 32 Table I.7 Latin America: largest foreign banks by consolidated assets, first half of 2003 ......................... 45 Table I.8 Telefónica de España and América Móvil: number of mobile telephone customers, 2003 ........ 56 Table I.9 Impact of business strategies on recipient economies .................................................................. 60 Table II.1 Costa Rica: share of world imports and export structure, 1985-2001 ......................................... 75 Table II.2 Dominican Republic: share of world imports and export structure, 1985-2001 ......................... 76 Table II.3 Honduras: share of world imports and export structure, 1985-2001 ........................................... 77 Table II.4 Jamaica: share of world imports and export structure, 1985-2001 .............................................. 78 Table II.5 Principal incentives offered in export processing zones (EPZs) in Costa Rica, the Dominican Republic, Honduras and Jamaica..................................................................................................81 Table II.6 Costa Rica, Honduras, Jamaica and the Dominican Republic: geographical destination of total exports, 1985-2002 ........................................................................................ 82 Table II.7 United States: leading manufactures imports from Costa Rica, Honduras, Jamaica and the Dominican Republic, by two-digit SITC code,1990-2002 ............................... 84 Table II.8 Costa Rica, Honduras, Jamaica, Dominican Republic: share of goods covered by production sharing provisions out of total United States imports, 1980-2002 ......... 85 Table II.9 United States: apparel imports under the United States-Caribbean Basin Trade Partnership Act (CBTPA), selected countries, 2001........................................................................................ 85 Table II.10 Costa Rica, Honduras, Jamaica and the Dominican Republic: United States content of total United States imports under the production sharing mechanism, 1980-2002..................... 86 Table II.11 United States: apparel imports (SITC, Rev. 3, 841-845), by country of origin, 1990-2002 ....... 89 Table III.1 Mexico: share of world imports and export structure, 1985-2001 .............................................. 114 Table III.2 Brazil: share of world imports and export structure, 1985-2001 ................................................. 115 Table III.3 Brazil: share of Latin American imports and export structure, 1985-2001 ................................. 116 Table III.4 Mexico and Brazil: domestic output, domestic sales of domestic output, imports and exports ....................................................................................................................... 120 Table III.5 Mexico: installed capacity for vehicle production, by firm, 2003 ............................................... 121 Table III.6 Brazil: installed capacity for vehicle production, by firm, 2003 ................................................. 122 Figure I.1 Latin America and the Caribbean: net resource transfer, 1980-2003 .......................................... 28 Figure I.2 Latin America and the Caribbean: net FDI inflows and outflows of FDI-related income, 1990-2003 ...................................................................................................28 Figure I.3 Latin America and the Caribbean: net FDI inflows to the leading economies, by sector, 1996-2002 ....................................................................................................................................
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