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Investment Newsletter INVESTMENT NEWSLETTER October 2007, Issue 5 The reach of OECD investment instruments expands In this issue The OECD has long been at the forefront in efforts to Recent FDI developments in develop internationally recognised “rules of the OECD countries ..................... 2 game” relating to international investment. Egypt adheres to the OECD Investment Declaration ....... 3 As the geographic distribution of OECD investors has broadened and a new group of outward investors Sovereign wealth funds: are new rules needed? ............... 4 from Asian, Latin American and African economies emerges, our economic ties have become both OECD Guidelines for MNEs deeper and wider. Managing this process of and the financial sector....... 6 globalisation necessitates co-operation. Selected investment publications ........................... 7 Promoting the OECD investment instruments is a Forthcoming events and major part of our investment policy co -operation news in brief ........................... 8 efforts. These instruments are the Code of Liberalisation of Capital Movements, the Code of The purpose of the Investment Liberalisation of Current Invisible Operations and the Newsletter is to share the results Declaration on International Investment and of the OECD Investment Multinational Enterprises. As more countries adhere Committee’s work with the wider investment policy community. to these instruments and adopt good investment policy practices, their value expands to the benefit A publication of the Investment of all. Division of the OECD Directorate for Financial and Enterprise Affairs. This issue of the Investment Newsletter puts the spotlight on the OECD’s investment instruments. We To subscribe, or cease th subscribing to the Investment report on Egypt becoming the 40 country to Newsletter, please send an email adhere to the OECD Declaration on International with your contact details to Investment and Multinational Enterprises. Also [email protected]. included are reports highlighting how the OECD Further information about investment instruments are being used to inform investment-related work at the policy deliberations relating to the investments of OECD and the Investment Sovereign Wealth Funds and we report on the Committee can be found at www.oecd.org/investment. application of the OECD Guidelines for Multinational Enterprises - one part of the OECD Declaration – in Editor: Jonathan Coppel the financial sector. Editorial assistant: Pamela Duffin Manfred Schekulin Chair, OECD Investment Committee © OECD – Investment Newsletter – October 2007 – Issue 5 1 Recent FDI developments in OECD countries FDI outflows from the OECD area are poised to reach record levels in 2007. Over the first half of this year outflows picked up strongly to reach 736 billion US dollars, equivalent to 65 per cent of the whole year total for 2006. FDI inflows to the OECD area also rose, to reach 526 billion US dollars. High global economic growth and buoyant corporate profits are underpinning the upward trends in FDI, and in all major sectors. FDI flows to and from the OECD area rising …with G7 countries accounting for about 2/3 of sharply… total OECD flows OECD total FDI inflows for the year 2006 reached USD The main OECD countries for outward FDI in the first 916 billion, up 22 per cent from the previous year, and half of 2007 were the U.S., France, the UK, Germany, increased further over the first half of 2007 (see Table). Italy, and Japan. Together they accounted for over The U.S. the U.K and France are the largest recipients half of the OECD total. Following sustained FDI of inward FDI in the OECD area. Together, they outflows from the OECD area since the beginning of account for almost half total OECD inflows so far this the decade the OECD’s outward position of FDI is year. now almost double the level recorded in 2000. FDI outflows from the OECD area are traditionally Cross-border M&A activity also points toward a higher than inflows, and have picked up even more record year for FDI in 2007 strongly than inflows. Following an almost 30 per cent increase in 2006, to reach USD 1125 billion, outflows in Based on the latest data for cross-border mergers the first half of 2007 stood at USD 736 billion. As a result and acquisitions (M&A) – a major part of FDI – the size rd total net OECD outflows in the first half of this year are of FDI flows in the 3 quarter of 2007 appears to have close to the amounts recorded for the whole of last eased from the levels recorded in the second quarter year. (see Figure). Nonetheless, 2007 looks likely to break the record level of FDI activity reached in year 2000. Foreign Direct Investment, billion US$ Inflow Outflow Most FDI is in service sectors 2006 2007p 2006 2007p M&A data also provide insights into the composition Jan-Jun Jan-Jun of international investment by sector. Based on over Australia 24.5 7.2 21.0 14.4 7,000 announced deals with target and acquirer from Austria 5.7 16.1 9.9 18.6 different nationalities in the first three quarters of this Belgium 71.5 -3.0 62.6 2.0 Canada 66.6 34.4 42.1 23.1 year with an overall value of nearly USD $1½ trillion, Czech Rep. 6.0 3.2 1.3 0.5 services accounted for almost two-thirds of global Denmark 7.0 5.9 8.2 12.9 activity. Manufacturing was the second most Finland 3.7 2.6 .. 3.7 important sector, at 30 per cent of global activity, France 81.1 62.7 115.1 98.2 followed by natural resources, which accounted for a Germany 42.9 12.4 79.5 50.7 surprisingly small 7 per cent share. Greece 5.4 0.7 4.2 3.6 Hungary 6.1 -0.1 3.0 1.8 Financial services are the sector with the largest Iceland 3.2 3.2 4.2 7.2 average deal size. In the first 3 quarters of this year Ireland 12.8 8.1 22.1 8.1 the average deal was equivalent to 403 million US Italy 16.6 19.3 42.1 34.7 dollars, and in October a consortium took over ABN Japan -6.5 14.6 50.2 41.4 Amro in the largest ever banking deal. Korea 3.6 1.2 7.1 5.0 Luxembourg 97.0 57.2 81.6 63.2 Cross-border mergers & acquisitions by sector, billion US$ Mexico 19.0 13.2 5.8 4.0 Netherlands 4.4 16.9 22.7 27.8 New Zealand 1.6 2.2 -1.6 -2.5 Norway 1.6 -2.3 12.2 5.1 Poland 13.9 5.9 4.1 0.8 Portugal 7.4 3.2 3.5 3.9 Slovakia 4.2 0.9 0.4 0.0 Spain 20.0 15.3 89.7 45.1 Sweden 27.8 9.2 24.1 17.0 Switzerland 25.1 23.0 81.5 20.1 Turkey 20.2 11.9 0.9 1.5 UK 139.6 92.3 79.5 63.6 United States 183.6 88.2 248.9 160.8 Total 915.7 525.8 1125.9 736.4 Notes: Source: Dealogic Data are converted to US dollars using average exchange rates. p) Preliminary. Source: OECD International Direct Investment Database and MEI For further reading on this topic: OECD work on FDI statistics: www.oecd.org/daf/investment/statistics © OECD – Investment Newsletter – October 2007 – Issue 5 2 Egypt adheres to the OECD Investment Declaration On 11 July 2007, Egypt became the 40th country to adhere to the OECD Declaration on International Investment and Multinational Enterprises. This Declaration is a way for governments to commit to improving their investment climates, ensuring equal treatment for foreign and domestic investors and encouraging the positive contribution that multinational companies can bring to economic, social and environmental progress. As part of the process of adherence to the Declaration, Egypt undertook a thorough review by OECD members of its international investment policies, using the Policy Framework for Investment. This article presents the results of this review. International direct investment inflows to Egypt courier services, foreign trading have increased rapidly in recent years… intermediation and preferential treatment arrangements for domestic bidders in Historically, Egypt has not been a major destination public procurement; for international direct investment. However, since the beginning of the decade FDI inflows have . Maintaining the momentum for broadening increased more than fifteen-fold, to reach over US$9 the privatisation programme; and billion in just the first three quarters of the 2007 . Encouraging entrepreneurship by financial year. promoting transparency, accountability The distribution of these flows has also been and competition. changing, diversifying away from the petroleum Addressing these impediments to investment is an sector and bringing much-needed investment to a important part of Egypt’s on-going reform agenda. broad range of manufacturing and service industries. The benefits from Egypt’s adherence to the Declaration will continue Adherents to the Declaration commit to providing national treatment to foreign investors and promoting responsible international business conduct. With regards to the Guidelines for MNEs, Egypt has already subscribed to most of the multilateral instruments underpinning the principles and standards embodied in the Guidelines and will establish a National Contact Point (NCP) at the Ministry of Investment. “What we are doing today is maintaining the stability of our economy, and the efforts of enhancing the employability of the Egyptians is ©OECD Photos/Michael Sawyer being recognised.” Dr. Mahmoud Mohieldin, Egypt’s Minister of Investment and Dr Mahmoud Mohieldin, Minister of Investment Mr. Angel Gurría, Secretary-General of the OECD launch the Investment Policy Review of Egypt at the Declaration signing ceremony …as Egypt creates a more favourable The Egyptian government has also accepted the environment for investment… commitments under the International Investment These increasing FDI inflows have been largely in Incentives and Disincentives, and the Conflicting response to the ambitious reform programme Requirements instruments of the OECD Declaration started in 2004.
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