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Foreign Direct Investment Between the European Union and Latin America and the Caribbean

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Foreign Direct Investment Between the European Union and Latin America and the Caribbean 2011 Foreign Direct Investment in Latin America and the Caribbean Alicia Bárcena Executive Secretary Antonio Prado Deputy Executive Secretary Mario Cimoli Chief Division of Production, Productivity and Management Ricardo Pérez Chief Documents and Publications Division Foreign Direct Investment in Latin America and the Caribbean, 2011 is the latest edition of a series issued annually 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). It was prepared by Álvaro Calderón, Miguel Pérez Ludeña and Sebastián Vergara, with the assistance of Nelson Correa, Cristian Jara, David Matesanz, Francisco Javier Sáez and Ángeles Sánchez, under the coordination of Giovanni Stumpo. Contributions were also received from Humberto García, Michael Hendrikson, Jorge Mario Martínez Piva, Kohei Yoshida and Pavlos Dimitratos, consultant. Comments and suggestions were provided by Hugo Altomonte, Filipa Correia, Manlio Coviello, Beno Ruchansky, Hugo Ventura, Romain Zivy and staff at the ECLAC subregional headquarters in Mexico, in particular Juan Carlos Moreno-Brid. ECLAC wishes to express its appreciation for the contributions received from the executives of the firms consulted during the preparation of this publication. The information used in this report was drawn from a number of international organizations, including the International Monetary Fund, the United Nations Conference on Trade and Development and the Organization for Economic Cooperation and Development, as well as from a host of national institutions, in particular central banks and investment promotion agencies in Latin America and the Caribbean, and the specialized press. Any comments or suggestions regarding this publication may be addressed to Álvaro Calderón ([email protected]) or Miguel Pérez Ludeña ([email protected]). Notes and explanations of symbols The following symbols have been employed in this edition of Foreign Direct Investment in Latin America and the Caribbean, 2010: Notes and explanations of symbols Three dots (...) indicate that data are missing, are not available or are not separately reported. Two dashes and a full stop (-.-) indicate that the sample size is too small to be used as a basis for estimating the corresponding values with acceptable reliability and precision. A dash (-) indicates that the amount is nil or negligible. A blank space in a table indicates that the concept under consideration is not applicable or not comparable. A minus sign (-) indicates a deficit or decrease, except where otherwise specified. The use of a hyphen (-) between years (e.g., 1990-1998) indicates reference to the complete number of calendar years involved, including the beginning and end years. A slash (/) between years (e.g., 2003/2005) indicates that the information given corresponds to one of these two years. The world “dollars” refers to United States dollars, unless otherwise specified. Individual figures and percentages in tables may not always add up to the corresponding total because of rounding. United Nations Publication ISBN: 978-92-1-221060-5 • ISSN printed version: 2076-4065 E-ISBN: 978-92-1-050515-4 LC/G.2538-P • Sales No. E.12.II.G.4 Copyright © United Nations, June 2012. All rights reserved Printed in Santiago, Chile • 2012-385 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. Foreign Direct Investment in Latin America and the Caribbean • 2011 3 Contents Summary and conclusions ............................................................................................................................................ 9 Chapter I Regional overview of foreign direct investment .................................................................................................. 19 A. Introduction............ .............................................................................................................................................................. 19 B. Overview of foreign direct investment worldwide ............................................................................................................... 20 C. Foreign direct investment inflows and transnational companies in Latin America and the Caribbean ............................... 22 1. Trends and characteristics of foreign direct investment flows into Latin America and the Caribbean in 2011 ............... 22 2. Patterns of origin and destination of foreign direct investment........................................................................................ 31 3. Capital income and reinvested earnings ........................................................................................................................... 33 4. Technology intensity and transnational companies’ involvement in research and development ..................................... 35 D. Outward foreign direct investment and the trans-Latins ...................................................................................................... 36 1. Outward investment flows ................................................................................................................................................ 36 2. Latin American and Caribbean policies supporting foreign direct investment ................................................................ 42 E. Concluding remarks ............................................................................................................................................................. 43 Bibliography............... ................................................................................................................................................................. 44 Annex ....................... ................................................................................................................................................................... 46 Chapter II Foreign direct investment between the European Union and Latin America and the Caribbean .............................................................................................................................................................. 57 A. Introduction.......... ................................................................................................................................................................ 57 B. European Union Foreign Direct Investment in Latin America and the Caribbean .............................................................. 59 1. The European Union as a source of global FDI outflows ................................................................................................ 59 2. FDI flows from the European Union to Latin America and the Caribbean ..................................................................... 61 C. Business strategies followed by European transnationals .................................................................................................... 68 1. In search of natural resources: the oil companies make their way as they go, and mining investment and profits continue to expand ........................................................................................................................................................... 68 2. In search of national and regional markets for manufactures: seizing opportunities brought by economic growth and a growing middle class with greater purchasing power............................................................................................. 72 3. In search of service markets: the region goes from loss-maker to lifeline during the crisis ............................................ 74 D. European transnationals and research and development ...................................................................................................... 78 1. Transnational companies and the internationalization of research and development: the region is not the prime destination for European companies ................................................................................................................................ 78 2. Innovation and research and development at subsidiaries of European companies in the region: Brazil consolidates its leadership..... ........................................................................................................................................... 81 4 Economic Commission for Latin America and the Caribbean (ECLAC) E. Trans-Latin companies in the European Union .................................................................................................................... 84 1. Latin America and the Caribbean joins the global trend .................................................................................................. 84 2. Business dynamic of trans-Latins in the European Union ............................................................................................... 85 F. Concluding remarks ............................................................................................................................................................. 88 Bibliography.................. .............................................................................................................................................................
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