A publication that contains papers, presentations and submissions delivered at the United Nations Conference on Trade and Development (UNCTAD) ad hoc expert meeting focused on the experiences of the insurance sector in India, China, Africa and Guatemala to identify to widest extent possible the problems faced by developing countries.
This Directory covers the 19 countries of Central and Eastern Europe. It includes profiles on all these countries based on data made available to the United Nations secretariat. Data is presented on both inward and outward flows and stocks of Foreign Direct Investments (FDI), operations of Transnational Corporations (TNCs), information of the largest TNCs in and from these countries, and information on the regulatory framework affecting FDI. The data is based on information as of December 2002.
Despite increasing globalisation and liberalisation of trade production in some developing countries, the majority still depend on commodity exports as a main source of economic development. In order to achieve the the UN Millennium Development Goals, particularly that of reducing world poverty by half by 2015, major reform of commodity production and trade will be required, including broadening market access, reducing the use of agricultural subsidies, and improving both productivity and competitiveness in developing countries. This publication has been produced by UNCTAD and the Common Fund for Commodities with the aim of providing accessible data analysis on commodity production and trade which can be used by governments, industry, the media, civil society and the public at large as the basis for discussions on policy reforms.
For developing countries, the textiles and clothing industries have traditionally been an important gateway to industrialization and increased exports. With the expiration of the Agreement on Textiles and Clothing, the quota system originally set up through the Multifibre Arrangement was phased out. This has important implications for the allocation of export-oriented production and is likely to affect in various ways a large number of developing countries that rely heavily on such exports. Drawing on a wide range of studies as well as on original research, this volume shows that transnational corporations are likely to play a critical role in determining the future global production structure in these industries.--Publisher's description.
This document presents a revised version of the Model Law on Competition (ISBN 9211125952) published by UNCTAD in February 2003. It includes changes to commentaries on possible elements of a competition law and changes in national legislations. Topics include: restrictive agreements or arrangements; acts or behaviour constituting an abuse of a dominant position of market power; notification, investigation and prohibition of mergers affecting concentrated markets; and consumer protection.
China has achieved a significant rise in economic growth and development levels over the past two decades, which has transformed the country into a global economic force. This publication contains a collection of papers which discuss some of the key issues relating to China's development path in an increasingly globalising world, derived from various seminars held in relation to the joint UNCTAD/Ministry of Commerce of China (MOFCOM) project on 'Managing globalization and economic integration'.
Given the lack of adequate resources to finance long-term development in Africa, the need to attract foreign direct investment has become a key aspect of development strategies in recent years advocated by policymakers at national, regional and international levels. This publication evaluates the benefits and disadvantages that FDI brings for the host country in efforts to achieve sustainable economic development, and calls for a more balanced strategic approach which sufficiently recognises the economic and development challenges facing African countries.
One common mode of entry for foreign direct investment is through the making of a foreign investment contract with the State (State contracts). The aim of this paper is to consider specific International Investment Agreement provisions that act to affect the negotiation, conclusion and observance of State contracts by both the governmental and private parties.
International investment agreements (IIAs) are a key instrument in the strategies of most countries, in particular developing countries, to attract foreign investment. The objective of this publication is to explore the role of IIAs in attracting FDI into developing countries. The paper starts with a summary of the main host country determinants for foreign direct investment (FDI): the general policy framework for foreign investment; economic determinants; and business facilitation, such as investment promotion including investment incentives. Then it focuses on the role of IIAs as FDI determinants. It also reviews a number of econometric studies that explore the impact of IIAs on investment inflows into developing countries.
The increasing role of large developing countries in global trade, finance, investment and governance, coupled with their rapid economic growth, has stimulated debate on the implications for Africa's development. The report examines recent trends in the economic relationships of Africa with other developing countries and the new forms of partnership that are animating those relationships. It discusses the variety of institutional arrangements that are guiding and encouraging these new economic relationships. It provides up-to-date information on African trade with other developing countries outside Africa, as well as on official financial flows and foreign direct investment into Africa from those countries. It places the new relationships and multiplying partnerships within the context of South-South cooperation. Finally, it assesses important policy issues that arise from the new relationships in each of these areas.--Publisher's description.
"Tariffs for industrial products are a key element of the ongoing WTO negotiations. However, rather than clarifying the issues, the framework text agreed on 1 August 2004 leaves considerable uncertainty about the future direction of the talks. According to one view, the negotiations are back at first base, with little progress in evidence since the Fifth WTO Ministerial Conference, held in Cancâun. Others see the texts as the basis for an ambitious approach to tariff cutting. The more ambitious proposalsimply increased imports, lower tariff revenues, some labor market adjustments and reduced output in some key sectors in some developing regions. Furthermore, the main proposals do not fully resolve problems of tariff escalation and peaks. Proposals that take greater account of the need for special and differential treatment for developing countries seem less threatening and more likely to satisfy the wishes of the growing number of WTO members from developing countries. A successful outcome requires thatthe main focus be on high tariffs and market entry conditions in respect of products of export interest to developing countries. In addition, some way needs be found to assist some developing countries in coping with the likely adjustment costs of liberalization."--Publisher's description
This year's report examines Africa's export performance after trade liberalization in order to draw lessons for use in the design of future development strategies. It identifies Africa's weak supply response as the most important impediment to the continent's export performance, suggesting that future export policies should focus more on ways to increase production for export. The publication proposes some policies that could help Africa to refocus its development priorities on structural transformation in order to increase the continent's supply capacity and export response.
The conference addressed recent trends in the area of debt management. Themes examined include: debt sustainability; the development of domestic debt markets; the promotion of regional capital markets; recent developments in Paris Club debt restructuring; collective action clauses and sovereign debt restructuring mechanisms; statistics reporting; institutional arrangements for public debt management and the implications of Basel II for developing countries.
Since 2002, world economic expansion has had a strong positive impact on growth and helped support progress towards the United Nations Millennium Development Goals (MDGs). Most developing countries have benefited from this growth momentum as a result of strong demand for their exports of primary commodities and, to an increasing extent, of manufactures. However, global economic imbalances continue to pose a risk to the outlook of the world economy. Some improvements in market access, provision of debt relief and commitments by donors to substantial increases in ODA, as well as new opportunities to benefit from FDI and increasing migrants' remittances have benefited individual countries. In order for all developing countries to reach the MDGs and to reduce the large gap in living standards with the more advanced economies, the global partnership for development, stipulated in Goal 8 of the MDGs, needs to be strengthened further. Much depends on the ability of developing countries to adopt more proactive policies in support of capital formation, structural change and technological upgrading, and on the latitude available to them in light of international rules and disciplines. The Trade and Development Report 2006 offers relevant ideas and general principles for designing macroeconomic, sectoral and trade policies that can help developing countries to succeed in today's global economic environment. Particular attention is given to policies that support the creative forces of markets and the entrepreneurial dimension of investment.
This publication highlights good practice in corporate governance transparency and reporting, with a view to assisting developing countries and countries with economies in transition to identify and implement good corporate governance disclosure practices relevant to most business enterprises. It draws on recommendations made in guidelines produced by the OECD and the International Corporate Governance Network (ICGN), as well as past International Standards of Accounting and Reporting (ISAR) conclusions. This publication is an updated version of the UNCTAD 2002 report "Transparency and disclosure requirements for corporate governance" (TD/B/COM.2/ISAR/15).
Incentives are frequently used as a policy instrument to attract foreign direct investment (FDI), and can be classified as financial, fiscal or other (including regulatory) incentives. Given the important role that incentives can play in attracting FDI, recent IIAs (particularly at the regional and multilateral levels) have tended to deal with them more explicitly, including issues of definition, the application of the non-discrimination principle to regulate incentives, transparency, regulatory standards, and the promotion of development-oriented incentives both on the part of host and home countries.
The Investment Policy Review gives insight into the country's investment environment and policies. The publication discusses foreign direct investment (FDI) trends and the steadily increasing flow of FDI. It also reviews the investment policy framework, which has improved the business climate; analyzes the attractiveness of the location for FDI and the role that FDI plays in the local economy. It is hoped that the analysis and recommendations presented in this review will contribute to an improvement of policies and investment promotion.
Technology is often packaged in the form of tangible assets, intangible property, and knowledge and skills. These different forms of technology may be transferred from one country to another through trade in tangible and intangible assets, the provision of services or licensing and leasing agreements, and also as part of foreign direct investment (FDI). These different modes of transfer and methods of payments may give rise to different tax obligations. This study examines the implications of various tax instruments on the transfer of technology from the perspective of both technology importing and exporting countries. It also identifies some of the tax-related policy instruments that can be used to promote technology transfer to developing countries.--Publisher's description.
The Information Economy Report 2008 - Science and technology for development: the new paradigm of ICT, analyses the current and potential contribution of information technology to knowledge creation and diffusion. It explores how ICTs help generate innovations that improve the livelihoods of the poor and support enterprise competitiveness. The report examines how ICTs affect productivity and growth and reflects on the need for a development-oriented approach to intellectual property rights in order to enable effective access to technology. ICT has also given rise to new models for sharing knowledge and collective production.
This publication looks at the likely impact of the change of arrangements for the import of bananas into the EU. At present banana prices within the European Union are almost double world levels. These prices are maintained by restrictive import quotas and tariffs that generate rents that accrue to producers and distributors. The European Union is obliged to remove its quantitative restrictions and replace them with tariffs that are likely to give preference to existing quota holders from ACP countries. Indications are that a relatively small proportion of the rents are currently accruing to ACP producers and the loss in rent would be more than offset by the expansion of EU imports.
The Trade and Development Report 2008, subtitled "Commodity Prices, Capital Flows and the Financing of Investment" highlights the paradox that the "capital poor" developing world is exporting capital to the "capital rich" developed countries. The Report suggests shifting the focus in financial policies from households "putting more money aside" and imports of "foreign savings", to the reinvestment of profits and credit creation through the domestic banking system.
This study examines overt restrictions on foreign direct investment (FDI) in the services sector in developing countries and transition economies, drawing on a large number of sources in addition to the General Agreement on Trade in Services (GATS). Restrictions considered include: limitations on foreign ownership, screening or notification procedures, management and operational restrictions. These restrictions are computed for a number of services industries and then aggregated into a single measure for the services sector as a whole for each country. This study is part of an UNCTAD series of publications which seek to examine how transnational corporations and their activities impact on development issues.
This Investment Policy Review on Lesotho provides an overview of the Foreign Direct Investment (FDI) in the country, including the most recent trends and developments. It examines the legal investment framework currently in place and identifies new areas of high FDI potential. The Review is intended to improve Lesotho's investment policies and to familiarize the international private sector with the country's investment environment.
Prospects for global foreign direct investment are promising in both the short term (2005-2006) and the medium term (2007-2008). Although there are some potential risks, which may weaken momentum in the near future, FDI growth is likely to continue in the years to come. The recovery is increasingly fuelled by investment into, and from, developing countries. The overall mood is one of cautious optimism. This publication presents the future trends of global and regional FDI flows, strategies of transnational corporations and developments of FDI policies.
This volume of the 2006 Review of International Accounting and Reporting Issues contains the proceedings of the twenty-third session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting. The two main agenda items the session dealt with were: a review of practical implementation issues of International Financial Reporting Standards; and comparability and relevance of existing indicators on corporate responsibility.
This handbook provides consistent data for the international trade of the major non-fuel minerals and metals, from primary to semi-processed forms. Both quantities and values for these products are listed. It includes summary tables on the value of world exports and imports of minerals, ores and metals by country and region and by the Standard International Trade Classification for the years 1995 to 2000, as well as detailed tables concerning 38 minerals and metals representing over 98 per cent of the world trade in 2000.
The Information Economy Report 2009: Trends and Outlook in Turbulent Times (IER 2009) is the fourth in a series published by the United Nations Conference on Trade and Development (UNCTAD). The report is one of the few publications to monitor global trends in information and communication technologies (ICTs) as they affect developing countries. It serves as a valuable reference for policymakers in those nations. It gives special attention to the impact of the global financial crisis on ICTs. The report offers a fresh assessment of the diffusion of key ICT applications between 2003 and 2008. It includes chapters on the use of ICTs in the business sector and on the impact of the financial crisis on ICT trade.
This publication, comprising a handbook and CD-ROM, contains a comprehensive range of full time series data regarding trends in world trade, investment and development, based on international and national sources. Data analysis uses values, percentages and rankings to facilitate interpretation, with regional breakdowns for countries and territories,classified under three main headings of developed market economies, countries in central and eastern Europe, and developing countries and territories; as well as economic and trade groupings. The data are organised into eight categories covering international merchandise trade, trade and commodity price indices, structure of international trade by region and product, international trade in services, international finance, development indicators, and special studies.
What was only a vision three decades ago has now become a reality. As of the beginning of 2005, over 100 countries, including the European Union, either require or permit use of international financial reporting standards (IFRS) for preparation of financial statements by enterprises in their respective jurisdictions. This publication has been prepared to disseminate the lessons learned to a wider audience. As a growing number of developing countries and countries with economies in transition are embarking on the IFRS implementation process, the need for sharing experiences and lessons learned is becoming even more vital. It is my hope that policymakers, regulators, standard-setters and educators will find this publication to be a timely reference and a useful tool as they go about tackling practical implementation challenges of IFRS.
One of the most prominent objectives of the Millennium Development Goals is to have member States halve their levels of absolute poverty by 2015. Whilst some developing countries are making progress towards this target, recent statistics show indicate that in the countries of Sub-Saharan Africa the numbers living in poverty is increasing. One of the reasons for this is its relatively low rate of economic growth.This year's Economic Development in Africa report examines the potential of African countries to strengthen domestic financial resource mobilisation, in order to reduce dependence on official development assistance (ODA), and diversify their development resources and channel these resources to productive investments. It highlights the need for "developmental States" in Africa with the required policy space to design and implement policies that address their priorities and make optimal use of available resources in a way that leads to a virtuous circle of accumulation, investment, growth and poverty reduction.
The environmental world summits in Rio (1992) and Johannesburg (2002) have shownthat the business community has become committed to the concept of sustainabledevelopment and to improving its environmental performance. On the other hand,various stakeholders are demanding that enterprises report on theseimprovements. In particular, the financial community is concerned about howenvironmental performance affects the financial results of an enterprise.This concern about sustainable development is now complemented in the post-Enron era by corporate concern about "sustainable value" or "sustainable business".To achieve sustainable development, sustainable value or sustainable business,enterprise management must take into account the impact of their performance ontheir employees, their customers, their suppliers and the community, including itsenvironment. This manual presents the results of ISAR's work to extend the conventionalaccounting model and to link environmental performance with financialperformance. The precise correlation between improved environmentalperformance of an enterprise and its bottom line is extremely difficult to provebecause of the many factors that can affect profits. However, the concept of ecoefficiency,where increased profits are achieved under conditions of decliningenvironmental impact, demonstrates such a link. Despite the practical usefulnessof eco-efficiency indicators, their construction and use are highly problematic. Thismanual presents a method by which environmental and financial performanceindicators can be used together to measure an enterprise's progress in attainingeco-efficiency or sustainability. The manual provides detailed explanations andexamples for the preparers and users of eco-efficiency indicators so that they canproduce internally consistent environmental and financial information, thusimproving the quality of environmental reporting and stakeholder satisfaction.
Looking at recent trends in the world economy from the perspective of the Millennium Development Goals (MDGs), the good news is that in 2004 growth in the developing countries was rapid and more broad-based than it had been for many years. Strong per capita income growth continued in China and India, the two countries with the largest number of people living in absolute poverty. Latin America has seen a rebound from its deep economic crisis, and a return to faster growth, fuelled by export expansion. Africa again reached a growth rate of more than 4.5 per cent in 2004. Moreover, relatively strong growth in many African countries is envisaged in the short-term, owing to continuing strong demand for a number of their primary commodities. The bad news is that even growth rates of close to 5 per cent in sub-Saharan Africa are insufficient to attain the MDGs, and that the outlook for 2005, overshadowed by increasing global imbalances, is for slower growth in the developed countries with attendant effects on the developing countries. Since the beginning of the new millennium, the performance of the world economy has been shaped by the increasingly important role of China and India. Rapid growth in these two large economies has spilled over to many other developing countries and has established East and South Asia as a new growth pole in the world economy. Their ascent has been accompanied by new features of global interdependence, such as a brighter outlook for exporters of primary commodities, rising trade among developing countries, increasing exports of capital from the developing to the developed countries, but also intensified competition on the global markets for certain types of manufactures.
Since the end of the civil war in 2002, the Government has made significant progress towards achieving peace and stability through an ambitious reform program with a view to benefiting from this untapped potential; attraction of foreign direct investment (FDI) has become a central element of the national development strategy. In spite of the progress achieved, the country continues to bear the impact of the war, with weak economic performance, human capital shortages, deficient infrastructure network and poor image. Mindful of the fact that the experience of post-conflict countries shows that the hard-found peace is often fragile, concrete policies are required to generate employment and improve living conditions. In this regard, this review takes note of the open and favorable FDI regulatory regime and of the guarantee against expropriation. The review stresses however that the government policy should target the negotiations of a more comprehensive bilateral investment treaty and double taxation treaty network to boost the country's FDI attractiveness. It outlines the elements of a strategy to stimulate investment while urging the international community to continue supporting the peace and economic reform processes in Sierra Leone: 1. tackling infrastructure deficiencies; 2. building human capital; 3. establishing a competitive and effective fiscal regime; 4. facilitating business and trade; 5. promoting and facilitating FDI; and 6. targeting investment in selected sectors.--Publisher's description
El Salvador made a firm strategic choice to develop as an open market economy decades ago, and it has long adopted an open attitude towards FDI. A large number of reforms have been implemented in the past decades that reflect this choice: regional economic integration has been fostered and crucial free trade agreements have been concluded, the US dollar was adopted as legal tender, competition rules have been enforced and key segments of the economy have been privatised. This strategy has allowed El Salvador to gain macro-economic stability and attract beneficial FDI inflows. Much progress remains to be achieved, however, to eradicate poverty and reduce income inequality. In addition, El Salvador needs to improve the general level of competitiveness of its domestic firms in order to reap the full benefits of openness to global trade and investment flows. The Review offers concrete recommendations in order to allow El Salvador to promote FDI in support of global competitiveness and to generate higher levels of beneficial foreign investment.
The aim of this study is to take stock of and to analyse the major developments in the interpretation of procedural and substantive international investment agreement (IIA) provisions as contained in bilateral investment treaties and economic integration agreements with investment provisions. It addresses the implications of those developments for countries, emphasizing the particular needs of developing countries. It presents some conclusions and reflections on possible next steps that countries could take to implement the lessons learned from the investor-State dispute settlement experience.
With concern over the impact of corporate enterprises on society growing, a number of initiatives have been undertaken to assess and report on it. Responding to these developments, the Intergovernmental Working Group of Experts on International Standards of Accoung and Reporting (ISAR) identified corporate social responsibility as one of the emerging issues that could be discussed at future sessions. This paper has been prepared to facilitate that future consideration. It provides an overview of definitions, the main initiatives undertaken and analyses the main factors that govern corporate relations with society.
"From field-work and country experiences in developing countries, the FDI in Tourism ... program analyzes trends in investment in tourism, including: the move away from equity towards non-equity modes (licensing, franchising, and management contracts), and the rise of "South-South" investment and trade; the development implications of these trends, in terms of a number of social and economic indicators; the role of South Africa as a major source of outward FDI in the region, potential linkages that small and medium enterprises (SMEs) and transnational corporations (TNCs) could create to benefit local communities; and policy analysis and evaluation, including guidance on how to benefit from foreign direct investment in tourism."--Publisher's description.
This publication, the 17th in a series of UNCTAD annual reports, analyses the latest trends in foreign direct investment (FDI) flows worldwide at the regional and country levels and examines emerging measures to improve its contribution to development. The 2007 report focuses on the role of transnational corporations (TNCs) in the extraction of oil, gas, and metal minerals, looking at key countries and companies involved and how the forces driving investment change as raw materials progress up the value chain to become finished products, and as different types of companies participate. Findings include that global FDI inflows rose in 2006 for the third consecutive year, with growth shared by all major country groups (developed countries, developing countries and the transition-economies of South-East Europe and the Commonwealth of Independent States). Rising demand for commodities was reflected in a steep increase in natural resource-related FDI, although the services sector continued to be the dominant recipient of FDI. Among the developing regions, FDI inflows to subregions such as North Africa, sub-Saharan Africa, West Asia, South Asia, East Asia, and South-East Asia were at record levels, as were foreign investment flows to transition economies.
The review finds that the reforms are heading in the right direction to deliver a more transparent, predictable and competitive business environment - indispensable for attracting high-quality investors. Nonetheless, it identifies a number of areas where further regulatory and administrative reforms are needed to enhance Belarus' competitiveness and increase its attractiveness as an investment location. These include a fair pricing mechanism, an effective land titling system, a competitive fiscal regime, and non-discrimination in the access to raw materials and industrial inputs. As requested by the Belarusian authorities, the IPR also outlines the key elements of a strategy to support small and medium enterprise (SME) development through FDI [foreign direct investment].
In a rapidly globalizing world, interest in corporate responsibility continues to grow among a broad range of enterprises, investors, civil society actors and other stakeholders. With trillions of dollars around the world invested in funds that explicitly consider corporate responsibility issues, and with stakeholders demanding more non-financial information from enterprises, the call for clear, concise and concrete guidance on corporate responsibility reporting has never been louder. This form of reporting provides shareholders and other stakeholders with a more holistic view of an enterprise ́s activities and performance. This serves the goal of all corporate reporting, which is to increase our understanding of a company ́s performance, and the quality of its management. Such corporate transparency facilitates investment decisions, and more broadly, allows governments and other stakeholders to assess an enterprise ́s contribution to social and economic development.The demand for more information on corporate responsibility issues is becoming increasingly sophisticated, with greater calls for concise and comparable reports. This is an area where UNCTAD's Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) can play a role. This work was undertaken within the framework of ISAR's mandate to promote the harmonisation of best practices in corporate reporting, and in recognition of the call in the Saäo Paulo Consensus for UNCTAD to carry out analytical work with a view to facilitating and enhancing positive corporate contributions to the economic and social development of host developing countries.
The focus of the report is on the challenges of improving agricultural performance in Africa and the role of technology and innovation in raising agricultural production and incomes of all farmers, including smallholder farms. The report argues that the main challenge is to strengthen the innovation capabilities of African agricultural systems as a means of addressing poverty, improving food security and achieving broader economic growth and development.
This publication is part of a new series of current studies on foreign direct investment and development. The series aims to contribute to a better understanding of how transnational corporations (TNCs) and their activities impact on development. This study quantifies and analyses the past and current trends on the degree of internationalisation of the largest TNCs as well as TNCs from developing economies. It shows how some developing economies have emerged as significant actors in international production. Firms from the United States and Germany and firms in the pharmaceutical industry dominate the top of the list of the most transnational TNCs. The United Kingdom and the Netherlands are the locations most favoured by the largest TNCs, and Brazil and Mexico from the developing economies are also among the top hosts.
This new annual publication analyses current trends in information and communication technologies (ICT), such as e-commerce and e-business, and national and international policy and strategy options for improving the development impact of these technologies in developing countries. The report replaces the UNCTAD's E-commerce and Development Report series, redefining its scope to reflect the expansion of information economy and its key role in trade and development.