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Abstract  Summary and conclusions ...... 

Chapter I Regional overview of foreign direct investment in Latin America and the Caribbean   $ 5HFHQW)',WUHQGV      7KHLQWHUQDWLRQDOVLWXDWLRQ      7KHVLWXDWLRQLQ/DWLQ$PHULFDDQGWKH&DULEEHDQ   % 3UHVHQFHRI71&VDPRQJWKHUHJLRQ¶VPDMRUILUPV      5HJLRQDOFRUSRUDWHPDS      7KHUHFHQWVLWXDWLRQ  $QQH[  

Chapter II Active policies to attract foreign direct investment in Latin America and the Caribbean   $ ,QWURGXFWLRQ    % 3URPRWLRQSROLFLHVLQYHVWPHQWSURPRWLRQDJHQFLHV ,3$V       $FKDQJLQJLQVWLWXWLRQDOVWUXFWXUH      2UJDQL]DWLRQDQGILQDQFLQJRI,3$V      0DLQIXQFWLRQVDFWLYLWLHVDQGUHVRXUFHVRI,3$V      %HQHILWVRISURPRWLRQDFWLYLWLHV      ,QYHVWPHQWSURPRWLRQRIILFHVDEURDG      6XEQDWLRQDORIILFHV   & ,QFHQWLYHVSROLF\      ,QFHQWLYHVRIIHUHGLQ/DWLQ$PHULFDDQGWKH&DULEEHDQ      (IIHFWLYHQHVVRILQFHQWLYHV   ' 7DUJHWLQJVWUDWHJLHV      7DUJHWLQJLQ/DWLQ$PHULFDQDQG&DULEEHDQFRXQWULHV   ( &RQFOXVLRQVDQGUHFRPPHQGDWLRQV 

Chapter III “Trans-Latins”: an overview   $ 7KHJOREDOEDFNJURXQGWRWKHH[SDQVLRQRIWKHWUDQV/DWLQV       7KHKLVWRU\RIRXWZDUG)',IURPGHYHORSLQJFRXQWULHV      *HQHUDOWUHQGV   (FRQRPLF&RPPLVVLRQIRU/DWLQ$PHULFDDQGWKH&DULEEHDQ (&/$&

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Chapter IV Trans-Latins in basic industries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rD&LPHQWRVQHZWUDQV/DWLQVLQWKHFHPHQWLQGXVWU\   ' )RUHVWU\SXOSDQGSDSHULQWHUQDWLRQDOL]LQJDQDWXUDOFRPSDUDWLYHDGYDQWDJH   ( &RQFOXVLRQV  

Chapter V Trans-Latins in the food and beverages industry   $ ,QWURGXFWLRQ   % 7UDQV/DWLQVLQWKHEHYHUDJHVLQGXVWU\      7UDQV/DWLQVRIWGULQNVSURGXFHUV      7UDQV/DWLQEUHZHUV   & 7UDQV/DWLQVLQWKHIRRGLQGXVWU\      %LPERWKHSDFNDJHGEUHDGOHDGHULQWKH$PHULFDV      *UXPDWKHWRUWLOODNLQJ      $UFRUWKHFRQIHFWLRQHU\PDNHU   ' &RQFOXVLRQV  

Chapter VI Trans-Latins in the services sector   $ (QJLQHHULQJDQGFRQVWUXFWLRQDILUVWJHQHUDWLRQRIWUDQV/DWLQVLQWKHVHUYLFHVVHFWRU      %UD]LOLDQFRQJORPHUDWHV      2WKHUHQJLQHHULQJDQGFRQVWUXFWLRQFRPSDQLHV   % 3XEOLFXWLOLWLHVLQWKHKDQGVRISULYDWHHQWHUSULVH      (OHFWULFSRZHUVKRRWLQJVWDUV"      7HOHFRPPXQLFDWLRQVWKH7HOpIRQRVGH0p[LFR 7(/0(; DQG$PpULFD0yYLOSKHQRPHQRQ      7UDQV/DWLQVLQDLUWUDQVSRUWRSHUDWLQJLQKHDYLO\UHJXODWHGWHUULWRU\   & 5HWDLOWUDGHDQHZEXVLQHVVPRGHOXVKHUVLQDQH[FHSWLRQDOVXFFHVV   ' &RQFOXVLRQV  

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1. PDVSA: in search of a market for its petroleum products

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1. Bimbo: the packaged bread leader in the Americas

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2. : the tortilla king

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1. Brazilian conglomerates

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1. Electric power: shooting stars?

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2. Telecommunications: the Teléfonos de México (TELMEX) and América Móvil phenomenon

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Publicaciones de la CEPAL / ECLAC publications

Comisión Económica para América Latina y el Caribe / Economic Commission for Latin America and the Caribbean Casilla 179-D, Santiago de Chile. E-mail: [email protected]

Véalas en: www.cepal.org/publicaciones Publications may be accessed at: www.eclac.org Revista de la CEPAL / CEPAL Review La Revista se inició en 1976 como parte del Programa de Publicaciones de la Comisión Económica para América Latina y el Caribe, con el propósito de contribuir al examen de los problemas del desarrollo socioeconómico de la región. Las opiniones expresadas en los artículos firmados, incluidas las colaboraciones de los funcionarios de la Secretaría, son las de los autores y, por lo tanto, no reflejan necesariamente los puntos de vista de la Organización. La Revista de la CEPAL se publica en español e inglés tres veces por año. Los precios de suscripción anual vigentes para 2006 son de US$ 30 para la versión en español y de US$ 35 para la versión en inglés. El precio por ejemplar suelto es de US$ 15 para ambas versiones. Los precios de suscripción por dos años (2006-2007) son de US$ 50 para la versión español y de US$ 60 para la versión inglés.

CEPAL Review first appeared in 1976 as part of the Publications Programme of the Economic Commission for Latin America and the Caribbean, its aim being to make a contribution to the study of the economic and social development problems of the region. The views expressed in signed articles, including those by Secretariat staff members, are those of the authors and therefore do not necessarily reflect the point of view of the Organization. CEPAL Review is published in Spanish and English versions three times a year. Annual subscription costs for 2006 are US$ 30 for the Spanish version and US$ 35 for the English version. The price of single issues is US$ 15 in both cases. The cost of a two-year subscription (2006-2007) is US$ 50 for Spanish-language version and US$ 60 for English.

Informes periódicos institucionales / Annual reports Todos disponibles para años anteriores / Issues for previous years also available

• Estudio económico de América Latina y el Caribe 2004-2005, 378 p. Economic Survey of Latin America and the Caribbean 2004-2005, 362 p.

• Panorama de la inserción internacional de América Latina y el Caribe, 2004. Tendencias 2005, 212 p. Latin America and the Caribbean in the World Economy, 2004. 2005 trends, 204 p.

• Panorama social de América Latina, 2005, 442 p. Social Panorama of Latin America, 2005, 440 p.

• Balance preliminar de las economías de América Latina y el Caribe, 2005, 196 p. Preliminary Overview of the Economies of Latin America and the Caribbean, 2005, 188 p.

• La inversión extranjera en América Latina y el Caribe, 2004, 168 p. Foreign investment of Latin America and the Caribbean, 2004, 166 p.

• Anuario estadístico de América Latina y el Caribe / Statistical Yearbook for Latin America and the Caribbean (bilingüe/bilingual), 2004, 500 p. Libros de la CEPAL 89 Políticas municipales de microcrédito. Un instrumento para la dinamización de los sistemas productivos locales. Estudios de caso en América Latina, Paola Foschiatto y Giovanni Stumpo (comps.), 2006, 244 p. 88 Aglomeraciones en torno a los recursos naturales en América Latina y el Caribe: Políticas de articulación y articulación de políticas, 2006, 266 pp. 87 Pobreza, desertificación y degradación de los recursos naturales, César Morales y Soledad Parada (eds.), 2006, 274 p. 86 Aprender de la experiencia. El capital social en la superación de la pobreza, Irma Arriagada (ed.), 2005, 250 p. 85 Política fiscal y medio ambiente. Bases para una agenda común, Jean Acquatella y Alicia Bárcena (eds.), 2005, 272 p. 84 Globalización y desarrollo: desafíos de frente al siglo XXI, Jorge Mario Martínez, Jorge Máttar y Pedro Rivera (coords.), 2005, 342 p. 83 El medio ambiente y la maquila en México: un problema ineludible, Jorge Carrillo y Claudia Schatan (comps.), 2005, 304 p. 82 Fomentar la coordinación de las políticas económicas en América Latina. El método REDIMA para salir del dilema del prisionero, Christian Ghymers, 2005, 190 p. 82 Fostering economic policy coordination in Latin America. The REDIMA approach to escaping the prisoner’s dilemma, Christian Ghymers, 2005, 170 p. 81 Mondialisation et développement. Un regard de l’Amérique latine et des Caraïbes, José Antonio Ocampo et Juan Martin (éds.), 2005, 236 p. 80 Gobernabilidad e integración financiera: ámbito global y regional, José Antonio Ocampo, Andras Uthoff (comps.), 2004, 278 p. 79 Etnicidad y ciudadanía en América Latina. La acción colectiva de los pueblos indígenas, Álvaro Bello, 2004, 222 p. 78 Los transgénicos en América Latina y el Caribe: un debate abierto, 2004, 416 p. 77 Una década de desarrollo social en América Latina 1990-1999, 2004, 300 p. 77 A decade of social development in Latin America 1990-1999, 2004, 308 p. 77 Une décennie de développement social en Amérique latine 1990-1999, 2004, 300 p. 76 A decade of light and shadow. Latin America and the Caribbean in the 1990s, 2003, 366 p. 76 Une décennie d’ombres et de lumières. L’Amérique latine et les Caraïbes dans les années 90, 2003, 401 p. 75 Gestión urbana para el desarrollo sostenible en América Latina y el Caribe, Ricardo Jordán y Daniela Simioni (comps.), 2003, 264 p. 74 Mercados de tierras agrícolas en América Latina y el Caribe: una realidad incompleta, Pedro Tejo (comp.), 2003, 416 p. 73 Contaminación atmosférica y conciencia ciudadana, Daniela Simioni (comp.), 2003, 260 p. 72 Los caminos hacia una sociedad de la información en América Latina y el Caribe, 2003, 139 p. 72 Road maps towards an information society in Latin America and the Caribbean, 2003, 130 p. 71 Capital social y reducción de la pobreza en América Latina y el Caribe. En busca de un nuevo paradigma, Raúl Atria y Marcelo Siles (comps.), CEPAL/Michigan State University, 2003, 590 p. 70 Hacia el objetivo del milenio de reducir la pobreza en América Latina y el Caribe, 2002, 80 p. 70 Meeting the millennium poverty reduction targets in Latin America and the Caribbean, ECLAC/IPEA/UNDP, 2002, 70 p. 70 L’objectif du millénaire de réduire la pauvreté en Amérique Latine et les Caraïbes, 2002, 85 p. 70 Rumo ao objetivo do milenio de reduzir a pobreza na América Latina e o Caribe, 2002, 81 p. 69 El capital social campesino en la gestión del desarrollo rural. Díadas, equipos, puentes y escaleras, John Durston, 2002, 156 p. 68 La sostenibilidad del desarrollo en América Latina y el Caribe: desafíos y oportunidades, 2002, 251 p. 68 The sustainability of development in Latin America and the Caribbean: challenges and opportunities, 2002, 248 p. 67 Growth with stability, financing for development in the new international context, 2002, 248 p.

Copublicaciones recientes / Recent co-publications Aglomeraciones pesqueras en América Latina. Ventajas asociadas al enfoque de cluster, Massiel Guerra (comp.) CEPAL/Alfaomega, , 2006. Reformas para América Latina después del fundamentalismo neoliberal, Ricardo Ffrench-Davis, CEPAL/Siglo XXI, Argentina, 2006. Crecimiento esquivo y volatilidad financiera, Ricardo Ffrench-Davis (ed.), Mayol Ediciones, Colombia, 2005. Seeking growth under financial volatility, Ricardo Ffrench-Davis (ed.), Palgrave Macmillan, , 2005. Macroeconomía, comercio y finanzas para reformar las reformas en América Latina, Ricardo Ffrench-Davis (ed.), CEPAL/Mayol Ediciones, Colombia, 2005. Beyond Reforms. Structural Dynamics and Macroeconomic Theory. José Antonio Ocampo (ed.), ECLAC/Inter-American Development Bank/The World Bank/Stanford University Press, USA, 2003. Más allá de las reformas. Dinámica estructural y vulnerabilidad macroeconómica, José Antonio Ocampo (ed.), CEPAL/Alfaomega, Colombia, 2005. Gestión social. Cómo lograr eficiencia e impacto en las políticas sociales, Ernesto Cohen y Rolando Franco, CEPAL/Siglo XXI, Crecimiento esquivo y volatilidad financiera, Ricardo Ffrench-Davis (ed.), CEPAL/Mayol Ediciones, México, 2005. Pequeñas y medianas empresas y eficiencia colectiva. Estudios de caso en América Latina, Marco Dini y Giovanni Stumpo (coords.), CEPAL/Siglo XXI, México, 2005. En búsqueda de efectividad, eficiencia y equidad: las políticas del mercado de trabajo y los instrumentos de su evaluación, Jürgen Weller (comp.), CEPAL/LOM, Chile, 2004. América Latina en la era global, José Antonio Ocampo y Juan Martin (coords.), CEPAL/Alfaomega. El desarrollo económico en los albores del siglo XXI, José Antonio Ocampo (ed.), CEPAL/Alfaomega, Colombia, 2004. Los recursos del desarrollo. Lecciones de seis aglomeraciones agroindustriales en América Latina, Carlos Guaipatín (comp.), CEPAL/Alfaomega, Colombia, 2004. Medir la economía de los países según el sistema de cuentas nacionales, Michel Séruzier, CEPAL/Alfaomega, 2003, Colombia, 2003. Globalization and Development. A Latin American and Caribbean Perspective, José Antonio Ocampo and Juan Martin (eds.), ECLAC/Inter-American Development Bank/The World Bank/Stanford University Press, USA, 2003. Globalización y desarrollo. Una reflexión desde América Latina y el Caribe, José Antonio Ocampo y Juan Martin (eds.), CEPAL/Alfaomega, Colombia, 2003. Autonomía o ciudadanía incompleta. El Pueblo Mapuche en Chile y Argentina, Isabel Hernández, CEPAL/Pehuén, Chile, 2003. El desarrollo de complejos forestales en América Latina, Néstor Bercovich y Jorge Katz (eds.), CEPAL/Alfaomega, Colombia, 2003. Territorio y competitividad en la agroindustria en México. Condiciones y propuestas de política para los clusters del limón mexicano en Colima y la piña en , Enrique Dussel Peters, CEPAL/Plaza y Valdés, México, 2002. Capital social rural. Experiencias de México y Centroamérica, Margarita Flores y Fernando Rello, CEPAL/Plaza y Valdés, México,2002. Eqüidade, desenvolvimento e cidadania, José Antonio Ocampo, CEPAL/Editor Campus, Brasil, 2002. Crescimento, emprego e eqüidade; O Impacto das Reformas Econômicas na América Latina e Caribe, Barbara Stallings e Wilson Peres, CEPAL/Editor Campus, Brasil, 2002. Crescer com Estabilidade, O financiamento do desenvolvimento no novo contexto internacional, José Antonio Ocampo, CEPAL/Editor Campus, Brasil, 2002. Pequeñas y medianas empresas industriales en América Latina y el Caribe, Wilson Peres y Giovanni Stumpo (coords.), CEPAL/Siglo XXI, México, 2002. Aglomeraciones mineras y desarrollo local en América Latina, Rudolf M. Buitelaar (comp.), CEPAL/Alfaomega, Colombia, 2002.

Cuadernos de la CEPAL 91 Elementos conceptuales para la prevención y reducción de daños originados por amenazas naturales, Eduardo Chaparro y Matías Renard (eds.), 2005, 144 p. 90 Los sistemas de pensiones en América Latina: un análisis de género, Flavia Marco (coord.), 2004, 270 p. 89 Energía y desarrollo sustentable en América Latina y el Caribe. Guía para la formulación de políticas energéticas, 2003, 240 p. 88 La ciudad inclusiva, Marcello Balbo, Ricardo Jordán y Daniela Simioni (comps.), CEPAL/Cooperazione Italiana, 2003, 322 p. 87 Traffic congestion. The problem and how to deal with it, Alberto Bull (comp.), 2004, 198 p. 87 Congestión de tránsito. El problema y cómo enfrentarloAlberto Bull (comp.), , 2003, 114 p.

Cuadernos Estadísticos de la CEPAL 30 Clasificaciones estadísticas internacionales incorporadas en el banco de datos del comercio exterior de América Latina y el Caribe de la CEPAL, 2004, 308 p. 29 América Latina y el Caribe: series estadísticas sobre comercio de servicios 1980-2001, 2003, 150 p.

Boletín demográfico / Demographic Bulletin (bilingüe/bilingual) Edición bilingüe (español e inglés) que proporciona información estadística actualizada, referente a estimaciones y proyecciones de población de los países de América Latina y el Caribe. Incluye también indicadores demográficos de interés, tales como tasas de natalidad, mortalidad, esperanza de vida al nacer, distribución de la población, etc. Publicado desde 1968, el Boletín aparece dos veces al año, en los meses de enero y julio. Suscripción anual: US$ 20.00. Valor por cada ejemplar: US$ 15.00.

Bilingual publication (Spanish and English) proving up-to-date estimates and projections of the populations of the Latin American and Caribbean countries. Also includes various demographic indicators of interest such as fertility and mortality rates, life expectancy, measures of population distribution, etc. Published since 1968, the Bulletin appears twice a year in January and July. Annual subscription: US$ 20.00. Per issue: US$ 15.00. Notas de población Revista especializada que publica artículos e informes acerca de las investigaciones más recientes sobre la dinámica demográfica en la región, en español, con resúmenes en español e inglés. También incluye información sobre actividades científicas y profesionales en el campo de población. La revista se publica desde 1973 y aparece dos veces al año, en junio y diciembre. Suscripción anual: US$ 20.00. Valor por cada ejemplar: US$ 12.00. Specialized journal which publishes articles and reports on recent studies of demographic dynamics in the region, in Spanish with abstracts in Spanish and English. Also includes information on scientific and professional activities in the field of population. Published since 1973, the journal appears twice a year in June and December. Annual subscription: US$ 20.00. Per issue: US$ 12.00.

Series de la CEPAL Comercio internacional Desarrollo productivo Estudios estadísticos y prospectivos Estudios y perspectivas: — Bogotá — Brasilia — Buenos Aires — México — Montevideo Financiamiento del desarrollo Información y desarrollo Informes y estudios especiales Macroeconomía del desarrollo Manuales Medio ambiente y desarrollo Población y desarrollo Políticas sociales Recursos naturales e infraestructura Seminarios y conferencias

Vea el listado completo en: www.cepal.org/publicaciones A complete listing is available at: www.cepal.org/publicaciones

Las publicaciones de la Comisión Económica para América Latina y el Caribe (CEPAL) y las del Instituto Latinoamericano y del Caribe de Planificación Económica y Social (ILPES) se pueden adquirir a los distribuidores locales o directamente a través de:  Publicaciones de las Naciones Unidas Publicaciones de las Naciones Unidas Sección de Ventas – DC-2-0853 Sección de Ventas, Fax (22)917-0027 Fax (212)963-3489 Palais des Nations E-mail: [email protected] 1211 Ginebra 10 Nueva York, NY, 10017 Suiza Estados Unidos de América  Unidad de Distribución CEPAL – Casilla 179-D Fax (562)208-1946 E-mail: [email protected] Santiago de Chile 

Publications of the Economic Commission for Latin America and the Caribbean (ECLAC) and those of the Latin American and the Caribbean Institute for Economic and Social Planning (ILPES) can be ordered from your local distributor or directly through:  United Nations Publications United Nations Publications Sales Sections, DC-2-0853 Sales Sections, Fax (22)917-0027 Fax (212)963-3489 Palais des Nations E-mail: [email protected] 1211 Geneve 10 New York, NY, 10017 USA  Distribution Unit ECLAC – Casilla 179-D Fax (562)208-1946 E-mail: [email protected] Santiago, Chile