联合国贸易发展委员会-金砖国家投资报告（英）-2023-30页_2mb

BRICS Investment Report Summary

Table of Contents:

1. Introduction

• BRICS (Brazil, Russia, India, China, South Africa) is a major economic bloc representing ~25% of global GDP and 42% of the world’s population.
• Foreign direct investment (FDI) has significantly contributed to BRICS growth since 2001, accounting for >22% of global FDI inflows by 2021.

2. FDI Trends

2.1 Key FDI Metrics

• Inflows:
  • Total FDI inflows to BRICS increased ~400% (2001–2021), but slowed post-2011 (CAGR ~1.7%).
  • China dominates inflows, while Brazil and India showed mixed trends.
  • Inward FDI stock rose from ~$2.1T (2011) to ~$3.9T (2021).
• Outflows:
  • BRICS FDI outflows reached ~$250B (2021), accounting ~20% of global FDI outflows.
  • Key drivers include South–South investment, a notable increase in intra-BRICS investment (~$167B by 2020).

2.2 Top Investors

• The US, UK, and China are the top ultimate investors in BRICS, with China showing strong participation in intra-BRICS activities.
• International financial hubs play a significant role, though data on intra-BRICS investment may be underestimated.

2.3 Investment Modes

• Greenfield Projects: Volatile during 2011–2021; manufacturing was hit hardest by COVID-19, while services became the largest sector post-pandemic.
• M&A Deals: Cross-border M&A activity declined significantly post-2020, especially in utilities, transportation, and real estate.
• Project Finance: Remained stable; focused on renewable energy and infrastructure, growing post-COVID.

2.4 Significance of FDI

• FDI drives gross fixed capital formation (GFCF) and contributes significantly to BRICS GDP.
• Service sectors are increasingly important, while China relies more on domestic investment.

3. Investment Policies

3.1 National Policies

• Majority of recent policies favor FDI, including market access liberalization, streamlined registration (e.g., India, Brazil, China).
• Brazil, India, and South Africa lead in FDI policy measures, while China and Russia tightened restrictions on national security-sensitive sectors (e.g., technology, defense).

3.2 International Investment Agreements (IIAs)

• BRICS concluded ~460 IIAs; ~80% are outdated, lacking modern protections like ISDS and SDG integration.
• Latin America and India initiated IIA reforms. China and Russia renegotiated agreements to align with domestic regulations.
• BRICS Task Force on PPPs and Infrastructure is advancing public–private collaboration.

4. Policy Coordination & Future Steps

4.1 Key Recommendations

1. Intra-BRICS Cooperation: Strengthen frameworks like the BRICS Understanding on Investment Facilitation and explore the New Development Bank’s role.
2. Sustainable Finance: Leverage green bonds and harmonize project standards to finance renewable energy and green infrastructure.
3. Infrastructure: Use blended finance and private sector partnerships (e.g., PPPs) for infrastructure projects.
4. Manufacturing: Prioritize complementary manufacturing sectors (renewable energy, processing industries) to drive value chain development.

4.2 Challenges

• Strengthening implementation of existing initiatives to ensure inclusive and sustainable development.
• Addressing supply chain disruptions and global economic uncertainties.

5. Conclusion

BRICS remains a critical FDI destination, demonstrating resilience despite global challenges.
Future collaboration should focus on investment facilitation, sustainable initiatives, and deeper intra-BRICS economic ties.