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Foreign Investment in Latin America and the Caribbean. 2000 Report 2000 Foreign investment in latin america and the caribbean LC/G.2125-P June 2001 Copyright ©United Nations 2001 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 Publications 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 PUBLICATION Sales No.: E.01.II.G.12 ISSN - 0257 - 2184 ISBN 92-1-121301-0 Foreign Investment in Latin America and the Caribbean, 2000 Report is the latest edition of a series published annually by the ECLAC Unit on Investment and Corporate Strategies. It was prepared by Álvaro Calderón and Michael Mortimore, with assistance from external consultants Matías Kúlfas and José Claudio Linhares Pires on the country case studies concerning the telecommunications industries in Argentina and Brazil, respectively, and from Jaime Crispi on chapter I. Nicole Moussa made a major substantive contribution to chapter IV (telecommunications), as did Sebastián Vergara in the case of chapter II (Chile). The compilation and processing of statistical data was carried out by Lorena Farías with the assistance of Carlos Guaipatin, José Luis Lima and Juan Pablo Álvarez. The Unit's Information Centre has served as the primary source of quantitative data. The development of this Information Centre has provided the Unit with ready access to statistical information and other types of data from a number of international organizations, including the International Monetary Fund (IMF), the Statistical Office of the European Communities (EUROSTAT), the United Nations Conference on Trade and Development (UNCTAD) and the Institute for European-Latin American Relations (IRELA), as well as a host of national institutions such as central banks and investment promotion agencies for Latin America and the Caribbean. Any comments or suggestions regarding this publication are welcome and should be directed to Michael Mortimore (email: [email protected]). Notes and explanation of symbols The following symbols have been used in the tables in this study: Three dots (. .) indicate that data are not available or are not separately reported. A dash (-) indicates that the amounts is nil or negligible. A point (.) is used to indicate decimals. Use if a hyphen (-) between years, e.g., 1971-1973, indicates reference to the complete number of calendar years involved, including the beginning and end years. The word “dollars” refers to United States dollars, unless otherwise specified. Figures and percentages in tables may not neccessarly add up to the corresponding totals, because of rounding. Foreign investment in Latin America and the Caribbean, 2000 5 CONTENTS Page ABSTRACT · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 11 FOREWORD · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 13 SUMMARY AND CONCLUSIONS · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·15 1. Regional outlook · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 16 2. Chile· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 20 3. Japan · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 22 4. Telecommunications · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 24 INTRODUCTION: A REGULATORY CHALLENGE · · · · · · · · · · · · · · · · · · · · · · · · · · · 27 I. REGIONAL PANORAMA· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 33 A. RECENT TRENDS IN FOREIGN DIRECT INVESTMENT IN LATIN AMERICA AND THE CARIBBEAN· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 33 1. Overall foreign direct investment · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 33 2. Foreign direct investment in Latin America and the Caribbean: recent inflows and trends · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 36 B. STRATEGIES, AGENTS AND MODALITIES OF FOREIGN DIRECT INVESTMENT · · · 55 1. Strategies and actors: the legacy of the 1990s· · · · · · · · · · · · · · · · · · · · · · · · · 55 2. Competitiveness and emerging strategies: the phenomenon of mergers and acquisitions · · 66 C. A NEW NATIONAL STRATEGY ON FOREIGN DIRECT INVESTMENT · · · · · · · · · 82 1. New policies in the Dominican Republic: a focus on advanced technology and improvement of system competitiveness · · · · · · · · · · · · · · · · · · · · · · · · · · · 82 II. CHILE: FOREIGN DIRECT INVESTMENT AND CORPORATE STRATEGIES · · · · · · · · 89 A. FOREIGN CAPITAL IN THE CHILEAN ECONOMY · · · · · · · · · · · · · · · · · · · · · 90 1. A century marked by the mining investments of North American firms · · · · · · · · · · · 90 2. FDI in the 1990s: from mining to services · · · · · · · · · · · · · · · · · · · · · · · · · · 91 B. STRATEGIES OF TRANSNATIONAL CORPORATIONS IN CHILE · · · · · · · · · · · · 100 1. Pursuit of natural resources for exports · · · · · · · · · · · · · · · · · · · · · · · · · · · · 100 2. Access to services markets: Chile as a stepping stone to Latin America · · · · · · · · · · · 114 C. CONCLUSIONS· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 129 6 CEPAL Page III. JAPAN: INVESTMENT AND CORPORATE STRATEGIES IN LATIN AMERICA AND THE CARIBBEAN · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 131 A. WHAT HAS POWERED JAPANESE OUTWARD FDI? · · · · · · · · · · · · · · · · · · · · 134 B. THE JAPANESE CHALLENGE TO THE GLOBAL AUTOMOTIVE INDUSTRY: TOYOTA AND HONDA · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 145 C. THE JAPANESE CONSUMER ELECTRONICS INDUSTRY: SONY AND MATSUSHITA ELECTRIC INDUSTRIAL · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 152 D. BEYOND TRADING: MITSUBISHI CORPORATION · · · · · · · · · · · · · · · · · · · · 162 E. AN INNOVATIVE NEWCOMER: NTT-DOCOMO POSITIONS ITSELF IN THE GLOBAL TELECOMS INDUSTRY · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 167 F. CONCLUSIONS OF JAPANESE INVESTMENT IN LATIN AMERICA AND THE CARIBBEAN · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 170 IV. TELECOMMUNICATIONS: INVESTMENT AND CORPORATE STRATEGIES IN LATIN AMERICA AND THE CARIBBEAN · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 173 A. TELECOMMUNICATIONS AND GLOBALIZATION· · · · · · · · · · · · · · · · · · · · · 173 1. Technological change · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 175 2. Increased competition · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 182 3. The transnationalization process · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 198 B. TRANSNATIONAL TELECOMMUNICATIONS COMPANIES IN LATIN AMERICA AND THE CARIBBEAN· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 204 1. The first wave: European State companies · · · · · · · · · · · · · · · · · · · · · · · · · · 204 2. Globalizers · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 213 C. CONCLUSIONS · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 224 BIBLIOGRAPHY · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 227 BOXES I.1 Spanish banking comes ashore in Mexico · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·41 I.2 AES in Latin America: a world player expands into the region from a Brazilian base · · · · · · · 45 I.3 Heavy stakes in the Brazilian market: BSCH takes control of BANESPA· · · · · · · · · · · · · · 47 I.4 The Southern Cone food and beverage industry and the global strategy of Danone · · · · · · · · · 49 I.5 Convergence between development policy targets and the strategies of transnational firms: Dominican Republic and Unión Fenosa · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 86 II.1 Broken Hill Proprietary (BHP): a globalized mining company? · · · · · · · · · · · · · · · · · · · 105 II.2 Nutreco: food for fish? fish for food?· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 111 III.1 The analytical shortcomings in official statistics on Japanese FDI· · · · · · · · · · · · · · · · · · 132 III.2 The wild flying geese model · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 137 III.3 Colour television receiver operations in Tijuana: cluster or fluster? · · · · · · · · · · · · · · · · · 161 Foreign investment in Latin Ameria and the Caribbean, 2000 7 Page IV.1 The GSM route to third-generation (3G) mobile telephony · · · · · · · · · · · · · · · · · · · · · 178 IV.2 Argentina: the cost of privatization without competition· · · · · · · · · · · · · · · · · · · · · · · 188 IV.3 Mexico: the cost of defending a national champion · · · · · · · · · · · · · · · · · · · · · · · · · 191 IV.4 Brazil: the benefits of learning from others' mistakes · · · · · · · · · · · · · · · · · · · · · · · · 194 IV.5 Undersea cables: the real-time link with the rest of the world · · · · · · · · · · · · · · · · · · · · 210 TABLES I.1 Latin America and the Caribbean: net inflow of foreign direct investment, by subregion, 1990-2000· · · · · · · · · · ·
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