2018年-世界发展银行全球_Global_Investment_Competitiveness_Report_20172018___Foreign_Investor_Perspectives_and_Policy_Implications_185页_13mb

2017/2018 Global Investment Competitiveness Report Summary

Core Content

The 2017/2018 Global Investment Competitiveness Report by the World Bank Group provides a comprehensive analysis of foreign direct investment (FDI) in developing countries, focusing on investor perspectives, policy implications, and the broader economic impacts of FDI. The report highlights how FDI can drive economic transformation, enhance productivity, and contribute to sustainable development, particularly in fragile and conflict-affected situations (FCS).

Main Findings

1. Investor Perspectives and Policy Implications

• A Global Investment Competitiveness Survey of 754 multinational corporation (MNC) executives revealed that business-friendly legal and regulatory environments are a key driver of FDI decisions.
• Political stability, security, and macroeconomic conditions also play a significant role.
• Investors value predictable, transparent, and efficient public agencies, as well as tax incentives, trade agreements, and ease of entry.
• Efficiency-seeking MNCs are more selective in their investments and place higher value on incentives and procedural efficiency.

2. FDI and Economic Growth

• FDI can create new growth opportunities for local firms through linkages and demonstration effects.
• High-growth firms in developing countries benefit most from FDI, especially in manufacturing and services sectors.
• These firms are better able to absorb and apply foreign technologies and practices, leading to productivity improvements.
• The linkages channel (collaboration between foreign firms and local suppliers) is particularly effective in transmitting FDI benefits.
• Demonstration effects occur when local firms imitate foreign practices, often through hiring trained workers.

3. Corporate Tax Incentives and FDI

• Tax incentives are widely used in developing countries, especially in construction and manufacturing.
• Corporate income tax (CIT) rates continue to decline in most regions, with nearly half of developing countries increasing the generosity of existing incentives.
• Efficiency-seeking FDI is concentrated in a few locations, while market-seeking and natural resource-seeking FDI are more geographically dispersed.
• Transparency and clarity in tax incentive policies are essential for effective FDI attraction and are associated with higher investor confidence.

4. Outward FDI (OFDI) from Developing Countries

• OFDI is becoming increasingly important for developing countries, contributing to capacity building and innovation.
• China leads in OFDI flows, with a growing role in global value chains (GVCs).
• Developing country MNCs use OFDI to boost innovation and exports, and to access foreign technology and markets.
• Absorptive capacity at both firm and national levels is crucial for the effectiveness of OFDI.

5. FDI in Fragile and Conflict-Affected Situations (FCS)

• FCS are highly heterogeneous in terms of investment risks and opportunities.
• FDI in FCS is often concentrated in natural resources and capital-intensive sectors.
• Post-conflict growth is observed in construction and other sectors, indicating potential for recovery and development.
• Government effectiveness and economic reforms are critical for attracting FDI in FCS.
• FDI can help harness development benefits in FCS, but it is often concentrated and less diversified compared to other regions.

Key Information

• FDI inflows to developing countries reached $1.75 trillion in 2016, accounting for over 40% of global flows.
• FCS remain underperforming in terms of FDI inflows, which are below potential due to fragility and instability.
• High-growth firms are defined as those with the highest job creation rates and are most responsive to FDI spillovers.
• Linkages and demonstration effects are the two main channels through which FDI benefits local firms.
• OFDI from developing countries is growing, with East Asia and Pacific leading in flows and China as the top outward investor.
• Tax incentives are a key tool for attracting FDI, but their effectiveness varies depending on the sector and region.
• Investor satisfaction with FDI policies is closely tied to the efficiency and transparency of the investment climate.

Policy Recommendations

• Enhance business environments to support both domestic and foreign firms in entering and expanding in the market.
• Promote absorptive capacity in local firms to maximize the benefits of FDI spillovers.
• Improve transparency and clarity in tax incentive policies to increase investor confidence.
• Support economic reforms in FCS to create a more stable and attractive investment climate.
• Encourage OFDI as a tool for capacity building and innovation in developing countries.

Structure of the Report

• Foreword by Anabel Gonzalez and Ted H. Chu outlines the report's purpose and significance.
• Overview summarizes the key themes and objectives.
• Five main chapters cover:
  • Investor motivations and policy implications.
  • Impact of FDI on high-growth firms.
  • Role of tax incentives in FDI attraction.
  • Trends in outward FDI from developing countries.
  • FDI in fragile and conflict-affected situations.
• Boxes, figures, and tables provide supporting data and analysis on various aspects of FDI.
• Glossary defines key terms and acronyms used in the report.

Conclusion

The report emphasizes the strategic importance of FDI in driving economic growth and development in developing countries. It calls for policy reforms that enhance investment competitiveness, improve the business environment, and support local firms in leveraging FDI benefits. The findings also highlight the need for greater investment in FCS to unlock their development potential.