文档介绍：Third World Quarterly, Vol. 29, No. 2, 2008, pp 239 – 253
Foreign Direct Investment in
Developing Countries: have we
reached a policy ‘tipping point’?
ANDREW SUMNER
ABSTRACT In the 1990s, around the world, government policies on FDI were
unequivocally FDI -friendly. Numerous policy changes were enacted to make the
investment climate more favourable to FDI. However, over the past few years a
range of countries has enacted policy measures less favourable to FDI. Does this
represent an overall shift in FDI policy thinking? And, if so, what are the current
drivers of such a change? This paper discusses trends in contemporary FDI policy
and the role played by prevailing narratives, actors and the changing context in
shaping policy.
Foreign direct investment (FDI) to and from developing countries is booming.
In 2005 inward FDI to developing countries grew to US$335 billion,
1
accounting for over one-third of global FDI inflows. Although China was the
number one destination, even Africa received FDI inflows of $31 billion in
2005. Further, outward FDI from developing countries grew to $117 billion in
2005, accounting for 15% of global outward FDI. Although China accounted
for a significant proportion—$11 billion—of this, West Africa actually
accounted for more—$16 billion (UNCTAD, 2006: 4 – 6).
In light of the expansion of FDI to and from developing countries what
is happening to policy? Over the past few years a range of countries has
enacted policy measures less favourable to FDI. In 2005 one in five FDI
policy changes were less favourable to FDI. In contrast, in the mid-1990s,
one (or two) in a hundred policy changes were less favourable to
UNCTAD noted:
the year 2005 saw intense discussions in many parts of the world on the merits
of liberalisation versus the need for economic protection. Most countries
continued to liberalise their investment environments but others took steps to
protect their economies from petition or to incre