Báo cáo Kinh tế Thế giới UNCTAD 2021

U N I T E D N AT I O N S C O N F E R E N C E O N T R A D E A N D D E V E L O P M E N T WORLD INVESTMENT REPORT 2021 INVESTING IN SUSTAINABLE RECOVERY U N I T E D N AT I O N S C O N F E R E N C E O N T R A D E A N D D E V E L O P M E N T WORLD INVESTMENT REPORT 2021 INVESTING IN SUSTAINABLE RECOVERY Geneva, 2021 © 2021, United Nations All rights reserved worldwide Requests to reproduce excerpts or to photocopy should be addressed to the Copyright Clearance Center at copyright.com All other queries on rights and licences, including subsidiary rights, should be addressed to: United Nations Publications, 405 East 42nd Street, New York, New York 10017, United States of America Email: publications@un.org Website: shop.un.org The designations employed and the presentation of material on any map in this work not imply the expression of any opinion whatsoever on the part of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries This publication has been edited externally United Nations publication issued by the United Nations Conference on Trade and Development UNCTAD/WIR/2021 ISBN 9789211130171 eISBN 9789210054638 Print ISSN 1020-2218 Online ISSN 2225-1677 Sales No E.21.II.D.13 ii World Investment Report 2021 Investing in Sustainable Recovery PREFACE Global flows of foreign direct investment have been severely hit by the COVID-19 pandemic In 2020, they fell by one third to $1 trillion, well below the low point reached after the global financial crisis a decade ago Greenfield investments in industry and new infrastructure investment projects in developing countries were hit especially hard This is a major concern, because international investment flows are vital for sustainable development in the poorer regions of the world Increasing investment to support a sustainable and inclusive recovery from the pandemic is now a global policy priority This entails promoting investment in infrastructure and the energy transition, in resilience and in health care The World Investment Report supports policymakers by monitoring global and regional investment trends and national and international policy developments This year’s report reviews investment in the Sustainable Development Goals (SDGs) and shows the influence of investment policies on public health and economic recovery from the pandemic A concerted global effort is needed to increase SDG investment leading up to 2030 The package of recommendations put forward by UNCTAD for promoting investment in sustainable recovery provides an important tool for policymakers and the international development community I commend this report to all engaged in building a sustainable and inclusive future António Guterres Secretary-General of the United Nations Preface iii FOREWORD The COVID-19 pandemic caused a dramatic fall in global foreign direct investment (FDI) in 2020, bringing FDI flows back to the level seen in 2005 The crisis has had an immense negative impact on the most productive types of investment, namely, greenfield investment in industrial and infrastructure projects This means that international production, an engine of global economic growth and development, has been seriously affected The crisis has rolled back progress made in bridging the investment gap achieved following the adoption of the SDGs This demands a renewed commitment and a big push for investment and financing in the SDGs The main focus now is on the recovery process But the issue is not only about reigniting the economy, it is about making the recovery more sustainable and more resilient to future shocks Given the scale and multitude of the challenges, we need a coherent policy approach to promote investment in resilience, balance stimulus between infrastructure and industry, and address the implementation challenges of recovery plans This report looks at investment priorities for the recovery phase It shows that for developing and transition economies, and least-developed countries (LDCs) in particular, the development of productive capacity is a helpful guide in setting investment priorities and showing where international investment can most contribute, but also where it has been hit hardest during the pandemic The report argues that five factors will determine the impact of investment packages on sustainable and inclusive recovery: additionality, orientation, spillovers, implementation and governance The report also points at specific challenges that will arise with the roll-out of recovery investment plans and proposes a framework for policy action to address them The policy framework presents innovative actions and tools for strategic priority setting For policymakers, the starting point is the strategic perspective, in the form of industrial development approaches Industrial policy will shape the extent to which firms in different industries will be induced to rebalance international production networks for greater supply chain resilience and greater economic and social resilience Our task today is to build forward differently This will not be possible without reigniting international investment as an engine of growth, and ensuring that the recovery is inclusive and thus that its benefits extend to all countries Isabelle Durant Acting Secretary-General of UNCTAD iv World Investment Report 2021 Investing in Sustainable Recovery ACKNOWLEDGEMENTS The World Investment Report 2021 was prepared by a team led by James X Zhan The team members included Richard Bolwijn, Bruno Casella, Arslan Chaudhary, Joseph Clements, Hamed El Kady, Kumi Endo, Kálmán Kalotay, Joachim Karl, Isya Kresnadi, Oktawian Kuc, Massimo Meloni, Anthony Miller, Kyoungho Moon, Abraham Negash, Yongfu Ouyang, Diana Rosert, Amelia Santos-Paulino, Astrit Sulstarova, Claudia Trentini, Joerg Weber and Kee Hwee Wee Research support and inputs were provided by Gregory Auclair, Federico Bartalucci, Vincent Beyer, Ermias Biadgleng, Dominic Dagbanja, Luciana Fontes de Meira, Vicente Guazzini, Fang Liu, Sang Hyunk Park, Lisa Remke, Yvan Rwananga, Maria Florencia Sarmiento, Rita Schmutz, Christoph Spennemann and Rémi Pierre Viné, and by UNCTAD interns Cemile Avşar, Opemipo Omoyeni and Vanina Vegezzi Comments and contributions were provided by Stephania Bonilla, Chantal Dupasquier, Alina Nazarova and Paul Wessendorp, as well as from the Office of the Secretary-General Statistical assistance was provided by Bradley Boicourt, Mohamed Chiraz Baly and Smita Lakhe IT assistance was provided by Chrysanthi Kourti and Elena Tomuta Chapters were edited by Caroline Lambert, and the manuscript was copy-edited by Lise Lingo The design of the charts and infographics, and the typesetting of the report were done by Thierry Alran and Neil Menzies Production of the report was supported by Elisabeth Anodeau-Mareschal and Katia Vieu Additional support was provided by Nathalie Eulaerts, Rosalina Goyena and Sivanla Sikounnavong The theme chapter of the report benefited from extensive advice and inputs from Jakob Müllner and Paul Vaaler The team is grateful for advice, inputs and comments, at all stages of the conceptualization and drafting process, from colleagues in international organizations and other experts, including Jesica Andrews, Hermelo Butch Bacani, Lawrence Bartolomucci, Monica Bennett, Henri Blas, Peter Buckley, Siobhan Clearly, Mussie Delelegn, Vivien Foster, Masataka Fujita, Yamlaksira Getachew, Tiffany Grabski, Aleksey Kuznetsov, Waikei Raphael Lam, Sarianna Lundan, Moritz Meier-Ewert, Juan Carlos Moreno-Brid, Rod Morrison, Lorenzo Nalin, Wim Naudé, Kirill Nikulin, Patrick Osakwe, Oualid Rokneddine, Harsha Vardhana Singh, Jagjit Singh Srai, Satheesh Kumar Sundararajan, Katharina Surikow, Justin Tai, Giang Thanh Tung, Visoth Ung and Giovanni Valensisi The report benefited from collaboration with colleagues from the United Nations Regional Commissions for its sections on regional trends in chapter II, and comments received from the International Organization of Securities Commissions and the World Federation of Exchanges on chapter V Numerous officials of central banks, national government agencies, international organizations and non-governmental organizations also contributed to the report Acknowledgements v TABLE OF CONTENTS PREFACE iii FOREWORD iv ACKNOWLEDGEMENTS v ABBREVIATIONS ix KEY MESSAGES x CHAPTER I GLOBAL INVESTMENT TRENDS AND PROSPECTS A CURRENT FDI TRENDS Global trends 2 Trends by geography Trends by type and sector SDG investment trends in developing economies 13 B FDI PROSPECTS 16 Global prospects 16 Regional prospects 18 IPA expectations 19 C INTERNATIONAL PRODUCTION 22 Key indicators of international production 22 Internationalization trends of the largest MNEs 23 State-owned multinational enterprises 27 D INTRAREGIONAL FDI 29 CHAPTER II REGIONAL TRENDS 37 A DEVELOPING ECONOMIES 38 Africa 38 Developing Asia 46 Latin America and the Caribbean 56 B TRANSITION ECONOMIES 64 C DEVELOPED ECONOMIES 72 D STRUCTURALLY WEAK, VULNERABLE AND SMALL ECONOMIES 80 vi World Investment Report 2021 Investing in Sustainable Recovery Least developed countries 80 Landlocked developing countries 89 Small island developing States 96 CHAPTER III RECENT POLICY DEVELOPMENTS AND KEY ISSUES 107 INTRODUCTION 108 A NATIONAL INVESTMENT POLICIES 109 Overall trends 109 M&A controls affecting foreign investors 119 B INTERNATIONAL INVESTMENT POLICIES 122 Trends in IIAs: bilateral consolidation and acceleration of regional rulemaking 122 Trends in ISDS: new cases and outcomes 129 Taking stock of IIA reform 131 C INVESTMENT IN THE HEALTH SECTOR 134 Investment policy response to the COVID-19 pandemic: an overview 134 Investment policies and the health sector 135 Action plan for building productive capacity in health 147 CHAPTER IV INVESTING IN SUSTAINABLE RECOVERY 157 INTRODUCTION 158 A FDI AFTER PANDEMIC: PARALLELS WITH PAST CRISES 161 Foreign direct investment 163 Mergers and acquisitions 164 Greenfield investment 164 International project finance 165 Investment policies 166 B INVESTING IN RESILIENCE 169 Resilient global supply chains 169 Implications for global investment 173 C INVESTMENT PRIORITIES FOR SUSTAINABLE RECOVERY 178 Focusing investment on productive capacity 178 Investment trends in productive capacities 180 Table of Contents vii D LEVERAGING THE PUBLIC INVESTMENT PUSH 186 Support programmes for post-pandemic recovery 186 Maximizing sustainable and inclusive impact 190 E CONCLUSIONS AND POLICY INPLICATIONS 199 CHAPTER V CAPITAL MARKETS AND SUSTAINABLE FINANCE 205 INTRODUCTION 206 A SUSTAINABILITY-THEMED CAPITAL MARKET PRODUCTS 208 Sustainability-themed funds 208 Sustainable bond markets 212 B INSTITUTIONAL INVESTORS AND FINANCIAL SERVICE PROVIDERS 218 Sustainability-influenced asset allocation 218 The sustainability dimension of active ownership 223 C STOCK EXCHANGES AND DERIVATIVE EXCHANGES 226 Stock exchanges 226 Derivatives exchanges 232 D THE FUTURE OF SUSTAINABLE FINANCE 234 “The triple challenge” and the market in transition 234 The UN Global Sustainable Finance Observatory 235 REFERENCES 239 ANNEX TABLES 247 Annex table FDI flows, by region and economy, 2015–2020 248 Annex table FDI stock, by region and economy, 2000, 2010 and 2020 252 viii World Investment Report 2021 Investing in Sustainable Recovery Annex table FDI flows, by region and economy, 2015–2020 (Millions of dollars) FDI inflows Region/economy Worlda 2015 2016 2017 FDI outflows 2018 2019 2020 2015 2016 2017 2018 2019 2020 032 298 065 238 647 312 436 732 530 228 998 891 698 209 616 138 604 697 870 715 220 432 739 872 267 808 344 533 894 321 707 649 748 999 312 170 262 783 173 389 087 409 430 584 780 489 347 162 712 907 766 384 502 644 344 267 362 644 72 537 793 247 646 326 504 686 410 207 363 738 73 741 591 208 361 545 301 457 347 437 380 281 103 190 737 609 515 135 345 219 313 807 407 516 91 722 Austria 488 - 508 14 953 287 968 - 17 340 029 - 033 10 251 612 10 894 - 213 Belgium 28 331 59 243 - 708 30 821 886 437 55 199 36 374 29 698 39 498 581 10 227 Bulgaria 217 040 814 143 717 426 138 405 331 249 420 204 Croatia 84 273 540 171 336 304 - 140 - 938 - 725 201 167 235 Cyprus 23 946 10 928 423 - 735 26 183 - 647 39 280 690 678 - 326 20 237 - 954 Developed economies Europe European Union Czechia 465 815 522 11 010 10 108 293 487 182 560 663 128 142 616 235 749 198 587 151 420 10 110 518 - 369 11 404 395 Estonia 36 059 942 498 091 156 182 487 881 58 987 218 Finland 109 582 864 - 171 13 612 575 - 16 084 24 277 - 574 11 455 865 604 France 45 365 23 077 24 833 38 185 33 965 17 932 53 218 64 848 35 985 105 635 38 663 44 203 Germany 30 541 15 633 48 641 62 073 54 063 35 651 99 025 63 661 86 518 86 244 139 278 34 950 268 765 485 973 019 572 578 - 667 168 477 642 703 Hungary - 14 537 - 439 515 410 884 169 - 16 110 - 272 220 022 848 282 Ireland 217 869 39 414 52 835 - 16 096 81 104 33 424 168 480 30 086 - 048 620 - 16 633 - 49 474 19 635 28 469 24 047 37 682 18 146 - 388 21 644 16 181 24 531 32 818 19 787 10 357 739 255 708 967 874 873 71 159 133 205 - 105 268 055 303 021 977 169 479 377 43 80 704 143 - 285 12 500 31 900 - 815 - 16 757 14 792 62 145 17 314 30 171 34 765 11 623 34 472 127 087 069 248 407 024 784 917 - 163 - 298 - 237 - 442 109 288 163 888 59 734 16 558 87 671 48 963 - 115 300 233 643 185 164 19 092 - 45 379 Poland 15 271 15 690 172 15 996 10 853 10 080 996 11 600 169 891 290 821 Portugal 630 066 752 115 12 084 324 226 872 - 749 799 344 288 Romania 840 000 419 219 791 322 562 - 97 379 363 202 Slovakia 106 806 017 675 449 - 930 96 325 322 153 233 Slovenia 675 246 898 384 227 529 267 290 338 281 389 555 Spain 558 31 569 41 966 53 495 515 928 41 926 43 946 56 045 37 734 19 671 21 422 Sweden 444 19 141 15 900 221 10 112 26 109 13 037 699 27 362 17 835 15 549 31 014 121 699 404 839 201 186 - 170 - 17 637 - 30 653 55 638 131 191 159 467 96 400 - 43 778 - 17 981 Denmark Greece Italy Latvia Lithuania Luxembourg Malta Netherlands Other developed Europe 84 867 - 161 051 Iceland 709 - 427 - 41 - 381 - 302 - 811 - 31 - 147 - 208 76 465 - 276 Norway - 515 - 900 - 849 226 16 287 - 394 30 948 092 - 220 11 408 560 - 063 Switzerland 84 320 150 467 110 723 - 68 313 - 79 077 - 47 172 91 543 166 852 19 522 43 491 - 43 723 16 768 United Kingdom 39 186 258 699 96 354 65 299 45 454 19 724 - 66 821 - 37 606 142 373 41 425 - 081 - 33 409 511 461 495 475 318 063 261 641 309 249 180 144 331 799 353 976 403 969 - 136 995 43 836 36 056 22 767 38 240 47 837 23 823 67 440 69 507 467 625 459 419 295 296 223 401 261 412 156 321 264 359 43 440 82 675 73 614 101 741 77 106 59 489 Australia 29 580 48 401 45 225 68 477 39 224 Bermuda - 143 82 - 288 95 Israel 11 337 11 988 16 893 21 515 Japan 976 19 359 356 New Zealand - 309 844 429 730 434 653 885 57 902 12 327 Algeria North America 172 450 141 466 57 417 78 898 48 655 284 469 327 781 - 194 412 93 552 92 811 137 737 173 087 178 754 157 372 244 302 131 955 20 146 - 337 304 356 800 266 172 114 - 84 72 - 42 - 35 - 38 341 19 047 24 758 10 969 14 579 624 087 598 860 256 14 552 10 254 136 249 155 937 164 588 143 094 226 648 115 703 397 278 216 - 59 196 227 426 - 172 880 702 495 692 480 723 385 662 562 403 323 417 562 478 816 402 530 416 620 387 069 46 249 40 176 45 374 47 143 39 785 157 083 11 779 013 930 592 13 841 13 275 15 398 13 550 10 127 364 514 359 260 696 082 - 585 636 232 466 382 125 103 46 - 29 845 31 16 Egypt 925 107 409 141 010 852 182 207 199 324 405 327 Libya 395 440 110 276 345 205d 255 157 686 559 720 763 653 580 021 782 893 492 0.2d - 8d 1d 60d - 232d 18d Sudan 728 064 065 136 825 717 Tunisia 003 885 881 036 845 652 31 242 57 34 22 43 Other Africa 45 576 32 407 26 901 29 976 33 593 29 658 793 569 10 420 752 234 510 10 191 11 725 10 112 100 11 958 768 220 243 197 107 265 607 24 Canada United States Other developed economies Developing economiesa Africa North Africa Morocco South Sudan West Africa 76 188 Benin 150 132 201 194 218 176 33 17 32 10 27 Burkina Faso 232 391 268 163 149 14 51 10 68 16 22 Cabo Verde 120 125 111 110 107 73 - 10 - 10 -9 - 11 - 27 - 45 Côte d'Ivoire 494 578 975 620 936 509 14 29 676 145 120 158 13 - 28 18 52 44 46d - 23 -1 0.5d 0.5d 1d Ghana 192 485 255 989 879 877 221 15 16 81 588 542 Guinea 53 618 578 353 44 325 21 - 0.3 1 Gambia / 248 World Investment Report 2021 Investing in Sustainable Recovery Annex table FDI flows, by region and economy, 2015–2020 (Continued) FDI inflows Region/economy Guinea-Bissau 2015 2016 2017 FDI outflows 2018 2019 2020 2015 2016 2017 2018 2019 2020 19 24 16 21 72 20 0.5 0.3 - 0.4 0.4 0.4 Liberia 627 453 248 129 87 87 30d 168d 54d 84d 102d 80d Mali 276 356 563 467 721 308 82 97 15 0.3 26 Mauritania 502 271 587 773 887 978d 0.2d 1d 10d 4d 5d 6d Niger 529 301 339 466 717 367 34 40 29 39 32 27 Nigeria 064 453 413 775 305 385 435 335 311 566 285 - 338 Senegal 409 472 588 848 065 481 31 224 82 53 71 171 Sierra Leone 252 138 129 218 368d 349d Togo 258 - 46 89 - 183 346 639 349 257 - 33 70 43 931 294 403 946 354 858 177 337 338 291 290 257 263 0.1 0.3 1 0.2 - - - 627 664 814 762 027 488d - 11 - 39 22 110 127 85d 7 18d 26d 35d d Central Africa Burundi Cameroon Central African Republic 560 245 363 461 567 558d Congo 803 612 417 315 366d 016d - 16 10 45 14 23d 27d Congo, Democratic Republic of the 149 Chad d d d d 674 205 340 617 488 647 508 272 292 209 134 Equatorial Guinea 233d 54d 305d 396d 452d 530d Gabon 991d 244d 314d 379d 553d 717d - 150d 45d - 84d - 63d - 34d Rwanda 380 342 356 382 354 135 48 16 18 - 15 31 29 23 24 47 0.3 1 717 302 784 054 726 461 207 140 215 233 168 131 4 9d 124c 160c 165c 170c 222d 240d Sao Tome and Principe East Africa Comoros Djibouti Eritrea 49d 52d 55d 61d 67d 74d Ethiopia 627 143 017 310 549 395 Kenya 464 139d 404 139 098 717 15 11 14 11 11 -7 Madagascar 436 451 358 353 474 359 82 90 106 118 102 102 Mauritius 216 379 480 461 471 246 100 28 89 98 57 26 Seychelles 195 155 192 120 144 122 10 10 -2 10 Somalia 303d 330d 369d 408d 447d 464d Uganda 738 626 803 055 259 823 0.3 0.2 0.3 0.3 0.3 0.3 561 864 938 972 991 013d 19 374 978 - 941 469 051 252 029 848 717 122 544 - 492 91 United Republic of Tanzania Southern Africa Angola 10 028 - 180 - 397 - 456 - 098 - 866 - 785 273 352 - 349 Botswana 379 143 261 286 94 80 - 183 - 170 - 82 20 17 Eswatini 41 21 - 56 36 130 41 -1 -7 65 - 11 22 - 14 Lesotho 207 159 123 129 118 102d Malawi 510 116 90 959 822 98 42 -3 - 0.2 867 093 293 703 212 337 35 26 - 25 - 31 153 888 356 280 209 - 179 - 75 102 -5 - 66 98 50 South Africa 729c 235c 008c 450c 125c 106c 744c 474c 371c 076c 147c - 973c Zambia 305 663 108 408 548 234 125 177 - 72 32 696 133 421 372 349 745 280 194 22 29 42 27 31 44 514 307 470 818 505 154 496 473 515 548 535 324 372 364 397 577 430 469 392 197 364 290 388 797 Mozambique Namibia Zimbabwe Asia East and South-East Asia 483 091 438 808 477 299 464 691 482 138 498 777 331 816 356 712 391 732 345 349 323 566 355 295 East Asia 317 635 270 786 271 049 266 520 241 976 291 836 255 020 302 701 291 478 281 697 237 822 282 448 China 135 577 133 711 136 315 138 305 141 225 149 342 145 667 196 149 158 290 143 037 136 905 132 940 Hong Kong, China 174 353 117 387 110 685 104 246 73 714 119 229b 71 821 59 703 86 704 82 201 53 202 102 224b 78d 89d - 13d 2d 30d 6d Korea, Republic of 104c 12 104c 17 913c 12 183c 634c 224c 23 687c 29 890c 34 069c 38 220c 35 239c 32 480c Macao, China 037 959 254 497 690 514d - 876 - 002 814 143 561 510d 94 - 156 494 174 443 719 11 14 49 37 127 26 391c 692c 401c 114c 240c 802c 14 709c 17 946c 11 552c 18 058c 11 787c 14 268c 114 235 113 741 154 607 145 909 181 047 135 945 68 980 48 491 88 762 52 020 72 469 61 111 173 - 150 460 382 275 577 Cambodia 823 476 786 208 662 625 88 79 115 124 102 127 Indonesia 16 641 921 20 579 20 563 23 883 18 581 937 - 12 215 077 053 352 467 078c 935c 686c 320c 557c 968c 40c 15c 10c -c -c -c Malaysia 10 082 11 336 399 618 813 483 10 546 011 638 114 231 827 Myanmar 824 989 341 554 766 834 Philippines 447 915 704 602b 671c 542c 347 032 752 770b 351c 525c Korea, Democratic People's Republic of Mongolia Taiwan Province of China South-East Asia Brunei Darussalam Lao People's Democratic Republic / Annex tables 249 Annex table FDI flows, by region and economy, 2015–2020 (Continued) FDI inflows Region/economy Singapore Thailand Timor-Leste Viet Nam South Asia 2015 2016 FDI outflows 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 59 700 70 221 84 671 75 969 114 162 90 562 45 223c 38 157c 64 883c 22 035c 50 578c 32 375c 624 491 875 11 144 063 - 100 687 12 398 13 807 15 326 391 16 716 43 48 75 72 13 13 694 11 800 12 600 14 100 15 500 16 120c 15 800c 100 000 480 598 465c 380c 51 221 54 281 51 643 52 262 59 115 70 997 816 521 11 493 11 632 13 275 11 736 Afghanistan 163 94c 53c 119c 39c 13c 15c 11c 41c 26c 37c Bangladesh 235 333 152 613 874 564 46 41 142 23 28 12 - 34 -9 3 44 064 44 481 39 904 42 156 50 558 64 062 572 072 11 141 11 447 13 144 11 560 050 372 019 373 508 342 120 104 76 75 85 78d 298c 457c 458c 576c 956c 348c 52 106 198 67 185 126 673 576 496 737 234 105 25 52 52 - 21 - 85 34 Bhutan India Iran, Islamic Republic of Maldives Nepal Pakistan Sri Lanka West Asia Bahrain 680c 897c 373c 614c 758c 434c 53c 237c 72c 68c 77c 15c 31 215 32 011 27 855 31 782 33 410 36 547 40 548 40 865 38 737 46 847 40 725 33 503 65 243 426 654 501 007 191 - 880 229 111 - 197 - 205 - 574 - 256 - 032 - 885 - 076 - 896 148 304 78 188 194 149 Jordan 600 553 030 955 730 726c -8 43 26 Kuwait 311 419 348 204 104 - 319d 367 528 013 715 - 495 427d Iraq Lebanon 159 568 522 658 055 067d 660 005 317 631 303d 28d Oman - 172c 265c 918c 940c 420c 093d 336c 356c 424c 715c 627c 255d Qatar 071 774 986 - 186 - 813 - 434 023 902 695 523 450 730 Saudi Arabia 141 453 419 247 563 486 390 936 280 19 252 13 547 854 103 297 188 252 132 52 - 73 45 31 56 61 18 976 13 651 10 965 12 840 290 880 809 954 626 605 967 240 551 605 10 354 10 385 17 875 19 884 16 692 15 711 14 060 15 079 21 226 18 937 - 15 - 561 - 270d - 282d - 371d 4d 1d 6d 4d 3d 156 619 135 853 156 330 150 053 160 474 87 574 21 913 11 795 36 465 939 47 004 - 542 South America 106 599 90 737 106 557 102 468 112 657 51 891 804 10 953 31 776 - 739 35 740 - 10 672 Argentina 11 759 260 11 517 11 873 663 123 875 787 156 802 539 234 State of Palestine Syrian Arab Republic Turkey United Arab Emirates Yemen Latin America and the Caribbeana Bolivia, Plurinational State of 555 335 712 302 - 217 - 048 -2 89 80 - 84 48 - 102 Brazil 49 961 53 700 66 585 59 802 65 386 24 778 - 11 643 - 901 19 040 - 16 336 19 031 - 25 808 Chile 20 404 12 072 203 742 12 525 386 15 456 236 599 292 278 11 583 Colombia 11 724 13 848 13 837 11 535 14 314 690 218 517 690 126 219 966 Ecuador 331 756 624 388 962 017 Guyana 122 58 212 231 695 834 26 - - 17 14 Paraguay Peru Suriname Uruguay Venezuela, Bolivarian Republic of Central America Belize Costa Rica 308 425 576 458 522 568 314 739 860 967 055 982 189 156 500 136 941 503 267 300 98 119 - 20 - 27 085 - 825 - 601 163 837 630 311 478 664 590 17 769 068 - 68 886 934 959d 399 041 234 661 076 - 79d 46 607 41 712 45 410 44 870 43 872 33 172 11 947 597 654 600 10 704 954 65c 44c 24c 118c 94c 76c 0.5c 2c 0.3c 1c 2c 4c 752 204 778 337 748 711 211 77 126 53 117 87 El Salvador 397 347 889 826 636 200 0.3 - 0.4 0.2 - 0.4 -1 Guatemala 231 174 130 981 975 915 183 209 196 203 175 211 Honduras Mexico Nicaragua 204 139 176 961 498 419 252 239 141 66 -1 47 35 437 31 069 34 200 33 730 34 097 29 079 10 672 193 988 365 10 985 528 40 967 989 035 838 503 182 45 65 65 75 59 Panama 556 745 177 080 320 589 584 - 188 138 - 163 - 634 39 Caribbeana 412 404 363 715 945 512 163 245 35 78 560 176 - 1c Anguilla 79b 60b 54b 56b 125b 26c 11b - 2b - 1b - 1b - 1b Antigua and Barbuda 107b 81b 113b 116b 139b 22c 10b 12b 13b 9b 11b 10c Aruba - 27 28 88 110 - 133 114 10 - 0.4 - 10 Bahamas 713 260 901 947 611 897 170 359 151 117 148 157 Barbados 418 269 206 242 215 262 52 - 194 - 28 28 British Virgin Islands 66 713d 49 023d 39 610d 34 390d 39 103d 39 620d 60 908d 30 168d 50 904d 41 587d 44 154d 42 280d Cayman Islands 80 502d 58 816d 15 173d 20 681d 28 165d 23 621d 71 046d 16 604d 079d 261d 31 630d 10 835d 146 133 173 127 56 164 19 39 - 145 30 11 4d 13b 41b - 2b - 37b 33b 25c - 12b -b -b -b -b 0.1c 205 407 571 535 021 554 Curaỗao Dominica Dominican Republic d / 250 World Investment Report 2021 Investing in Sustainable Recovery Annex table FDI flows, by region and economy, 2015–2020 (Concluded) FDI inflows Region/economy 2015 2016 2017 FDI outflows 2018 2019 2020 2015 2016 2017 2018 2019 2020 Grenada 151b 95b 112b 127b 131b 146c 9b 5b 9b 15b 10b Haiti 106c 105c 375c 105c 75c 30d Jamaica 925c 916c 888c 775c 665c 366c 34c 270c 47c 13c 446c 4c 5b 2b 2b 2b 6b 0.3c Saint Kitts and Nevis 120 94 51 85 b 92 47c - 6b - 1b - 0.4b - 0.5b -b - 6c Saint Lucia 114b 129b 131b 135b 31b 15c 21b 5b 6b 13b 8b - 39c 58 153 98 100 113 73 -9 -5 -5 -6 - 3c Montserrat Saint Vincent and the Grenadines Sint Maarten Trinidad and Tobago Oceania Cook Islands Fiji French Polynesia b b b b b b b b b c b b b b b 0.2c 36 55 64 - 197 59 25d 4d 177c - 24c - 471c - 700c 184c - 439d 128c - 25c - 12c 65c 114c 172d 606 965 836 579 220 - 121 - 110 107 102 382 397 222 5c 10c 2c 12c 8d 7d 0.2c 0.3c 0.3c 0.3c 0.3d 0.3d 205 390 386 471 321 241 - 33 - 16 -2 -4 - 36 14 26 62 79 63 25 56d 23 24 15 - 28 - 2d 0.1d Kiribati - 1c 2c 1c - 1c - 1c - 0.3d 0.1c 0.1c 0.1c 0.1c 0.1c Marshall Islands -5 -3 10 7d 210 414 410 250 662 443d 58 80 79 96 83 86d New Caledonia Palau 36 36 27 22d 22d 24d 1d Papua New Guinea 28 - 40c - 180c - 341c - 901c - 935c - 174 -c -c 306c 335c 114c Samoa 27 17 -2 -1 15 0.1 - Solomon Islands 32 39 43 25 33 9 Tonga 12 14 15 13d - 0.5d 1 1d 0.4d Tuvalu 0.3d 0.3d 0.3d 0.3d 0.3d 0.1d Vanuatu 31 44 38 37 35 30d 1 0.2 2d Transition economies 34 056 66 819 50 496 36 604 57 844 24 160 32 103 25 187 38 472 37 601 23 322 641 South-East Europe 937 647 571 491 106 110 525 239 314 597 615 310 Albania 946 101 149 290 288 107 38 64 26 83 128 89 Bosnia and Herzegovina 361 350 492 574 400 371 73 39 79 - 24 -5 Montenegro 699 226 559 490 417 529 12 - 185 11 109 75 -5 North Macedonia 240 375 205 725 446 274 15 24 12 40 39 348 352 878 091 270 440 346 250 147 363 294 125 27 390 60 520 42 946 27 806 49 427 17 433 31 268 24 541 37 889 36 664 22 426 308 184 334 251 254 254 117 29 71 29 - 143 - 27 Azerbaijan 048 500 867 403 504 507 260 574 564 761 432 825 Belarus 668 238 279 421 293 397 122 114 70 50 16 82 Kazakhstan 057 511 669 628 874 877 795 - 235 913 - 095 - 624 - 028 Kyrgyzstan 142 616 - 107 144 404 - 331 - 0.2 - - 29 5 237 84 152 292 503 55 19 13 38 42 - 12 11 858 37 176 25 954 13 228 32 076 676 27 090 26 951 34 153 35 820 22 024 311 572 345 307 360 213c 107c 35 159 82 23c 70c Turkmenistan 043 243 086 997 129 169 Ukraine - 458 810 692 455 860 - 868 - 51 16 -5 648 82 Serbia CIS Armenia Moldova, Republic of Russian Federation Tajikistan Uzbekistan d d d d d d 041c 663c 797c 625c 316c 726c 5c 6c 9c 2c 3c 2c 729 653 978 306 311 617 309 407 269 340 282 23 Least developed countries (LDCs)e 37 790 25 939 20 808 23 163 23 294 23 610 696 977 211 888 - 979 801 Landlocked developing countries (LLDCs)f 25 033 24 254 25 266 22 927 22 292 15 392 274 - 077 912 897 803 - 903 026 688 832 728 420 641 508 467 275 340 762 012 Georgia Memorandum Small island developing states (SIDS)g Source: UNCTAD, FDI/MNE database (www.unctad.org/fdistatistics) Excluding the financial centers in the Caribbean (Anguilla, Antigua and Barbuda, Aruba, the Bahamas, Barbados, the British Virgin Islands, the Cayman Islands, Curaỗao, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Sint Maarten and the Turks and Caicos Islands) b Directional basis calculated from asset/liability basis c Asset/liability basis d Estimates e Least developed countries include Afghanistan, Angola, Bangladesh, Benin, Bhutan, Burkina Faso, Burundi, Cambodia, the Central African Republic, Chad, the Comoros, the Democratic Republic of the Congo, Djibouti, Eritrea, Ethiopia, the Gambia, Guinea, Guinea-Bissau, Haiti, Kiribati, the Lao People’s Democratic Republic, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Myanmar, Nepal, the Niger, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Solomon Islands, Somalia, South Sudan, the Sudan, Timor-Leste, Togo, Tuvalu, Uganda, the United Republic of Tanzania, Yemen and Zambia f Landlocked developing countries include Afghanistan, Armenia, Azerbaijan, Bhutan, the Plurinational State of Bolivia, Botswana, Burkina Faso, Burundi, the Central African Republic, Chad, Eswatini, Ethiopia, Kazakhstan, Kyrgyzstan, the Lao People’s Democratic Republic, Lesotho, North Macedonia, Malawi, Mali, the Republic of Moldova, Mongolia, Nepal, the Niger, Paraguay, Rwanda, South Sudan, Tajikistan, Turkmenistan, Uganda, Uzbekistan, Zambia and Zimbabwe g Small island developing States include Antigua and Barbuda, the Bahamas, Barbados, Cabo Verde, the Comoros, Dominica, Fiji, Grenada, Jamaica, Kiribati, Maldives, the Marshall Islands, Mauritius, the Federated States of Micronesia, Nauru, Palau, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, Sao Tome and Príncipe, Seychelles, Solomon Islands, Timor-Leste, Tonga, Trinidad and Tobago, Tuvalu and Vanuatu a Annex tables 251 Annex table FDI stock, by region and economy, 2000, 2010 and 2020 (Millions of dollars) FDI inward stock Region/economy Worlda Developed economies Europe European Union Austria Belgium Belgium and Luxembourg Bulgaria Croatia Cyprus Czechia Denmark Estonia 2000 2010 FDI outward stock 2020 2000 2010 2020 377 352 779 695 454 640 882 785 31 165 195 219 704 785 846 21 644 73 574 645 19 898 878 13 137 228 865 776 960 396 160 615 473 358 44 970 32 215 260 132 128 504 96 136 15 551 41 354 249 28 680 229 15 461 119 11 563 397 194 058 635 929 59 724 32 066 480 867 188 772 135 125c 34 450 408 902 699 480 174 200 967 112 24 821 179 773 67 952 557 738 73 100 259 20 468 141 17 078 534 918 706 988 784 181 638 431 613 583 914 242 556 14 923 163 133 545 39 247 013 30 135 440 17 295 338 13 407 714 234 076 677 661 431 247 492 264 56 213 244 651c 11 124 Finland France Germany 24 273 184 215 470 938 86 698 630 710 955 881 96 903 968 138 059 326b 52 109 365 871 483 946 137 663 172 994 364 565 166 014 721 798 977 236b Greece Hungary Ireland Italy Latvia Lithuania Luxembourg 14 113 22 870 127 089 122 533 691 334 35 026 91 015 285 575 328 058 10 869 15 455 172 257 51 801 100 993 350 055 485 842 20 457 23 709 627 358 094 280 27 925 169 957 19 29 42 623 23 612 340 114 491 208 931 647 187 027 21 861 36 870 206 729 596 158 519 101 887 036 263 243 733 33 477 34 224 953 970 389 156 348 93 791 571 855 497 30 265 101 635 439 458 108 255 325 020 783 235 216 801 121 686 129 770 588 077 187 602 121 239 68 699 50 328 10 667 628 341 352 646 905 380 11 784 177 318 648 092 068 187 406 182 983 889 422 293 865 270 527 728 240 905 890 579 236 506 161 640 107 526 63 992 20 420 853 291 408 824 897 722 501 147 764 536 254 206 202 11 902 541 099 894 10 802 647 316 569 790 655 193 305 461 268 19 417 136 555 772 129 194 123 618 207 088 663 34 026 232 202 940 197 136 637 442 623 694 014 388 643 92 508 60 596 968 105 16 407 71 676 327 457 147 653 236 394 547 929 921 11 466 188 996 043 199 686 260 793 476 983 889 809 587 366 352 449 740 72 030 797 598 24 835 58 077 724 343 670 624 839 464 542 887 623 489 197 867 628 856 055 412 10 092 922 964 428 128 494 747 180 627 280 265b 20 426 837 60 086 452 188 952 108b 091 925 67 893 506 117 095 50 323 24 101 545 693 153 062 45 590 379b 19 955 471b 842b 398 214 880 59 738 066 143 619 119 201 109 19 545 73 095 16 334 45 082 15 690 243 046 91 463 11 803 928 978 858 320 514 33 086 132 477 18 462b 72 273 29 211 278 445 491 689 810 39 815 199 205b 655 903b 402b 831 076 16 717 020 726 137 318 25 770 505 448 16 615 914 982 134 20 165 674 871 325 909 40 585 723 481 21 147b 630 Tunisia Other Africa West Africa Benin Burkina Faso 11 545 107 472 33 010 213 28 31 364 418 009 106 590 604 354 35 006 658 343 217 280 833 020 33 36 616 381 11 0.4 287 111 549 18 088 21 603 285 324 20 803 337 483 Cabo Verde Côte d'Ivoire Gambia 192b 483 216 367 978 323 463 12 237 519b 94 - 108 292 Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden Other developed Europe Iceland Norway Switzerland United Kingdom North America Canada United States Other developed economies Australia Bermuda Israel Japan New Zealand Developing economiesa Africa North Africa Algeria Egypt Libya Morocco Sudan / 252 World Investment Report 2021 Investing in Sustainable Recovery Annex table FDI stock, by region and economy, 2000, 2010 and 2020 (continued) FDI inward stock Region/economy Ghana Guinea Guinea-Bissau Liberia Mali Mauritania Niger Nigeria Senegal Sierra Leone Togo Central Africa Burundi Cameroon Central African Republic Chad Congo Congo, Democratic Republic of the Equatorial Guinea Gabon Rwanda Sao Tome and Principe East Africa Comoros Djibouti Eritrea Ethiopia Kenya Madagascar Mauritius Seychelles Somalia Uganda United Republic of Tanzania Southern Africa Angola Botswana Eswatini Lesotho Malawi Mozambique Namibia South Africa Zambia Zimbabwe Asia East and South-East Asia East Asia China Hong Kong, China Korea, Democratic People's Republic of Korea, Republic of Macao, China Mongolia Taiwan Province of China South-East Asia Brunei Darussalam Cambodia Indonesia Lao People's Democratic Republic Malaysia Myanmar Philippines 2000 2010 FDI outward stock 2020 2000 2010 2020 554b 263 38 247 132 146b 45 23 786 295 284b 87 053 47b 917b 10 080 486c 63 10 206c 964 372b 251 66 797 699 482c 565 39 227 13c 099b 41 882 063b 317 883b 011 973b 189 102 094 673 433b 690 109 273 234b 026b 12 188 4b 144 22 - 10 651 2b 252b 83 144c 714 18 28b 12 576 263 126 217 2c 971b 593 98b 11 828b 282 99b 412 871 082 523 382 5b 065b 104 576b 893b 617 060b - 227b 55 11b 202 21b 40c 337b 941b 511 594b 261b 368 413b 287b 422 260b 36 826 60b 332c 666b 206 718b 053b 32 962b 27 279 15 094b 13 957b 636 314b 92 730 138b 988b 196b 27 351 43 40b 34 280b 387 34b 229 946b 13 21b 431 107b 049 79b 74 5b 023 932b 141 683 515 4b 807 781 62 208 977 827 536 330 358 249 276c 43 451c 966b 967 383c 658 701 566b 575 712 235 365 32 458 351 927 929 963 331c 595c 179 565c 433 10 010 339b 720b 285 616b 14 528 16 559b 239 061 16 752 454 877 923b 590b 45 384c 071c 136 735c 19 368b 115b 9b 132 130 28 198 -8 517 87 -5 45c 27 328c 62 193c 864 247 66 89 813 870 007 91 45 3c 722c 83 249c 531 85 887b 669b 301 82 258 116 239 954 103 13b 7c 995c 249 820c 303b 238 052 003 982 718 694 372 193 348 435 417 11b 43 738c 801b 182 18 875 257 603 868b 580 25 060 588b 52 747 752b 13 762b 814 882 356 290 058 873 452 586 882b 067 520 - 5b 135 500c 13 603 445 61 508c 147 611 140 026 160 735 888b 101 620 14 507b 25 896 907 562 879 778 958 249 364 918 828b 884 881d 2b 264 920c 46 924b 24 207 109 602b 913 722 589 36 903 240 477 10 899b 174 123 35 960 103 193c 234 596 576 582 023 495 206 27 768 379 285 21 497c 66 655 84 056 193 940 26b 15 878 032b 297 465 982 300 769 599 149 317 211 943 938 144 032c 550 616 190 803c 601 179 345 672 68b 96 964 710 682 575 350 067 767 197 113 351 800 953 924d 500 901c 459b 697 382 333b 671 334 187 88 207 95b 129 291 63 966c / Annex tables 253 Annex table FDI stock, by region and economy, 2000, 2010 and 2020 (continued) FDI inward stock Region/economy 2010 FDI outward stock 2020 2000 2010 2020 110 570 30 944 14 730b 30 743 17b 633 354c 139 286 155 57 004b 268 995 963c 855 370c 271 827 468b 176 911b 615 871 592c 56 755 232 761 466 723c 21 369 94 234b 100 441 16c 220 671c 155 602 802b 11 513b 199 320 134c 162 4b 072 56 19 395 139 68 98c 327 16 339 597b 128b 72b 919 505 69 286 906 - 48 205 580 28 953 114b 239 19 828 190 592 299 15 154 965 480 298 58 711b 552b 740 35 666 12 778b 783 921 31 690 733 411b 489 60 14 553 752 96 901 713b 362 351 165 213 883 632 191 304 057b 988 511b 507 583 18 942 017 135 608 14 233 577b 912 17 577 418b 244 18 812 069b 843 338 774 186 641 67 601 188 21 899 11 884c 44 285 14 987b 30 549 176 378 176 939b 188 357 63 869 858 549 973 085 163 85 591 890 36 556 14 138b 17 752b 35 425b 28 627b 241 862c 717 10 743b 211 573 150 896b 942b 231 736 402 127 85 451 10 483 44 428 352 74 285 668 938b 13b 53 170 43 634 21 141 29 473 28 189c 831 796b 12 995 26 528 241 22 509 55 560 571b 416 598 288 295 30 328 681 34 328b 952b 13 247b 47 510b 128 759c 254 5b 52 487 203 728b 672b 771 732 575 247 40 709 791 Brazil Chile Colombia Ecuador 45 753 11 157 337 640 330 160 904 82 991 11 858 608 086 272 336 213 323 20 649 11 154 989 149 333 61 126 23 717 277 454 145 333 65 818 Guyana Paraguay Peru 756 219 11 062 784 254 42 976 945 881 115 955 505 265 56 625 088 35 480 139 768 294c 809 973 12 479 36 107 417 113 454c 15 936 284 012 33 537 25 468b 757 371 408c 45 846 10 075 138 676 534 42c 22 104 345 19 171 126 008 49c 135 224 455 26 782b 193 517 73c 538 3 420 392 121 691 554 951 355 512 17 294 16 898 596 826c 93 273 452 850 119 967 839 466 178 947c Singapore Thailand Timor-Leste Viet Nam South Asia Afghanistan Bangladesh Bhutan India Iran, Islamic Republic of Maldives Nepal Pakistan Sri Lanka West Asia Bahrain Iraq Jordan Kuwait Lebanon Oman Qatar Saudi Arabia State of Palestine Syrian Arab Republic Turkey United Arab Emirates Yemen Latin America and the Caribbeana South America Argentina Bolivia, Plurinational State of Suriname Uruguay Venezuela, Bolivarian Republic of Central America Belize Costa Rica El Salvador Guatemala Honduras Mexico Nicaragua 254 2000 414 681 422 181 800 Panama Caribbeana Anguilla Antigua and Barbuda 775 12 365 - 20 742 47 697 - 58 603 72 238 812b 131b 002 - 374 295 - 850 968 64b 102b Aruba Bahamas Barbados British Virgin Islands Cayman Islands Curaỗao Dominica Dominican Republic 161b 865 308 30 289b 27 316b 673 567 13 160 970 265 783b 151 519b 527 18 793 261 26 073 105 950 876b 23 621b 891b 345b 44 681 675 547 41 69 041b 21 643b 682 538 058 376 866b 75 212b 32 World Investment Report 2021 Investing in Sustainable Recovery 654 278 825 42 280b 10 835b 715b 2b 813c / Annex table FDI stock, by region and economy, 2000, 2010 and 2020 (concluded) FDI inward stock Region/economy Grenada Haiti Jamaica Montserrat Netherlands Antilles Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines Sint Maarten Trinidad and Tobago Oceania Cook Islands Fiji French Polynesia Kiribati Marshall Islands Micronesia, Federated States of New Caledonia Palau Papua New Guinea Samoa Solomon Islands Tonga Tuvalu Vanuatu Transition economies South-East Europe Albania Bosnia and Herzegovina Montenegro North Macedonia Serbia CIS Armenia Azerbaijan Belarus Kazakhstan Kyrgyzstan Moldova, Republic of Russian Federation Tajikistan Turkmenistan Ukraine Uzbekistan Georgia Memorandum Least developed countries (LDCs)e Landlocked developing countries (LLDCs)f Small island developing States (SIDS)g 2000 2010 FDI outward stock 2020 2000 2010 2020 95 317c 625c 10 855c 402b 955b 17 538c 709c 176c 82b 576c 277 280b 854 356 146b 20c - 41b 173 935 77 106b 19b 61b 51 964 237 247 450 540 49 965 513 791 306 10 078 256 17 424b 14 694 963 442b 5c 120c 7c 726b 232 748 220 552 220b 5c 454 695 507 43 479 255 709 231 351 22 299 643 510 405 648 904 82 648 34b 822b 112b 570b 299b 064b 30 456 123b 730 098b 10b 212b 235b 16 705b 488b 913b 142 601 465b 8b 724b 870 091 90 242 10 024 428 513b 306 51 763 761 249 246 32 787 14 519 151 396 293b 249 39 2b 194b 14b 19 611 16 16 19 477 24 16 10 119b 827 47 144b 2c 304b 209b 13 27 58b 23 368 881 553 154 211 100 960 365 480 150 790 205 16 212 14b 190b 56b 180b 580b 880 13b 71 347b 1b 5b 045b 139b 47b 71 110b 30b 436 702 700 779 570 109b 114 546 427 028 492 26 825 491 14 152 432 449 698 876 205 792 33 23 68 897 269 29 738 136 949b 875 698b 762 464 228 226 13 442b 52 872 564c 518 446 656 129b 39 323b 48 933 10 264c 18 600 19 211 170 118 336 355 548 152c 848 379 637 186b 882 196c 974 35 974 33 846 17 133 161 790 176 897 60 503 395 392 418 248 93 718 604 025 906 11 528 29 266 10 286 24 108 50 241 15 710 Source: UNCTAD, FDI/MNE database (www.unctad.org/fdistatistics) a Excluding the financial centers in the Caribbean (Anguilla, Antigua and Barbuda, Aruba, the Bahamas, Barbados, the British Virgin Islands, the Cayman Islands, Curaỗao, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Sint Maarten and the Turks and Caicos Islands) b Estimates c Asset/liability basis d Directional basis calculated from asset/liability basis e Least developed countries include Afghanistan, Angola, Bangladesh, Benin, Bhutan, Burkina Faso, Burundi, Cambodia, the Central African Republic, Chad, the Comoros, the Democratic Republic of the Congo, Djibouti, Eritrea, Ethiopia, the Gambia, Guinea, Guinea-Bissau, Haiti, Kiribati, the Lao People’s Democratic Republic, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Myanmar, Nepal, the Niger, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Solomon Islands, Somalia, South Sudan, the Sudan, Timor-Leste, Togo, Tuvalu, Uganda, the United Republic of Tanzania, Yemen and Zambia f Landlocked developing countries include Afghanistan, Armenia, Azerbaijan, Bhutan, the Plurinational State of Bolivia, Botswana, Burkina Faso, Burundi, the Central African Republic, Chad, Eswatini, Ethiopia, Kazakhstan, Kyrgyzstan, the Lao People’s Democratic Republic, Lesotho, the former Yugoslav Republic of Macedonia, Malawi, Mali, the Republic of Moldova, Mongolia, Nepal, the Niger, Paraguay, Rwanda, South Sudan, Tajikistan, Turkmenistan, Uganda, Uzbekistan, Zambia and Zimbabwe g Small island developing States include Antigua and Barbuda, the Bahamas, Barbados, Cabo Verde, the Comoros, Dominica, Fiji, Grenada, Jamaica, Kiribati, Maldives, the Marshall Islands, Mauritius, the Federated States of Micronesia, Nauru, Palau, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, Sao Tome and Príncipe, Seychelles, Solomon Islands, Timor-Leste, Tonga, Trinidad and Tobago, Tuvalu and Vanuatu Annex tables 255 EXPLANATORY NOTES The terms country and economy as used in this Report also refer, as appropriate, to territories or areas; the designations employed and the presentation of the material not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries In addition, the designations of country groups are intended solely for statistical or analytical convenience and not necessarily express a judgment about the stage of development reached by a particular country or area in the development process The major country groupings used in this Report follow the classification of the United Nations Statistical Office: Developed economies: the member countries of the OECD (other than Chile, Colombia, Costa Rica, Mexico, the Republic of Korea and Turkey), plus the new European Union member countries which are not OECD members (Bulgaria, Croatia, Cyprus, Malta and Romania), plus Andorra, Bermuda, Liechtenstein, Monaco and San Marino, plus the territories of Faeroe Islands, Gibraltar, Greenland, Guernsey and Jersey • Transition economies: South-East Europe, the Commonwealth of Independent States and Georgia • Developing economies: in general, all economies not specified above For statistical purposes, the data for China not include those for Hong Kong Special Administrative Region (Hong Kong SAR), Macao Special Administrative Region (Macao SAR) and Taiwan Province of China • Methodological details on FDI and MNE statistics can be found on the Report website (unctad/diae/wir) Reference to companies and their activities should not be construed as an endorsement by UNCTAD of those companies or their activities The boundaries and names shown and designations used on the maps presented in this publication not imply official endorsement or acceptance by the United Nations The following symbols have been used in the tables: • • • • • • Two dots ( ) indicate that data are not available or are not separately reported Rows in tables have been omitted in those cases where no data are available for any of the elements in the row A dash (–) indicates that the item is equal to zero or its value is negligible A blank in a table indicates that the item is not applicable, unless otherwise indicated A slash (/) between dates representing years, e.g., 2010/11, indicates a financial year Use of a dash (–) between dates representing years, e.g., 2010–2011, signifies the full period involved, including the beginning and end years Reference to “dollars” ($) means United States dollars, unless otherwise indicated Annual rates of growth or change, unless otherwise stated, refer to annual compound rates Details and percentages in tables not necessarily add to totals because of rounding 256 World Investment Report 2021 Investing in Sustainable Recovery WORLD INVESTMENT REPORT PAST ISSUES WIR 2020: International Production Beyond the Pandemic WIR 2019: Special Economic Zones WIR 2018: Investment and New Industrial Policies WIR 2017: Investment and the Digital Economy WIR 2016: Investor Nationality: Policy Challenges WIR 2015: Reforming International Investment Governance WIR 2014: Investing in the SDGs: An Action Plan WIR 2013: Global Value Chains: Investment and Trade for Development WIR 2012: Towards a New Generation of Investment Policies WIR 2011: Non-Equity Modes of International Production and Development WIR 2010: Investing in a Low-carbon Economy WIR 2009: Transnational Corporations, Agricultural Production and Development WIR 2008: Transnational Corporations and the Infrastructure Challenge WIR 2007: Transnational Corporations, Extractive Industries and Development WIR 2006: FDI from Developing and Transition Economies: Implications for Development WIR 2005: Transnational Corporations and the Internationalization of R&D WIR 2004: The Shift Towards Services WIR 2003: FDI Policies for Development: National and International Perspectives WIR 2002: Transnational Corporations and Export Competitiveness WIR 2001: Promoting Linkages WIR 2000: Cross-border Mergers and Acquisitions and Development WIR 1999: Foreign Direct Investment and the Challenge of Development WIR 1998: Trends and Determinants WIR 1997: Transnational Corporations, Market Structure and Competition Policy WIR 1996: Investment, Trade and International Policy Arrangements WIR 1995: Transnational Corporations and Competitiveness WIR 1994: Transnational Corporations, Employment and the Workplace WIR 1993: Transnational Corporations and Integrated International Production WIR 1992: Transnational Corporations as Engines of Growth WIR 1991: The Triad in Foreign Direct Investment WIR Past Issues 257 DIVISION ON INVESTMENT & ENTERPRISE The UNCTAD Investment and Enterprise Division is a global center of excellence for all issues related to investment and enterprise development Two flagship products World Investment Forum World Investment Report Seven core services Global investment information & research Core data products and services Global Investment Trends Monitors Transnational Corporations Journal Investment policies & treaties Investment Policy Reviews (IPRs) International investment agreements (IIAs) Investment Policy Hub Investment promotion & facilitation Investment facilitation and promotion Business Facilitation Programme Investment guides Enterprise development Entrepreneurship Development Empretec capacity-building programmes Accounting and reporting ISAR World Investment Network Five global policy frameworks Investment Policy Framework for Sustainable Development Reform Package for the International Investment Regime Global Action Menu for Investment Facilitation Entrepreneurship Policy Framework Guidance on Core Indicator for entity 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investment in sustainable post-pandemic recovery – Actors, Strategies, Institutions, and Impacts Guest Editors: Jakob Müllner (WU-Vienna) & Riccardo Crescenzi (LSE) UNCTAD’s 2020 World Investment Report concluded that, over the coming years, the attention of global investment and development policymakers is likely to shift from investment in productive capacity in global supply chains towards investment in infrastructure and domestic services This shift implies a focus on a wider range of actors (e.g not only traditional TNCs but also financial institutions, institutional investors and funds) In this special issue, we invite academic research on actors, strategies, institutions, and effects of sustainable development finance and investment in the context of the post-pandemic recovery Research should combine finance and development aspects and, ideally, point towards policy and practice implications Of special interest is research that looks at implications for policies targeting green, digital and inclusive recovery in advanced and emerging economies and their sub-national regions The special issue will be open to research covering the full ‘investment chain’ from the mobilization of funds in financial markets to the impact of investment projects on the ground Because COVID-19 has significantly affected the market for development finance, priority will be given to recent empirical research that considers the repercussions of COVID-19 for sustainable finance We invite qualitative, quantitative and conceptual contributions and offer an accelerated submission process Possible topics include, but are not limited to: • Development finance capital providers and their role in development finance • Traditional sponsors, creditors & guarantee agencies • New players: ESG & impact funds, Sovereign Wealth Funds, Infrastructure & Hedge Funds • Development finance strategies & instruments • Project finance • Private public partnerships (PPP) • Blended finance • Micro-finance • Soft & concessionary loans • Green bonds • Development assistance • The global institutional development finance environment • Voluntary international standards (e.g Equator Principles, OECD Guidelines for Multinational Enterprises) • Multinational development institutions in project finance investment (UN, WTO, OECD, IMF, MIGA) • International investment regime and international arbitration • Economic, social and environmental impacts of development finance • Sectoral or sub-national regional impacts and their global geography • Interactions between recovery plans (supra-national, national and subnational) and development finance • Impact evaluation of specific projects of general interest for digital, green and inclusive recovery • Development finance and EU Cohesion Policy Submissions should be sent to: tncj@unctad.org • Role and impacts of public policies (e.g Investment Promotion Agencies) • COVID-19 implications for development finance and its impacts Accelerated submission process Optional preliminary submission July 15th: Authors may submit either 1.1 Full papers 1.2 Paper abstracts for upfront feedback Preliminary response August 1st Those accepted for further development will receive a detailed review A positive preliminary feedback does not guarantee publication but it allows authors to get early feedback on suitability of the proposed paper, chances and detailed feedback from editors & reviewers Mandatory main submission September 1st: Authors submit full papers Decision announcement September 29th: Authors receive conditional acceptance or rejection decision within 30 days Final submission November 14th Publication of the special issue: December 2021 Guest Editors Riccardo Crescenzi is Professor of Economic Geography at the London School of Economics and is the current holder of a European Research Council (ERC) Grant He is also an Associate at the Centre for International Development, Harvard Kennedy School of Government Riccardo is the Editor-in-Chief of the LSE Blog Global Investment and Local Development (GILD) and is currently part of the National Infrastructure Commission of Italy He has been a Jean Monnet Fellow at the European University Institute (EUI) and a Visiting Scholar at the Harvard Kennedy School of Government, Taubman Centre and at the University of California Los Angeles (UCLA) His research is focused on regional economic development, innovation, Foreign Direct Investment (FDI) and multinationals and the analysis and evaluation of European Union policies His ERC project looks at the location strategies of FDI, at their impacts on the host economies and at the evaluation of policies for FDI attraction and retention Jakob Müllner is Associate Professor at the Institute of International Business at WU-Vienna His research seeks to integrate finance and international business perspectives It focuses on financing international business and financial risk management strategies in internationalization He published in ABS ranked journals in the disciplines International Finance, International Business and Management (e.g Academy of Management Journal, Journal of Corporate Finance, Journal of World Business) He was nominated for Haynes Prize for most promising scholar (AIB), the Carolyn B Dexter Award (AOM), the Alan Rugman Young Scholar Award (AIB) and received the Distinguished Paper Award from the Academy of Management Strategy Division in 2019 Jakob Müllner serves as track chair for International Finance, Accounting and Corporate Governance in the European International Business Association (EIBA) and co-founded the annual WU-Vienna IB & Finance Paper Development Workshop Home page: http://unctad.org/tnc worldinvestmentreport.org ... 2019 quarterly Q2 2019 average Q3 Q4 2021 Q1 2020 quarterly 2020 Q1 2019 Q1 Q2 Q3 Q4 2021 Q1 2020 average Source: UNCTAD, cross-border M&A database (www .unctad. org/fdistatistics) for M&As, information... 2019? ?2021 (Billions of dollars) 20 16 12 Q1 Q2 Q3 2019 Source: UNCTAD, based on Refinitiv 26 World Investment Report 2021 Investing in Sustainable Recovery Q4 Q1 Q2 Q3 2020 Q4 Q1 April 2021 Figure... Isabelle Durant Acting Secretary-General of UNCTAD iv World Investment Report 2021 Investing in Sustainable Recovery ACKNOWLEDGEMENTS The World Investment Report 2021 was prepared by a team led by James