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Foreign Direct Investment in Latin America and the Caribbean

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Foreign Direct Investment in Latin America and the Caribbean 2013 2013 Foreign Direct Investment in Latin America and the Caribbean 2013 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, Publications and Web Services Division The 2013 version of Foreign Direct Investment in Latin America and the Caribbean is the most recent issue 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). It was prepared by Álvaro Calderón, Olaf de Groot, Miguel Pérez Ludeña and Sofía Rojo. The database was created by Leandro Cabello and the publication was coordinated by Giovanni Stumpo. Comments and suggestions were received from Guillermo Acuña, Carlos Mussi, Patricio Rozas, Valeria Torres, and staff at the subregional headquarters of ECLAC in Mexico, in particular Juan Carlos Moreno-Brid and Ramón Padilla. Thanks are due to the government authorities and executives of trades unions and companies for their inputs when consulted during the preparation of this document. Any comments or suggestions concerning the contents of this document should be addressed to Giovanni Stumpo (Giovanni. [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: - 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. - A blank space in a table indicates that the concept under consideration is not applicable or not comparable. - 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: 978-92-1-121859-6 • E-ISBN: 978-92-1-056540-0 ISSN: 2076-4065 LC/G.2613-P • Sales No. E.14.II.G.4 Copyright © United Nations, July 2014. All rights reserved Printed in Santiago, Chile This publication should be cited as: Economic Commission for Latin America and the Caribbean (ECLAC), Foreign Direct Investment in Latin America and the Caribbean, 2013 (LC/G.2613-P), Santiago, Chile, 2014. 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. Contents Summary and conclusions ......................................................................................................................................7 Chapter I Overview of foreign direct investment in Latin America and the Caribbean ........................................................17 A. Introduction ................................................................................................................................................19 B. Overview of foreign direct investment worldwide ......................................................................................19 C. Inward foreign direct investment in Latin America and the Caribbean .........................................................21 D. Patterns of origin and destination of foreign direct investment .....................................................................25 1. Distribution of FDI by sector .................................................................................................................25 2. Technology intensity and research and development by transnational firms ..........................................29 3. Largest investor countries ......................................................................................................................31 E. FDI inflows by country ................................................................................................................................32 1. Brazil ....................................................................................................................................................35 2. Other South American countries ...........................................................................................................36 3. Mexico ..................................................................................................................................................40 4. Central America ....................................................................................................................................42 5. The Caribbean .......................................................................................................................................44 F. Outward FDI ...............................................................................................................................................48 G. Conclusions ................................................................................................................................................50 Bibliography .........................................................................................................................................................51 Annex ...................................................................................................................................................................53 Chapter II Latin American and Caribbean transnational corporations: Strategies and outcomes ..........................................63 A. Introduction ................................................................................................................................................65 B. Limitations of the traditional methodological approach ...............................................................................65 C. Increased international presence of companies from developing countries ................................................67 D. Trans-Latins: main sectors and strategies .....................................................................................................72 E. The first wave of trans-Latin companies: Brazil, Argentina, Mexico, Chile and the Bolivarian Republic of Venezuela ...............................................................................................................80 1. Brazil: scale, natural resources and State support ..................................................................................80 2. Argentina: declining outward FDI ..........................................................................................................84 3. Mexico: integration with North America drives internationalization ......................................................85 4. Chile: expansion targeting South America .............................................................................................88 5. Bolivarian Republic of Venezuela: PDVSA at the top ............................................................................90 F. New actors in an ever-expanding process ...................................................................................................91 1. Colombia: the strength of State-owned enterprises ................................................................................91 2. Peru: the first signs ................................................................................................................................95 3. Central America, the Caribbean and other smaller economies ...............................................................96 G. Conclusions ................................................................................................................................................98 Bibliography .......................................................................................................................................................100 Chapter III Effects of foreign direct investment on employment in Latin America and the Caribbean..................................103 A. Introduction ..............................................................................................................................................105 B. Effects on employment ..............................................................................................................................106 C. Do transnational firms create better quality jobs? ......................................................................................110 1. Effects on wages and working conditions: descriptive statistics ............................................................111 2. Some evidence regarding the indirect effects of subsidiaries on the rest of the production system ....................................................................................................114 3. FDI and labour relations ......................................................................................................................115
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