A partnership with academia

Building knowledge for trade and development

Vi Digital Library - Text Preview

Foreign Direct Investment in the Ldcs: Lessons Learned from the Decade 2001-2010 and the Way Forward

Report by UNCTAD, 2011

Download original document

This report provides a broad overview of FDI trends in LDCs over the last decade, focusing on the challenges LDCs face in attracting and benefitting from FDI, and suggests a plan of action to increase FDI and enhance its development impact in the next decade.

14'+)0+4'%6 08'56/'06+05U
'55105'#40'&(41/6*''%#&'
FNNEhFNEN#0&6*'#; 149#4&


3/
86


,QY
HVW
PH
QW
3UR
ILOH
V


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


1HZ<RUNDQG*HQHYD




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forwardii


NOTE


As the focal point in the United Nations system for investment and enterprise development, and building
on over 30 years of experience in these areas, UNCTAD, through its Division on Investment and Enterprise
(DIAE), promotes understanding of key issues, particularly matters related to foreign direct investment (FDI).
DIAE also assists developing countries in attracting and benefiting from FDI, and in building their productive
capacities and international competitiveness. The emphasis is on an integrated policy approach to investment,
technical capacity-building and enterprise development.


The terms country/economy as used in this investment country profile also refer, as appropriate, to
territories or areas; the designations employed and the presentation of the material do 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
do 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 investment country profile follow
the classification of the United Nations Statistical Office. These are:


Developed countries: the member countries of the Organization for Economic Cooperation and
Development (OECD) (other than Chile, Mexico, the Republic of Korea and Turkey), plus the new European
Union member countries which are not OECD members (Bulgaria, Cyprus, Latvia, Lithuania, Malta and
Romania), plus Andorra, Liechtenstein, Monaco and San Marino.


Transition economies: South-East Europe and the Commonwealth of Independent States.
Developing economies: in general all economies not specified above. For statistical purposes, the data


for China do not include those for Hong Kong, China; Macao, China; and Taiwan Province of China.


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
do not imply official endorsement or acceptance by the United Nations.


The following symbols have been used in the tables:


• Twodots(..)indicatethatdataarenotavailableorarenotseparatelyreported.Rowsintableshavebeen
omitted in those cases where no data are available for any of the elements in the row;


• Adash(–)indicatesthattheitemisequaltozerooritsvalueisnegligible;
• Ablankinatableindicatesthattheitemisnotapplicable,unlessotherwiseindicated;
• Aslash(/)betweendatesrepresentingyears,e.g.,1994/95,indicatesafinancialyear;
• Useofanendash(–)betweendatesrepresentingyears,e.g.,1994–1995,signifiesthefullperiodinvolved,


including the beginning and end years;
• Referenceto“dollars”($)meansUnitedStatesdollars,unlessotherwiseindicated;
• Annualratesofgrowthorchange,unlessotherwisestated,refertoannualcompoundrates;


Details and percentages in tables do not necessarily add to totals because of rounding.


Thematerialcontainedinthisstudymaybefreelyquotedwithappropriateacknowledgement.





iii


PREFACE


Ten years ago, the world community adopted the Brussels Declaration and the Programme
of Action for the Least Developed Countries (LDCs), providing a framework to accelerate economic
growth and achieve sustainable development in LDCs. Yet, despite the fact that some of them
enjoyed the world’s highest and most sustained growth rates and they have development potential
in general, more than half of their population still lives in absolute poverty. Their economic hardships
are being compounded by the recent economic and financial crisis, increasing food and energy
insecurity and climate variability.


UNCTAD has made comprehensive proposals for a new international development architecture
for LDCs. The paradigm shift involves a more pro-active approach to developing productive capacities,
whichwill requireabetterbalancebetweenmarketsand theState,andplacesproductionand
employment at the heart of efforts to reduce poverty. This productive capacity approach gives greater
emphasis to the promotion of investment, both domestic and foreign, while using aid to end, rather
than reinforce, aid dependence.


Foreign direct investment (FDI) has played an important role in LDCs in the last decade, as
it was a major contributor to the group’s capital formation. FDI contributed towards promoting pro-
poor growth and sustainable development, and reducing social and income disparities. However,
the concentration of FDI in enclaves of export-oriented primary production with limited employment,
technological and productivity linkages remains the main challenge in most LDCs.


The present report by UNCTAD, prepared on the eve of the Fourth United Nations Conference
on the Least Developed Countries, aims to give readers a broad overview of the FDI trends in LDCs
over the past decade, focusing on the challenges LDCs face in attracting and benefitting from FDI
for developing their productive capacities and on what can be done to improve the situation in the
light of our longstanding work on FDI at UNCTAD. This report provides useful analysis and insights
for all stakeholders, and will contribute to designing new measures and strategies for achieving
sustainable development in the LDCs.


The report was prepared by Masataka Fujita, Quentin Dupriez and Richard Bolwijn under
the direction of James Zhan. Inputs were received from Tserenpuntsag Batbold, Astrit Sulstarova,
Elisabeth Tuerk and Lorenzo Tosini. Significant comments were received from Padma Mallampally.
Bradley Boicourt and Lizanne Martinez provided statistical assistance. Elisabeth Anodeau-Mareschal
and Katia Vieu provided administrative support. It was desktop-published by Teresita Ventura.


Supachai Panitchpakdi
Geneva,April2011 Secretary-GeneralofUNCTAD





Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forwardiv


DEFINITION OF LEAST DEVELOPED COUNTRIES


Forty-eightcountriesarecurrentlydesignatedbytheUnitedNationsas“leastdeveloped
countries”(LDCs).Theseare:Afghanistan,Angola,Bangladesh,Benin,Bhutan,BurkinaFaso,
Burundi, Cambodia, the Central African Republic, Chad, the Comoros, the Democratic Republic
of theCongo,Djibouti, EquatorialGuinea,Eritrea,Ethiopia, theGambia,Guinea,Guinea-
Bissau, Haiti, Kiribati, the Lao People’s Democratic Republic, Lesotho, Liberia, Madagascar,
Malawi,Mali,Mauritania,Mozambique,Myanmar,Nepal,Niger,Rwanda,Samoa,SaoTome
and Principe, Senegal, Sierra Leone, the Solomon Islands, Somalia, Sudan, Timor-Leste, Togo,
Tuvalu, Uganda, the United Republic of Tanzania, Vanuatu, Yemen and Zambia. The list of LDCs
is reviewed every three years by the Economic and Social Council of the United Nations, in the
light of recommendations by the Committee for Development Policy.


The criteria underlying the current list of LDCs are:


(a) A low-income criterion, as measured by the gross national income (GNI) per capita;


(b) A weak human assets criterion, as measured by a composite index (the Human Assets
Index) based on indicators of (i) nutrition (per capita calorie intake as a percentage of the
relevantrequirement);(ii)health(childmortalityrate);(iii)schoolenrolment(secondary
school enrolment ratio); and (iv) literacy (adult literacy rate); and


(c) An economic vulnerability criterion, as measured by a composite index (the Economic
Vulnerability Index) based on indicators of (i) instability in agricultural production; (ii)
instability in exports of goods and services; (iii) the economic importance of non-traditional
activities (share of manufacturing and modern services in GDP); (iv) economic concentration
(UNCTAD’s merchandise export concentration index); and (v) economic smallness (population
in logarithm).1


Different thresholds are used for addition to, and graduation from, the list of LDCs. A
countryqualifiesforadditiontothelistifitmeetsinclusionthresholdsonallthreecriteria,andif
itspopulationdoesnotexceed75million.AcountryqualifiesforgraduationfromLDCstatusif
it meets graduation thresholds under at least two of the three criteria in at least two consecutive
triennial reviews of the list.


Atthetimeofthe2009triennialreviewofthelistofLDCs,thelow-incomethresholdfor
additiontothelistwasaGNIpercapitaof$905,andthethresholdforgraduationwas$1,086.


Source: UNCTAD, The Least Developed Countries Report 2010 (New York and Geneva: United Nations), United
Nationspublication,salesno.E.10.II.D.5.


a As a supplement to data on the instability of agricultural production, the percentage of population displaced by
natural disasters has been added to these five components, thereby creating a modified Economic Vulnerability
Index.





v


ABBREVIATIONS


ABB Asian Development Bank
AGOA African Growth and Opportunity Act (United States of America)
BIT bilateral investment treaty
CREFAA Convention on the Recognition and Enforcement of Foreign Arbitral Award
CSR corporate social responsibility
DTT double taxation treaty
EBA everything but arms
EU European Union
FDI foreign direct investment
FTA free trade agreement
GATS General Agreement on Trade in Services (WTO Agreement)
GCC Gulf Cooperation Council
GDP gross domestic product
GFCF gross fixed capital formation
GMS Greater Mekong Subregion
ICSID International Centre for Settlement of Investment Disputes
IIA international investment agreement
IPA investment promotion agency
IPR intellectual property rights
LDC least developed country
UNLDC–IV FourthUnitedNationsConferenceontheLeastDevelopedCountries
M&A mergerandacquisition
MIGA Multilateral Investment Guarantee Agency
NEPAD New Partnership for Africa’s Development
ODA official development assistance
PPP public–privatepartnership
SADC Southern African Development Community
SME small and medium-sized enterprise
TNC transnational corporation
TRIMS Agreement on Trade-Related Investment Measures (WTO Agreement)
TRIPS Agreement on Trade-Related Aspects of Intellectual Property Rights
(WTO Agreement)
ult. ultimate
UNFCCC United Nations Framework Convention on Climate Change
WAIPA World Association of Investment Promotion Agencies
WTO World Trade Organization




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forwardvi


CONTENTS


PREFACE ..................................................................................................................................... iii


DEFINITION OF LEAST DEVELOPED COUNTRIES .................................................................. iv


ABBREVIATIONS ..........................................................................................................................v


INTRODUCTION ............................................................................................................................x


PART ONE: Trends, issues and a plan of action


I. FDI TRENDS IN LDCs IN 2001–2010 .....................................................................................3


1. TrendsinFDI ......................................................................................................................3
a. The importance of FDI ..................................................................................................3
b. Geographic and sectoral distribution ............................................................................7
c. FDI by source country ................................................................................................10
d. FDI by mode of investment.........................................................................................12
2. Policy developments ........................................................................................................13


II. KEY OBSERVATIONS ON IMPACTS AND SHORTCOMINGS ............................................18


III. A PLAN OF ACTION FOR INVESTMENT IN LDCs ..............................................................25


1. Strengthenpublic-privateinfrastructuredevelopmentefforts ...........................................26
2. Boost aid for productive capacity .....................................................................................28
3. Enable firms of all sizes to capture LDC opportunities .....................................................29
4.Fosterlocalbusinessandeaseaccesstofinance ...........................................................31
5.Startthenextwaveofregulatoryandinstitutionalreforms ..............................................32


ANNEXES ....................................................................................................................................37


REFERENCES .............................................................................................................................60


PART TWO: Investment Profiles


SOURCES AND DEFINITIONS .................................................................................................. 62


Afghanistan .................................................................................................................... 65
Angola ............................................................................................................................ 68
Bangladesh .................................................................................................................... 72
Benin ............................................................................................................................. 76
Bhutan ............................................................................................................................ 79
Burkina Faso .................................................................................................................. 82
Burundi ........................................................................................................................... 86
Cambodia ....................................................................................................................... 89
Central African Republic ................................................................................................ 93
Chad ............................................................................................................................. 96
Comoros ........................................................................................................................ 99
Democratic Republic of the Congo .............................................................................. 101





vii


Djibouti ......................................................................................................................... 105
EquatorialGuinea ........................................................................................................ 108
Eritrea ...........................................................................................................................111
Ethiopia .........................................................................................................................114
Gambia .........................................................................................................................118
Guinea ......................................................................................................................... 121
Guinea-Bissau ............................................................................................................. 125
Haiti ........................................................................................................................... 127
Kiribati .......................................................................................................................... 131
Lao People’s Democratic Republic .............................................................................. 133
Lesotho ........................................................................................................................ 137
Liberia .......................................................................................................................... 140
Madagascar ................................................................................................................. 143
Malawi .......................................................................................................................... 147
Mali ........................................................................................................................... 151
Mauritania .................................................................................................................... 155
Mozambique ................................................................................................................ 159
Myanmar ...................................................................................................................... 164
Nepal ........................................................................................................................... 168
Niger ........................................................................................................................... 172
Rwanda ........................................................................................................................ 175
Samoa .......................................................................................................................... 179
Sao Tome and Principe ................................................................................................ 182
Senegal ........................................................................................................................ 184
Sierra Leone ................................................................................................................ 189
Solomon Islands .......................................................................................................... 193
Somalia ........................................................................................................................ 196
Sudan ........................................................................................................................... 198
Timor-Leste .................................................................................................................. 202
Togo ........................................................................................................................... 204
Tuvalu .......................................................................................................................... 207
Uganda ........................................................................................................................ 209
United Republic of Tanzania ........................................................................................ 213
Vanuatu ........................................................................................................................ 217
Yemen .......................................................................................................................... 220
Zambia ......................................................................................................................... 225


QUESTIONNAIRE ..................................................................................................................... 233


Box


BoxII.1.PromotingbusinesslinkagesinLDCs:UNCTAD’sBusinessLinkagesProgramme ....21


Figures


FigureI.1. PrivatecapitalflowstoLDCs,2001–2010 ..................................................................3
FigureI.2. FDIinflowsandODAflowstoLDCs,1990–2010 .......................................................3
Figure I.3. FDI inflows to the LDCs and their share in world inflows
anddeveloping-countryinflows,1986–2010 ...............................................................4
FigureI.4. FDIinflowsasapercentageofgrossfixedcapitalformationin
LDCsanddevelopingcountries,1991–2010 ...............................................................4




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forwardviii


FigureI.5. FDIstockinLDCsasapercentageofGDP,1990and2009 ......................................5
FigureI.6. PresenceofFortuneGlobal500firmsin48LDCs,variation
between2001and2010 ..............................................................................................5
FigureI.7. FDIinflowsinLDCsbyhostsubregion,2001,2005and2010 ...................................7
Figure1.8.FDIinflowsandinwardstock,top10hostLDCs,2001and2010 ..............................8
Figure1.9.RegionaldistributionofFDIprojectsinLDCs,bysource,2003and2010 ...............10
FigureI.10.ValueandnumberofgreenfieldFDIprojectsinLDCsandtheirshare
inFDIprojectsofdevelopingcountries,2003–2010 .................................................13
FigureI.11.ValueandnumberofM&AsalesofLDCsandtheirshareinM&Asales
ofdevelopingcountries,2001–2010 ..........................................................................14
FigureI.12.CumulativeBITsandDTTsconcludedbyLDCsin2010 ..........................................17
FigureIII.1PlanofactionforinvestmentinLDCs ........................................................................25


Tables


TableI.1. PresenceofFortuneGlobal500firmsinLDCs,2001and2010 .................................6
TableI.2. The10largestgreenfieldFDIprojectsinLDCs,announcedin2003–2010 ................9
TableI.3. The10largestcross-borderM&AdealsinLDCs,1990–2010 .....................................9
TableI.4. IndustrialdistributionofFDIflowsinselectedAfricanLDCs,variousyears ..............10
TableI.5. FDIoutflowsfromChinaandIndiatoLDCs,selectedyears .....................................11
TableI.6. FDIfromdevelopingandtransitioneconomiestoselectedLDCs,variousyears ......12
Table I.7. Industry breakdown of value and number of greenfield FDI projects
inLDCs,cumulative2003–2010 ................................................................................15
TableI.8. Locationfactorsrankedinaccordancewiththeirimportance
for investing in sub-Saharan Africa ............................................................................16
TableI.9. Locationfactorsconsideredtohavedeterioratedfromtheperspective
of all investors and investors from the North and South ............................................16
TableII.1. ConcessionprojectsinLDCs,bysectorandmodality,cumulative1990–2010 .........20
TableII.2. LDCs:effectsofFDIontotalinvestment,1982–2008 ..............................................22
Table II.3. Sub-Saharan Africa: sales and employment in foreign affiliates, their share
in total sales and employment and labour intensity, 2007 ........................................22


Annexes


Annexbox1. UNCTAD’stechnicalassistanceincollectingandreporting
statistics on FDI and activities of TNCs in LDCs ..............................................38
Annextable1. FDIinflowstoLDCs,bysubregionandeconomy,2001–2010 .........................39
Annextable2. FDIinwardstockinLDCs,bysubregionandeconomy,2001–2010 ................40
Annex table 3. FDI inflows as a percentage of gross fixed capital formation,
bysubregionandeconomy,2001–2010 ..........................................................41
Annextable4. FDIinwardstockasapercentageofgrossdomesticproduct,
bysubregionandeconomy,2001–2010 ..........................................................42
Annextable5. Valueofcross-borderM&Asales,bysubregionandeconomyof
seller,2001–2010 .............................................................................................43
Annextable6. Numberofcross-borderM&Asales,bysubregionandeconomy
ofseller,2001–2010 .........................................................................................44
Annextable7. Valueofcross-borderM&Asales,bysectorandindustry,2001–2010 ...........45
Annextable8. Numberofcross-borderM&Asales,bysectorandindustry,2001–2010 ........46
Annextable9. ValueofgreenfieldFDIprojectsinLDCs,bysubregion
andeconomy,2003–2010 ...............................................................................47
Annextable10. NumberofgreenfieldFDIprojectsinLDCs,bysubregion
andeconomy,2003–2010 ...............................................................................48





ix


Annextable11. ValueofgreenfieldFDIprojectsinLDCs,
bysectorandindustry,2003–2010 ..................................................................49
Annextable12. NumberofgreenfieldFDIprojectsinLDCs,
bysectorandindustry,2003–2010 ..................................................................50
Annextable13. ConcessionforeignprojectsinLDCs,bytype,1990–2010 .............................51
Annextable14. Selected50largestforeignaffiliatesinLDCs,2010 ........................................58
Annextable15. SelectedFDI-relatedliberalizationmeasuresinLDCs,2003–2009 ................59




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forwardx


INTRODUCTION


Some850millionpeople,or12percentoftheworld’spopulation,liveinthe48leastdeveloped
countries(LDCs).Thesecountriesaretheworld’spoorest,withpercapitaGDPunder$1,086,and
with low levels of capital, human assets, exports and technological development.


TheProgrammeofActionof theLeastDevelopedCountries for theDecade2001-2010
adoptedattheThirdUnitedNationsConferenceoftheLeastDevelopedCountriesin2001inBrussels
stated that foreign direct investment (FDI) was an important source of capital formation, know-how,
employment generation and trade opportunities for LDCs and called for accelerating FDI inflows
into thesecountries.Since2001,bothLDCgovernmentsand theirdevelopmentpartnershave
indeed pursued proactive FDI promotion policies. Although there was an abrupt interruption of the
seculartrendin2009,FDIflowstoLDCsgrewatanannualrateof15percentduring2001-2010
asawholetoreachanestimated$24billionby2010,comparedwith$7.1billionin2001,andtheir
shareinglobalFDIflowsrosefrom0.9percenttoover2percent.


The Brussels Declaration contained 30 international development goals for LDCs, including
theattainmentofaninvestmenttoGDPratioof25percentandanannualGDPgrowthrateofat
least 7 per cent in order to achieve sustainable development and poverty reduction in LDCs. The
Brusselsgoalof7percentgrowthisbeingachievedbyLDCsasagroupandby15LDCsindividually
(UNCTAD,2010,p5).1 However this improved performance has been the result of an exceptional
boom in international commodity prices and was not broad-based across LDCs. Furthermore, their
per capita GDP growth is modest and is lagging behind that of other developing countries. Indeed
11LDCsevensawtheirpercapitaincomedecline(UNCTAD,2010,p5).2


Moreover, today´s LDC level of total investment at about 20 per cent of GDP falls short of the
Brussels Plan of Action (BPoA) target to support the sustained growth needed for development and
poverty reduction. At the same time, the savings of LDCs, excluding oil exporters, have remained at
thelevelof10percentofGDP(UNCTAD,2010.pIV).Ifhighersavingoilexportersareexcluded,
theexternalresourcegapofLDCsincreasedfrom9percentofGDPin2001to14percentin2008
(UNCTAD,2010,p10).Therefore,theroleofFDI remains critical for financing investment in LDCs.
FDI, moreover, has the potential for providing a package of resources, including technology and
management know-how, in addition to capital, that could be of particular benefit to LDCs.


This study is divided into two parts. The first part deals with the analysis of the trends in
FDI flows and stock in LDCs as well as policy developments concerning FDI at the national and
international levels over the last decade, in particular since BPoA was adopted at the third conference
of the LDCs. By detailing FDI trends by industry and country of origin, and by mode of entry, and
examining the impacts of FDI on LDC economies since the last conference, the study draws some
majorobservationsandhighlightssomeshortcomingsfromthepastdecade(2001-2010).Aplan
of action to increase FDI and enhance its development impact in the next decade is suggested. It
proposes concrete steps to address the shortcomings of the past decade and recommends new
actions for implementation by LDC Governments, development partners and the private sector. The
secondpartpresents48individualcountryprofilesthatprovidecomprehensivedataandinformation
on FDI in a concise manner for the use of policymakers, academics and investors.




PART ONE:
Trends, issues and


a plan of action




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward2




I. FDI TRENDS IN LDCs, 2001-2010 3


I. FDI TRENDS IN LDCs, 2001–2010


1. Trends in FDI


a. The importance of FDI


Inthepastdecade(2001–2010)FDIinflowshavebeenthemostimportantexternalprivate
capitalflowsforLDCs,exceedingforeignportfolioandotherinvestmentscombined(figureI.1).While
they still remain below the level of total official development assistance (ODA) flows, they have been
largerthanbilateralODA(thatis,ODAexcludingODAfrommultilateralorganizations)from2006
(figureI.2).Intheperiod1990-2009,in13LDCsFDIincreasedwhilebilateralODAdecreased.


Figure I.1. Private capital flows to LDCs, 2001–2010
(Billions of dollars)


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics) (for FDI inflows) and IMF (for portfolio and other
investments).


Note: Datafor2010areestimates.Otherinvestmentincludesmainlybanklending.


Figure I.2. FDI inflows and ODA flows to LDCs, 1990–2010
(Billions of dollars)


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics) (for FDI inflows) and OECD (for ODA flows).
Note: FDIdatafor2010areestimates.


- 30


- 20


- 10


0


10


20


30


40


2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Portfolio investment Other investment FDI inflows


0


5


10


15


20


25


30


35


40


45


19
90


19
91


19
92


19
93


19
94


19
95


19
96


19
97


19
98


19
99


20
00


20
01


20
02


20
03


20
04


20
05


20
06


20
07


20
08


20
09


20
10


Total ODA Bilateral ODA FDI inflows




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward4


FDIinflowstoLDCs,atanestimated$24billionin2010,accountforatinyportionofboth
globalFDIandFDIinflowstothedevelopingworld(at2percentand5percentrespectivelyin2010)
(figure I.3). Despite the relatively modest flows they are a major contributor to capital formation in
LDCs because of their higher share in LDCs’ total investment. This contribution of FDI to LDCs’
capital formation has increased in the first decade of the twenty-first century. While FDI flows were
equivalenttoonly20percentofgrossfixedcapitalformation(GFCF)atthestartofthedecade,
theyreached28percentin2008,thoughtheydeclinedinthelasttwoyears(2009-2010)(figure
I.4).They are much higher in the case of African LDCs, as well as some individual countries (Angola
63percent,Madagascar65percent,Niger43percent).


Figure I.3. FDI inflows to the LDCs and their share in world inflows and
developing-country inflows, 1986–2010


(Billions of dollars and per cent)


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics).
Note: Datafor2010areestimates.


Figure I.4. FDI inflows as a percentage of gross fixed capital formation in LDCs
and developing countries, 1991–2010


(Per cent)


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics).
Note: Datafor2010areestimates.


0.0


1.0


2.0


3.0


4.0


5.0


6.0


7.0


8.0


1986-
1990


1991-
1995


1996-
2000


2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


(%
)


0.0


5.0


10.0


15.0


20.0


25.0


30.0


35.0


($
bi


lli
on


)
FDI inflows (right scale) Share in world (left scale) Share in developing countries (left scale)


0


5


10


15


20


25


30


19
91


19
92


19
93


19
94


19
95


19
96


19
97


19
98


19
99


20
00


20
01


20
02


20
03


20
04


20
05


20
06


20
07


20
08


20
09


LDCs Developing countries




I. FDI TRENDS IN LDCs, 2001-2010 5


Attracting FDI is one of
the key strategies of LDCs in
achieving the 7 per cent economic
growth target put forward by the
BPoA. The pace of FDI flows to
LDCs grew spectacularly until
2008onthebackofhost-country
economic reforms, following the
relatively slow progress in the
1990s(figureI.3).However,after
the economic and financial crisis,
flows began to decline despite
rising commodity prices and the
participation of new investors
from within the developing world.
The stock of inward FDI, on the
contrary has risen continuously
throughout the period, attaining
$154billionin2010(annextable
2), as well as in terms of GDP
(figureI.5).


FDI does play an important role in LDCs and this importance has grown over the past
decade, as evidenced by the expanding presence of the largest transnational corporations (TNCs)
suchas theFortune500companies inLDCswhichdoubled theirpresence in thepastdecade
(tableI.1andfigureI.6).ImpressivewastheriseofpresenceoftheseglobalTNCsthatinvestedin
Mozambique,Malawi,BangladeshandUganda.However,someoftheseTNCspulledoutfromLDCs
–equivalenttodisappearanceof
75affiliatesfromLDCsduringthe
pastdecade(figureI.6),showing
another aspect of FDI in LDCs
that is also often unsustainable
and footloose. Nevertheless, over
this decade, these global TNCs
newly established175affiliates
in LDCs, contributing to a rise of
theirpresence(figureI.6).


During the last decade, FDI
inflows have risen in LDCs across
all regions (figure I.7). The decline
inflows,asaconsequenceofthe
global economic and financial
crisis,by12percentin2009to
$28billionandagainin2010by
14percentto$24billion,wasfelt
most in Asian LDCs, where FDI
inflows were nearly halved.


Today’sleveloftotalinvestmentat20percentofGDP,althoughhigherthanthe17percent
thatprevailedinthe1990s,fallsshortoftheBPoAtargetandisinsufficienttosupportthesustained
growth needed for development and poverty reduction. The decline in FDI inflows to LDCs in


0


5


10


15


20


25


30


35


1990 2000 2009


Developing economies LDCs


(525)


(12)


(1 728)


(39)


(4 893)


(130)


Figure I.5. FDI stock in LDCs as a percentage of GDP, 1990–2009
(Per cent and billions of dollars)


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics).
Note: Figures in brackets refer to the value of inward stock in billion


dollars.


208


75


175


108


Total 2001 Firms that pulled
out during the


decade


Total 2010Firms that entered
during the
decade


Figure I.6. Presence of Fortune Global 500 firms in 48 LDCs,
variation between 2001 and 2010


Source: UNCTAD,basedontableI.1ofthisstudy.Basedonmovementsin
and out of individual countries, not LDCs as a group.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward6


Table I.1. Presence of Fortune Global 500 firms in LDCs, 2001 and 2010


Economy 2001 No 2010 No


Afghanistan None. 0 Wells Fargo, ABB, Royal Dutch Shell, Siemens 4


Angola


ABB, Chevron, Imperial Chemical
Industries, Johnson & Johnson, Phillips
Petroleum, Pfizer, Texaco, Total Fina Elf,
Toyota Tsusho, Suez, Sodexho Alliance


11
A.P. Moller-Marsk, Total, BP, Banco Santander, Royal Dutch Shell,
HSBC, ABB, Akzo Nobel, Bouygues, Deutsche Post, Nestlé,
Sodexo, Sumitomo Corporation, Vinci


14


Bangladesh
Akzo Nobel, BASF, GlaxoSmithKline,
Nestlé, Nippon Express, Pfizer, Unilever
Roche Group


7
Unilever, Merck, GlaxoSmithKline, American Express, BASF,
Siemens, Ricoh, Bank of Nova Scotia, Marubeni Corporation,
Mitsubishi, Mitsui, Nippon Express, Novartis, State Bank of India


14


Benin
Bouygues, Groupe Pinault-Printemps,
Barclays


3
A.P. Moller-Marsk, Deutsche Post, Royal Dutch Shell, Veolia
Environnement


4


Burkina Faso Groupe Pinault-Printemps 1 Imperial Tobacco, A.P. Moller-Marsk, Veolia Environnement 3
Burundi Citigroup 1 A.P. Moller-Marsk 1


Cambodia Sumitomo, Toyota Tsusho 2
British American Tobacco, Suzuki Motors, Alcatel-Lucent, Mitsui,
Deutsche Post, Toyota Tsusho


6


Central African Rep.
Bouygues, Fortis, Groupe Pinault-
Printemps


3 Allianz 1


Chad Groupe Pinault-Printemps 1 None. 0
Congo, Dem. Rep. of BNP Paribas, Total Fina Elf, Unilever 3 British American Tobacco, Eni, BNP Paribas, Fiat 4
Djibouti BNP Paribas 1 China State Construction Engineering Corporation, Total 2
Equatorial Guinea Exxon Mobil 1 Schlumberger, Noble Energy, Bouygues, Exxon Mobil 4
Eritrea None. 0 A.P. Moller-Marsk 1


Ethiopia
BASF, Bayer, E.I. du Pont de Nemours,
Mitsubishi


4 Royal Dutch Shell, ABB, Siemens, BASF, Mitsui 5


Gambia Groupe Pinault-Printemps 1 ABB 1


Guinea
Crédit Lyonnais, Groupe Pinault-
Printemps, Nestlé


3 Rio Tinto, Holcim, Nestlé, A.P. Moller-Marsk, BNP Paribas 5


Haiti None. 0
Chevron Corporation, Verizon Communications, Nestlé, Deutsche
Post


4


Kiribati None. 0 Australia And New Zealand Banking Group Limited 1
Lao People's Dem. Rep. None. 0 Allianz, Deutsche Post, Hochtief, Royal Dutch Shell, Sodexo 5
Lesotho None. 0 Vodafone Group 1


Liberia
Marubeni, Mitsui, Nissho Iwai, Mitsubishi,
Nissan


5 Mitsui, A.P. Moller-Marsk, BP, Sumitomo 4


Madagascar
Aventis, Crédit Lyonnais, Société
Générale, Groupe Pinault-Printemps


4
Imperial Tobacco, Sanofi-Aventis, Royal Dutch Shell, BNP Paribas,
A.P. Moller-Marsk, Bouygues, Rio Tinto, Société Lafarge


8


Malawi None. 0
Metro, Unilever, A.P. Moller - Marsk, BASF, Bayer, Compass Group,
Deutsche Post, J.P. Morgan Chase, Société Lafarge


9


Mali
Bouygues, Groupe Pinault-Printemps,
BHP


3
Allianz, Michelin, BNP Paribas, Cie Financiere Participations
Roullier, Royal Dutch Shell, Veolia Environnement


6


Mauritania Anglo American, Total Fina Elf 2 ABB, A.P. Moller - Marsk, Total, Vivendi 4


Mozambique Pfizer 1
A.P. Moller-Marsk, Alcatel-Lucent, Bayer, Bt Group, Maruha Nichiro
Holdings, Mitsubishi, Randstad Holding, Rio Tinto, Siemens, Total,
Vattenfall, Vodafone Group


12


Myanmar
Sumitomo, Mitsui, Toyota Tsusho, Suzuki,
Tomen


5
Bayer, Lufthansa, Marubeni-Itochu, Mitsubishi, Posco, Siemens,
Suzuki Motors, Toyota Tsusho, Wilmar


9


Nepal Aventis, Mitsui Fudosan 2
Sanofi-Aventis, Unilever, A.P. Moller-Marsk, American Express,
Mitsui


5


Niger Groupe Pinault-Printemps 1 A.P. Moller-Marsk, Total 2
Rwanda Unilever, Royal Dutch Shell 2 A.P. Moller-Marsk, Reliance Industries 2
Samoa British American Tobacco, Mitsubishi 2 None. 0


Senegal
Aventis, Groupe Pinault-Printemps,
Nestlé, Total Fina Elf, Bouygues, BNP
Paribas, Crédit Lyonnais


7
ABB, Air France-KLM, Allianz, BNP Paribas, Citigroup, Eiffage,
Michelin, Mitsubishi, Novartis, Royal Dutch Shell, Sanofi-Aventis,
Siemens


12


Sierra Leone Astrazeneca 1 Astrazeneca, A.P. Moller-Marsk 2
Solomon Islands None. 0 Westpac Banking Corporation, Royal Dutch Shell, Sumitomo 3
Sudan Daewoo 1 Royal Dutch Shell, Merck, A.P. Moller-Marsk 3
Togo Groupe Pinault-Printemps 1 A.P. Moller-Marsk, Air France - KLM, Allianz 3




I. FDI TRENDS IN LDCs, 2001-2010 7


2009-2010,duetothecrisiswasan
abrupt interruption of the secular
trend. The slow FDI recovery in
LDCs, compared to other developing
countries is a matter of grave concern
as FDI is a major contributor to LDCs’
capital formation. This is especially
so in African LDCs, where the share
of FDI flows in gross fixed capital
formationwasashighas34-35per
cent in most of the past decade.
Improving this situation as part of the
effort to achieve sustainable poverty-
reducing growth in LDCs is one of
the pressing challenges facing the
Fourth United Nations Conference
on the Least Developed Countries
(UNLDC–IV).


b. Geographic and sectoral distribution


The distribution of FDI flows amongLDCsremainsuneven.Inrecentyearsover80percent
of the flows went to resource-rich economies in Africa, while inflows have stagnated or even declined
in such countries as Bhutan, Burkina Faso, Djibouti and Mauritania. The concentration in a limited
number of resource-rich countries has risen over the past decade.


Asshown in figure I.8, tencountries(Angola,Sudan,EquatorialGuinea,Zambia,United
RepublicofTanzania,Myanmar,Cambodia,Bangladesh,UgandaandMozambiqueinthatorder)
hadFDIstocksofmorethan$5billionasof2010,accountingfortwo-thirdsofthetotalinwardstock
inallLDCs.Fourmostlynaturalresources-exportingcountries–Angola,EquatorialGuinea,Sudan
andZambia–receivedoverhalfoftotalFDIintoLDCs.Countryrankingsin2001and2010pointto
the fact that FDI has largely targeted extraction industries such as oil and mineral resources.


Figure I.7. FDI inflows in LDCs by host subregion,
2001, 2005 and 2010


(Billions of dollars)


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics).
Note:EastAfricaincludesSudan.Othersreferto5countriesinOceania


andHaiti.Datafor2010areestimates.


Table I.1. Presence of Fortune Global 500 firms in LDCs, 2001 and 2010 (concluded)


Economy 2001 No 2010 No


Uganda
Aventis, Astrazeneca, Barclays, British
American Tobacco


4
ABB, Astrazeneca, Barclays, Bayer, Deutsche Post, Henkel, Kgaa,
Henkel Polymer Company Limited, Société Lafarge, Toyota Tsusho,
Unilever


11


United Rep. of Tanzania
Anglo American, Japan Tobacco,
GlaxoSmithKline, Henkel, Matsushita
Electric, Mitsubishi, Unilever


7
Barclays, Bayer, Citigroup, Deutsche Post, GlaxoSmithKline,
Henkel, Kgaa, Mitsubishi, Pfizer, Reliance Industries Limited,
Société Lafarge, Unilever, Vodafone Group


13


Vanuatu
AT&T, Barclays, BHP, BNP Paribas,
Société Générale, Suez, Toyota Tsusho


7
Australia and New Zealand Banking Group Limited, Barclays,
Conocophillips, Gdf Suez, Ge Capital Mortgage Insurance
Corporation, Hsbc Holdings, Toyota Tsusho


7


Yemen
Astrazeneca, Occidental Petroleum, Total
Fina Elf


3 Marubeni Corporation, Cie Gen De Geophysique-Veritas 2


Zambia
Anglo American, Astrazeneca, Eni, NEC,
Pfizer, Barclays, Mitsubishi, Toyota Tsusho


8
Astrazeneca, Barclays, British American Tobacco, Chevron,
Citigroup, Deutsche Post, Hitachi, Pfizer, T & D Colours &
Commodities, Tata International Limited, Toyota Tsusho


11


Source: UNCTAD, based on investment profiles of this report and UNCTAD 2001.


2.7


2001 2005 2010


West Africa (12) Central Africa (7) East Africa (9) Southern Africa (5) Asia (9) Others (6)


1.5


0.0 0.1 0.2


2.7


0.4


1.61.5


0.7


3.3


2.6


7.4


9.6


1.0
1.7


3.6


5.8




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward8


Figure I.8. FDI inflows and inward stock, top 10 host LDCs,a 2001 and 2010
(Million of dollars)


(a) FDI inflows, 2001 and 2010


(b) FDI inward stock, 2001 and 2010


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics).
a Rankedonthebasisofthemagnitudeof2010FDI.
Note: Datafor2010areestimates.


While in Asian LDCs services industries such as telecommunications and electricity have
attracted most foreign investments, in Africa extraction activities account for the lion’s share of inflows
to LDCs. Many large FDI projects are in the form of greenfield and expansion projects prospecting
for reserves of base metals and oil (table I.2). Large services FDI projects (e.g. telecommunications)
weremainlythroughmergersandacquisitions(M&As)(tableI.3).


Although it showed a marginal rise in the past two decades, investment in the manufacturing
sector in Africa has remained low, mainly because of a lack of political stability and availability of
skilled workers. The domestic business environment in Africa has not been considered favourable
forlargescaleinvestmentinthemanufacturingsector(UNCTAD,2009).Also,thelowperformance


0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000


Others


Cambodia


Chad


Mozambique


Congo, Dem. Rep. of


Niger


Bangladesh


Madagascar


Equatorial Guinea


Sudan


Angola


2001 2010


0 5 000 10 000 15 000 20 000 25 000


Others


Mozambique


Uganda


Cambodia


Bangladesh


Myanmar


United Rep. of Tanzania


Equatorial Guinea


Zambia


Sudan


Angola


2001 2010


52,189




I. FDI TRENDS IN LDCs, 2001-2010 9


Table I.2. The 10 largest greenfield FDI projects in LDCs, announced in 2003–2010


Rank Name of company
Estimated


amount
($ million)


Estimated
number of


jobs created
Year Home country Host country Sector


1 Total 9 000 2 013 2009 France Angola Coal, oil and natural gas
2 Chevron Corporation 8 300 1 967 2004 United States Angola Coal, oil and natural gas
3 Ayr Logistics 5 500 1 267 2008 United States Mozambique Coal, oil and natural gas
4 Tullow Oil 5 000 1 119 2010 United Kingdom Uganda Coal, oil and natural gas
5 Woodside Petroleum 4 000 895 2003 Australia Timor-Leste Coal, oil and natural gas
6 Chevron Corporation 3 800 - 2008 United States Angola Coal, oil and natural gas
7 CITIC Group 3 535 3 000 2008 China Angola Real estate
8 Total 3 400 806 2003 France Angola Coal, oil and natural gas
8 ExxonMobil 3 400 806 2004 United States Angola Coal, oil and natural gas
9 Sumitomo Group 3 300 3 000 2007 Japan Madagascar Metals


10 ExxonMobil 3 000 839 2003 United States Angola Coal, oil and natural gas


Source: UNCTAD, based on information from the Financial Times Ltd, fDi Markets (www.fDimarkets.com).
Note: Data for value of greenfield FDI projects refer to estimated amounts of capital investment.


of investors in the manufacturing sector was possibly due to gradual liberalization of trade in major
markets which has eroded the preferential market access of LDCs; and the end of some agreements
has created added uncertainty.


Some industries such as food, beverages and tobacco have been targeted by foreign investors.
The business performance of a sample of TNC investments in non-oil and non-mineral extracting
industries has been improved during the 2000s (UNIDO, 2007).3 In the services sector, relatively
high investment has been seen in sectors such as transport, storage, communications, and hotels
andrestaurants–anumberofwhicharelabour-intensiveindustries(tableI.4;annextables7,8,11
and13).ThenatureofTNCinvolvementinthedomestic-market-orientedtertiaryindustriesislargely
confined to marketing and sales and financial intermediation, where the scope of employment is
relatively high for skilled workers and professionals and relatively less for unskilled workers.


Table I.3. The 10 largest cross-border M&A deals in LDCs, 1990–2010


Rank Acquired company
Industry of the acquired


company
Host country


Ultimate
acquiring company


Ultimate
home country


Value
($


million)
Year


1 Devon Energy Corp.
Crude petroleum and
natural gas


Equatorial Guineaa GEPetrol Equatorial Guinea 2 200 2008


2 Heritage Oil Ltd.
Crude petroleum and
natural gas


Uganda Tullow Oil PLC United Kingdom 1 500 2010


3 MobiTel
Radiotelephone
communications


Sudan MTC Kuwait Kuwait 1 332 2006


4 Block 32 Offshore
Crude petroleum and
natural gas


Angola Pride International Inc United States 1 300 2010


5 CMS Energy Corp
Crude petroleum and
natural gas


Equatorial Guinea Marathon Oil Co United States 993 2002


6 Bashair Telecom Co Ltd. Telephone communications Sudan Investcom Lebanon 806 2006


7
Greater Nile Petroleum
Operating Co.


Crude petroleum and
natural gas


Sudan Oil & Natural Gas Corp India 768 2003


8 DRC Resources Holdings Ltd.
Ferroalloy ores, except
vanadium


Congo, Dem. Rep. of
Central African Mining
& Expl


United Kingdom 732 2008


9 Spacetel Yemen
Radiotelephone
communications


Yemen Investcom Lebanon 716 2006


10 Vanship Holdings Ltd. Deep sea foreign transport Liberia Navios Maritime Holdings Greece 587 2010


Source: UNCTAD cross-border M&A database (www.unctad.org/fdistatistics).
a The ultimate host country is the United States.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward10


Table I.4. Industrial distribution of FDI flows in selected African LDCs, various years
(Per cent)


Madagascar Malawi Mauritania Mozambique
United Republic


of Tanzania


Sector/industry 2005 2009 2002 2004 2000 2006 2001 2009 2000 2005


Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Primary 33.2 83.2 5.8 1.5 27.8 1.0 2.4 70.6 21.3 29.3


Agriculture, hunting, forestry and fishing 14.4 0.7 5.8 1.5 - - 2.4 15.5 18.2 2.5
Mining, quarrying and petroleum 18.8 82.5 - - 27.8 1.0 - 55.0 3.1 26.9


Secondary - 6.9 6.6 - 114.6 76.2 - - 76.0 9.4 20.5 13.5
Tertiary 52.2 10.2 212.4 21.0 - - 21.7 20.1 58.2 57.1


Electricity, gas and water 7.5 0.0 - - - - 0.5 - - 10.3
Construction 8.0 0.6 - - - - 4.1 - 0.2 5.5 0.5
Trade 23.6 1.2 598.3 5.1 - - - 1.8 27.2 24.3
Hotels and restaurants 0.7 3.3 - - - - 1.1 2.7 - -
Transport, storage and communications - 1.3 1.6 - 444.9 14.6 - - - 14.4 23.9 21.3
Finance 12.8 3.0 59.0 1.3 - - - 1.1 1.4 0.7
Business activities 0.9 0.4 - - - - 8.3 - 0.2 - -
Public administration and defence - - - - - - - 0.1 - -
Health and social services - - - - - - - 0.2 - -
Community, social & personal service activities - - - - - - 7.7 0.2 0.2 -


Unspecified 21.6 0.0 - 3.7 1.3 72.2 99.0 - - 0.0 - 0.0 0.0


Total ($ million) 86 543 17 108 40 155 255 890 262 448


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics).


c. FDI by source country


European investors account for the largest share of FDI flows from developed countries to
LDCs,withabout20-30percentoftheworldtotal(figureI.9).However,thepastdecadehasseen
substantial shifts in world FDI patterns due to the emergence of FDI from developing economies,
which have become major players with respect to international investment, exports and technology
flows, especially in LDCs


Figure I.9. Regional distribution of FDI projectsa in LDCs, by source, 2003 and 2010
(Per cent)


Source: UNCTAD cross-border M&A database and information from the Financial Times Ltd, fDi Markets (www.fDimarkets.com).
a Including both cross-border M&As and greenfield FDI projects.
Note: Other developed countries include non-EU European countries, Australia, New Zealand and Israel.


2003 2010
0


25


50


75


100


EU


United States


Japan


Other developed
countries


Africa


Latin America and
the Caribbean


West Asia


South, East and
South-East Asia


Transition economies


Developing
and transition
economies




I. FDI TRENDS IN LDCs, 2001-2010 11


The share of FDI in LDCs originating from
developing and transition economies during
the past decade has increased significantly.
Especially, investment from China, India,
Malaysia and South Africa is on the rise in both
relative and absolute terms. Chinese FDI flows
to LDCshave increased from$45million in
2003to$981millionin2008(tableI.5),reaching
some 3 per cent of total FDI inflows to LDCs.
Indian data suggest that most of their FDI in
LDCs,amountingtoabout$80millionin2005
(most recent year for which data are available)
was in Sudan. Some studies also show that
Chinese and Indian firms have much in common
in their African operations. TNCs from both
countries have begun to play a significant role
in facilitating mutually reinforcing links between
tradeandFDIinAfrica(Broadman,2008).One
consequenceoftheirpresenceisthatinward
FDI is engendering an increase in Africa’s
exports. Chinese and Indian businesses, by dint
of their organizational structures, can achieve
largeroperationsinAfrica–andthusgreater
economies of scale and higher productivity
–thantheirAfricancounterparts(Broadman,
2008).TheycanthusexportgoodsfromAfrica
that are more diversified and higher up the
value chain than can African firms. They are
also integrating horizontally more extensively
acrossAfrica’sowninternalmarket–acritical
objective for a continent comprising many
landlocked countries with individual markets far
below commercial scale. Chinese and Indian
TNCs, increasingly in joint ventures with African
firms, are fostering exports from Africa to a
wider set of markets.


While the biggest Chinese investors
are state-owned enterprises, Chinese private
investors also have become increasingly active
players in African LDCs. For most of the Asian
LDCs as well, developing countries, in particular
China, are increasingly becoming important
investors(tableI.6).


Although natural resource-based investments dominate Chinese and Indian investors’
portfolios in Africa in value, developing-country investors in Africa are not exclusively involved in
natural resources. Chinese and Indian TNCs in Africa are increasing their investments in other sectors
and industries, such as telecommunications, financial services, food processing, manufacturing,
infrastructure, back-office services, and tourism. Also, it is evident from the number of FDI projects
that investment is beginning to diversify rapidly across sectors. In addition, investments from the
Gulf Cooperation Council (GCC) countries in African LDCs have recently increased in industries
such as telecoms, tourism, finance, infrastructure, mining, oil and gas and agriculture.


Table I.5. FDI outflows from China and India to
LDCs, selected years


(Millions of dollars)


Destination region/
economy


China Indiaa


2003 2008 2001 2005


LDCs 45.4 980.7 11.7 75.5
Afghanistan 0.3 113.9 - 0.1
Angola 0.2 - 9.6 - -
Bangladesh 1.4 4.5 1.1 1.1
Benin 2.1 14.6 - -
Cambodia 22.0 204.6 - -
Chad - 9.5 - -
Congo, Dem. Rep. of 0.1 24.0 - -
Equatorial Guinea 0.5 - 4.9 - -
Eritrea - - 0.5 - -
Ethiopia 1.0 9.7 - 1.8
Gambia 0.0 - - -
Guinea 1.2 8.3 - -
Lao People's Dem. Rep. 0.8 87.0 - -
Lesotho - 0.6 - -
Liberia 0.4 2.6 - -
Madagascar 0.7 61.2 - -
Malawi - 5.4 - -
Mali 5.4 - 1.3 - -
Mauritania 1.7 - 0.7 - -
Mozambique - 5.9 - 7.5
Myanmar - 232.5 - -
Nepal - 0.0 10.6 0.8
Niger - - 0.0 - 0.0
Rwanda - 12.9 - -
Samoa 0.4 - - -
Senegal 0.7 3.6 - 1.0
Sierra Leone - 11.4 - -
Sudan - - 63.1 - 63.0
Togo 0.0 4.2 - -
Uganda 1.0 - 6.7 - -
United Republic of Tanzania - 18.2 - -
Vanuatu - - - 0.2
Yemen 0.0 18.8 - -
Zambia 5.5 214.0 - -
Memorandum:
Total world 2 854.7 55 907.2 3 027.0 2 043.1
Developed countries 211.4 2 787.2 720.0 989.3
Developing economies 2 604.6 52 054.8 535.4 1 039.4
South-East Europe and CIS 38.6 1 065.2 1 743.2 14.4


Source: UNCTAD, FDI/TNC database (www.unctad.org/
fdistatistics).


a Data are on an approval basis.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward12


With respect to FDI from China and
India, new business case studies and firm-
level survey data on the African operations
of Chinese and Indian firms show that, due
to inherent differences in ownership and
other factors, Chinese and Indian firms
generally perceive investment risks differently
(Broadman,2008).Forinstance,theaverage
Chinese firm operating on the continent is a
large state-owned enterprise and tends to
enter new markets by building new facilities, is
highly vertically integrated, rarely encourages
the integration of its management and workers
into the African socioeconomic fabric, conducts
most of its sales in Africa with government
entities, and exploits its ability to out-compete
other bidders for government procurement
contracts. The typical Indian firm tends to be
in the private sector, enters African markets
byacquiringestablishedbusinesses,engages
in vertical integration (but much less so than
itsChinesecounterpart),facilitates–indeed,
sometimesencourages–theintegrationof
management and workers into the African
socioeconomic network (through informal
ethnic networks or by participating in local
political activities), and engages in large local
sales with private entities rather than solely
government agencies.


The LDCs have a lot to gain from
exploiting the development prospects
originating from increasing FDI in their
economies by firms from developing and
transition economies. LDCs can potentially attract more export-oriented FDI, taking advantage of
preferential market access to developed country markets.


d. FDI by mode of investment


ThebulkofFDIinLDCsisintheformofgreenfieldprojects(figureI.10;annextables9-12).
FDIviaM&Asisstilllimited,buttheirnumberhasnearlydoubledoverthelastdecade(figureI.11;
annextables5-8).In 2003, there were 123greenfieldFDIprojectsundertakeninLDCs,withan
estimatedvalueof$35billion,generating45,330jobs;by2010thenumberofrecordedgreenfield
projects increased to287,thevalueoftheprojectsto$38billionandjobsgeneratedto67,393.4


Measured by the number of investment cases, overall, 40 per cent of themore than
1,400recordedgreenfieldinvestmentprojectsinLDCsduring2003–2010wereregisteredinthe
manufacturingand45percentofthemintheservicessector(tableI.7).Thisisreflectedinthe
overall distribution of FDI by geography and sector: in particular, FDI in telecommunications is on
the rise in African LDCs, on the other hand, FDI to Asian LDCs, is primarily in manufacturing or
services such as electricity.


Table I.6. FDI from developing and transition
economies to selected LDCs, various years


Inflows Inward stock


Recipient economy Period/year
Share in
total FDI


(%)
Year


Share in
total FDI


(%)


Bangladesh 1995-1997 20 1995 12
2006-2008 55 2008 37
Cambodia 1995-1997 63 1995 77
2006-2008 78 2008 76
Ethiopia 1995-1997 78 1995 77
2002-2004 51 .. ..


Lao People's Dem. Rep. 1995-1997 93 .. ..


2003-2005 42 2005 78
Madagascar 2002-2004 36 2002 27
2007-2009 17 2009 18
Malawi .. .. 2000 29
.. .. 2004 33
Mozambique 2004-2006 82 .. ..
2007-2009 69 .. ..


Myanmar 1995-1997 39 .. ..


2003-2005 59 2005 38


Nepal 1990-1992 43a 1990 54a


1996-1998 65a 1999 62a


Uganda .. .. 1999 27
.. .. 2003 21
United Rep. of Tanzania 1999 48 1999 29
2003-2005 44 2005 52
Vanuatu 1999 7 .. ..
2000-2002 19 .. ..
Zambia .. .. 2001 20


Source: UNCTAD, FDI/TNC database (www.unctad.org/
fdistatistics).


a Data are on an approval basis.




I. FDI TRENDS IN LDCs, 2001-2010 13


Figure I.10. Value and number of greenfield FDI projects in LDCs and their share in
FDI projects of developing countries, 2003–2010
(Number, value in millions of dollars and per cent)


Source: UNCTAD, based on information from the Financial Times Ltd, fDi Markets (www.fDimarkets.com).
Note: Data for value of greenfield FDI projects refer to estimated amounts of capital investment.


2. Policy developments


Most LDCs have been making efforts to improve the investment environment over the years,
through, for instance, reducing taxes, establishing an investment promotion agency (IPA) to better
assist foreign investors and abolishing FDI-related restrictions. Some oil producing countries in Africa
are also seeking to improve their policies to benefit more from FDI in the oil industry. Furthermore,
increased attention has been paid by many LDCs to policy initiatives at the bilateral, regional and
multilateral levels in order to enhance international cooperation and/or integration in matters relating
to FDI.


Although Africa, which has 33 LDCs, is considered to be less volatile both economically and
politicallytodaycomparedtothe1990s,economicstability,politicalstabilityandphysicalsecurity


Number Share in developing countries' greenfield projects (%)


Value ($ million) Share in developing countries' greenfield projects (%)


0


50


100


150


200


250


300


350


2003 2004 2005 2006 2007 2008 2009 2010


N
u


m
b


er


0


1


2


3


4


5


(%
)


0


10 000


20 000


30 000


40 000


50 000


60 000


70 000


2003 2004 2005 2006 2007 2008 2009 2010


$
m


ill
io


n


0


1


2


3


4


5


6


7


8


9


(%
)




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward14


Figure I.11. Value and number of M&A sales of LDCs and their share in M&A sales
of developing countries, 2001–2010


(Number, value in millions of dollars and per cent)


Source: UNCTAD cross-border M&A database (www.unctad.org/fdistatistics).
Note: Data for number of deals refer to gross sales while the value refer to net M&A sales, taking into account changes


in the ownership from foreign to domestic inventors.


2001 2002 2003 2004 2005 2006 2007 2008


2001 2002 2003 2004 2005 2006 2007 2008


Number Share in developing countries' M&A deals (%)


Value ($ million) Share in developing countries' M&A sales (%)


0


10


20


30


40


50


60


70


80


N
u


m
b


er


0


0.5


1.0


1.5


2.0


2.5


3.0


3.5


(%
)


- 3 000


- 2 000


- 1 000


0


1 000


2 000


3 000


$
m


il
li


o
n


- 3.0


- 2.0


- 1.0


0


1.0


2.0


3.0


4.0


5.0


6.0


7.0


(%
)


still rank high among the location factors important to making a decision to invest in Africa (table
I.8).Today,fearofacquisition(appropriation)ofassetsisconsideredtobelessimportantthaninthe
early 2000s as a factor determining location of FDI. Almost all investors from different regions that
respondedtoasurveybyUNIDOin2005mentioneddeteriorationinthequalityoflife.However,
investors from different regions have different perceptions regarding the level of deterioration of
various factors. In general, investors from the South were less apprehensive about the deterioration
oflocationalfactorsinAfrica(tableI.9).


TorealizethefullpotentialforincreasedinvestmentflowstoLDCs,moreeffortsarerequired
by the countries themselves, as well as by the international community. Regulatory and other reforms
have made several LDC economies more attractive to FDI. Today, the regulatory conditions established
in many LDCs are on a par with those in other developing countries. Some of the larger LDCs and




I. FDI TRENDS IN LDCs, 2001-2010 15


Table I.7. Industry breakdown of value and number of greenfield FDI projects in LDCs, cumulative
2003–2010


(Millions of dollars, number and per cent)


Value Share in total Number Share in total


Sector/industry ($ million) (%) (%)


Total sectors 263 416 100.0 1 472 100.0
Primary 144 545 54.9 232 15.8


Minerals 2 982 1.1 39 2.6
Coal, oil and natural gas 132 660 50.4 157 10.7
Alternative/renewable energy 8 903 3.4 36 2.4


Manufacturing 74 415 28.3 583 39.6
Food, beverages and tobacco 5 328 2.0 137 9.3
Textiles 1 180 0.4 36 2.4
Wood and wood products 3 006 1.1 14 1.0
Chemicals and chemical products 4 304 1.6 34 2.3
Rubber and plastic products 801 0.3 19 1.3
Non-metallic minerals 4 734 1.8 43 2.9
Metals 51 189 19.4 179 12.2
Machinery and equipment 503 0.2 25 1.7
Electrical and electronic equipment 331 0.1 19 1.3
Medical devices 24 0.0 2 0.1
Motor vehicles and other transport equipment 2 674 1.0 60 4.1
Consumer products 342 0.1 15 1.0


Services 44 455 16.9 657 44.6
Hotels and tourism 5 191 2.0 49 3.3
Transport, storage and communications 19 151 7.3 162 11.0
Financial services 3 091 1.2 299 20.3
Business activities 16 709 6.3 129 8.8
Space and defence 30 0.0 2 0.1
Healthcare 231 0.1 14 1.0
Leisure and entertainment 52 0.0 2 0.1


Source: UNCTAD, based on information from the Financial Times Ltd, fDi Markets (www.fDimarkets.com).
Note: Data for value of greenfield FDI projects refer to estimated amounts of capital investment.


those that are joining regional trade agreements also offer opportunities related to manufacturing
for domestic markets. Among the regulatory measures adopted are incentives introduced by many
LDCs(e.g.taxincentivesintroducedinBurundiin2008,Malawiin2005,SaoTomeandPrincipein
2009,Malawiin2005andZambiain2008)forattractingFDI(fordataonthosechangesforselected
countries,seeannextable15).


Indeed, the investment environment for FDI and TNCs in LDCs has gradually improved over
thedecade2001-2010.Manyofthemhaveestablishedone-stopshopsfordealingwithinvestor
requestsandmostofthemarenowmembersoftheWorldAssociationofInvestmentPromotion
Agencies. With the increased flow of FDI and its role in the economy, many LDCs have adopted
new measures or revised their old foreign investment legislation, making it progressively more
liberal and in particular, simplifying business registration and investment application procedures,
providingequaltreatmentofforeigninvestorsandfreertransferofcapitalandforeignexchange
regime(asinLiberiain2006).


In addition, the continued expansion of bilateral investment treaties (BITs) and double taxation
treaties(DTTs)involvingLDCs(figureI.12)canalsobeconsideredasoneoftheelementshavinga
positiveeffectontheirinvestmentclimate.Bytheendof2010,LDCshadconcludedatotalof455
BITsand188DTTs.OnaverageLDCsconcluded9BITsand4DTTspercountry,comparedwith14




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward16


Table I.8. Location factors ranked in
accordance with their importance for


investing in sub-Saharan Africa


Location factors Ranking Score


Economic stability 1 4.11


Political stability 2 4.08


Physical security 3 3.96


Local market 4 3.93


Skilled labour 5 3.83


Quality of infrastructure 6 3.79


Legal framework 7 3.68


Presence of key clients 8 3.65


Labour costs 9 3.65


Transparency of investment climate 10 3.61


Quality of life 11 3.49


Raw materials 12 3.41


Incentive package 13 3.3


Local supplier 14 3.23


Existence of foreign investor 15 3.13


Government agency support services 16 3.12


Regional market 17 3.08


Double taxation treaties 18 2.99


Bilateral trade agreements 19 2.74


IPA assistance 20 2.72


Acquisition of existing assets 21 2.63


Availability of export processing zones 22 2.55


Specific investment project proposal 23 2.47


Presence of JV partner 24 2.23


Taking advantage of AGOA 25 2.03


Taking advantage of EBA 26 1.94


Source: UNIDO (2007).
Note: This score reflects the mean value of the


5-pointLikertScale(1=notimportant,2=helpful,
3=important,4=veryimportant,5=crucial)ina
surveyof1,216foreignaffiliatesinsub-Saharan
Africaundertakenin2005.


BITSand12DTTsforalldevelopingcountries.
This is in addition to various regional economic
cooperation and partnership agreements such
as the Partnership Agreement between the
Members of the African, Caribbean and Pacific
Group of States and the European Community
(Cotonou Agreement).


The LDC most active in signing BITs is
Yemen, with 37 BITs, followed by Bangladesh
andEthiopiawith29BITseach.Germanyisthe
country that has signed most BITs with LDCs
(33), followedbySwitzerland(26)andChina
(19). Lookingat the conclusionof LDCBITs
over time, most agreements were concluded
between themid-1990s and themid-2000s,


Table I.9. Location factors considered to have
deteriorated from the perspective of
all investors and investors from the


North and South


Factors
All


investors
North South


Quality of life * * *
Physical security * *
Country legal framework * *
Incentive package * * *
Labour costs *
Raw materials *
Economic stability *
Quality of infrastructure *
Government agency support services
Double taxation treaties
Availability of export processing zones
Transparency of investment climate *
Local market
Taking advantage of EBA * *
IPA assistance
Specific investment proposal
Presence of joint venture partner


Source: UNIDO (2007).
Note: Entries show results of a UNIDO survey of


1,216foreignaffiliatesconductedin2005.The
asterisk sign means that a majority of investors
responding to the survey indicated that the item
inquestionhaddeteriorated,andablanksign
the opposite.


with2001standingoutastheyearseeingthe
highestnumberofnewLDCBITs(71).


Until recently, LDCs tended to offer
significant fiscal incentives and other benefits
to strategic foreign investors, such as granting
renewable land leases of up to 99 years in
Cambodia in 2003 or free land if the investment
exceeded $10 million in Yemen in 2004
(UNCTAD,2006).However,thistrendseems
to be changing as exemplified by the recent
tendency of eliminating the preferential tax
benefits and raising royalties and other levies
on foreign investors (e.g. reform of tax system in
EquatorialGuineaintroducedin2005).Instead,
some LDCs have introduced targeted sector-
specific incentives. For example, the 2003
Ethiopian energy sector investment code allowed
wholly foreign-owned investment in the sector;
the2006EquatorialGuineahydrocarbonlaw
introduced production sharing contracts awarded
through competitive bidding; the 2006-2007
Lesotho budget measures support the textile
industry and manufacturing sub-sectors; and
in 2006Swaziland curbed the participation
of foreigners in small businesses, especially
in the retail sector traditionally dominated by
foreigners.




II. KEY OBSERVATIONS ON IMPACTS AND SHORTCOMINGS 17


Figure I.12. Cumulative BITs and DTTs concluded by LDCs in 2010


Source: UNCTAD, IIA database (www.unctad.org/iia).


Often the technical assistance of United Nations agencies and initiatives of other international
bodieshaveplayedanimportantroleinthesepolicyreformefforts.Forinstance,in2006theUnited
RepublicofTanzaniaadoptedundertheguidanceofUNCTADits“BlueBook”whichdeveloped
performance and client charters for the government agencies involved in monitoring the implementation
ofinvestment-relatedregulationsandtaxadministration,withaspecial“whistleblower”facilitywith
atelephonehotlinetoreportcorruption.Similarly,Burundi’s2008InvestmentCodewasinspiredby
the Model Code of the East African Community and the COMESA framework.


The combination of trade liberalization and the increased specialization of production
activities mean more scope for LDCs to attract FDI into export-oriented production of labour- and/
or natural-resource-intensive manufactured products as well as skilled labour-intensive services
that can be traded electronically. Such measures as the European Union’s (EU’s) Everything But
Arms (EBA) and United States’ African Growth and Opportunity Act (AGOA) initiatives create new
opportunities for export-oriented FDI in LDCs by improving access to important markets, although
tariff preferences enjoyed by African countries under EBA and AGOA were still considered to be of
limitedimportanceinaninvestmentdecision(tableI.9).Regardlessoftheseinitiatives,fortheLDCs’
part, it is essential that they strengthen the necessary linkages between their export sectors and
the rest of the economy by building and fostering domestic capabilities in physical infrastructure,
production capacity and institutions supportive of private investment.


BITs DTTs


0


50


100


150


200


250


300


350


400


450


500


19
90


19
91


19
92


19
93


19
94


19
95


19
96


19
97


19
98


19
99


20
00


20
01


20
02


20
03


20
04


20
05


20
06


20
07


20
08


20
09


20
10




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward18


II. KEY OBSERVATIONS ON IMPACTS AND SHORTCOMINGS


As evidenced earlier, FDI in LDCs grew rapidly over the past decade, to the extent that their
shareglobalflowsdoubledbetween2001and2010.Inspiteofextremelycontrastingsituationsin
terms of performance and outcome among LDCs and giving due consideration to important caveats,
the overall development impact of FDI can be considered as positive. Yet, expectations about the
benefits in terms of poverty reduction, economic diversification, integration into the world economy
and others have not been met.


This chapter makes a number of key observations about the developmental impact of FDI
over the past decade. It highlights areas where expectations have not been met, in addition to some
important recent phenomena and shortfalls. These observations lead to a strategic reappraisal of
how FDI can be efficiently leveraged to promote the achievement of national development goals
in LDCs, in particular poverty reduction and integration into the global economy. A plan of action to
achieve such goals is proposed in chapter III.


LDCs remain at the margin of global value chains


Technological advances and organizational changes in the global economy and within TNCs
have fundamentally altered the way goods and services are produced. Global value chains with
a high degree of specialization of individual players have become the norm for the production of
goods, and increasingly so for services as well. TNCs are increasingly outsourcing parts of their
value chains in order to increase efficiency and competitiveness and avail of the lowest worldwide
cost options. In many instances, this has implied contracting out manufacturing or services to an
efficient, low-cost producer in a developing country. As a result, transactions among the various
parts of a single corporate system (intra-firm trade) are estimated to account for one third of global
trade(UNCTAD,2004).


Participationinglobalvaluechains,however,requiresanabilitytoproducespecializedgoods
orservicesatademandinglevelofqualityandquantity,andwithintighttimelines.Thesedemands
have made it difficult for most LDCs to integrate into global value chains, aside from participating
atthedownstreamlevelasprovidersofrawmaterials.In2009,LDCsrepresentedonly1percent
of world trade flows (exports plus imports) in industrial goods, which highlights their marginal role
in the production of goods for the global market.


To a limited extent, FDI has enabled some LDCs to integrate into the global value chain for
textile and garments. Such investments have been driven primarily by access to key markets on
preferentialterms,however,andtheyhavefrequentlyprovednottobesustainableinthefaceof
eroding preferences and non-competitive production and trading costs.


The majority of LDCs face stiff challenges in integrating into global value chains, either through
the direct participation of local firms or by enticing TNCs to use them as production centres by
affiliates. Key among these are high operating and trading costs, poor infrastructure, limited human
capital and the shortage of potential local partners. By essence, participation in global value chains
requiresahigh-levelofcompetitiveness,whichmostfirmsinLDCshavedifficultytoachievewhen
faced with competition from other developing economies that can also offer low labour costs but
benefit from higher productivity levels.


Yet, participation in global value chains is key to the long-term development of LDCs, as it
is the major stepping stone to access international markets and as it has the potential to generate
low-skill but labour-intensive activities. As long as LDCs remain at the margin of global value chains,
it is likely that they will stay on the losing-end of economic globalization.




II. KEY OBSERVATIONS ON IMPACTS AND SHORTCOMINGS 19


FDI in natural resource extraction represents the bulk of investments …


Foreign investments in natural resource extraction represent only a small percentage of the
number of projects in LDCs. These projects, however, are highly capital intensive and account for
alargeshareofamountsinvested.Thisgeneratesanumberofconsequences:


FDI inflows are concentrated in resource-rich LDCs, while other countries tend to attract minimum •
inflows. With rising global demand for commodities and new investments in oil and mining in
a number of LDCs, the geographic concentration of FDI flows increased between 2000 and
2009, contributing to a further divergence in economic performanceamongLDCsand the
marginalizationofsome.InMadagascar,morethan80percentin2009wasinmining(table
I.4)andfast-growingLDCssuchasAngola,Chad,EquatorialGuinea,Mauritania,Mozambique,
Sudan and Sierra Leone are countries narrowly specialized in the export of oil or minerals, many
of which are among the top FDI recipients (see figure I.7).
Inflows of FDI to LDCs with significant natural resources are driven by global demand trends •
and tend to be both lumpy and volatile. Single projects may account for virtually all FDI inflows
in any given year. These fluctuations make the management of capital inflows more difficult from
a macro-economic perspective.
The predominance of FDI in natural resource extraction has reinforced the commodity •
dependence of some LDCs, which may be difficult to reverse and exacerbates the existing
unbalanced structure and vulnerability to external shocks. Even countries that had started
diversifying away from mining, such as the United Republic of Tanzania saw mining investment
rise sharply in 2006-2008and the trend is accelerating againwith globalmineral demand
recovering after the crisis.


… but many LDCs have succeeded in attracting more diverse forms of FDI


The predominance of projects in extractive industries in terms of amounts invested nevertheless
masks a more contrasted picture. Their capital-intensive nature means that a small number of
large projects swamp a vast number of small-scale investments in a variety of sectors. Foreign
investments in telecommunication, banking, agriculture, tourism, food and beverages, commerce
andotherservicesaboundthroughoutLDCsbutarefrequentlyunderestimated,inpartasaresult
oftheirmorelimitedscale.Theirimpact,however,hasfrequentlybeenmoreimportantthanthat
of larger investments in natural resource extraction in terms of job creation, linkages or transfers
of skills. InMozambique forexample,around ten “mega-projects”–mostly innatural resource
extraction–registeredbytheauthoritiessince1992accountforabout70percentofFDIinflows,
butforonly5percentofFDI-generatedjobs.InanumberofLDCswherelargeforeigninvestments
take place in the mining and oil sector, small-scale FDI has often been consciously or unconsciously
neglected by policy makers.


In recent years some non-resource based industries such as real estate, banking and tourism
in the Gambia, manufacturing in Malawi, finance, manufacturing, telecoms and commerce in Uganda
have benefited from substantial FDI inflows.5 Some countries have managed to enhance FDI
diversification, as in the case of the Gambia and Uganda, or maintained well-diversified FDI, as in
the case of Malawi and the United Republic of Tanzania.


These more diversified forms of foreign investments, however, have not been sufficient to
properly integrate LDCs into the global economy. Although not focused on resource extraction,
they are mostly market-seeking by nature and export-oriented FDI projects remain few and far
between.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward20


Private provision of infrastructure remains limited


Poor or limited physical infrastructure is one of the most fundamental constraints facing LDCs
not just to attract diversified types of FDI, but more generally to develop productive capacities,
reduce poverty and reap the benefits of economic globalization. Private (foreign) investors have
built or operated ports, airports, electricity and telecommunication networks or water systems in
many developing countries, thereby contributing to easing infrastructure constraints.


In contrast, few LDCs so far have been able to attract FDI for infrastructure development at
asignificantscale,andthosethathavesucceededhavefrequentlyfacedunexpectedchallenges
or mixed results, including in particular in the power sector. Structuring concession agreements in
heavily regulated sectors is highly complex, and capacity to handle new deals in electricity, transport
or water remains weak in most countries.


Infrastructure concessions have been limited in LDCs over the past decades, whether it be
under build-own-operate, build-operate-transfer or other forms of public-private partnerships (PPPs).
Where concessions have occurred, they were mostly concentrated in the power sector (mostly power
generation)andtoasmallerextentintransportation(tableII.1;annextable13).


Table II.1. Concession projects in LDCs, by sector and modality, cumulative1990–2010
(Number of projects and millions of dollars)


Sector Build-Own-Operate Build-Operate-Transfer Public-Private-Partnership Total a


Number Value Number Value Number Value Number Value
Agriculture and forestry 3 5 100 3 5 100
Industry 15 11 485 1 900 16 12 385
Leisure and property 18 20 015 1 105 1 110 20 20 230
Mining 34 29 782 1 975 1 110 39 32 334
Oil and gas 29 17 508 3 710 35 19 783
Petrochemicals 6 1 523 7 1 523
Power 87 73 625 7 2 214 3 567 108 82 159
Telecommunications 9 4 075 1 240 1 11 4 315
Transportation 23 14 637 1 680 2 55 27 15 372
Water and sewerage 4 2 037 4 2 037
LDCs Total 230 180 086 11 4 214 12 2 452 272 195 538


Source: UNCTAD, based on Thomson database.
a Includes other modalities.


Efforts to increase private sector participation in the provision of infrastructure through PPPs
nevertheless remain of particular importance. Failure to achieve the desired level of private investment
in the past decades should not deter LDCs from tapping this key source of finance for infrastructure,
which has demonstrated its potential benefits in other developing countries.


Linkages take efforts to be established and enclave investments persist


Most LDCs are characterized by a dual economy where a relatively small formal private
sector coexists with a large informal segment, which includes subsistence agriculture as well as
small- and micro-businesses providing a variety of goods and services. Interactions between the
formalandinformalpartsoftheeconomyarelimited,eventhoughinformalbusinessesfrequently
compete with more formal companies.


Foreign-owned companies typically represent a significant share of the formal private sector
inLDCs,asillustratedbytheirfrequentlistingamongthelargestcorporatetaxpayers.Whilemany
of those that are focused on market-seeking activities tend to be reasonably well integrated in the




II. KEY OBSERVATIONS ON IMPACTS AND SHORTCOMINGS 21


localeconomy,export-orientedcompaniesfrequentlyoperateasenclaves.Thisisparticularlythe
case of enterprises established in export processing zones, in which many LDCs have established
in an attempt to attract FDI. Large-scale and prominent investments in natural resource extraction
havealsofaceddifficultiesingeneratingsignificantbackwardorforwardlinkagesforlackofadequate
suppliersofequipmentorsupportservicesandasaresultofglobalcompetitionindownstream
industries.


The nature of foreign-led projects appears to be a key factor determining the extent to which
linkages can develop. There are clearly certain types of investments that are more amenable to
building linkages than others. Yet, even in those cases, experience indicates that conscious policy
efforts are usually necessary for linkages to take root. This usually starts at the level of FDI promotion
in order to foster an optimal match between the type of investments targeted and the structure of the
national economy. It extends to the need to nurture local entrepreneurial capabilities so as to ensure
the availability of linkages partners for TNCs. Dedicated match-making efforts and well-structured
linkagesprogrammesareausefultool(boxII.1).


AfrequentconcernamongpolicymakersisthatFDImayputnationalcompaniesoutofbusiness
(crowding out), rather than foster local enterprises development (crowding in) through linkages and
other mechanisms (e.g. infrastructure development, creation of new market opportunities and others).
In general, even a small FDI project in an economically disadvantaged area can play an important
catalyzing role for economic activities. Indeed, there is some empirical evidence6 to indicate that
FDI crowds in domestic investment, i.e. a dollar of FDI leads to an increase of investment by more
than one dollar in most of the LDCs (table II.2).


Box II.1. Promoting business linkages in LDCs : UNCTAD’s Business Linkages
Programme


UNCTAD’s Business Linkages programme connects large companies with domestic
suppliers in developing countries. It has proven to be a very useful tool for enhancing enterprise
development in the LDCs. Recognizing the need to attract responsible FDI, Business Linkages
programmes in LDCs are based on a targeted approach, which focuses on:


- attracting the FDI that would best contribute to the development of productive capacities;
and


- creating an environment that fosters the establishment of business linkages between FDI
and domestic firms, especially small and medium-sized enterprises (SMEs).


The large majority of SMEs in developing countries do not have the capacity needed to
benefit effectively from the rise of FDI and outsourcing of production activities by TNCs. A major
focus of the programme is on empowering project partners to undertake business linkages above
and beyond the life cycle of individual projects. Key stakeholders include TNCs, IPAs, business
associations, local banks and business services providers, relevant government departments,
and SMEs.


Oneoftheprojectsentitled“BuildingProductiveCapacitiesinDevelopingCountriesto
EnhancetheirParticipationinGlobalSupplyChains”wasundertakeninfourLDCs:Mozambique,
Uganda,theUnitedRepublicofTanzania,andZambia,in2008-2010.Linkageswereestablished
notonlyintheagribusinesssector,butalsoinmining,tourismandservicesbetween13TNCs
and137SMEs.Localbusinesses’capacitywasupgradedandrefinedthroughtheprovision
of business development services which added value to these SMEs, contributing to improve
relationswithanchorcompanies.SalesvaluebetweenparticipatingTNCsandSMEswentup15
percentonaverage,andinsomecasesupto50percent.Asaconsequence,morethan1,600
jobswerecreatedandtheamountofloansobtainedbytheSMEsreached$1.75million.


Source: UNCTAD.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward22


However there are differences in terms
of the impact in LDCs in Africa and Asia.
While crowding in dominates in Asian LDCs,
neutral effects seem to prevail in Africa. One
reason might be that FDI in Africa tends to be
concentrated in one or two industries and does
not have the same impact in terms of multiplier
effects of investment as that in Asia where FDI
is more diversified. It should be noted that if
the number of investment cases is considered
instead of the value of investment, a somewhat
different picture emerges, with more spread of
FDI projects in LDCs both geographically and
sector-wise(seeannextables5,7,9and11as
opposedtoannextables6,8,10and12).


The impact on job creation has been weaker than expected


ForeignaffiliatesofTNCsfrequentlyaccountforasignificantshareofformalprivatesector
employment in LDCs and rank among the largest individual employers. Yet, expectations about job
creationrelatedtoFDIhavefrequentlynotbeenmet.


Inmostcases,thisistheconsequenceofthepredominanceofFDIprojectsinnaturalresource
extraction, which are capital intensive. While they tend to generate significant employment during
constructionphase,theytypicallyrequirerelativelysmallnumbersonceinoperation.Evenlarge-
scaleminingactivitiesmaygeneratefewerthan1,000directjobs,whichpalesincomparisonwith
the capital invested and the proportion it may represent in the country’s overall investment flows.


On average, the labour intensity of FDI projects in LDCs in sub-Saharan Africa is low compared
to that in other developing countries (table II.3), reducing its developmental and social impact.


Transfers of skills and know-how occur on a relatively limited scale


Transfers of skills are notoriously difficult to measure and evaluate. As indicated in surveys
carried out by the World Bank as part of its Enterprise Surveys programme,7 affiliates of TNCs
tend to employ workers at a higher-than-average level of skill and typically provide some degree of


Table II.2. LDCs: effects of FDI on total
investment, 1982−2008


Region
Long term coefficient


linking FDI with
Investment


Long term
effect


Total LDCs (48)a 7.33 Crowding-in


LDCs in Africa (33) 1.28 Neutralb


LDCs in Asia (14) 12.35 Crowding-in


Source: UNCTAD.
a Includes one Latin American country (Haiti).
b Parameter not significantly different from one
Note: Figures in paranthesis after the region's name


indicate the number of countries covered.


Table II.3. Sub-Saharan Africa: sales and employment in foreign affiliates, their share in total sales
and employment and labour intensity, 2007


Host region
Sales


($ million)


Employment
(thousand


employees)


Share of foreign
affiliates in total


sales in host
economies


Share of foreign
affiliates in total


employment in host
economies


Labour intensity
(number of


employees per $1
million sales)


Sub-saharan Africa 236 454 698 14.9 0.2 3.0


Memorandum


World 20 862 156 67 041 18.7 2.3 3.2
Developed countries 15 842 663 30 103 20.3 6.3 1.9
Developing economies 4 753 877 35 433 15.9 1.5 7.5
Latin America and the Caribbean 1 620 600 7 365 21.7 3.0 4.5
South, East and South-East Asia 2 510 480 26 046 15.3 1.5 10.4



Source: UNCTAD.




II. KEY OBSERVATIONS ON IMPACTS AND SHORTCOMINGS 23


formal training either upon starting a job, or on a continuous basis for workers with a higher level of
responsibility. Investments in training and skills building are typically higher than among comparable
national companies.


Yet, transfers of skills and know-how through FDI face intrinsic limitations given the relatively
small number of jobs that have been generated by foreign affiliates in comparison with the population
as a whole. These limitations are unlikely to be lifted, which highlights the need to strengthen home-
grown skills building efforts and to consider FDI as a complement to such efforts, but by no means
a substitute. In addition, policies to increase the labour intensity of FDI projects could contribute to
higher transfers of skills.


FDI by small TNCs and entrepreneurs is significant but often neglected


Large-scale investments by global TNCs represent only a small proportion of FDI projects in
most LDCs, even if they account for the bulk of foreign capital invested. In contrast, smaller-scale
projects by cluster TNCs (e.g. a small Dutch company specialized in the flower business investing
inEthiopia),regionalTNCs(e.g.aSouthAfricanretailchaininvestinginMozambique),cross-border
investors (e.g. a small Kenyan company making a first foreign venture in Uganda) and entrepreneurs
(e.g. a Zimbabwean farmer moving to Zambia) represent a large number of projects, even if the
amounts invested can remain small.


The universe of FDI in LDCs is thus extremely diverse, from the multi-billion dollar project in
mining by a global leader in the field to the entrepreneur moving with his/her family to set up a small
boutiquehotelwithaninitialinvestmentbelowonehundredthousanddollars.Giventheirsmall-
scale and the difficulty to capture their impact from a macro-economic perspective, the latter form
offoreigninvestorsarefrequentlyoverlooked,andperhapsneglectedfromapolicyperspective.


Yet,the“middle-ground”foreigninvestorsinLDCs,includingthosefromotherdeveloping
countries, have become increasingly important and active. In spite of the relatively small amounts
invested, they have also proved to be a good match for LDCs in the sense that they tend to be nimble
and able to operate in challenging environments. Their limited scale and at times less stringent
requirementsintermsofinternationalstandardsofqualityalsomakethemmoresusceptibletobuild
linkages with national investors.


Regional disparities remain a concern


Most LDCs suffer from large disparities between the area surrounding the capital city and
a small number of other urban centres and rural areas, where the majority of the population still
resides. Aside from natural resource seeking investments, most foreign investments perpetuate this
pattern of regional disparities, even though they are not the root cause.


In the United Republic of Tanzania, for example, almost half of FDI is in the capital city, but
a further 30 per cent is located in Mwanza and Shinyanga thanks to gold and diamond mines and
fishinginLakeVictoria(BhindaandMartine,2009,p.41).Insomecountriesthesecondcityisthe
commercial centre, as in the case of Blantyre in Malawi. Only when mining and petroleum deposits
or natural resources such as wildlife for tourism are available at sufficient scale to attract TNCs
is there some inflow of FDI into the outlying areas. Such a situation leaves most of the rest of the
country without any foreign investment, which tends to perpetuate or even deepen the imbalanced
economic growth and the accompanying social disparities. While concentration of FDI in certain
areas or cities is also observed in developed countries, this is limited only to one or a few locations
in LDCs. The limited amounts of FDI in poorer regions means that FDI has been of little help for
LDCsintheirfighttoovercomeeconomicisolationandincomeinequalityortostopmigrationto




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward24


urban centres, which is an important obstacle for many LDCs’ national development and poverty
reduction efforts.


South-South FDI continues to rise


TNCs from emerging markets have become increasingly important players in LDCs over
the past decade. Although it started from a low basis, South-South FDI holds the potential to boost
productivity and significantly affect development patterns in LDCs. FDI from Brazil, China, India and
South Africa, in particular, have become sizeable in many African LDCs. While such investments
focused principally on extractive industries at first, they have become more diversified in recent
years in a number of host countries, ranging from manufacturing to commerce and finance to
agriculture. Currently, the shares of non-OECD countries in LDCs’ FDI stock vary from 30 per cent
inMalawito60percentintheGambia,andmostcountrieshaveseenaconsiderableincreasein
their proportion in recent years.


South-South FDI has been less volatile than that from developed countries and it has been
more resilient during the global crisis, partly because it is less dependent on debt financing (Bhinda
andMartine,2009,p.73).However,theincreasingdominanceofdeveloping-countryTNCsinsome
LDCs has also raised new concerns because of uncertainties surrounding their corporate model
of development and their business practices. In addition, stakeholders in a number of LDCs have
raised concerns about the impact of hosting entrepreneurs from developing countries investing in
small businesses in direct competition with existing local businesses.


Shortcomings and the way ahead


This chapter has made a number of observations about the development impact of FDI on
LDCs over the past decade. It highlighted some shortcomings and areas where expectations have
not been met, for one reason or another. There are strong contrasts in performance and impacts
across LDCs, with some countries benefiting more from FDI than others and having made much
stronger progress towards achieving the Millennium Development Goals.


In spite of weaknesses, concerns and at times lower-than-expected impact, FDI has in general
made a positive contribution to development in LDCs. It is also clear, however, that FDI could be
leveraged to a much larger extent in the coming decade, if appropriate strategies and policies
are put in place with concerted and combined efforts by Governments in LDCs and development
partners and with the active involvement of the business sectors, both local and international. The
following chapter proposes a plan of action for investment in LDCs for the forthcoming decade. It
revolves around five main areas of action and offers concrete recommendations for all stakeholders
involved.




III. A PLAN OF ACTION FOR INVESTMENT IN LDCs 25


III. A PLAN OF ACTION FOR INVESTMENT IN LDCs


This chapter proposes a plan of action for investment in LDCs for the forthcoming decade.
The emphasis is on seeking ways to ensure that the potential of FDI in helping LDCs achieve their
national development goals is maximized. It builds on the premise, however, that FDI will never
substitute national investment and on the observation that no country in the world has ever succeeded
to develop without building indigenous productive capacities through capital accumulation, skills
development and innovation. As a result, the plan of action seeks to address issues related not only
to FDI, but also to national investment and to the mutually reinforcing effects of one on the other.


The plan of action also builds on the observation that although expectations have not been
met in the past, LDCs have significant untapped potential to attract beneficial FDI, including because
of reforms to the business climate at home, technological innovations and international business
developments. The vision offered is that LDCs can pull out of poverty, and that FDI can make a
contribution towards that goal.


Recommendations are built around five critical areas for action. They call for steps to be
takenbyall thekeystakeholders involved–Governments inLDCs,developmentpartnersand
homecountriesofTNCs–andtheyenvisageaclearrolefortheprivatesectoritself.Coordinated
and joint efforts by all players involved are essential to the successful implementation of the plan
of action and the achievement of the common goal. The five areas for action are summarized in
figureIII.1.Theactionplanbuildsonthereformsandeffortsthathavebeenundertakenoverthe
past decades, but strives to offer new approaches to addressing old problems.


Figure III.1. Plan of action for investment in LDCs


Source: UNCTAD.


Aid for
productive
capacity


Local
business and
access to
finance


5 1


24


3


Plan of
action for


investment in
LDCs


Public-private
infrastructure
development


LDC
investment
opportunities


Regulatory
and


institutional
reform




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward26


1. Strengthen public-private infrastructure development efforts


Physical infrastructure at the national, provincial and municipal levels remains critically weak
in most LDCs. This constitutes one of the biggest impediments to national and foreign investment
and to the integration of LDCs into the global economy. Insufficient or costly access to electricity
affects the entire industrial sector, poor feeder roads hamper the development of agriculture and
generate waste, inefficient ports prevent firms from competing in time-sensitive export-oriented
sectors,low-qualityorcostlytelecommunicationservicesaffectthecompetitivenessofallcompanies
and in particular those in business outsourcing areas, etc.


Unlessinfrastructureconstraintsareadequatelyaddressed,itisunlikelythatLDCswillbein
a position to achieve their national development goals and build stronger productive capacities with
internationally competitive firms and diversified economies. Significant efforts have been undertaken
over the past decades by LDCs and the development partners to build core infrastructure, but these
have been clearly insufficient. Governments in LDCs face serious budget constraints because of
limited tax revenue, and the financing needs are too large for the donor community to cope with.


More recently, a number of LDCs have attempted to tap private capital, including in particular
FDI, to build infrastructure. They have done so through liberalization or privatization programmes
and concession agreements. This approach has worked well for mobile telecommunications, but has
achieved limited or mixed results for other services, including electricity, ports, airports, railways and
roads.Mobiletelecommunicationsarealmoststrictlyofacommercialnatureandrequirerelatively
small-scaleinvestments,providequickandhighreturnsoncapitalandareofamoderateregulatory
complexity. This is unfortunately not the case for other infrastructure assets, which means that it is
significantly more difficult to develop them based on private investment alone.


Addressing the problem of infrastructure successfully calls for the recognition that neither
LDC Governments, nor development partners or the private sector alone will ever be able to provide
solutions single-handedly. Yet, all parties also have an interest in seeing the problems resolved. What
is called for is a new partnership for infrastructure development in LDCs. Although all players
have been involved in building infrastructure in LDCs in the past, efforts have not been sufficiently
coordinated so far, and new synergies should be actively pursued, with each player specializing in
mutually reinforcing roles according to abilities, competences and opportunities.


Concretely, the partnership for infrastructure development would imply the following measures
from the relevant partners.


Measures by LDC Governments


Pursue a • careful liberalization of infrastructure sectors in order to allow private investment
where possible and warranted and to establish well-crafted and stable regulatory frameworks
for key sectors, in particular electricity, telecommunications, transport and water. This means,
among others to:


Segment infrastructure sectors where relevant and possible in order to introduce private o
investment under a competitive framework (e.g. clear segmentation of the electricity sector
into generation, transmission, distribution and sales) and to facilitate targeted investment
attraction.
Ensure competitive outcomes and protect the national interest o by monitoring
business practices and dominant positions. Levers could include regulatory guarantees
(e.g. transparent pricing mechanisms) or maintaining a (semi-) public sector player in key
infrastructure sectors (e.g. keep a certain percentage of power generation capacity under
public ownership).




III. A PLAN OF ACTION FOR INVESTMENT IN LDCs 27


Target private developers for small-scale infrastructure projects o that service other
investors, such as industrial zones or export processing zones. Although not contributing to
public infrastructure at the national level, these types of projects have worked successfully
in more advanced developing countries and are not as difficult to attract.
Develop comprehensive infrastructure development plans to guide private and public o
investments and ensure that due consideration is given to the complementarity between
different projects and that costs are minimized (e.g. joint building of roads and laying out of
a fibre optic network or complementarity between road and railway).
Adopt a multi-country approach to infrastructure development wherever feasible, in particular o
in terms of building electricity and transport (road and railway) networks.


Put in place a • legal framework for PPPs, building on the experience of successful developing
countries and taking inspiration from international best practices. Dedicated PPP units should be
established in order to promote, manage and monitor PPPs in infrastructure. They should also
preparepipelinesofprojectsforconsiderationbyprivateinvestors,focusingfirstonthe“low-
hangingfruits”andprojectsofthesmallestcomplexityinordertoprogressivelybuildexpertise
and generate public support for PPPs.


Measures by development partners


Development partners should consider the establishment of an LDC infrastructure development
fund specifically aimed at supporting public-private infrastructure development projects. The fund
would provide innovative solutions and mechanisms for infrastructure development. It could, among
others:


Actively promote PPPs with foreign investors• , in addition to providing concessional loans to
LDC Governments. It could take direct participation in PPP projects under tri-lateral mechanisms
(home country, investor and the dedicated fund), which could lower the risk perception of private
investors.
Provide risk insurance to private investors in infrastructure projects• , including political risk,
regulatory risk or foreign-exchange risk. It could also cover the costs of Governments seeking
advice from investment banks when negotiating PPPs with potential partners.
In addition:•


By centralizing ODA contributions for infrastructure development, a number of gains would o
beachieved:(1)theabilitybettertocoordinatemutuallyreinforcingprojects,includingcross-
border and regional ones; (2) economies of scale; (3) the ability to finance or co-finance larger-
scaleprojects;(4)bettercoordinationofmulti-modalprojects(e.g.portsandrailway).
The dedicated fund should not only centralize ODA support for infrastructure development, o
but also seek synergies with projects from multilateral development banks.
TheprovisionoftechnicalassistanceindesigningadequatesectoralandPPPregulations o
and help LDCs build institutional capacity to manage private infrastructure projects should
be a priority.
The fund should help LDCs identify suitable projects and prepare background documents. o


The dedicated fund could also help LDCs maintain a public presence in areas earmarked either •
for partial privatization or for opening to private sector investment, in order to ensure continuity
of public service functions, avoid the creation of private monopolies and promote competitive
pressure.


Private sector investors clearly play a key role in ensuring a positive outcome of these actions,
by providing best available technologies and innovative solutions to infrastructure issues (e.g.
through the use of smart grids and renewable energy in electricity generation), and by adhering
strictly and in good faith to bidding conditions and procedures.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward28


2. Boost aid for productive capacity


Shortfalls in terms of skills and human capital are at least as big a constraint to development as
poorroads,railwaysorelectricitynetworks.The“soft”sideofinfrastructure(includinginstitutions,the
rule of law, health care and others) is a determining factor not only in the development of productive
capacities, but also in a country’s ability to attract foreign investors.


Over the past decades, LDCs have made significant progress in providing basic education to
childrenandimprovingliteracyrates.TheaverageadultliteracyrateinLDCsrosefrom54%around
2000to58%inmostrecentdata.8 Although they are essential to long-term development, these
efforts and progresses in basic education have not been sufficient to significantly improve skills for
productive capacities and make people employable in the formal sector. In addition, average skills
levels in most other developing countries have also increased rapidly, thereby generating a large
global pool of cheap labour force for international investors to tap into.


Asignificantpartofproductiveskillsareacquired throughon-the-job learningandunder
technical and vocational education and training (TVET), which has received insufficient attention in
humancapitaldevelopmentpoliciesinmostLDCs.Whileforeigninvestors–inparticularefficiency-
seeking investorsand those focusedonparticipating inglobal valuechains– typically look for
locations where they can access a readily available pool of skilled or easily trainable workers, they
can also make significant contributions to the development of skills for productive capacities by
offering formal and on-the-job training.


Inordertobreakthecatch-22situationofproductiveskillsbeingrequiredtoattractforeign
investors and the latter being important contributors to the former, a partnership to build skills
for productive capacities is called for. As in the case of physical infrastructure, it calls for a higher
degreeofcoordinationandmutuallyreinforcingeffortsamongthekeyplayers–LDCGovernments,
the donor community and private sector investors. Thus, although productive capacity should be a
focus area for donor assistance in the next decade (hence the ‘Aid for Productive Capacity’ action
title), LDC Governments retain a role of primary responsibility. The concrete measures involved
are as follows.


Measures by LDC Governments


Increase investments in TVET• , in addition to basic and higher education, which receive the
bulk of public financing at the moment. This would also involve measures to:


Provide limited and targeted tax incentives to encourage companies to offer formal training o
programmes to their employees, including deductions on taxable income or a tax credit.
Assess, in conjunction with representatives from the private sector, the technical skills that o
are in highest demand so as to direct investments towards the right productive skills.
Consult the business community in the definition of the curriculum of TVET institutions. o


Adopt immigration and • work permit policies that enable foreign investors to “kick-start”
their operations by easily employing foreign skilled workers where local skills are either not
available or in short supply.


LDCs have all too often adopted restrictive policies on the employment of foreigners in o
order to reserve employment for nationals. Although arising from legitimate concerns and
well-intentioned,thesepoliciesfrequentlyprovedetrimentaltojobcreationandskillsbuilding
in the medium and long term as they hamper the establishment of foreign investments in
the first place. In recent years, Rwanda adopted a pioneering approach to human capital
development, combining investments in education and TVET with a strongly proactive
policy to tap foreign skills where necessary and allowing investors to employ needed foreign
workers with ease. The policy built on the experience of Singapore and other countries and
has proved very successful so far.




III. A PLAN OF ACTION FOR INVESTMENT IN LDCs 29


If Governments adopt more open policies on work permits for foreigners, they could o
also impose a small additional tax on the payroll of foreign employees. Proceeds would
be earmarked to finance training for productive capacities, including in particular TVET
programmes.


Measures by development partners


Set up an • aid-for-productive capacity fund, boosting the (limited) share of ‘aid for trade’ directed
towards this goal, and specifically aimed at supporting technical and vocational training and
education and entrepreneurship in LDCs. This fund would, among others:


Provide direct financial support and technical assistance to TVET institutions across LDCs, o
includingtobuildschools,acquiretrainingequipment,definecurriculums,hireteachersand
support operating costs.
Encourage higher-learning institutions to build partnerships with schools and universities in o
LDCs, including through exchanges of teaching material and fostering two-way exchanges
of teachers.


Again the role of private sector investors is crucial. It is important that they build partnerships
with TVET and higher-education institutions, for example by offering internships and apprenticeships
to students, or by allowing and encouraging employees to teach on a pro-bono basis. They could
also participate in or provide entrepreneurship training courses in higher-education.


3. Enable firms of all sizes to capture LDC opportunities


LDCs offer significant untapped business opportunities for nimble and innovative investors
as well as potential for high returns on investment. Operating conditions, however, are clearly more
challengingthaninmanyothercountries,whichrequiresahighlevelofflexibilityandadaptability
on behalf of investors. In addition, markets are typically small, even where regional integration has
progressed well.


ThiscombinationoffactorsimpliesthatlargeTNCsfrequentlybypassinvestmentopportunities
in LDCs. Thus, although it is increasing, the number of the world’s top TNCs that are present in LDCs
isstillrelativelysmall(tableI.1),andlarge-scaleinvestmentsareoftenconfinedtonaturalresource
extraction.WherelargeglobalTNCsarepresent,itisfrequentlythroughsmallrepresentativeoffices
geared towards sales rather than through production-oriented affiliates.


Smaller TNCs, however, have demonstrated their ability to adapt to business conditions in
LDCs and have found sufficient scale to justify the establishment of affiliates. They have contributed
to economic diversification and the development of clusters of activities, given their own sectoral
specialization. While seeking to enter the value chains of global TNCs is indispensible to the long-
term development prospects of LDCs, it is no less important to build basic productive capacities
and further strengthen domestic markets. In that respect, attracting small scale foreign investors is
absolutely essential, and due consideration should be given to address their concerns and promote
their activities.


Governments in LDCs and development partners should step up efforts to encourage small-
and medium-scale international investors to tap into under-exploited business opportunities
and contribute to economic diversification and cluster development. They should also better promote
the types of FDI that offer a good match with LDCs needs and opportunities. Concretely, this
would imply the following measures from the relevant partners.


Measures by LDC Governments


Proactively promote SME-FDI• from within each country’s regional area and from other countries.
This would mean, among others to:




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward30


Ensure that appropriate attention by policy-makers and public institutions is given to SME- o
FDI and that there is no excessive large-scale investor bias.
MandateIPAstopayparticularcaretoprovideadequatestandardsoftreatment,support o
and facilitation to SME-FDI. They should also specifically target SME-FDI as a source of
economic diversification.
Develop tools to measure FDI flows and assess their impact beyond a mere evaluation of o
“dollarsinvested”.Suchtoolsareessentialtoguidepolicymakingandseekanadequate
match between country needs and what different types of foreign investors can contribute.
UNCTAD has provided technical assistance on FDI data collection, and additional efforts
shouldbeundertakentodevelopamethodologytoassessimpact(annexbox1)


Prepare specific • policies for areas where leapfrogging opportunities exist and provide
incentives where necessary, including targeted tax incentives if relevant. Leapfrogging
opportunities have already been utilized in telecommunication (with the rapid development
of mobile telecommunication networks) and ancillary services (e.g. mobile phone banking or
payment services in rural areas), with innovations partly driven by local companies and by
foreign investors. Although Governments are hardly in a position to predict the next innovation,
theyshouldprovideadequateframeworksforinnovationtoflourishinkeysectors.Inparticular,
regulatory frameworks in the electricity sector need to be reviewed in the light of innovations
inrenewableenergies(solar,wind,co-generation)–anotherareainwhichLDCsmayhavea
leapfroggingopportunity–toensurethatpotentialregulatoryhurdlestonewmechanismsare
eliminated (e.g. inability of co-generators to supply electricity to the grid).
Tap into the rising pool of “impact investors”• . A rising pool of capital is becoming available in
developedeconomiesfor“impactinvestment”,i.e.profit-orientedprojectsthataimtosolvesocial
and environmental challenges.9Theyaredistinctfrom“responsibleinvestment”inthesensethat
they not only seek to be carried out under good social practices (e.g. minimize environmental
impact and respect workers’ rights), but actually make the provision of solutions to social and
development problems not fully addressed otherwise an integral part of their objectives. They
operate at the crossroads between philanthropy and strictly profit-oriented businesses. Tapping
into these new forms of investments can provide valuable opportunities for LDCs where social
andenvironmentalissuesareparticularlyacute,butwouldrequirespecifictargetingeffortsby
IPAs.


Measures by development partners


Establish risk coverage institutions dedicated to SME-FDI at the national level• . The
Multilateral Investment Guarantee Agency (MIGA) already provides coverage for five categories
of risk (currency transfer restrictions, expropriation, war and civil disturbance, breach of contract
and non-honouring of sovereign financial obligations) for investors in member countries, which
include most LDCs. So far, however, MIGA guarantees have been used predominantly by
relatively large investors and global TNCs. MIGA’s gross guarantee exposure to Sub-Saharan
Africastandsnowat$1.1billion,equivalentto14percentoftheagency’soutstandingportfolio,
andconstituted26percentofallprojectssupportedbytheagencyduringthefiscalyear2010.10
At the national level, some developed countries also offer risk coverage for their companies to
invest overseas, as well as access to finance on preferential terms (e.g. the Overseas Private
Investment Corporation, OPIC, in the United States). In order to complement MIGA, developed
countries could generalize the creation of risk coverage and financing institutions specifically
targeted at SME investors seeking to establish affiliates overseas. Being targeted at SMEs,
these institutions would provide streamlined procedures compared to what MIGA offers, along
the line of what has already been implemented at OPIC.
Put in place additional measures to • enable home-country firms to tap into business
opportunities in LDCs, including by:


Establishing o coordination mechanisms between export promotion agencies in
developed countries and IPAs in LDCs to identify potential investors. Export-oriented




III. A PLAN OF ACTION FOR INVESTMENT IN LDCs 31


SMEs are the most likely candidates for SME-FDI. Given that export-promotion institutions
have the best knowledge of these companies, useful synergies and cooperation could be
established with IPAs in LDCs in order to enable them to target potential investors. Formal
cooperation programmes could be established for the mutual benefit of LDCs and home
countries of FDI.
Providing an o adequate regulatory framework for the promotion of “impact investment”.
Theharmoniousdevelopmentoftheindustryandtheabilityof“impactinvestors”tomobilize
funds partly depends on the establishment of a specific regulatory framework setting
standards for the measurement and reporting of social and environmental impact, rules
onwhattypesofprojectsqualifyas“impactinvestments”,andpotentiallythetaxtreatment
granted to such investments as opposed to standard businesses. “Impact investment”
remains in its infancy and governments in developed countries could do much to promote
it throughadequateregulations.ThesecouldbepreparedinassociationwiththeGlobal
Impact Investing Network, which has taken the leadership in coordinating initiatives among
“impactinvestors”.
Encouraging low-carbon FDI o that leads to the transfer of technologies. LDC needs will have
tobeadequatelyaddressedinthecontextoftheUnitedNationsFrameworkConventionon
Climate Change, and it will be important to replenish and reform the LDC Fund. Improving
and promoting access for projects in LDCs under the Clean Development Mechanism would
also be a way to foster FDI and promote transfers of clean technologies.


4. Foster local business and ease access to finance


Regardless of how large its contribution to development in terms of capital, job creation,
economic diversification, transfers of technology, skills and know-how could become, FDI will never
be a substitute for national investment. No country has ever developed entirely on the basis of FDI.
Quite to the contrary, foreign investors have typically been attracted by countries where the local
business sector is thriving and dynamic. In fact, FDI and national investment are complementary in
many ways, as TNCs need a minimum level of local services and suppliers to operate.


Efficient and dynamic local businesses and high levels of national investment are particularly
important for efficiency-seeking foreign investors, which LDCs need to attract on a much larger scale
and sustainable basis if they are to integrate into global value chains in the future. In addition, TNCs
areincreasinglyusingnon-equitymodalitiesofinvolvementintheirinternationalizationstrategies,
which requirepartnershipswith localbusinesses.This is thecase, forexample,of franchising,
contract-manufacturing, business-process-outsourcing, licensing or contract farming. If LDCs are to
tap into these development opportunities, significantly stronger local enterprises need to develop,
from SMEs to large companies. Finally, stronger local businesses are necessary to avoid enclave
effects and to maximize the benefits of FDI through linkages and transfers of technology and know-
how.


Strategies to strengthen local businesses and entrepreneurship should thus form an integral
part of efforts to attract higher and more diversified FDI inflows. Such strategies should address the
key barriers to local business development, including, first and foremost, the local financing gap,
but also regulatory, institutional and other hurdles to formal business development.


A number of initiatives could be considered by the relevant partners.


Measures by LDC Governments


Establish credit guarantee schemes to support lending to micro, small and medium-sized •
enterprises that would otherwise go unserved. This could involve strengthening the role
of development banks and increasing their capitalization if necessary. Development banks




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward32


could increasingly work in association with micro-lending institutions in order to channel credit
to micro-businesses.
Introduce broader regulatory and legal reforms to, on the one hand, • ease SME access to
bank lending (for example by increasing access to collateral by reducing barriers to property
registry) and, on the other hand, strengthening the position of lenders in the SME market
by reducing enforcement costs for lenders and securing creditor’s rights, and through steps
relatedtoimprovingtheamountandqualityoffinancialinformationaboutSMEs(forexample
through accounting and auditing standards and credit reporting systems, registries and credit
bureaus). Other measures to improve the financial infrastructure would include well-functioning
collateral and insolvency regimes.
Step up efforts to • integrate informal businesses into the formal economy, not so much
through coercion as through encouragement measures, including simplification of regulatory
requirementsonmicroandsmallenterprises.
Establish formal linkages programmes to help local businesses and foreign investors team up •
(annexbox1).


Measures by development partners


Support the development of financial infrastructure in LDC• s through technical assistance. In
addition to addressing financial regulatory and institutional shortcomings such assistance could
focus on hard infrastructure aspects such as payments and settlement systems.
Support increased lending and credit guarantee schemes for micro, small and medium-•
sized enterprises. While lending to Governments is ensured through institutions like the
World Bank, and lending to relatively large-scale private investors through organizations like
the International Finance Corporation, the ‘market’ for lending support to micro-enterprises
and SMEs in LDCs is underserved. The donor community could explore novel mechanisms to
help national or regional development banks and credit guarantee schemes to offer loans on
concessionaltermsaswellastakeequityparticipationsinSMEs.
Help national institutions supporting SMEs in LDCs to build methodologies for the preparation •
and evaluation of business plans, assessment of local, regional and international business
opportunities (trade or business partnerships) and provision of ad-hoc managerial or technological
advice.


The role of private investors is again crucial. While non-banking TNCs can support local
business development by participating in linkages programmes and maximizing local sourcing of
inputs, international financial institutions can be especially helpful by playing a catalyst role in building
local financial infrastructure in LDCs as part of their long-term market development strategies.


5. Start the next wave of regulatory and institutional reforms


LDCs have implemented major reforms to their regulatory framework for investment over the
past decades, including with technical assistance from UNCTAD under its Investment Policy Review
programme and from other development institutions. The early wave of reforms under structural
adjustment programmes put a strong emphasis on liberalizing the economy, privatizing commercially-
oriented State-owned enterprises, opening up the economy to FDI and improving the standards of
treatment and protection of foreign investors. More recently, many countries have initiated efforts
to reduce the administrative barriers to investment in the hope of promoting entrepreneurship and
business development.


As evidenced in the previous chapters, investment by nationals and foreigners remains weak
in most LDCs, and below the level of capital accumulation needed to generate high growth rates on a
sustained basis. Opening up to FDI and offering sound standards of treatment and protection (either
through domestic law or through international investment agreements) has not been sufficient to




III. A PLAN OF ACTION FOR INVESTMENT IN LDCs 33


generate sustained high inflows. In addition, reforms to regulatory frameworks for investment appear
to be incomplete in most countries. The World Bank’s Doing Business report shows that 27 LDCs
placeinthebottom33countriesinthegeneral“easeofdoingbusiness”ranking,whichincludes
183countries.Disparitiesarestrong,however,as6LDCsalsoplacedinthetop100.Strikingly,the
World Bank’s Investing Across Borders also shows that sub-Saharan Africa (and individual LDCs)
has among the least sectoral restrictions on foreign ownership of assets.


Furthermore, even sound legal frameworks for investment are ineffective unless implemented
and backed-up by strong institutions and regulatory bodies independent of political pressure and
protected from arbitrariness. The results of the significant improvements in the investment climate
in LDCs have not fully materialized in part because of institutional weaknesses.


Whatemergesfromthisisthat:(1)anopenregimetoFDIandasoundregulatoryframework
on paper are necessary but not sufficient conditions to attract foreign investors and generate business
development; (2) although significant reforms have been carried out in most LDCs, much remains to
be done; (3) a good part of the reforms has focused on liberalization and issues of a macro-economic
nature;and(4)legalreformsareineffectiveunlessgenuinelyimplementedbystronginstitutions.


In order to bring the improvement of regulatory frameworks for investment in LDCs to the next
level and to ensure that the next wave of reforms generates more significant impacts on investment
flows, a new approach is suggested for the next decade.


All too often, LDCs continue to view regulations through the lens of the need to control and
monitor. Insufficient attention has been paid to the need for regulations to also play facilitation and
promotion functions. It is therefore suggested for Governments in LDCs to implement a new wave
of regulatory reforms aiming to regulate businesses as partners for development. What this
implies is that businesses are viewed by regulators as key actors through which societal goals are
achieved and that a genuine and mutually reinforcing partnership is built upon, in lieu of a regulator
–regulatedorprincipal–agentrelationship.


This partnership approach should permeate throughout the investment framework. Concretely,
it implies that regulations are designed in a way to minimize operational constraints on businesses
and maximize room for innovation, while still achieving regulatory purpose. It also means that
regulations and procedures are systematically analyzed by regulators from an investor’s perspective,
and designed in a way to facilitate and minimize compliance costs. Such an approach would, for
example, translate into setting performance standards in terms of energy efficiency or emission of
pollutants while leaving room to innovate on how to achieve the standards. In terms of taxation,
it could for example translate into self-assessment methods for the payment of corporate income
taxes.


In addition to adopting a partnership-based approach to regulating investment, Governments
in LDCs should also put increasing emphasis on aspects of regulations that shape FDI
impact and strengthen State institutions. As mentioned above, past reforms have emphasized
liberalization aspects, including opening up to FDI and providing sound standards of treatment and
protection. A strong emphasis should now be placed on regulations that enable a strengthening of
State institutions and public services (such as taxation and governance) and that affect FDI impact
(such as competition or environmental regulations). Such efforts should be combined with a renewed
drive for institutional and capacity-building in government.


The partnership-based regulatory approach to investment and the revised focus of reforms
would imply the following measures from the relevant partners.


Measures by LDC Governments


Regulate businesses as genuine partners for developments by building on mutually reinforcing •
interests and deepening reforms of the legal framework for investment. This would imply, among
others to:




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward34


Avoid “command and control” biases o in key regulations and ensure that business
facilitation and promotion aspects are properly integrated.
Establish o systematic consultation mechanisms with national and foreign investors in
the process of drafting laws and regulations.
Systematically review key laws affecting investors in order to o identify redundant or
unnecessary regulatory and procedural requirements.
Put in place and regularly update well-defined o policies for priority sectors in order to
provide supportive measures for investors and set a clear context and guiding principles
for investment.


Initiate a new • reform drive on State-strengthening and FDI impact-determining regulations,
inparticular:(1)corporatetaxation;(2)competitionlaw;(3)sectoralregulations,includingenergy
andtransport;(4)publicgovernance;and(5)PPPs.Corporatetaxationlawsshouldstriveto
strike a better balance than has been typically achieved so far between investment promotion
objectivesandtheneedtoensureanadequateleveloftaxrevenueforbasicpublicservicesand
government operations. Particular attention should be paid to the taxation of activities in natural
resource extraction, and a better coordination between neighbouring LDCs could be achieved in
order to avoid excessive competition on tax incentives. Competition laws, in turn, are particularly
important to nurture efficient markets and maximize the benefits of foreign investors’ participation
in the local economy, including in terms of crowding in and benefits to local consumers.
Translate the partnership approach to crafting regulation highlighted above into practice by •
regulatory institutions. This would include, for example:


Building client-oriented IPAs o , even though many in LDCs still have regulatory functions as
part of their mandate (e.g. through issuing investment licenses or certificates), and raising
their awareness and understanding of constraints facing investors. IPAs should be capable
of taking the lead in pushing the client-oriented approach in other institutions, including
sectoral regulators, tax authorities and company or land registries, providing concrete cross-
institutional assistance to the investor clients.
Mandating all regulatory bodies directly in contact with investors to elaborate o “client
charters”. Such charters would clearly spell out and advertise the level of service that
investors have the right to expect (including time to obtain licenses, costs, etc) in exchange
for complying with regulations and in the context of a partnership between regulator and
regulated.


Strengthen efforts to combat corruption• , building on zero tolerance for petty and grand
corruption. Rooting out corruption is extremely complicated, but is one of the most effective
measures to promote investment and development. A renewed drive to address the issue is
necessary as many LDCs continue to rank among the nations with the highest incidence of
corruption on most international indices.
Achieve a higher level of • institutional cooperation among LDCs as part of regional partnership
or trading agreements. Partnerships should be reinforced in particular between customs, tax
and competition authorities, and sectoral regulators where regional issues are most relevant.
Learning from peers and pooling resources offer avenues for mutual capacity-building and would
put regulatory institutions on a stronger footing when addressing issues with large investors
(e.g. unfair competition or tax evasion).


Measures by development partners


Strengthen technical assistance on key regulatory issues• , in particular for the areas
mentioned above. This would include support under UNCTAD’s Investment Policy Reviews, IMF
technical assistance for tax reforms and assistance under the World Bank’s Doing Business to
reduce the administrative burden of regulations.
Support capacity-building efforts by offering to • twin regulatory institutions in developed and
middle-income economies with their peers in LDCs. This could imply exchanges of best practices
and information. It could involve two-way exchanges or secondment of staff on a temporary




III. A PLAN OF ACTION FOR INVESTMENT IN LDCs 35


basis. Ideally, each key regulatory institution (e.g. tax, competition, electricity or central bank)
in every LDC would be twinned with a peer.
Adopt home-country measures to support LDCs in key regulatory areas• . This could include,
among others to:


Strengthen cooperation with LDCs to o fight tax engineering and tax evasion by TNCs
through transfer pricing, which deprives LDCs of financial resources.
Negotiate withholding tax rates on dividends, royalties and interest payments in the context o
of double taxation treaties that permit LDCs to obtain a fair share of tax revenues arising
from TNC activities.
Strengthen o home-country oversight of business practices of TNCs in LDCs, including
in particular in the area of anti-competitive practices and in the area of corruption.
Provide sufficient policy space for LDCs to define supportive sectoral policies when negotiating o
international investment agreements, either as bilateral investment treaties, double taxation
treaties or other agreements such as the EU’s economic partnership agreements.
Introduce further o flexibility in rules of origin in the application of preferential trade access
for LDCs so as to improve the latter’s attractiveness as export platforms for international
investors.


To ensure the success of the next wave of regulatory and institutional reform, the role of
private investors is fundamental. At the basic level this implies their commitment to behave as
responsible investors, including by complying with national laws and regulations and committing
to international standards of practice (e.g. the UN Global Compact or the OECD Guidelines for
Multinational Enterprises), and their commitment to transparency in operations and reporting on
activities of affiliates in LDCs. At a more innovative level, they should actively participate in consultation
mechanisms on draft laws and regulations; foreign investors could for example be asked to provide
comments on the basis of best practices observed in other countries where they operate.


* * *


In conclusion, the Plan of Action for Investment in LDCs focuses on five areas of recommendations
to deal with the key barriers to growth of private sector investment, including foreign direct investment,
in LDCs. The Actions (summarized in the table on the next page) are mostly not new. They build on
existing efforts to improve the investment climate in LDCs and on existing support provided by the
international development community. However, the Action Plan recognizes that a significant boost
ofprivateinvestmentinLDCs,ofthetyperequiredtomeetthedevelopmentgoalssetoutinthe
previousProgrammeofAction,requiresaconcertedeffortthatholisticallyaddressesallthemain
shortcomings of the regulatory, institutional, business, financial and physical infrastructure in LDCs
through a focused set of measures, with clear responsibilities for both LDC Governments themselves
and the international donor community, and with an explicit role for private sector investors.


Notes


1 Afghanistan,EquatorialGuinea,Angola,Myanmar,Chad,Cambodia,Sudan,SierraLeone,Mauritania,Bhutan,
Ethiopia,Mozambique,UnitedRepublicofTanzania,UgandaandLaoDemocraticRepublichaveeachreachedan
annualaveragegrowthrangingfrom7percentto18.6percentover2002-2007,andthepercapitaGDPgrowthin
LDCswas4.9percentcomparedto5.1percentforotherdevelopingcountriesoverthesameperiod(UNCTAD,
2010).


2 Negative average rates of per capita income growth were observed over 2002-2007 in Burundi, Central African
Republic, Comoros, Eritrea, Gambia, Guinea-Bissau, Haiti, Kiribati, Liberia, Timor-Leste and Togo (UNCTAD,
2010).


3 UNIDOhascarriedoutasurveyin2005of3,484foreigninvestorsinsub-SaharanAfricancountries,outofwhich1,216
valid responses were obtained. The countries were Burkina Faso, Cameroon, Cote d’Ivoire, Ethiopia, Ghana, Guinea,
Kenya,Madagascar,Malawi,Mali,Nigeria,Senegal,UnitedRepublicofTanzania,UgandaandMozambique.


4 Information from the Financial Times Ltd, fDi Markets (www.fDimarkets.com).




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward36


5 See data in the investment profiles of individual countries in this study.
6 Theeconometricmodelusedheretoexaminetheempiricalevidence,whichwasdevelopedinWIR99(UNCTAD


1999),isasfollows: titititititititiiti GGIIFFFI ,2,71,62,51,42,31,2,1, εβββββββα ++++++++= −−−−−− where
I=investmenttoGDPratio;F=FDIinflowstoGDPratio;G=growthofGDP.


7 www.enterprisesurveys.org.
8 LDCs: facts and figures from UN Office of the High Representative for the Least eveloped Countries, Landlocked


DevelopingCountriesandSmallIslandDevelopingStates(http://www.un.org/ohrlls/),accessedinApril2011.
9 Theconceptof“impactinvestment”hasemergedfromavarietyofsources,butmostlyfromtheinvestorcommunity


itself. The United States Department of State supports the concept and is now seeking to advance it through
partnerships (http://www.state.gov/s/partnerships/impact/index.htm). The website of the Global Impact Investing
Network provides also useful information on this (http://www.thegiin.org/cgi-bin/iowa/investing/index.html).


10 MIGAAnnualReport2010,p.45.


Plan of Action for Investment in LDCs: Synoptic List of Measures


Actions
Selected measures on the part of …


LDC Governments Development partners
Strengthen
Public-Private
Infrastructure
Development
Efforts


Careful liberalization of infrastructure •
sectors and stable regulatory
frameworks.
Legal and regulatory framework for •
PPPs, with pipeline of projects and
regional coordination.


LDC infrastructure development fund •
focused on Infrastructure PPPs: risk
coverage, direct participation and
lending on soft terms.
Technical assistance for regulation and •
implementation of infrastructure PPPs.


Boost Aid for
Productive
Capacity


Increased public investment in •
technical and vocational training.
Reform of immigration and work •
permitting procedures.


Aid-for-productive capacity funds, •
including support for technical
and vocational training and
entrepreneurship.


Enable Firms
of All Sizes to
Capture LDC
Opportunities


Proactive targeting of SME-FDI and •
“impactinvestors”.
Conducive investment policy •
frameworks for ‘leapfrogging
opportunity’ sectors, e.g. telecom
services, renewable energy.


Risk coverage institutions at the •
national level to service SME-FDI.
Home-country measures to help firms •
tap into business opportunities in LDCs:
IPA-EPA coordination mechanisms,
“impactinvestment”regulatory
framework.


Foster Local
Business and
Ease Access to
Finance


Credit guarantee schemes for micro, •
small and medium-sized firms, and
strengthened development banks.
Regulatory reform to enable •
SME access to bank lending and
strengthen financial infrastructure.
Simplification of procedures for •
formal business development


Technical support for the development •
of financial infrastructure and regulatory
and institutional environment.
Support for increased lending and •
credit guarantee schemes for SMEs.


Start the
Next Wave of
Regulatory and
Institutional
Reform


New reform drive on State-•
strengthening and FDI impact-
determining regulatory issues,
including taxation and competition.
Building on mutually reinforcing •
interests: avoid command and control
regulatory bias, establish systematic
consultation mechanisms with
investors on draft laws.
Building client-oriented investment •
institutions.
Strengthened efforts to combat •
corruption under top to bottom zero-
tolerance policy.


Strengthened technical assistance •
on key regulatory issues, including
taxation and competition.
Systematic institution twinning.•
Adoption of home-country measures •
to support LDCs: tax engineering
avoidance, oversight of business
practices by TNCs.


Notes




ANNEXES




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward38


Annex box 1. UNCTAD’s technical assistance in collecting and reporting statistics
on FDI and activities of TNCs in LDCs


As the focal point in the United Nations system for investment and enterprise development,
UNCTAD promotes, building on three decades of experience, a better understanding of key
issues related to FDI, and assists developing countries in attracting and benefiting from FDI in
building their productive capacities and international competitiveness. Due to a lack of human
and institutional capacity and different FDI regulatory frameworks and reporting standards, many
developing countries especially LDCs have found it difficult to follow internationally accepted
standards. To alleviate the problems related to the lack of relevant, reliable and timely information
on FDI and activities of TNCs, UNCTAD is undertaking capacity-building activities in LDCs aimed
at helping the collection, improvement and international harmonization of such statistics.


A large part of UNCTAD’s technical assistance takes the form of national or regional
workshops, bringing together all relevant stakeholders (central banks, national statistical offices,
company registries, IPAs, etc) dealing with FDI/TNC statistics with the objective of enabling LDCs
to collect and report FDI statistics that can, among others, help in making appropriate decisions
and formulating development-oriented policies in the area of attracting FDI. Since the inception
ofthisprogrammein2004,UNCTADhascarriedoutaround40workshops,amongwhich11
took place in LDCs.


The workshops raise awareness about internationally accepted standards regarding the
compilation of data on FDI and the activities of foreign affiliates, discuss the UNCTAD common
survey on FDI and TNCs; help understand definitions and methodologies in the area of FDI/
TNC statistics, and provide advice on specific issues and challenges of particular interest to
thecountry/region.Inordertoensureadequatefollowup,theyalsoinitiatenetworkingamong
national authorities involved in FDI data compilation and reporting.


Source: UNCTAD.




ANNEXES 39


Annex table 1. FDI inflows to LDCs, by sub-region and economy, 2001–2010
(Millions of dollars)


Region/economy 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


All LDCs 7 134.1 8 308.3 12 519.4 12 696.3 14 811.8 20 890.3 25 551.3 32 341.4 28 338.7 24 270.1
Africa 6 143.0 7 415.7 11 642.3 11 447.5 13 286.5 17 365.1 22 020.1 27 850.8 25 581.5 21 338.5


Angola 2 145.5 3 133.5 5 685.0 5 606.4 6 794.2 9 063.7 9 795.8 16 581.0 13 100.6 7 873.2
Benin 43.9 13.5 44.7 65.2 53.4 54.9 261.3 173.8 92.5 216.8
Burkina Faso 6.3 15.0 29.1 14.3 34.2 33.6 343.5 137.1 171.4 37.1
Burundi - 0.0 0.0 - 0.0 0.0 0.6 0.0 0.5 13.6 9.9 14.1
Central African Republic 5.2 5.6 22.2 28.6 32.4 34.6 56.7 117.1 42.3 72.0
Chad 459.9 924.1 712.7 466.8 - 99.3 - 279.2 - 69.5 233.6 461.8 781.4
Comoros 1.1 0.4 0.8 0.7 0.6 0.6 7.5 7.5 9.1 9.4
Congo, Democratic Republic of 80.3 141.1 391.3 409.0 - 256.1 1 808.0 1 726.8 951.4 936.0
Djibouti 3.4 3.4 14.2 38.5 22.2 108.3 195.4 228.9 99.6 31.8
Equatorial Guinea 940.7 323.4 689.8 340.9 769.1 469.5 1 242.7 - 793.9 1 636.2 1 369.1
Eritrea 12.1 20.0 22.0 - 7.9 - 1.0 0.5 - 0.1 - 0.2 0.0 55.6
Ethiopia 349.4 255.0 465.0 545.1 265.1 545.3 222.0 108.5 93.6 374.3
Gambia 35.5 42.8 14.9 49.1 44.7 71.2 76.5 70.1 47.4 37.4
Guinea 1.7 30.0 82.8 97.9 105.0 125.0 385.9 381.9 140.9 589.0
Guinea-Bissau 0.4 3.5 3.5 9.2 8.0 17.3 18.6 6.0 14.0 8.8
Lesotho 28.2 26.9 41.9 53.3 57.3 88.5 96.6 55.6 48.0 53.2
Liberia 8.3 2.8 372.2 75.4 82.8 107.9 131.6 200.0 378.0 351.0
Madagascar 93.1 61.1 95.5 95.2 86.0 294.2 777.5 1 179.8 542.6 1 125.0
Malawi 60.1 16.7 65.8 107.7 52.3 72.2 92.1 170.0 60.4 140.0
Mali 121.7 243.8 132.3 100.2 224.7 82.1 65.5 179.7 109.1 147.6
Mauritania 76.7 67.4 101.9 391.6 814.1 105.5 138.3 338.4 - 38.3 13.6
Mozambique 255.4 347.3 336.7 244.7 107.9 153.7 427.4 591.6 881.2 808.0
Niger 22.9 2.4 11.5 20.3 30.3 50.5 129.0 565.9 738.9 946.9
Rwanda 18.5 1.5 2.6 10.9 14.3 30.6 82.3 103.4 118.7 85.8
São Tomé and Principe 3.0 3.6 3.4 3.5 15.7 37.5 35.3 32.5 35.8 39.5
Senegal 31.9 78.1 52.5 64.0 52.3 210.4 272.7 272.4 207.5 237.2
Sierra Leone 9.8 10.4 8.6 61.2 83.2 58.8 96.6 53.0 33.4 35.8
Somalia 0.0 0.1 - 0.9 - 4.8 24.0 96.0 141.0 87.0 108.0 112.0
Sudan 574.0 713.2 1 349.2 1 511.1 2 304.6 3 541.4 2 436.3 2 600.5 3 034.1 2 671.7
Togo 63.6 53.4 33.7 59.4 77.0 77.3 49.2 23.9 50.1 41.1
Uganda 151.5 184.6 202.2 295.4 379.8 644.3 733.0 787.4 798.8 689.6
United Republic of Tanzania 467.2 387.6 308.2 330.6 494.1 597.0 647.0 679.3 645.0 700.0
Zambia 71.7 303.4 347.0 364.0 356.9 615.8 1 323.9 938.6 959.4 734.5


Latin America and the Caribbean 4.4 5.7 13.8 5.9 26.0 160.0 74.5 29.8 38.0 42.0
Haiti 4.4 5.7 13.8 5.9 26.0 160.0 74.5 29.8 38.0 42.0


Asia 961.1 838.8 830.2 1 196.3 1 470.4 3 257.9 3 363.1 4 335.8 2 513.3 2 692.8
Afghanistan 0.7 50.0 57.8 186.9 271.0 238.0 243.0 300.0 185.0 260.0
Bangladesh 354.5 328.3 350.2 460.4 845.3 792.5 666.4 1 086.3 700.2 970.8
Bhutan 0.0 2.1 2.5 3.5 9.0 6.1 73.3 29.7 14.7 11.7
Cambodia 149.4 145.1 84.0 131.4 381.2 483.2 867.3 815.2 530.2 738.3
Lao People's Democratic Republic 23.9 25.0 19.5 17.0 27.7 187.4 323.5 227.7 318.6 350.0
Myanmar 192.0 191.4 291.2 251.0 235.8 427.8 257.7 283.5 578.6 630.0
Nepal 20.9 - 6.0 14.8 - 0.4 2.4 - 6.6 5.9 1.0 38.6 39.0
Timor-Leste 84.3 1.2 4.7 2.9 0.1 8.5 8.7 37.8 18.3 22.0
Yemen 135.5 101.7 5.5 143.6 - 302.1 1 121.0 917.3 1 554.6 129.2 - 329.0


Oceania 25.6 48.0 33.1 46.6 29.0 107.3 93.6 125.0 205.9 196.8
Kiribati 15.1 14.5 16.4 18.8 0.8 12.9 - 8.3 1.9 2.2 - 1.4
Samoa 1.2 - 0.1 0.5 2.2 - 3.6 12.0 1.0 13.0 1.4 5.1
Solomon Islands - 9.3 - 4.0 - 1.8 5.7 18.6 34.1 66.7 75.5 173.0 161.6
Tuvalu 0.6 25.0 0.0 0.0 - 0.0 4.7 0.1 1.7 2.2 1.5
Vanuatu 18.0 12.6 17.9 19.8 13.3 43.6 34.0 32.9 27.2 30.0


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics).


Note: Data for 2010 are estimates.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward40


Annex table 2. FDI inward stock in LDCs, by sub-region and economy, 2001–2010
(Millions of dollars)


Region/economy 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


All LDCs 44 812.6 52 832.3 58 404.3 66 684.0 71 068.0 82 974.4 96 850.6 112 443.4 130 218.9 154 489.0
Africa 33 593.4 40 837.3 45 787.8 52 903.3 56 547.1 65 169.5 75 779.1 87 411.8 103 208.2 124 546.6


Angola 10 123.4 13 256.8 11 987.5 13 436.7 12 132.9 12 095.1 11 201.8 12 880.0 16 515.2 24 388.4
Benin 173.8 176.3 231.2 269.0 284.3 384.5 556.3 602.4 694.9 911.7
Burkina Faso 15.9 23.3 51.9 48.8 75.4 169.6 559.5 696.6 868.0 905.1
Burundi 46.8 46.8 46.8 46.8 47.4 47.5 48.0 61.6 71.5 85.6
Central African Republic 109.5 115.1 137.3 165.9 198.3 232.9 171.8 254.4 296.7 368.7
Chad 1 035.7 1 959.9 2 672.5 3 139.3 3 040.0 2 760.8 2 691.3 2 924.9 3 386.7 4 168.0
Comoros 21.8 22.2 23.0 23.7 24.2 24.8 32.3 39.9 49.0 58.4
Congo, Democratic Republic of 699.4 816.4 974.4 984.3 908.3 800.5 1 520.5 2 520.5 3 058.0 3 994.0
Djibouti 43.4 46.9 61.2 99.7 158.7 322.3 517.7 751.7 851.7 883.5
Equatorial Guinea 2 000.7 2 324.1 3 013.9 3 354.8 4 124.0 4 593.5 5 836.2 5 042.3 6 678.6 8 047.6
Eritrea 349.5 369.5 391.5 383.6 382.6 383.1 382.9 382.7 382.7 438.3
Ethiopia 1 290.5 1 545.5 2 010.5 2 555.6 2 820.8 3 366.0 3 588.0 3 696.5 3 790.1 4 164.4
Gambia 220.9 263.8 278.7 327.8 372.5 443.7 520.1 590.2 637.6 675.0
Guinea 265.0 295.0 377.8 475.7 580.7 705.7 1 091.6 1 473.5 1 614.3 2 203.3
Guinea-Bissau 38.4 42.0 94.6 112.1 104.7 135.1 171.0 167.3 181.2 190.1
Lesotho 357.8 384.7 426.6 479.9 537.2 629.2 734.9 933.7 1 075.5 1 128.7
Liberia 3 254.9 3 257.7 3 629.9 3 705.2 3 788.0 3 895.9 4 027.5 4 227.5 4 605.5 4 956.5
Madagascar 142.6 180.5 259.0 256.6 245.7 738.8 1 773.4 2 953.2 3 495.9 4 620.8
Malawi 419.0 390.5 409.9 562.3 503.0 535.6 590.3 760.3 820.7 960.7
Mali 210.4 524.2 682.6 756.4 871.6 965.6 966.7 977.6 1 086.7 1 234.4
Mauritania 222.7 290.1 392.0 783.6 1 597.7 1 703.2 1 841.5 2 179.9 2 141.6 2 155.3
Mozambique 1 504.6 1 851.9 2 188.6 2 441.5 2 630.0 2 789.0 3 216.3 3 807.9 4 689.2 5 497.2
Niger 61.5 70.0 78.8 115.2 100.0 161.1 276.6 623.8 1 362.7 2 309.6
Rwanda 57.0 57.0 62.0 69.0 77.0 107.6 189.9 293.2 411.9 497.7
São Tomé and Principe 14.4 18.0 21.4 24.9 40.6 78.1 113.4 145.9 181.7 221.2
Senegal 194.3 241.6 346.6 441.2 358.2 477.1 838.6 1 170.6 1 378.1 1 615.3
Sierra Leone 293.8 304.2 312.8 374.0 299.9 453.0 612.1 426.1 459.5 495.3
Somalia 3.7 3.8 3.0 - 1.8 22.2 118.2 259.2 346.2 454.2 566.2
Sudan 1 971.8 2 685.0 3 868.4 5 379.4 7 684.1 11 225.5 13 661.8 16 262.3 19 296.4 21 968.1
Togo 490.4 543.7 577.5 636.8 713.8 791.2 840.3 864.2 914.3 955.4
Uganda 962.3 1 146.9 1 349.1 1 644.6 2 024.4 2 668.6 3 401.7 4 189.0 4 987.8 5 677.4
United Republic of Tanzania 2 959.7 3 242.7 4 138.6 4 758.5 4 390.0 5 342.0 5 942.0 6 621.3 7 266.3 7 966.3
Zambia 4 037.7 4 341.1 4 688.1 5 052.1 5 409.0 6 024.8 7 603.9 8 544.5 9 503.9 10 238.4


Latin America and the Caribbean 99.1 104.8 118.6 124.5 150.5 311.1 385.6 415.4 446.0 488.0
Haiti 99.1 104.8 118.6 124.5 150.5 311.1 385.6 415.4 446.0 488.0


Asia 10 133.6 10 855.7 11 430.3 12 475.9 13 188.2 16 069.7 18 978.3 22 644.8 24 387.5 27 080.3
Afghanistan 17.9 67.9 125.7 312.6 583.6 821.6 1 064.6 1 364.6 1 549.6 1 809.6
Bangladesh 2 202.0 2 451.0 2 876.0 3 091.0 3 486.0 4 187.0 4 399.0 4 816.0 5 139.0 6 109.8
Bhutan 4.4 6.5 9.0 12.5 21.5 27.6 100.9 130.6 167.0 178.7
Cambodia 1 729.3 1 874.4 1 958.4 2 089.8 2 471.0 2 954.2 3 821.5 4 636.7 5 169.2 5 907.5
Lao People's Democratic Republic 579.8 604.8 624.2 641.2 668.9 856.3 1 179.8 1 407.5 1 564.2 1 914.2
Myanmar 4 056.8 4 248.2 4 539.4 4 790.5 4 862.0 5 004.9 5 262.6 5 546.0 5 869.0 6 499.0
Nepal 116.2 110.2 125.0 124.6 127.0 120.5 126.4 127.4 166.0 204.9
Timor-Leste 155.9 157.1 161.8 164.8 164.8 173.3 182.0 219.8 238.2 260.2
Yemen 1 271.3 1 335.6 1 010.7 1 248.9 803.3 1 924.3 2 841.6 4 396.2 4 525.4 4 196.4


Oceania 986.5 1 034.5 1 067.6 1 180.3 1 182.2 1 424.2 1 707.6 1 971.3 2 177.3 2 374.1
Kiribati 84.2 98.7 115.1 133.9 134.6 147.6 139.3 141.2 143.4 142.1
Samoa 54.6 54.5 55.0 57.2 53.6 65.6 66.6 79.5 80.9 86.0
Solomon Islands 372.6 368.6 366.8 372.5 391.1 425.2 544.2 700.1 873.1 1 034.7
Tuvalu 0.0 25.0 25.0 25.1 25.0 29.7 29.9 31.5 33.8 35.3
Vanuatu 475.2 487.7 505.7 591.7 577.9 756.1 927.7 1 018.9 1 046.1 1 076.1


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics).
Note: Datafor2010areestimates.




ANNEXES 41


Annex table 3. FDI inflows as a percentage of gross fixed capital formation,
by sub-region and economy, 2001–2010


(Per cent)


Region/economy 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


All LDCs 20.6 21.9 28.5 24.3 24.6 28.4 27.6 28.1 24.4 18.4
Africa 34.4 37.6 49.8 39.2 39.1 39.0 38.0 37.7 34.6 26.0


Angola 179.1 218.1 321.7 311.1 274.7 177.3 118.1 123.2 109.0 63.1
Benin 9.6 2.5 6.4 8.3 6.3 6.0 23.8 12.9 5.7 14.9
Burkina Faso 1.5 3.2 4.9 2.0 4.4 3.4 24.3 8.2 11.8 2.1
Burundi - 0.0 0.0 - 0.0 0.1 0.5 0.0 0.5 9.3 5.7 4.4
Central African Republic 5.2 6.0 30.9 35.8 26.7 26.2 37.8 57.5 21.2 28.7
Chad 76.7 81.5 62.4 40.9 - 8.3 - 27.6 - 6.2 18.5 35.1 26.6
Comoros 5.2 1.6 2.4 2.0 1.6 1.6 15.6 10.5 13.5 10.2
Congo, Democratic Republic of 20.0 29.6 55.2 33.7 0.0 18.5 92.8 61.4 40.0 24.3
Djibouti 7.2 5.7 12.1 27.4 13.5 40.2 54.6 50.0 26.2 9.4
Equatorial Guinea 76.1 48.7 59.0 27.3 49.2 20.4 37.3 - 19.8 29.0 25.9
Eritrea 4.6 9.3 9.5 - 3.5 - 0.5 0.3 - 0.1 - 0.1 0.0 20.0
Ethiopia 20.2 13.7 24.9 21.3 9.4 14.9 4.7 2.0 1.3 5.5
Gambia 35.1 54.7 20.2 70.5 73.1 106.1 132.4 59.5 41.5 22.7
Guinea 0.4 7.1 22.6 21.5 22.9 27.7 83.5 54.2 27.1 135.7
Guinea-Bissau 1.2 7.7 7.5 25.8 18.2 32.8 34.7 9.5 15.3 6.4
Lesotho 10.9 12.3 13.0 16.2 17.0 25.2 23.7 12.1 9.4 8.9
Liberia 30.8 11.4 982.4 122.3 98.6 80.4 100.8 128.1 239.3 202.1
Madagascar 11.5 10.4 10.8 9.3 7.7 21.1 38.3 37.2 26.1 65.2
Malawi 23.4 7.4 29.9 50.3 22.9 31.0 35.0 56.2 15.4 11.4
Mali 21.2 38.7 17.4 11.9 26.5 8.1 4.7 11.4 7.2 8.5
Mauritania 24.5 26.6 28.8 50.7 67.5 16.2 22.0 49.8 - 5.1 1.3
Mozambique 31.4 27.6 32.4 23.0 8.8 12.3 30.7 28.5 32.1 31.4
Niger 8.8 0.8 2.9 4.2 4.2 6.1 13.1 42.7 44.7 43.1
Rwanda 6.4 0.5 1.0 3.7 3.7 6.7 13.4 10.2 11.6 6.7
São Tomé and Principe 10.9 12.1 9.6 9.3 40.4 47.2 38.0 28.0 28.3 35.3
Senegal 2.9 5.9 3.6 3.6 2.6 8.5 9.0 6.7 6.2 6.6
Sierra Leone 13.6 11.5 8.8 62.6 67.5 48.3 73.9 15.7 12.0 11.7
Somalia 0.0 0.0 - 0.2 - 1.1 5.1 18.7 25.9 16.1 21.2 21.1
Sudan 32.9 29.9 43.2 33.0 36.8 39.5 21.4 21.2 27.6 20.0
Togo 31.5 23.5 11.8 18.5 22.2 19.0 11.0 6.7 11.5 6.9
Uganda 13.6 15.2 14.5 16.2 17.7 28.6 23.8 23.9 21.1 16.9
United Republic of Tanzania 26.0 21.0 13.8 11.4 13.9 15.0 12.9 10.3 9.8 10.4
Zambia 10.5 37.9 32.5 23.6 18.0 23.5 43.2 25.9 26.3 20.3


Latin America and the Caribbean 1.1 1.6 3.5 1.3 5.0 24.7 9.5 3.3 4.0 1.9
Haiti 1.1 1.6 3.5 1.3 5.0 24.7 9.5 3.3 4.0 1.9


Asia 5.9 4.8 4.1 5.3 5.8 11.6 10.0 10.9 6.1 5.7
Afghanistan 0.2 9.1 7.4 18.8 12.7 8.9 7.9 8.3 4.8 5.9
Bangladesh 3.4 3.0 2.9 3.4 6.0 5.3 4.0 5.7 3.3 3.8
Bhutan 0.0 0.6 0.7 0.8 2.1 1.5 15.2 5.6 2.5 1.7
Cambodia 23.6 17.8 9.6 13.4 32.1 34.3 51.9 34.7 27.5 36.8
Lao People's Democratic Republic 5.3 5.4 3.4 2.2 3.1 17.3 19.8 11.6 18.4 15.2
Myanmar 21.6 18.8 26.4 21.0 15.7 23.0 9.9 8.0 17.0 16.3
Nepal 1.7 - 0.5 1.0 - 0.0 0.1 - 0.3 0.2 0.0 1.2 1.1
Timor-Leste 70.9 0.9 3.2 4.2 0.1 11.6 6.8 28.7 11.8 15.9
Yemen 8.0 4.8 0.2 4.9 - 9.5 30.6 20.3 27.9 2.8 - 7.3


Oceania 13.7 26.0 17.5 20.5 10.9 36.3 27.8 33.9 55.3 41.4
Kiribati 71.9 61.9 44.8 44.3 1.4 25.6 - 15.2 3.2 3.8 - 2.4
Samoa 3.5 - 0.2 1.3 5.2 - 8.0 27.2 2.0 28.0 2.7 10.5
Solomon Islands - 15.3 - 7.4 - 5.9 15.1 35.9 55.8 95.4 91.3 190.6 81.9
Tuvalu 8.3 312.5 0.1 0.3 - 0.1 32.7 0.8 9.3 12.2 8.5
Vanuatu 28.4 19.4 25.0 21.7 12.9 34.6 23.4 20.4 17.4 19.4


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics).
Note: Datafor2010areestimates.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward42


Annex table 4. FDI inward stock as a percentage of gross domestic product,
by sub-region and economy, 2001–2010


(Per cent)


Region/economy 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
All LDCs 24.2 26.1 25.7 25.2 23.0 22.5 22.3 20.2 23.9 25.7
Africa 32.9 36.6 35.1 33.8 29.7 27.5 27.3 23.9 29.9 33.1


Angola 113.3 116.0 85.9 67.9 39.6 24.4 21.4 15.2 24.0 28.4
Benin 7.0 6.3 6.5 6.6 6.5 8.2 10.1 9.1 10.5 14.0
Burkina Faso 0.6 0.7 1.2 1.0 1.4 2.9 8.3 8.8 11.2 10.4
Burundi 7.1 7.5 7.9 6.9 6.0 4.9 5.1 5.5 5.7 5.8
Central African Republic 11.1 11.0 11.5 12.7 14.5 15.6 10.0 12.6 14.8 17.5
Chad 60.6 98.6 98.2 71.1 51.8 43.8 38.4 35.0 49.6 54.9
Comoros 9.9 8.8 7.1 6.5 6.3 6.2 7.0 7.5 9.2 10.5
Congo, Democratic Republic of 13.3 14.7 17.3 14.9 12.8 9.4 15.8 21.7 27.5 31.7
Djibouti 7.6 7.9 9.7 15.0 22.4 41.9 61.1 76.6 81.3 77.6
Equatorial Guinea 118.0 111.4 109.5 70.3 57.2 53.9 54.5 28.2 56.3 55.3
Eritrea 46.5 50.7 45.0 34.6 34.8 31.6 29.1 25.9 19.1 19.4
Ethiopia 16.0 19.9 23.5 25.5 23.0 22.2 18.7 14.4 11.7 13.5
Gambia 52.8 70.6 75.5 81.7 80.7 87.3 79.9 71.9 86.7 64.9
Guinea 8.7 9.2 10.4 11.9 17.8 21.5 27.0 29.6 33.4 50.7
Guinea-Bissau 19.3 20.6 39.6 41.5 34.8 43.9 47.9 41.4 39.4 23.0
Lesotho 50.3 57.4 42.9 37.2 39.0 41.5 44.0 57.8 65.8 64.7
Liberia 597.2 627.3 898.2 793.8 741.6 580.5 617.0 509.5 525.5 523.8
Madagascar 3.1 4.1 4.7 5.9 4.9 13.4 23.9 31.7 41.5 55.1
Malawi 24.4 14.7 16.9 21.4 18.3 18.4 17.8 19.3 17.8 20.1
Mali 7.0 16.4 16.2 15.2 15.9 15.8 13.5 11.4 12.4 12.9
Mauritania 20.7 25.3 30.6 52.7 91.7 66.0 64.9 66.6 70.7 60.6
Mozambique 36.9 44.1 46.9 42.8 40.0 39.3 39.6 38.7 48.1 53.8
Niger 3.4 3.4 3.0 4.0 3.0 4.4 6.5 12.0 26.8 39.4
Rwanda 3.4 3.5 3.5 3.5 3.2 3.8 5.6 6.6 8.3 8.7
São Tomé and Principe 18.9 19.9 21.9 23.4 35.7 62.7 78.3 82.2 93.8 109.1
Senegal 4.0 4.5 5.1 5.5 4.1 5.1 7.4 8.8 10.8 12.0
Sierra Leone 25.1 23.2 21.9 26.4 20.2 27.5 31.3 18.3 24.5 26.0
Somalia 0.2 0.2 0.1 - 0.1 1.0 4.7 9.7 13.0 18.0 21.6
Sudan 12.5 14.8 17.4 20.2 23.2 25.6 24.4 23.1 29.1 33.4
Togo 36.8 36.9 34.5 32.9 34.3 36.0 33.1 30.0 32.3 32.4
Uganda 16.6 19.0 20.8 19.5 20.2 24.2 25.1 25.4 27.8 32.1
United Republic of Tanzania 27.8 29.3 34.7 36.2 30.3 36.2 34.3 31.0 31.5 32.5
Zambia 111.0 117.4 108.9 92.9 74.4 55.3 65.5 59.2 74.4 63.7


Latin America and the Caribbean 2.9 3.4 4.4 3.5 3.8 6.5 6.0 5.9 6.3 7.5
Haiti 2.9 3.4 4.4 3.5 3.8 6.5 6.0 5.9 6.3 7.5


Asia 12.9 12.5 12.2 12.1 11.6 12.8 12.8 12.5 12.8 12.5
Afghanistan 0.7 1.4 2.6 5.5 8.5 10.1 10.5 10.8 10.3 10.7
Bangladesh 4.8 5.2 5.6 5.5 6.0 6.9 6.4 6.1 5.8 5.8
Bhutan 0.9 1.2 1.4 1.8 2.6 3.1 8.1 9.8 12.2 12.8
Cambodia 43.3 43.7 42.0 39.1 39.3 40.6 44.2 41.4 48.2 51.6
Lao People's Democratic
Republic


34.7 34.6 30.7 26.8 24.4 25.8 28.7 26.4 27.9 30.6


Myanmar 53.1 41.0 45.4 46.7 40.8 36.1 29.7 20.9 22.6 22.7
Nepal 1.9 1.7 1.8 1.6 1.4 1.2 1.0 1.0 1.2 1.4
Timor-Leste 42.4 45.8 48.2 48.6 47.1 49.1 40.2 38.6 35.4 39.5
Yemen 12.3 12.0 8.2 8.6 4.5 9.0 11.5 14.1 15.6 13.5


Oceania 114.5 125.2 105.7 100.3 90.3 101.0 98.3 106.1 111.2 111.9
Kiribati 206.4 225.9 202.8 207.1 207.1 232.5 197.7 181.9 192.4 93.8
Samoa 22.8 20.6 17.1 14.9 12.3 14.6 12.2 14.9 14.5 15.9
Solomon Islands 111.4 134.6 110.2 99.3 94.5 93.1 93.1 106.8 132.9 153.7
Tuvalu 0.1 166.7 133.3 110.1 100.6 115.6 99.5 99.2 102.9 111.8
Vanuatu 203.1 212.1 180.7 179.4 156.3 182.1 182.8 182.4 164.8 148.6


Source: UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics).
Note: Data for 2010 are estimates.




ANNEXES 43


Annex table 5. Value of cross-border M&A sales, by sub-region and economy of seller, 2001–2010
(Millions of dollars)


Region/economy 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
All LDCs 229 94 1 225 213 573 2 688 584 - 2 552 - 774 2 201
Africa 216 94 770 153 573 1 663 413 - 2 607 - 452 1 998
Angola 19 - - - 175 1 - - 475 - 471 1 300
Burkina Faso - - - - - 289 - 20 - -
Burundi - - - - - - - - - -
Congo, Democratic Republic of 4 - - - - - - - 5 175
Equatorial Guinea - - - - - - - - 2 200 - -
Eritrea - - - - - - - - - 12
Ethiopia - - - - - - - - - -
Gambia - - - - - - - - - -
Guinea - - - - - 2 - - - -
Liberia - - - - - - - - - 587
Madagascar - - - - - 1 - - - -
Malawi 14 6 - - - - 5 - - -
Mali - 2 - - - 1 - - - -
Mauritania 48 - - 10 - - 375 - - -
Mozambique 10 - - - - 34 2 - - 35
Rwanda 2 - - 5 - - - 6 - -
Senegal - - - - - - - - - - 457
Sierra Leone - - - 2 - - 31 40 - 13
Sudan - 25 768 136 390 1 332 - - - -
Uganda - 20 - - - - - 1 - -
United Republic of Tanzania 120 21 2 - - - - - 2 60
Zambia - 22 - - 8 4 - 1 11 272


Latin America and the Caribbean - - - - - - - - 1 59
Haiti - - - - - - - - 1 59


Asia 13 - 455 60 - 1 040 154 42 - 327 144
Bangladesh - - 437 60 - 330 4 - 9 10
Cambodia - - - - - 9 6 30 - 336 5
Lao People's Democratic Republic - - - - - - - - - 110
Myanmar - - 17 - - - - 1 - - -
Nepal 13 - - - - - 15 - 13 - -
Yemen - - - - - 716 144 - - 20


Oceania - - - - - - 15 17 13 4 -
Kiribati - - - - - - - - - -
Samoa - - - - - - 18 3 13 - -
Solomon Islands - - - - - - 14 - - -
Vanuatu - - - - - 3 - - 4 -


Source: UNCTAD cross-border M&A database (www.unctad.org/fdistatistics).
Note: Cross-border M&A sales are calculated on a net basis as follows: Sales of companies in the host economy to


foreign TNCs (-) Sales of foreign affiliates in the host economy. The data cover only those deals that involved
anacquisitionofanequitystakeofmorethan10%.Datarefertothenetsalesbytheregion/economyofthe
immediateacquiredcompany.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward44


Annex table 6. Number of cross-border M&A sales, by sub-region and economy of seller,
2001–2010


Region/economy 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


All LDCs 28 22 21 30 35 69 59 57 47 50
Africa 18 13 12 21 26 47 40 41 36 41


Angola 1 2 - 1 2 2 1 2 5 1
Benin - - - - - - - - 2 -
Burkina Faso - - - 2 - 2 1 2 1 2
Burundi - - - - - 1 - 1 - -
Chad - - - - - - 1 - 1 -
Congo, Democratic Republic of 3 - - - 3 1 5 2 4 1
Equatorial Guinea 1 1 - 1 - - - 1 - -
Eritrea - - - 1 - - - - - 1
Ethiopia - - - - - - 2 - 1 -
Gambia - - - - 1 - - 1 - -
Guinea - - 2 - 1 2 1 - - -
Lesotho - - - - - 1 - - - -
Liberia 1 - - - - 1 1 1 - 4
Madagascar 1 - 1 1 3 3 - 3 - -
Malawi 1 1 - - 1 - 2 - 1 1
Mali - 2 - 1 - 2 2 1 1 4
Mauritania 1 - - 3 - 1 4 - - 3
Mozambique 1 - 2 1 - 7 2 2 3 5
Rwanda 1 - - 2 1 1 3 2 - -
Senegal - - 1 - 1 1 2 1 1 1
Sierra Leone 1 - - 2 - 3 1 4 1 1
Sudan - 1 2 2 3 3 3 1 - -
Togo - - - - - - - - 1 -
Uganda 2 1 2 2 2 7 5 6 2 3
United Republic of Tanzania 1 4 2 - 2 6 2 4 6 6
Zambia 3 1 - 2 6 3 2 7 6 8


Latin America and the Caribbean - - - - - 2 - - 1 2
Haiti - - - - - 2 - - 1 2


Asia 8 7 9 9 9 14 14 12 8 7
Bangladesh 1 - 3 3 3 3 4 2 3 3
Cambodia - 1 2 2 2 8 6 4 4 1
Lao People's Democratic Republic 3 4 - 1 4 - 2 2 - 2
Myanmar 1 2 4 2 - 1 1 - 1 -
Nepal 1 - - 1 - 1 - 3 - -
Yemen 2 - - - - 1 1 1 - 1


Oceania 2 2 - - - 6 5 4 2 -
Kiribati 1 - - - - - - - - -
Samoa 1 - - - - 5 4 4 1 -
Solomon Islands - 2 - - - - 1 - - -
Vanuatu - - - - - 1 - - 1 -


Source: UNCTAD cross-border M&A database (www.unctad.org/fdistatistics).
Note: Datacoveronlythosedealsthatinvolvedanacquisitionofanequitystakeofmorethan10%.Datarefertothe


grosssalesbytheregion/economyoftheimmediateacquiredcompany.




ANNEXES 45


Annex table 7. Value of cross-border M&A sales, by sector and industry, 2001–2010
(Millions of dollars)


Sector/industry 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Total 229 94 1 225 213 573 2 688 584 - 2 552 - 774 2 201


Primary - 2 785 148 573 17 410 - 2 170 8 1 094


Agriculture, hunting, forestry and fishing - - - - - 1 - - - -


Mining, quarrying and petroleum - 2 785 148 573 17 410 - 2 170 8 1 094


Manufacturing 21 28 - - - 23 2 71 11 94


Food, beverages and tobacco 21 22 - - - 20 - - - 65


Textiles, clothing and leather - - - - - - - - - 10


Wood and wood products - - - - - - - - 11 -


Chemicals and chemical products - - - - - 3 - 1 19 - 20


Rubber and plastic products - - - - - - 3 - - -


Metals and metal products - - - - - - - 40 - -


Machinery and equipment - - - - - - - - 1 - -


Electrical and electronic equipment - - - - - - - 13 - -


Motor vehicles and other transport equipment - 6 - - - - - - - -


Tertiary 208 65 439 65 - 2 648 171 - 453 - 793 1 013


Electricity, gas and water 13 - 437 - - - 15 - - - 110


Construction - 25 - - - - - - - -


Trade 4 - - - - - 7 - - -


Hotels and restaurants - - - - - - 6 - - -


Transport, storage and communications 168 21 2 60 - 2 327 144 - - 346 903


Finance 24 20 - 5 - 330 15 - 453 - 354 -


Business services - - - - - 5 - - - 94 -


Source: UNCTAD cross-border M&A database (www.unctad.org/fdistatistics).
Note: Cross-border M&A sales are calculated on a net basis as follows: Sales of companies in the host economy to


foreign TNCs (-) Sales of foreign affiliates in the host economy. The data cover only those deals that involved
anacquisitionofanequitystakeofmorethan10%.Datarefertothenetsalesintheindustryoftheimmediate
acquiredcompany.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward46


Annex table 8. Number of cross-border M&A sales, by sector and industry, 2001–2010


Sector/industry 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Total 28 22 21 30 35 69 58 57 47 50
Primary 6 6 10 15 17 25 16 25 15 25
Agriculture, hunting, forestry and fishing - - - - - 2 - - 2 -
Mining, quarrying and petroleum 6 6 10 15 17 23 16 25 13 25
Manufacturing 7 5 4 4 3 4 7 11 3 11
Food, beverages and tobacco 4 3 1 1 2 1 2 2 1 6
Textiles, clothing and leather 2 - 2 1 - - - - - 1
Wood and wood products - - - - - - - - 1 -
Publishing and printing - 1 - - - - 1 - - -
Coke, petroleum products and nuclear fuel 1 - - - - - - - - -
Chemicals and chemical products - - 1 1 1 1 2 4 1 2
Rubber and plastic products - - - - - - 1 1 - -
Non-metallic mineral products - - - - - - - - - 2
Metals and metal products - - - - - - 1 1 - -
Machinery and equipment - - - - - 2 - 1 - -
Electrical and electronic equipment - - - - - - - 2 - -
Motor vehicles and other transport equipment - 1 - 1 - - - - - -
Tertiary 15 11 7 11 15 40 35 21 29 14
Electricity, gas and water 4 3 1 - 2 3 4 1 - 2
Construction - 1 - - 1 - - - - -
Trade 3 1 1 1 1 2 4 5 5 2
Hotels and restaurants - - - - 1 1 4 - - -
Transport, storage and communications 3 4 3 1 4 18 7 5 5 5
Finance 4 2 2 9 4 11 12 7 11 1
Business services - - - - 2 3 4 3 7 2
Public administration and defence 1 - - - - - - - - -
Health and social services - - - - - - - - - 1
Community, social and personal service activities - - - - - - - - 1 -
Other services - - - - - 2 - - - 1


Source: UNCTAD cross-border M&A database (www.unctad.org/fdistatistics).
Note: Datacoveronlythosedealsthatinvolvedanacquisitionofanequitystakeofmorethan10%.Datarefertothe


grosssalesintheindustryoftheimmediateacquiredcompany.




ANNEXES 47


Annex table 9. Value of greenfield FDI projects in LDCs, by sub-region and economy, 2003–2010
(Millions of dollars)


Region/economy 2003 2004 2005 2006 2007 2008 2009 2010


Least developed countries (LDCs) 35 040 24 036 19 141 17 083 25 465 62 927 42 139 37 585
Africa 26 929 21 465 14 176 14 166 22 198 52 092 30 966 30 232


Angola 14 624 13 934 583 2 549 7 585 11 143 14 024 1 383
Benin 2 - - - - 9 - -
Burkina Faso 234 12 488 - 9 252 234 447
Burundi - - - - - 9 46 12
Central African Republic - - - - 400 - - -
Chad - - - - - 1 587 472 -
Comoros - - - - - 9 - -
Congo, Democratic Republic of 379 764 2 158 1 427 1 042 3 316 41 687
Djibouti - - 300 528 5 1 723 1 295 1 387
Equatorial Guinea 1 881 - - 85 - 6 2 887 1
Eritrea 234 1 969 5 - - - -
Ethiopia 81 24 20 1 507 2 501 703 310 276
Gambia - - 400 83 9 21 21 537
Guinea 275 796 96 249 - - 56 1 400
Guinea-Bissau 481 - - - 409 - 18 -
Lesotho 41 - - - 46 17 22 41
Liberia - - 909 - - 2 600 820 4 319
Madagascar 1 075 175 336 246 3 331 1 273 474 -
Malawi - - - - - 18 685 298
Mali - - 598 372 - 233 47 5
Mauritania 784 522 1 107 542 37 242 - 211
Mozambique 577 1 609 - 595 2 112 11 607 1 563 3 192
Niger 481 - - 1 - 3 087 - 100
Rwanda - - 11 - 273 253 258 1 717
São Tomé and Principe - - 9 - 2 - - -
Senegal 575 285 13 1 243 2 979 1 168 328 927
Sierra Leone 491 242 727 247 - 68 - 230
Somalia - 8 - 400 - 409 - 52
Sudan 2 267 992 1 715 1 154 18 2 709 1 969 2 448
Togo - - - 421 400 - 1 -
Uganda 471 32 67 325 289 2 927 2 306 8 339
United Republic of Tanzania 1 188 1 406 1 520 263 315 2 090 728 994
Zambia 788 662 2 148 1 926 436 4 613 2 359 1 228


Latin America and the Caribbean - - 9 139 - 1 136 59
Haiti - - 9 139 - 1 136 59


Asia 8 111 2 571 4 956 2 778 3 267 10 311 11 010 7 077
Afghanistan 190 24 128 31 6 180 2 957 377
Bangladesh 1 140 850 1 942 511 169 510 574 2 447
Bhutan - - - 32 - - 100 15
Cambodia 488 167 206 1 103 139 2 825 2 313 1 104
Lao People's Democratic Republic 257 210 527 563 1 359 1 169 1 962 228
Myanmar 765 4 - 227 1 403 1 241 1 893 372
Nepal 2 60 - 3 3 376 259 303
Timor-Leste 4 000 - 10 - - - - 1 000
Yemen 1 269 1 256 2 144 308 190 4 010 952 1 232


Oceania - - - - - 522 27 217
Samoa - - - - - 500 - -
Solomon Islands - - - - - 22 27 217


Source: UNCTAD, based on information from the Financial Times Ltd, fDi Markets (www.fDimarkets.com).
Note: Data for value of greenfield FDI projects refer to estimated amounts of capital investment.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward48


Annex table 10. Number of greenfield FDI projects in LDCs, by sub-region and economy, 2003–2010


Region/economy 2003 2004 2005 2006 2007 2008 2009 2010


Least developed countries (LDCs) 123 85 133 152 112 318 262 287
Africa 77 58 102 113 79 219 176 184


Angola 16 17 18 15 10 32 34 35
Benin 1 - - - - 1 - -
Burkina Faso 1 1 3 - 1 2 1 3
Burundi - - - - - 1 5 2
Central African Republic - - - - 1 - - -
Chad - - - - - 1 1 -
Comoros - - - - - 1 - -
Congo, Democratic Republic of 3 2 10 8 5 15 5 7
Djibouti - - 1 2 1 3 2 3
Equatorial Guinea 2 - - 3 - 1 2 1
Eritrea 1 1 4 1 - - - -
Ethiopia 2 1 1 3 11 10 8 8
Gambia - - 1 2 1 3 3 3
Guinea 2 3 3 3 - - 2 3
Guinea-Bissau 1 - - - 2 - 2 -
Lesotho 1 - - - 1 1 1 1
Liberia - - 2 - - 1 5 6
Madagascar 4 3 4 3 3 4 3 -
Malawi - - - - - 2 4 3
Mali - - 3 3 - 3 1 3
Mauritania 2 1 3 4 2 1 - 5
Mozambique 6 4 - 5 6 23 11 16
Niger 1 - - 1 - 2 - 1
Rwanda - - 2 - 8 13 20 6
São Tomé and Principe - - 1 - 1 - - -
Senegal 3 3 3 5 4 8 10 8
Sierra Leone 4 1 2 2 - 5 - 2
Somalia - 1 - 1 - 2 - 1
Sudan 10 5 10 15 2 13 11 10
Togo - - - 1 1 - 1 -
Uganda 5 5 6 15 7 37 16 21
United Republic of Tanzania 7 6 11 7 6 17 12 23
Zambia 5 4 14 14 6 17 16 13


Latin America and the Caribbean - - 1 2 - 1 2 1
Haiti - - 1 2 - 1 2 1


Asia 46 27 30 37 33 95 83 101
Afghanistan 6 4 5 3 1 2 6 9
Bangladesh 17 7 7 12 5 13 17 30
Bhutan - - - 2 - - 2 2
Cambodia 5 7 6 5 8 36 29 33
Lao People's Democratic Republic 5 3 8 8 11 21 14 9
Myanmar 5 1 - 2 3 6 6 5
Nepal 1 1 - 2 1 7 4 4
Timor-Leste 1 - 1 - - - - 1
Yemen 6 4 3 3 4 10 5 8


Oceania - - - - - 3 1 1
Samoa - - - - - 1 - -
Solomon Islands - - - - - 2 1 1


Source: UNCTAD, based on information from the Financial Times Ltd, fDi Markets (www.fDimarkets.com).




ANNEXES 49


Annex table 11. Value of greenfield FDI projects in LDCs, by sector and industry, 2003–2010
(Millions of dollars)


Sector/industry 2003 2004 2005 2006 2007 2008 2009 2010
Total sectors 35 040 24 036 19 141 17 083 25 465 62 927 42 139 37 585
Primary 27 314 18 266 7 772 6 985 11 618 32 869 23 222 16 500


Minerals 86 93 383 199 396 1 184 90 551
Coal, oil and natural gas 27 228 18 173 7 209 6 334 9 747 27 050 21 959 14 960
Alternative/renewable energy - - 180 452 1 475 4 635 1 172 989


Manufacturing 6 254 4 486 9 192 5 541 8 830 15 681 9 542 14 891
Food, beverages and tobacco 222 216 41 448 684 1 137 1 914 666


Beverages 93 206 21 95 62 302 549 221
Food and tobacco 129 10 20 353 621 836 1 366 446


Textiles 113 3 16 2 242 162 212 431
Wood and wood products 26 5 - 368 - 67 226 2 315


Paper, printing and packaging 10 5 - 18 - 3 226 2 300
Wood Products 16 - - 350 - 64 - 15


Chemicals and chemical products 288 790 6 510 12 2 288 163 247
Chemicals 288 790 6 508 - 2 194 158 189
Pharmaceuticals - - - 2 12 95 4 59


Rubber and plastic products 8 24 349 68 - 166 160 25
Plastics 7 - 5 - - - - 5
Rubber 1 24 344 68 - 166 160 20


Non-metallic minerals 521 155 452 257 111 1 437 752 1 049
Building and construction materials 496 155 343 257 111 1 422 752 1 049
Ceramics and glass 25 - 109 - - 15 - -


Metals 4 315 3 216 8 161 3 473 7 697 9 911 5 250 9 167
Machinery and equipment 5 2 1 138 1 157 104 94


Engines and turbines - - - 118 - 1 - -
Industrial machinery, equipment and tools 5 2 1 20 1 156 104 94


Electrical and electronic equipment 17 24 10 75 3 18 103 82
Business machines and equipment - 7 10 75 1 1 - 1
Consumer electronics 17 17 - - - 17 - 4
Electronic components - - - - - - 103 78
Semiconductors - - - - 2 - - -


Medical devices - - - - 1 - 23 -
Motor vehicles and other transport equipment 739 - 72 192 81 284 541 766


Aerospace 130 - 1 - - 141 121 -
Automotive components - - 18 4 1 16 26 81
Automotive OEM 558 - 53 134 74 73 216 413
Non-automotive transport OEM 51 - - 54 5 54 177 272


Consumer products - 51 84 11 - 54 94 48
Services 1 472 1 285 2 178 4 556 5 017 14 378 9 375 6 194


Hotels and tourism 198 243 128 870 608 1 500 1 642 3
Transport, storage and communications 1 164 888 1 779 3 322 2 687 1 385 4 944 2 982


Communications 1 079 460 1 448 2 785 1 829 1 159 3 798 2 104
Transportation - 428 332 467 762 6 1 051 878
Warehousing and storage 85 - - 70 97 220 95 -


Financial services 96 115 156 227 166 865 578 889
Business activities 15 39 65 136 1 553 10 614 2 153 2 135


Business services 3 10 48 49 20 10 78 77
Real estate 2 25 13 82 1 514 10 587 2 008 2 010
Software and IT services 10 4 4 4 18 17 67 48


Space and defence - - - - - - - 30
Healthcare - - - 2 3 14 57 156
Leisure and entertainment - - 50 - - - 2 -


Source: UNCTAD, based on information from the Financial Times Ltd, fDi Markets (www.fDimarkets.com).
Note: Data for value of greenfield FDI projects refer to estimated amounts of capital investment.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward50


Annex table 12. Number of greenfield FDI projects in LDCs, by sector and industry, 2003–2010


Source region/economy 2003 2004 2005 2006 2007 2008 2009 2010


Total sectors 123 85 133 152 112 318 262 287


Primary 35 18 23 20 21 56 26 33


Minerals 3 2 8 3 2 9 4 8


Coal, oil and natural gas 32 16 13 15 13 30 17 21


Alternative/renewable energy - - 2 2 6 17 5 4


Manufacturing 63 37 62 57 46 117 99 102


Food, beverages and tobacco 9 8 3 16 11 33 31 26


Beverages 4 5 1 5 3 13 12 10


Food and tobacco 5 3 2 11 8 20 19 16


Textiles 4 2 1 1 6 5 5 12


Wood and wood products 2 1 - 2 - 4 3 2


Paper, printing and packaging 1 1 - 1 - 2 3 1


Wood Products 1 - - 1 - 2 - 1


Chemicals and chemical products 5 2 2 5 1 8 4 7


Chemicals 5 2 2 4 - 4 3 5


Pharmaceuticals - - - 1 1 4 1 2


Rubber and plastic products 3 1 8 1 - 3 1 2


Plastics 2 - 1 - - - - 1


Rubber 1 1 7 1 - 3 1 1


Non-metallic minerals 7 1 4 2 2 14 7 6


Building and construction materials 5 1 3 2 2 13 7 6


Ceramics and glass 2 - 1 - - 1 - -


Metals 22 17 32 21 18 30 15 24


Machinery and equipment 2 1 1 2 1 5 6 7


Engines and turbines - - - 1 - 1 - -


Industrial machinery, equipment and tools 2 1 1 1 1 4 6 7


Electrical and electronic equipment 1 2 2 1 2 3 4 4


Business machines and equipment - 1 2 1 1 1 - 1


Consumer electronics 1 1 - - - 2 - 1


Electronic components - - - - - - 4 2


Semiconductors - - - - 1 - - -


Medical devices - - - - 1 - 1 -


Motor vehicles and other transport equipment 8 - 5 5 4 9 19 10


Aerospace 3 - 1 - - 6 4 -


Automotive components - - 1 1 1 1 3 3


Automotive OEM 4 - 3 3 2 1 9 4


Non-automotive transport OEM 1 - - 1 1 1 3 3


Consumer products - 2 4 1 - 3 3 2


Services 25 30 48 75 45 145 137 152


Hotels and tourism 3 4 1 6 7 16 9 3


Transport, storage and communications 6 8 17 30 12 20 30 39


Communications 5 6 14 21 8 13 16 22


Transportation - 2 3 7 2 6 13 17


Warehousing and storage 1 - - 2 2 1 1 -


Financial services 12 12 16 24 15 85 67 68


Business activities 4 6 13 14 10 22 27 33


Business services 1 3 10 10 4 4 18 19


Real estate 1 1 1 2 3 13 5 5


Software and IT services 2 2 2 2 3 5 4 9


Space and defence - - - - - - - 2


Healthcare - - - 1 1 2 3 7


Leisure and entertainment - - 1 - - - 1 -


Source: UNCTAD, based on information from the Financial Times Ltd, fDi Markets (www.fDimarkets.com).




ANNEXES 51


A
n


n
ex


t
ab


le
1


3.
C


o
n


ce
ss


io
n


f
o


re
ig


n
p


ro
je


ct
s


in
L


D
C


s
b


y
ty


p
e,


1
99


0–
20


10


H
o


st
L


D
C


Fo
re


ig
n


p
ar


tn
er



co


un
tr


y
Fo


re
ig


n
p


ar
tn


er
c


o
m


p
an


y
P


ro
je


ct
s


ec
to


r
P


ro
je


ct
s


ub
se


ct
o


r
P


ro
je


ct
t


yp
e


P
ro


je
ct


c
o


st


(i
n


m
ill


io
ns



o


f
U


S
$)


Ye
ar


A
fg


h
an


is
ta


n
A


us
tr


al
ia


A
us


tr
al


ia
In


du
st


ry
N


on
-m


et
al


lic
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
05


S
w


ed
en


A
ga


K
ha


n
Fu


nd
fo


r
E


co
no


m
ic


P
ow


er
C


om
bi


ne
d


C
yc


le
G


as
T


ur
bi


ne
(


C
C


G
T)


B
ui


ld
-O


w
n-


O
pe


ra
te


4
5


20
05


U
ni


te
d


K
in


gd
om


C
ab


le
&


W
ire


le
ss


P
LC


P
ow


er
C


om
bi


ne
d


C
yc


le
G


as
T


ur
bi


ne
(


C
C


G
T)


B
ui


ld
-O


w
n-


O
pe


ra
te


4
5


20
05


A
ng


o
la


C
hi


na
P


eo
pl


es
R


ep
ub


lic
o


f C
hi


na
Le


is
ur


e
&


P
ro


pe
rt


y
H


os
pi


ta
l


B
ui


ld
-O


w
n-


O
pe


ra
te


1
40


0
20


05
O


il
&


G
as


O
il


B
ui


ld
-O


w
n-


O
pe


ra
te


..
20


06
Fr


an
ce


To
ta


l S
A


O
il


&
G


as
G


as
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


2
65


20
05


Ja
pa


n
M


its
ui


O
S


K
L


in
es


L
td


P
ow


er
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


8
00


20
08


Lu
xe


m
bo


ur
g


To
ta


l
O


il
&


G
as


O
il


B
ui


ld
-O


w
n-


O
pe


ra
te


..
20


06
N


et
he


rla
nd


s
S


B
M


M
ar


in
e


Li
m


ite
d


O
il


&
G


as
G


as
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


1
17


20
02


P
ow


er
C


om
bi


ne
d


C
yc


le
G


as
T


ur
bi


ne
(


C
C


G
T)


B
ui


ld
-O


w
n-


O
pe


ra
te


1
34


19
98


S
B


M
O


ffs
ho


re
N


V
O


il
&


G
as


Fl
oa


tin
g


P
ro


du
ct


io
n,


S
to


ra
ge


a
nd


O
ffl


oa
di


ng


B
ui


ld
-O


w
n-


O
pe


ra
te


5
10


20
07


N
or


w
ay


N
or


w
ay


P
ow


er
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


5
00


0
19


99
S


w
ed


en
N


or
di


c
C


ap
ita


l A
B


O
il


&
G


as
O


il
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
06


U
ni


te
d


K
in


gd
om


B
P


P
LC


P
ow


er
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


5
00


0
19


99
U


ni
te


d
S


ta
te


s
B


P
Le


is
ur


e
&


P
ro


pe
rt


y
H


os
pi


ta
l


B
ui


ld
-O


w
n-


O
pe


ra
te


1
40


0
20


05
C


he
vr


on
C


or
p


O
il


&
G


as
G


as
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


2
65


20
05


E
xx


on
M


ob
il


C
or


p
P


ow
er


W
in


d
B


ui
ld


-O
w


n-
O


pe
ra


te
5


00
0


19
99


B
an


g
la


d
es


h
C


hi
na


P
eo


pl
es


R
ep


ub
lic


o
f C


hi
na


P
ow


er
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


5
00


0
20


06
D


en
m


ar
k


In
du


st
ria


l F
un


d
fo


r
D


ev
el


op
in


g
Te


le
co


m
m


un
ic


at
io


ns
P


er
so


na
l C


om
m


un
ic


at
io


ns
N


et
w


or
k


B
ui


ld
-O


w
n-


O
pe


ra
te


2
71


20
01


W
at


er
&


S
ew


er
ag


e
W


at
er


D
is


po
sa


l/T
re


at
m


en
t


B
ui


ld
-O


w
n-


O
pe


ra
te


5
40


19
91


Fi
nl


an
d


W
ar


ts
ila


C
or


p
Le


is
ur


e
&


P
ro


pe
rt


y
H


os
pi


ta
l


B
ui


ld
-O


w
n-


O
pe


ra
te


1
15


19
98


P
ow


er
O


il
B


ui
ld


-O
w


n-
O


pe
ra


te
1


03
19


97
Fr


an
ce


La
fa


rg
e


S
A


Te
le


co
m


m
un


ic
at


io
ns


S
at


el
lit


e
B


ui
ld


-O
w


n-
O


pe
ra


te
2


25
19


97
G


er
m


an
y


R
A


G
-S


tif
tu


ng
Le


is
ur


e
&


P
ro


pe
rt


y
O


ffi
ce


B
ui


ld
-O


w
n-


O
pe


ra
te


3
00


20
00


In
di


a
In


di
a


P
ow


er
G


eo
th


er
m


al
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
10


W
in


d
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
10


Ta
ta


S
on


s
Lt


d
M


in
in


g
C


oa
l


B
ui


ld
-O


w
n-


O
pe


ra
te


7
00


20
05


Ja
pa


n
C


hi
yo


da
C


or
p


Te
le


co
m


m
un


ic
at


io
ns


P
er


so
na


l C
om


m
un


ic
at


io
ns


N
et


w
or


k
B


ui
ld


-O
w


n-
O


pe
ra


te
2


71
20


01
W


at
er


&
S


ew
er


ag
e


W
at


er
D


is
po


sa
l/T


re
at


m
en


t
B


ui
ld


-O
w


n-
O


pe
ra


te
5


40
19


91
M


ar
ub


en
i C


or
p


Le
is


ur
e


&
P


ro
pe


rt
y


O
ffi


ce
B


ui
ld


-O
w


n-
O


pe
ra


te
3


00
20


00
Te


le
co


m
m


un
ic


at
io


ns
P


er
so


na
l C


om
m


un
ic


at
io


ns
N


et
w


or
k


B
ui


ld
-O


w
n-


O
pe


ra
te


1
24


20
01


B
ui


ld
-O


w
n-


O
pe


ra
te


2
71


19
96


W
at


er
&


S
ew


er
ag


e
W


at
er


D
is


po
sa


l/T
re


at
m


en
t


B
ui


ld
-O


w
n-


O
pe


ra
te


5
40


19
91


M
al


ay
si


a
W


es
tm


on
t H


ol
di


ng
s


S
dn


B
hd


P
ow


er
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


5
00


0
20


06
N


or
w


ay
N


or
w


ay
Te


le
co


m
m


un
ic


at
io


ns
P


er
so


na
l C


om
m


un
ic


at
io


ns
N


et
w


or
k


B
ui


ld
-O


w
n-


O
pe


ra
te


1
24


19
96


P
hi


lip
pi


ne
s


A
D


B
Te


le
co


m
m


un
ic


at
io


ns
P


er
so


na
l C


om
m


un
ic


at
io


ns
N


et
w


or
k


B
ui


ld
-O


w
n-


O
pe


ra
te


1
24


19
96


U
ni


te
d


K
in


gd
om


E
ne


rg
yc


or
p


P
ow


er
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


5
00


0
20


06
U


ni
te


d
K


in
gd


om
W


at
er


&
S


ew
er


ag
e


W
at


er
D


is
po


sa
l/T


re
at


m
en


t
B


ui
ld


-O
w


n-
O


pe
ra


te
5


40
19


91
U


ni
te


d
S


ta
te


s
C


he
vr


on
C


or
p


M
in


in
g


G
ol


d
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
7


00
19


97




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward52


A
n


n
ex


t
ab


le
1


3.
C


o
n


ce
ss


io
n


f
o


re
ig


n
p


ro
je


ct
s


in
L


D
C


s
b


y
ty


p
e,


1
99


0–
20


10


H
o


st
L


D
C


Fo
re


ig
n


p
ar


tn
er



co


un
tr


y
Fo


re
ig


n
p


ar
tn


er
c


o
m


p
an


y
P


ro
je


ct
s


ec
to


r
P


ro
je


ct
s


ub
se


ct
o


r
P


ro
je


ct
t


yp
e


P
ro


je
ct


c
o


st


(i
n


m
ill


io
ns



o


f
U


S
$)


Ye
ar


E
l P


as
o


C
or


p
Le


is
ur


e
&


P
ro


pe
rt


y
H


os
pi


ta
l


B
ui


ld
-O


w
n-


O
pe


ra
te


1
15


19
98


P
ow


er
O


il
B


ui
ld


-O
w


n-
O


pe
ra


te
1


03
19


97
G


on
of


on
e


D
ev


el
op


m
en


t C
or


p
Te


le
co


m
m


un
ic


at
io


ns
P


er
so


na
l C


om
m


un
ic


at
io


ns
N


et
w


or
k


B
ui


ld
-O


w
n-


O
pe


ra
te


1
24


19
96


O
rio


n
P


ow
er


P
ar


tn
er


s
Le


is
ur


e
&


P
ro


pe
rt


y
O


ffi
ce


B
ui


ld
-O


w
n-


O
pe


ra
te


3
00


20
00


U
td


A
ra


b
E


m
A


bu
D


ha
bi


G
ro


up
O


il
&


G
as


O
il


A
cq


ui
si


tio
n


20
10


B
h


ut
an


In
di


a
Ta


ta
P


ow
er


C
om


pa
ny


Tr
an


sp
or


ta
tio


n
A


irp
or


ts
P


ub
lic


-P
riv


at
e-


P
ar


tn
er


sh
ip


..
20


08
B


ur
ki


na
F


as
o


C
an


ad
a


N
ov


aG
ol


d
R


es
ou


rc
es


In
c


P
ow


er
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


4
4


20
05


O
re


zo
ne


R
es


ou
rc


es
In


c
O


il
&


G
as


O
il


B
ui


ld
-O


w
n-


O
pe


ra
te


4
20


20
05


S
ou


th
A


fri
ca


G
ol


d
Fi


el
ds


L
td


O
il


&
G


as
O


il
B


ui
ld


-O
w


n-
O


pe
ra


te
4


20
20


05
C


am
b


o
d


ia
A


us
tr


al
ia


B
H


P
B


ill
ito


n
Lt


d
M


in
in


g
M


et
al


s
(O


th
er


)
B


ui
ld


-O
w


n-
O


pe
ra


te
20


06
M


al
ay


si
a


Le
ad


er
U


ni
ve


rs
al


H
ol


di
ng


s
B


hd
In


du
st


ry
M


et
al


s
(O


th
er


)
B


ui
ld


-O
w


n-
O


pe
ra


te
1


40
20


10
Th


ai
la


nd
E


le
ct


ric
ity


G
en


er
at


in
g


P
C


L
M


in
in


g
C


op
pe


r
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
08


Ita
lia


n-
Th


ai
D


ev
el


op
m


en
t P


C
L


M
in


in
g


C
op


pe
r


M
in


in
g


B
ui


ld
-O


w
n-


O
pe


ra
te


..
20


08
U


ni
te


d
S


ta
te


s
B


ea
co


n
H


ill
A


ss
oc


ia
te


s
In


c
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
B


ui
ld


-O
pe


ra
te


-T
ra


ns
fe


r
7


4
19


94
C


am
er


o
o


n
A


us
tr


al
ia


S
un


da
nc


e
R


es
ou


rc
es


L
td


P
ow


er
G


eo
th


er
m


al
B


ui
ld


-O
w


n-
O


pe
ra


te
3


30
0


20
06


C
an


ad
a


A
lc


an
In


c
In


du
st


ry
S


m
el


tin
g


- A
lu


m
in


um
P


ub
lic


-P
riv


at
e-


P
ar


tn
er


sh
ip


9
00


20
05


Fr
an


ce
G


D
F


S
ue


z
S


A
O


il
&


G
as


LN
G


P
ip


el
in


e
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
10


U
ni


te
d


S
ta


te
s


A
E


S
C


or
p


P
ow


er
G


as
B


ui
ld


-O
w


n-
O


pe
ra


te
3


02
20


05
Tr


an
sp


or
ta


tio
n


P
or


ts
B


ui
ld


-O
w


n-
O


pe
ra


te
1


41
20


07
G


eo
vi


c
M


in
in


g
C


or
p


P
ow


er
S


ol
ar


B
ui


ld
-O


w
n-


O
pe


ra
te


3
79


20
07


S
yn


tr
ol


eu
m


C
or


p
Te


le
co


m
m


un
ic


at
io


ns
P


er
so


na
l C


om
m


un
ic


at
io


ns
N


et
w


or
k


B
ui


ld
-O


w
n-


O
pe


ra
te


4
50


20
02


C
h


ad
M


al
ay


si
a


M
al


ay
si


a
O


il
&


G
as


O
il


P
ip


el
in


e
B


ui
ld


-O
w


n-
O


pe
ra


te
4


00
0


19
92


U
ni


te
d


S
ta


te
s


C
he


vr
on


Te
xa


co
C


or
p


O
il


&
G


as
O


il
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


4
00


0
19


92
E


xx
on


M
ob


il
C


or
p


O
il


&
G


as
O


il
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


4
00


0
19


92
W


or
ld


B
an


k
O


il
&


G
as


O
il


P
ip


el
in


e
B


ui
ld


-O
w


n-
O


pe
ra


te
4


00
0


19
92


D
em


R
ep



C


o
ng


o
A


us
tr


al
ia


A
nv


il
M


in
in


g
Lt


d
P


ow
er


W
in


d
B


ui
ld


-O
w


n-
O


pe
ra


te
3


80
20


07


Ti
ge


r
R


es
ou


rc
es


L
td


P
ow


er
G


eo
th


er
m


al
B


ui
ld


-O
w


n-
O


pe
ra


te
3


4
20


09
C


an
ad


a
A


fri
co


R
es


ou
rc


es
L


td
M


in
in


g
C


op
pe


r
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
2


10
20


07
Lu


nd
in


M
in


in
g


C
or


p
In


du
st


ry
C


he
m


ic
al


s
&


P
la


st
ic


s
B


ui
ld


-O
w


n-
O


pe
ra


te
1


90
0


20
05


C
hi


na
P


eo
pl


es
R


ep
ub


lic
o


f C
hi


na
M


in
in


g
G


ol
d


M
in


in
g


B
ui


ld
-O


w
n-


O
pe


ra
te


2
90


0
20


08
Je


rs
ey


R
an


dg
ol


d
R


es
ou


rc
es


L
td


M
in


in
g


G
ol


d
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
4


83
20


05
N


et
he


rla
nd


s
Tr


af
ig


ur
a


H
ol


di
ng


B
V


P
ow


er
G


eo
th


er
m


al
B


ui
ld


-O
w


n-
O


pe
ra


te
3


4
20


09
P


ol
an


d
M


et
ro


ne
x(


P
ol


an
d)


O
il


&
G


as
LN


G
-


Li
qu


ef
ie


d
N


at
ur


al
G


as
B


ui
ld


-O
w


n-
O


pe
ra


te
2


40
20


04
U


ni
te


d
K


in
gd


om
C


en
tr


al
A


fri
ca


n
M


in
in


g
&


E
xp


l
Tr


an
sp


or
ta


tio
n


M
as


s
Tr


an
si


t S
ys


te
m


B
ui


ld
-O


w
n-


O
pe


ra
te


..
20


08
C


re
w


G
ol


d
C


or
p


O
il


&
G


as
LN


G
-


Li
qu


ef
ie


d
N


at
ur


al
G


as
B


ui
ld


-O
w


n-
O


pe
ra


te
2


40
20


04
K


at
an


ga
M


in
in


g
Lt


d
In


du
st


ry
S


m
el


tin
g


- A
lu


m
in


um
B


ui
ld


-O
w


n-
O


pe
ra


te
6


00
19


99
P


ow
er


G
as


B
ui


ld
-O


w
n-


O
pe


ra
te


1
80


0
20


06
W


at
er


&
S


ew
er


ag
e


D
e-


S
al


in
at


io
n


B
ui


ld
-O


w
n-


O
pe


ra
te


2
65


20
06


U
ni


te
d


S
ta


te
s


A
m


er
ic


an
M


in
er


al
F


ie
ld


s
In


c
In


du
st


ry
S


m
el


tin
g


- A
lu


m
in


um
B


ui
ld


-O
w


n-
O


pe
ra


te
6


00
19


99


(c
o


n
ti


n
u


ed
)




ANNEXES 53


A
n


n
ex


t
ab


le
1


3.
C


o
n


ce
ss


io
n


f
o


re
ig


n
p


ro
je


ct
s


in
L


D
C


s
b


y
ty


p
e,


1
99


0–
20


10


H
o


st
L


D
C


Fo
re


ig
n


p
ar


tn
er



co


un
tr


y
Fo


re
ig


n
p


ar
tn


er
c


o
m


p
an


y
P


ro
je


ct
s


ec
to


r
P


ro
je


ct
s


ub
se


ct
o


r
P


ro
je


ct
t


yp
e


P
ro


je
ct


c
o


st


(i
n


m
ill


io
ns



o


f
U


S
$)


Ye
ar


Fr
ee


po
rt


-M
cM


oR
an


In
c


In
du


st
ry


C
he


m
ic


al
s


&
P


la
st


ic
s


B
ui


ld
-O


w
n-


O
pe


ra
te


1
90


0
20


05
P


he
lp


s
D


od
ge


C
or


p
In


du
st


ry
C


he
m


ic
al


s
&


P
la


st
ic


s
B


ui
ld


-O
w


n-
O


pe
ra


te
1


90
0


20
05


D
jib


o
ut


i
Ic


el
an


d
R


ep
ub


lic
o


f I
ce


la
nd


O
il


&
G


as
LN


G
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


1
50


20
08


K
uw


ai
t


In
de


pe
nd


en
t P


et
ro


le
um


G
ro


up
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
B


ui
ld


-O
w


n-
O


pe
ra


te
5


8
20


04
U


td
A


ra
b


E
m


B
or


eh
In


te
rn


at
io


na
l F


ZE
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
B


ui
ld


-O
w


n-
O


pe
ra


te
5


8
20


04
D


ub
ai


W
or


ld
P


ow
er


G
as


B
ui


ld
-O


w
n-


O
pe


ra
te


3
96


20
07


E
ss


en
ce


M
an


ag
em


en
t L


td
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
B


ui
ld


-O
w


n-
O


pe
ra


te
5


8
20


04
G


ro
up


E
&


C
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
B


ui
ld


-O
w


n-
O


pe
ra


te
5


8
20


04
U


ni
te


d
A


ra
b


E
m


ira
te


s
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
B


ui
ld


-O
w


n-
O


pe
ra


te
5


8
20


04
Eq


ua
to


r
G


ui
ne


a
Ja


pa
n


M
its


ui
&


C
o


Lt
d


M
in


in
g


Ti
ta


ni
um


B
ui


ld
-O


w
n-


O
pe


ra
te


1
40


0
20


01
U


ni
te


d
S


ta
te


s
C


M
S


E
ne


rg
y


C
or


p
P


et
ro


ch
em


ic
al


s
C


he
m


ic
al


s
&


P
la


st
ic


s
B


ui
ld


-O
w


n-
O


pe
ra


te
4


23
19


98
M


ar
at


ho
n


O
il


C
or


p
M


in
in


g
Ti


ta
ni


um
B


ui
ld


-O
w


n-
O


pe
ra


te
1


40
0


20
01


N
ob


le
E


ne
rg


y
In


c
P


et
ro


ch
em


ic
al


s
C


he
m


ic
al


s
&


P
la


st
ic


s
B


ui
ld


-O
w


n-
O


pe
ra


te
4


23
19


98
E


ri
tr


ea
C


an
ad


a
N


ev
su


n
R


es
ou


rc
es


L
td


O
il


&
G


as
O


il
B


ui
ld


-O
w


n-
O


pe
ra


te
3


55
20


06
G


ui
ne


a
A


us
tr


al
ia


B
H


P
B


ill
ito


n
Lt


d
In


du
st


ry
M


et
al


s
(O


th
er


)
B


ui
ld


-O
w


n-
O


pe
ra


te
6


30
0


20
07


G
re


ec
e


H
er


ac
le


s
In


ve
st


m
en


ts
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
B


ui
ld


-O
w


n-
O


pe
ra


te
2


00
0


20
01


Ja
pa


n
M


ar
ub


en
i C


or
p


P
ow


er
C


om
bi


ne
d


C
yc


le
G


as
T


ur
bi


ne
(


C
C


G
T)


B
ui


ld
-O


w
n-


O
pe


ra
te


2
00


0
20


01
M


its
ub


is
hi


D
ev


el
op


m
en


t
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
B


ui
ld


-O
w


n-
O


pe
ra


te
2


00
0


20
01


U
ni


te
d


K
in


gd
om


R
io


T
in


to
P


LC
Tr


an
sp


or
ta


tio
n


M
as


s
Tr


an
si


t S
ys


te
m


B
ui


ld
-O


w
n-


O
pe


ra
te


1
00


20
06


U
ni


te
d


S
ta


te
s


A
lc


oa
In


c
Le


is
ur


e
&


P
ro


pe
rt


y
S


ch
oo


l
B


ui
ld


-O
w


n-
O


pe
ra


te
2


80
0


20
04


U
td


A
ra


b
E


m
U


ni
te


d
A


ra
b


E
m


ira
te


s
In


du
st


ry
M


et
al


s
(O


th
er


)
B


ui
ld


-O
w


n-
O


pe
ra


te
6


30
0


20
07


Le
is


ur
e


&
P


ro
pe


rt
y


P
ris


on
B


ui
ld


-O
w


n-
O


pe
ra


te
2


80
0


20
03


H
ai


ti
B


er
m


ud
a


D
ig


ic
el


L
td


P
ow


er
C


oa
l


B
ui


ld
-O


w
n-


O
pe


ra
te


1
34


20
06


La
o


s
Ja


pa
n


K
an


sa
i E


le
ct


ric
P


ow
er


C
o


In
c


M
in


in
g


Iro
n/


S
te


el
B


ui
ld


-O
w


n-
O


pe
ra


te
4


50
20


07
K


um
ag


ai
G


um
i C


o
Lt


d
M


in
in


g
C


oa
l


B
ui


ld
-O


w
n-


O
pe


ra
te


9
00


19
97


M
al


ay
si


a
G


am
ud


a
B


hd
Tr


an
sp


or
ta


tio
n


M
as


s
Tr


an
si


t S
ys


te
m


B
ui


ld
-O


pe
ra


te
-T


ra
ns


fe
r


6
80


20
04


M
eg


a
Fi


rs
t C


or
p


B
hd


P
ow


er
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


-T
ra


ns
fe


r
..


20
08


N
or


w
ay


N
or


w
ay


Tr
an


sp
or


ta
tio


n
C


on
ta


in
er


T
er


m
in


al
s


B
ui


ld
-O


w
n-


O
pe


ra
te


5
95


20
08


S
ou


th
K


or
ea


D
ae


w
oo


In
te


rn
at


io
na


l C
or


p
Te


le
co


m
m


un
ic


at
io


ns
D


ef
en


se
B


ui
ld


-O
pe


ra
te


-T
ra


ns
fe


r
2


40
19


93
S


K
E


ng
in


ee
rin


g
&


C
on


st
r


C
o


Lt
d


O
il


&
G


as
O


il
B


ui
ld


-O
w


n-
O


pe
ra


te
8


30
20


10
S


ou
th


K
or


ea
O


il
&


G
as


O
il


B
ui


ld
-O


w
n-


O
pe


ra
te


8
30


20
10


Th
ai


la
nd


B
an


pu
P


C
L


A
gr


ic
ul


tu
re


&
F


or
es


tr
y


Fo
od


&
G


ra
in


M
ill


s
B


ui
ld


-O
w


n-
O


pe
ra


te
2


89
5


20
07


C
H


K
ar


nc
ha


ng
P


C
L


M
in


in
g


C
oa


l
B


ui
ld


-O
w


n-
O


pe
ra


te
9


00
19


97
E


G
C


O
Tr


an
sp


or
ta


tio
n


M
as


s
Tr


an
si


t S
ys


te
m


B
ui


ld
-O


pe
ra


te
-T


ra
ns


fe
r


6
80


20
04


Ita
lia


n-
Th


ai
D


ev
el


op
m


en
t P


C
L


Le
is


ur
e


&
P


ro
pe


rt
y


H
os


pi
ta


l
B


ui
ld


-O
w


n-
O


pe
ra


te
1


25
0


19
93


Ja
sm


in
e


In
te


rn
at


io
na


l C
o


Lt
d


Le
is


ur
e


&
P


ro
pe


rt
y


H
os


pi
ta


l
B


ui
ld


-O
w


n-
O


pe
ra


te
1


25
0


19
93


Lo
xl


ey
(B


an
gk


ok
)L


td
Te


le
co


m
m


un
ic


at
io


ns
D


ef
en


se
B


ui
ld


-O
pe


ra
te


-T
ra


ns
fe


r
2


40
19


93
M


D
X


P
LC


P
ow


er
C


oa
l


B
ui


ld
-O


w
n-


O
pe


ra
te


7
08


20
05


H
yd


ro
el


ec
tr


ic
B


ui
ld


-O
pe


ra
te


-T
ra


ns
fe


r
2


80
19


94


(c
o


n
ti


n
u


ed
)




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward54


A
n


n
ex


t
ab


le
1


3.
C


o
n


ce
ss


io
n


f
o


re
ig


n
p


ro
je


ct
s


in
L


D
C


s
b


y
ty


p
e,


1
99


0–
20


10


H
o


st
L


D
C


Fo
re


ig
n


p
ar


tn
er



co


un
tr


y
Fo


re
ig


n
p


ar
tn


er
c


o
m


p
an


y
P


ro
je


ct
s


ec
to


r
P


ro
je


ct
s


ub
se


ct
o


r
P


ro
je


ct
t


yp
e


P
ro


je
ct


c
o


st


(i
n


m
ill


io
ns



o


f
U


S
$)


Ye
ar


Te
le


co
m


m
un


ic
at


io
ns


P
er


so
na


l C
om


m
un


ic
at


io
ns


N
et


w
or


k
B


ui
ld


-O
w


n-
O


pe
ra


te
2


80
20


02
Tr


an
sp


or
ta


tio
n


C
on


ta
in


er
T


er
m


in
al


s
B


ui
ld


-O
w


n-
O


pe
ra


te
5


95
20


08
R


at
ch


ab
ur


i E
le


ct
ric


ity
A


gr
ic


ul
tu


re
&


F
or


es
tr


y
Fo


od
&


G
ra


in
M


ill
s


B
ui


ld
-O


w
n-


O
pe


ra
te


2
89


5
20


07
M


in
in


g
C


oa
l


B
ui


ld
-O


w
n-


O
pe


ra
te


9
00


19
97


O
il


&
G


as
O


il
B


ui
ld


-O
w


n-
O


pe
ra


te
8


30
20


10
P


ow
er


C
oa


l
B


ui
ld


-O
w


n-
O


pe
ra


te
7


08
20


05
R


oj
an


a
In


du
st


ria
l P


ar
k


P
C


L
M


in
in


g
Iro


n/
S


te
el


B
ui


ld
-O


w
n-


O
pe


ra
te


4
50


20
07


Te
am


C
on


su
lti


ng
E


ng
in


ee
rin


g
C


oM
in


in
g


C
oa


l
B


ui
ld


-O
w


n-
O


pe
ra


te
9


00
19


97
Th


ai
L


ao
L


ig
ni


te
C


o
Lt


d
P


ow
er


H
yd


ro
el


ec
tr


ic
B


ui
ld


-O
w


n-
O


pe
ra


te
1


00
0


19
92


Th
ai


la
nd


K
in


gd
om


Le
is


ur
e


&
P


ro
pe


rt
y


H
os


pi
ta


l
B


ui
ld


-O
w


n-
O


pe
ra


te
1


25
0


19
93


M
in


in
g


Iro
n/


S
te


el
B


ui
ld


-O
w


n-
O


pe
ra


te
4


50
20


07
P


ow
er


H
yd


ro
el


ec
tr


ic
B


ui
ld


-O
pe


ra
te


-T
ra


ns
fe


r
2


80
19


94
Te


le
co


m
m


un
ic


at
io


ns
D


ef
en


se
B


ui
ld


-O
pe


ra
te


-T
ra


ns
fe


r
2


40
19


93
P


er
so


na
l C


om
m


un
ic


at
io


ns
N


et
w


or
k


B
ui


ld
-O


w
n-


O
pe


ra
te


2
80


20
02


U
ni


te
d


S
ta


te
s


M
er


ril
l L


yn
ch


&
C


o
In


c
Le


is
ur


e
&


P
ro


pe
rt


y
H


os
pi


ta
l


B
ui


ld
-O


w
n-


O
pe


ra
te


1
25


0
19


93
M


ad
ag


as
ca


r
C


an
ad


a
D


yn
at


ec
C


or
p


M
in


in
g


N
ic


ke
l


B
ui


ld
-O


w
n-


O
pe


ra
te


4
90


0
20


05
Tr


an
sp


or
ta


tio
n


R
oa


ds
B


ui
ld


-O
w


n-
O


pe
ra


te
2


30
0


20
05


S
N


C
-L


av
al


in
G


ro
up


In
c


M
in


in
g


N
ic


ke
l


B
ui


ld
-O


w
n-


O
pe


ra
te


4
90


0
20


05
Ja


pa
n


M
or


ita
H


ol
di


ng
s


P
ow


er
C


oa
l


B
ui


ld
-O


w
n-


O
pe


ra
te


..
20


06
S


um
ito


m
o


M
its


ui
F


in
l G


rp
In


c
M


in
in


g
N


ic
ke


l
B


ui
ld


-O
w


n-
O


pe
ra


te
4


90
0


20
05


S
ou


th
A


fri
ca


Im
pa


la
P


la
tin


um
H


ol
di


ng
s


Lt
d


M
in


in
g


N
ic


ke
l


B
ui


ld
-O


w
n-


O
pe


ra
te


4
90


0
20


05
Tr


an
sp


or
ta


tio
n


R
oa


ds
B


ui
ld


-O
w


n-
O


pe
ra


te
2


30
0


20
05


S
ou


th
K


or
ea


S
ou


th
K


or
ea


M
in


in
g


N
ic


ke
l


B
ui


ld
-O


w
n-


O
pe


ra
te


4
90


0
20


05
U


ni
te


d
K


in
gd


om
In


fra
co


B
C


V
L


td
O


il
&


G
as


O
il


P
ub


lic
-P


riv
at


e-
P


ar
tn


er
sh


ip
5


0
20


09
M


al
aw


i
U


ni
te


d
K


in
gd


om
P


al
ad


in
R


es
ou


rc
es


P
LC


P
et


ro
ch


em
ic


al
s


Fl
ui


d
C


at
al


yt
ic


C
ra


ck
in


g
P


la
nt


(
FC


C
)


B
ui


ld
-O


w
n-


O
pe


ra
te


2
85


20
05


M
au


ri
ta


ni
a


A
us


tr
al


ia
R


oc
O


il
C


o
P


ow
er


W
in


d
B


ui
ld


-O
w


n-
O


pe
ra


te
6


00
19


98
S


ph
er


e
M


in
er


al
s


Lt
d


A
gr


ic
ul


tu
re


&
F


or
es


tr
y


Iro
n/


S
te


el
B


ui
ld


-O
w


n-
O


pe
ra


te
2


10
0


20
06


W
oo


ds
id


e
P


et
ro


le
um


L
td


P
ow


er
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


6
00


19
98


C
an


ad
a


R
io


N
ar


ce
a


G
ol


d
M


in
es


L
td


Tr
an


sp
or


ta
tio


n
R


oa
ds


B
ui


ld
-O


w
n-


O
pe


ra
te


6
4


20
05


Ita
ly


E
N


I S
pA


P
ow


er
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


6
00


19
98


S
au


di
A


ra
bi


a
S


au
di


A
ra


bi
an


G
ov


er
nm


en
t


A
gr


ic
ul


tu
re


&
F


or
es


tr
y


Iro
n/


S
te


el
B


ui
ld


-O
w


n-
O


pe
ra


te
2


10
0


20
06


U
ni


te
d


K
in


gd
om


B
G


G
ro


up
P


LC
P


ow
er


W
in


d
B


ui
ld


-O
w


n-
O


pe
ra


te
6


00
19


98
P


re
m


ie
r


O
il


P
LC


P
ow


er
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


6
00


19
98


Tu
llo


w
O


il
P


LC
P


ow
er


W
in


d
B


ui
ld


-O
w


n-
O


pe
ra


te
6


00
19


98
M


o
za


m
b


iq
ue


A
us


tr
al


ia
A


us
tr


al
C


oa
l N


L
W


at
er


&
S


ew
er


ag
e


D
e-


S
al


in
at


io
n


B
ui


ld
-O


w
n-


O
pe


ra
te


1
22


0
19


98
R


iv
er


sd
al


e
M


in
in


g
Lt


d
M


in
in


g
N


ic
ke


l
B


ui
ld


-O
w


n-
O


pe
ra


te
1


30
0


20
09


P
ow


er
H


yd
ro


el
ec


tr
ic


B
ui


ld
-O


w
n-


O
pe


ra
te


8
00


20
09


Te
le


co
m


m
un


ic
at


io
ns


C
ab


le
T


el
ev


is
io


n
B


ui
ld


-O
w


n-
O


pe
ra


te
2


50
0


20
04


B
ra


zi
l


G
ru


po
C


am
ar


go
C


or
re


a
P


ow
er


W
in


d
B


ui
ld


-O
w


n-
O


pe
ra


te
1


60
0


20
07


(c
o


n
ti


n
u


ed
)




ANNEXES 55


A
n


n
ex


t
ab


le
1


3.
C


o
n


ce
ss


io
n


f
o


re
ig


n
p


ro
je


ct
s


in
L


D
C


s
b


y
ty


p
e,


1
99


0–
20


10


H
o


st
L


D
C


Fo
re


ig
n


p
ar


tn
er



co


un
tr


y
Fo


re
ig


n
p


ar
tn


er
c


o
m


p
an


y
P


ro
je


ct
s


ec
to


r
P


ro
je


ct
s


ub
se


ct
o


r
P


ro
je


ct
t


yp
e


P
ro


je
ct


c
o


st


(i
n


m
ill


io
ns



o


f
U


S
$)


Ye
ar


Va
le


S
A


Te
le


co
m


m
un


ic
at


io
ns


C
ab


le
T


el
ev


is
io


n
B


ui
ld


-O
w


n-
O


pe
ra


te
2


50
0


20
04


Ita
ly


Te
ch


in
t G


ro
up


O
il


&
G


as
G


as
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


1
10


0
19


94
Ja


pa
n


K
ob


e
S


te
el


L
td


O
il


&
G


as
G


as
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


1
10


0
19


94
M


ar
ub


en
i C


or
p


P
ow


er
S


ol
ar


B
ui


ld
-O


w
n-


O
pe


ra
te


1
00


0
19


99
M


its
ub


is
hi


C
or


p
O


il
&


G
as


O
il


B
ui


ld
-O


w
n-


O
pe


ra
te


9
75


19
99


N
or


w
ay


N
or


w
ay


Te
le


co
m


m
un


ic
at


io
ns


P
er


so
na


l C
om


m
un


ic
at


io
ns


N
et


w
or


k
P


ub
lic


-P
riv


at
e-


P
ar


tn
er


sh
ip


..
20


07
Vo


es
t-A


lp
hi


ne
In


du
st


O
il


&
G


as
G


as
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


1
10


0
19


94
P


or
tu


ga
l


Li
sc


on
t S


A
Tr


an
sp


or
ta


tio
n


P
or


ts
P


ub
lic


-P
riv


at
e-


P
ar


tn
er


sh
ip


5
5


19
98


S
ou


th
A


fri
ca


G
en


co
r


Le
is


ur
e


&
P


ro
pe


rt
y


S
ho


pp
in


g
C


en
tr


e
B


ui
ld


-O
w


n-
O


pe
ra


te
1


33
0


19
97


Jo
ha


nn
es


bu
rg


C
on


so
lid


at
ed


P
ow


er
S


ol
ar


B
ui


ld
-O


w
n-


O
pe


ra
te


1
00


0
19


99
W


at
er


&
S


ew
er


ag
e


D
e-


S
al


in
at


io
n


B
ui


ld
-O


w
n-


O
pe


ra
te


1
22


0
19


98
S


as
ol


L
td


P
ow


er
S


ol
ar


B
ui


ld
-O


w
n-


O
pe


ra
te


1
00


0
19


99
W


in
d


B
ui


ld
-O


w
n-


O
pe


ra
te


6
93


20
00


S
ou


th
A


fri
ca


Le
is


ur
e


&
P


ro
pe


rt
y


S
ho


pp
in


g
C


en
tr


e
B


ui
ld


-O
w


n-
O


pe
ra


te
1


33
0


19
97


M
in


in
g


Zi
nc


M
in


in
g


B
ui


ld
-O


w
n-


O
pe


ra
te


4
8


19
99


O
il


&
G


as
O


il
B


ui
ld


-O
w


n-
O


pe
ra


te
9


75
19


99
P


ow
er


G
as


B
ui


ld
-O


w
n-


O
pe


ra
te


4
00


20
00


W
in


d
B


ui
ld


-O
w


n-
O


pe
ra


te
6


93
20


00
W


at
er


&
S


ew
er


ag
e


D
e-


S
al


in
at


io
n


B
ui


ld
-O


w
n-


O
pe


ra
te


1
22


0
19


98
S


ou
th


er
n


M
in


in
g


C
or


p
P


ow
er


G
as


B
ui


ld
-O


w
n-


O
pe


ra
te


4
00


20
00


S
w


ed
en


S
ka


ns
ka


A
B


Tr
an


sp
or


ta
tio


n
P


or
ts


P
ub


lic
-P


riv
at


e-
P


ar
tn


er
sh


ip
5


5
19


98
U


ni
te


d
K


in
gd


om
B


ill
ito


n
P


LC
O


il
&


G
as


O
il


B
ui


ld
-O


w
n-


O
pe


ra
te


9
75


19
99


E
ur


op
ow


er
P


LC
W


at
er


&
S


ew
er


ag
e


D
e-


S
al


in
at


io
n


B
ui


ld
-O


w
n-


O
pe


ra
te


1
22


0
19


98
M


er
se


y
D


oc
ks


&
H


ar
bo


ur
C


o
Tr


an
sp


or
ta


tio
n


P
or


ts
P


ub
lic


-P
riv


at
e-


P
ar


tn
er


sh
ip


5
5


19
98


U
ni


te
d


S
ta


te
s


A
m


er
ic


an
M


et
al


s
&


C
oa


l I
nt


l
Te


le
co


m
m


un
ic


at
io


ns
C


ab
le


T
el


ev
is


io
n


B
ui


ld
-O


w
n-


O
pe


ra
te


2
50


0
20


04
D


uf
er


co
S


te
el


In
c


O
il


&
G


as
G


as
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


1
10


0
19


94
E


nr
on


C
or


p
O


il
&


G
as


G
as


P
ip


el
in


e
B


ui
ld


-O
w


n-
O


pe
ra


te
1


10
0


19
94


M
ya


nm
ar


(B
ur


m
a)


C
an


ad
a


Iv
an


ho
e


M
in


es
L


td
P


ow
er


C
oa


l
B


ui
ld


-O
w


n-
O


pe
ra


te
3


90
19


93


C
hi


na
P


eo
pl


es
R


ep
ub


lic
o


f C
hi


na
M


in
in


g
N


on
-m


et
al


lic
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
1


20
0


20
06


O
il


&
G


as
LN


G
-


Li
qu


ef
ie


d
N


at
ur


al
G


as
B


ui
ld


-O
w


n-
O


pe
ra


te
2


50
0


20
09


In
di


a
O


il
&


N
at


ur
al


G
as


C
or


p
Lt


d
P


ow
er


S
ol


ar
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
08


S
ou


th
K


or
ea


G
as


C
or


p
P


ow
er


S
ol


ar
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
08


Ja
pa


n
JX


H
ol


di
ng


s
In


c
O


il
&


G
as


G
as


B
ui


ld
-O


w
n-


O
pe


ra
te


1
00


0
19


93
M


al
ay


si
a


M
al


ay
si


a
O


il
&


G
as


G
as


B
ui


ld
-O


w
n-


O
pe


ra
te


1
00


0
19


93
S


ou
th


K
or


ea
D


ae
w


oo
In


te
rn


at
io


na
l C


or
p


P
ow


er
S


ol
ar


B
ui


ld
-O


w
n-


O
pe


ra
te


..
20


08
P


eo
pl


es
R


ep
ub


lic
o


f C
hi


na
P


ow
er


S
ol


ar
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
08


Th
ai


la
nd


Th
ai


la
nd


K
in


gd
om


M
in


in
g


N
on


-m
et


al
lic


M
in


in
g


B
ui


ld
-O


w
n-


O
pe


ra
te


1
20


0
20


06
U


ni
te


d
K


in
gd


om
P


re
m


ie
r


O
il


P
LC


O
il


&
G


as
G


as
B


ui
ld


-O
w


n-
O


pe
ra


te
1


00
0


19
93


(c
o


n
ti


n
u


ed
)




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward56


A
n


n
ex


t
ab


le
1


3.
C


o
n


ce
ss


io
n


f
o


re
ig


n
p


ro
je


ct
s


in
L


D
C


s
b


y
ty


p
e,


1
99


0–
20


10


H
o


st
L


D
C


Fo
re


ig
n


p
ar


tn
er



co


un
tr


y
Fo


re
ig


n
p


ar
tn


er
c


o
m


p
an


y
P


ro
je


ct
s


ec
to


r
P


ro
je


ct
s


ub
se


ct
o


r
P


ro
je


ct
t


yp
e


P
ro


je
ct


c
o


st


(i
n


m
ill


io
ns



o


f
U


S
$)


Ye
ar


U
ni


te
d


S
ta


te
s


C
he


vr
on


C
or


p
O


il
&


G
as


G
as


B
ui


ld
-O


w
n-


O
pe


ra
te


1
00


0
19


93
N


ep
al


In
di


a
G


M
R


H
ol


di
ng


s
P


vt
L


td
P


ow
er


H
yd


ro
el


ec
tr


ic
B


ui
ld


-O
w


n-
O


pe
ra


te
-T


ra
ns


fe
r


..
20


08
N


or
w


ay
A


B
B


K
ra


ft
A


/S
P


ow
er


H
yd


ro
el


ec
tr


ic
B


ui
ld


-O
w


n-
O


pe
ra


te
-T


ra
ns


fe
r


1
40


19
94


A
ke


r
R


G
I A


S
P


ow
er


H
yd


ro
el


ec
tr


ic
B


ui
ld


-O
w


n-
O


pe
ra


te
-T


ra
ns


fe
r


1
40


19
94


N
or


w
ay


P
ow


er
H


yd
ro


el
ec


tr
ic


B
ui


ld
-O


w
n-


O
pe


ra
te


-T
ra


ns
fe


r
1


40
19


94
N


ig
er


S
pa


in
R


ep
so


l Y
P


F
S


A
P


ow
er


S
ol


ar
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
05


R
ep


o
f


C
o


ng
o


C
an


ad
a


M
ag


ne
si


um
A


llo
y


C
or


p
Le


is
ur


e
&


P
ro


pe
rt


y
S


ch
oo


l
B


ui
ld


-O
w


n-
O


pe
ra


te
5


00
19


98
U


ni
te


d
K


in
gd


om
A


ng
lo


A
m


er
ic


an
P


LC
P


et
ro


ch
em


ic
al


s
C


he
m


ic
al


s
&


P
la


st
ic


s
B


ui
ld


-O
w


n-
O


pe
ra


te
3


50
19


97
R


w
an


d
a


A
us


tr
al


ia
D


an
e


A
ss


oc
ia


te
s


P
ow


er
C


oa
l


B
ui


ld
-O


w
n-


O
pe


ra
te


3
25


20
04


S
ao


T
o


m
e


N
ig


er
ia


D
an


go
te


G
ro


up
(b


la
nk


)
(b


la
nk


)
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
04


U
ni


te
d


S
ta


te
s


C
he


vr
on


Te
xa


co
C


or
p


(b
la


nk
)


(b
la


nk
)


B
ui


ld
-O


w
n-


O
pe


ra
te


..
20


04
D


ev
on


E
ne


rg
y


C
or


p
(b


la
nk


)
(b


la
nk


)
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
04


E
xx


on
M


ob
il


C
or


p
(b


la
nk


)
(b


la
nk


)
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
04


S
en


eg
al


A
us


tr
al


ia
M


in
er


al
D


ep
os


its
L


td
P


ow
er


S
ol


ar
B


ui
ld


-O
w


n-
O


pe
ra


te
1


30
20


08
S


au
di


A
ra


bi
a


S
au


di
B


in
L


ad
in


G
ro


up
J


S
C


In
du


st
ry


Iro
n/


S
te


el
B


ui
ld


-O
w


n-
O


pe
ra


te
4


83
20


05
U


ni
te


d
K


in
gd


om
A


ld
w


yc
h


In
te


rn
at


io
na


l L
td


O
il


&
G


as
O


il
B


ui
ld


-O
w


n-
O


pe
ra


te
2


00
20


07
Ta


nz
an


ia
A


us
tr


al
ia


R
es


ol
ut


e
M


in
in


g
Lt


d
P


ow
er


O
il


B
ui


ld
-O


w
n-


O
pe


ra
te


5
0


19
95


G
er


m
an


y
G


er
m


an
y


O
il


&
G


as
G


as
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


-T
ra


ns
fe


r
3


75
19


96
M


al
ay


si
a


M
ec


hm
ar


C
or


p(
M


al
ay


si
a)


B
hd


Le
is


ur
e


&
P


ro
pe


rt
y


S
ho


pp
in


g
C


en
tr


e
B


ui
ld


-O
pe


ra
te


-T
ra


ns
fe


r
1


05
19


94
N


et
he


rla
nd


s
N


et
he


rla
nd


s
P


ow
er


C
oa


l
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
09


S
ou


th
A


fri
ca


A
ng


lo
go


ld
L


td
Te


le
co


m
m


un
ic


at
io


ns
P


er
so


na
l C


om
m


un
ic


at
io


ns
N


et
w


or
k


B
ui


ld
-O


w
n-


O
pe


ra
te


1
65


20
00


E
ne


rg
em


R
es


ou
rc


es
In


c
P


ow
er


W
as


te
B


ui
ld


-O
w


n-
O


pe
ra


te
2


00
0


20
08


U
ni


te
d


K
in


gd
om


A
ld


w
yc


h
In


te
rn


at
io


na
l L


td
P


ow
er


C
oa


l
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
09


M
ot


t M
ac


D
on


al
d


G
ro


up
L


td
P


ow
er


C
oa


l
B


ui
ld


-O
w


n-
O


pe
ra


te
1


2
19


99
U


ni
te


d
K


in
gd


om
O


il
&


G
as


G
as


P
ip


el
in


e
B


ui
ld


-O
w


n-
O


pe
ra


te
-T


ra
ns


fe
r


3
75


19
96


U
ni


te
d


S
ta


te
s


Th
e


W
ill


ia
m


s
C


os
In


c
O


il
&


G
as


G
as


P
ip


el
in


e
B


ui
ld


-O
w


n-
O


pe
ra


te
-T


ra
ns


fe
r


3
75


19
96


W
or


ld
B


an
k


O
il


&
G


as
G


as
P


ip
el


in
e


B
ui


ld
-O


w
n-


O
pe


ra
te


-T
ra


ns
fe


r
3


75
19


96
To


g
o


U
ni


te
d


S
ta


te
s


C
on


to
ur


G
lo


ba
l L


P
P


ow
er


W
in


d
D


es
ig


n-
B


ui
ld


-O
pe


ra
te


-T
ra


ns
fe


r
..


20
09


U
g


an
d


a
Fr


an
ce


V
iv


en
di


S
A


M
in


in
g


G
ol


d
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
-T


ra
ns


fe
r


8
67


19
95


In
di


a
ID


F
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
P


ub
lic


-P
riv


at
e-


P
ar


tn
er


sh
ip


4
50


20
01


N
et


he
rla


nd
s


FM
O


M
in


in
g


G
ol


d
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
-T


ra
ns


fe
r


8
67


19
95


N
or


w
ay


N
or


pa
k


P
ow


er
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
P


ub
lic


-P
riv


at
e-


P
ar


tn
er


sh
ip


4
50


20
01


Tr
on


de
rE


ne
rg


i A
S


P
ow


er
C


om
bi


ne
d


C
yc


le
G


as
T


ur
bi


ne
(


C
C


G
T)


B
ui


ld
-O


w
n-


O
pe


ra
te


5
6


20
08


S
w


ed
en


A
ga


K
ha


n
Fu


nd
fo


r
E


co
no


m
ic


M
in


in
g


G
ol


d
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
-T


ra
ns


fe
r


8
67


19
95


S
w


itz
er


la
nd


A
ga


K
ha


n
Fo


un
da


tio
n


G
en


ev
a


M
in


in
g


G
ol


d
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
-T


ra
ns


fe
r


8
67


19
95


U
ni


te
d


S
ta


te
s


A
E


S
C


or
p


M
in


in
g


G
ol


d
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
-T


ra
ns


fe
r


8
67


19
95


Ye
m


en
Fr


an
ce


To
ta


l S
A


P
ow


er
C


om
bi


ne
d


C
yc


le
G


as
T


ur
bi


ne
(


C
C


G
T)


B
ui


ld
-O


w
n-


O
pe


ra
te


4
91


5
19


93
G


re
ec


e
C


on
so


lid
at


ed
C


on
tr


ac
to


rs
G


ro
up


O
il


&
G


as
LN


G
-


Li
qu


ef
ie


d
N


at
ur


al
G


as
B


ui
ld


-O
w


n-
O


pe
ra


te
3


00
19


99


(c
o


n
ti


n
u


ed
)




ANNEXES 57


A
n


n
ex


t
ab


le
1


3.
C


o
n


ce
ss


io
n


f
o


re
ig


n
p


ro
je


ct
s


in
L


D
C


s
b


y
ty


p
e,


1
99


0-
20


10


H
o


st
L


D
C


Fo
re


ig
n


p
ar


tn
er



co


un
tr


y
Fo


re
ig


n
p


ar
tn


er
c


o
m


p
an


y
P


ro
je


ct
s


ec
to


r
P


ro
je


ct
s


ub
se


ct
o


r
P


ro
je


ct
t


yp
e


P
ro


je
ct


c
o


st


(i
n


m
ill


io
ns



o


f
U


S
$)


Ye
ar


S
ou


th
K


or
ea


H
yu


nd
ai


H
ea


vy
In


ds
C


o
Lt


d
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
B


ui
ld


-O
w


n-
O


pe
ra


te
4


91
5


19
93


S
K


E
ng


in
ee


rin
g


&
C


on
st


r
C


o
Lt


d
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
B


ui
ld


-O
w


n-
O


pe
ra


te
4


91
5


19
93


S
ou


th
K


or
ea


P
ow


er
C


om
bi


ne
d


C
yc


le
G


as
T


ur
bi


ne
(


C
C


G
T)


B
ui


ld
-O


w
n-


O
pe


ra
te


4
91


5
19


93
U


ni
te


d
S


ta
te


s
D


el
m


a
P


ow
er


O
il


&
G


as
LN


G
-


Li
qu


ef
ie


d
N


at
ur


al
G


as
B


ui
ld


-O
w


n-
O


pe
ra


te
3


00
19


99
R


rh
C


or
po


ra
tio


n
P


ow
er


C
om


bi
ne


d
C


yc
le


G
as


T
ur


bi
ne


(
C


C
G


T)
B


ui
ld


-O
w


n-
O


pe
ra


te
4


91
5


19
93


Z
am


b
ia


A
us


tr
al


ia
A


lb
id


on
L


td
M


in
in


g
N


ic
ke


l
B


ui
ld


-O
w


n-
O


pe
ra


te
1


20
20


06
C


G
A


M
in


in
g


Lt
d


P
ow


er
C


om
bi


ne
d


C
yc


le
G


as
T


ur
bi


ne
(


C
C


G
T)


B
ui


ld
-O


w
n-


O
pe


ra
te


6
5


20
08


C
an


ad
a


Fi
rs


t Q
ua


nt
um


M
in


er
al


s
Lt


d
P


ow
er


H
yd


ro
el


ec
tr


ic
B


ui
ld


-O
w


n-
O


pe
ra


te
2


03
19


97
In


di
a


N
av


a
B


ha
ra


t V
en


tu
re


s
Lt


d
M


in
in


g
Iro


n/
S


te
el


B
ui


ld
-O


w
n-


O
pe


ra
te


6
00


20
08


Ta
ta


S
on


s
Lt


d
P


ow
er


C
oa


l
D


es
ig


n-
C


on
st


ru
ct


-M
an


ag
e-


Fi
na


nc
e


2
20


20
07


K
en


ya
K


en
ya


O
il


&
G


as
O


il
P


ip
el


in
e


P
ub


lic
-P


riv
at


e-
P


ar
tn


er
sh


ip
6


60
20


03
U


ni
te


d
K


in
gd


om
A


ng
lo


A
m


er
ic


an
P


LC
M


in
in


g
C


op
pe


r
M


in
in


g
B


ui
ld


-O
w


n-
O


pe
ra


te
7


50
19


94
O


il
&


G
as


G
as


P
riv


at
iz


at
io


n
1


19
0


19
98


C
op


pe
rb


el
t E


ne
rg


y
C


on
so


rt
iu


m
O


il
&


G
as


O
il


P
ip


el
in


e
P


ub
lic


-P
riv


at
e-


P
ar


tn
er


sh
ip


6
60


20
03


U
ni


te
d


S
ta


te
s


D
uk


e
E


ne
rg


y
C


or
p


W
at


er
&


S
ew


er
ag


e
W


at
er


S
up


pl
y


B
ui


ld
-O


w
n-


O
pe


ra
te


1
2


20
00


H
ec


la
M


in
in


g
C


o
P


ow
er


H
yd


ro
el


ec
tr


ic
B


ui
ld


-O
w


n-
O


pe
ra


te
1


00
0


20
00


W
or


ld
B


an
k


O
il


&
G


as
G


as
P


riv
at


iz
at


io
n


1
19


0
19


98
Z


im
b


ab
w


e
M


al
ay


si
a


Y
TL


H
M


in
in


g
G


ol
d


M
in


in
g


P
riv


at
iz


at
io


n
6


00
19


96
U


ni
te


d
K


in
gd


om
C


en
tr


al
A


fri
ca


n
M


in
in


g
&


E
xp


l
P


ow
er


W
in


d
B


ui
ld


-O
w


n-
O


pe
ra


te
..


20
09


In
te


rn
at


io
na


l P
ow


er
P


LC
Tr


an
sp


or
ta


tio
n


R
oa


ds
B


ui
ld


-O
w


n-
O


pe
ra


te
1


50
0


19
98


U
ni


te
d


S
ta


te
s


Fr
ee


po
rt


-M
cM


oR
an


In
c


Tr
an


sp
or


ta
tio


n
R


oa
ds


B
ui


ld
-O


w
n-


O
pe


ra
te


1
50


0
19


98


S
ou


rc
e:



U


N
C


TA
D


, b
as


ed
o


n
da


ta
fr


om
T


ho
m


so
n


da
ta


ba
se


.
N


ot
e:



R


ep
ea


te
d


ap
pe


ar
an


ce
o


ft
he


s
am


e
pr


oj
ec


ti
s


du
e


to
th


e
fa


ct
th


at
a


p
ro


je
ct


c
ou


ld
b


e
ow


ne
d


by
m


ul
tip


le
s


po
ns


or
s.


O
nl


y
81


%
o


ft
he


li
st


ed
p


ro
je


ct
s


ha
ve


a
d


ec
la


re
d


am
ou


nt


of
p


ro
je


ct
c


os
t.


(c
o


n
cl


u
d


ed
)




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward58


Annex table 14. Selected 50 largest foreign affiliates in the LDCs, 2010
(Millions of dollars and number)


Company Host country Home country Industry Sales Employees
Caltex Oil Zambia United States Petroleum and petroleum


products wholesalers, nec
104 000 60


Siemens Mozambique Germany Electronic parts and equipment,
nec


27 230 21


Tata Zambia Limited Zambia India Automobiles and other motor
vehicles


15 000 70


Northern Breweries 1995 Plc Zambia South Africa Malt beverages 3 717 150
Compagnie Des Bauxites de Guinée Guinea United States Miscellaneous metal ores, nec 3 500 3 000
Kwaba Sociedade Industrial e
Comercial


Angola United States Flour and other grain mill
products


2 684 9 000


Shell Senegal United Kingdom Petroleum and petroleum
products wholesalers, nec


2 555 142


Msf - Engenharia Angola Lda Angola Portugal Engineering services 1 394 210
Standard Bank Lesotho Ltd Lesotho South Africa Finance 1 282 ..
Cfao Motors Burkina Burkina Faso France Radio, television, and consumer


electronics stores
1 091 20


Société Des Mines De L'Air Niger France Uranium-radium-vanadium ores 861 1 000
Compagnie Miniere D'Akouta Niger France Uranium-radium-vanadium ores 819 1 214
Alvalade Empreendimentos
Turisticos E Hoteleiros


Angola Portugal Hotels and motels 447 70


Serafim L'Andrade Angola Portugal Hotels and motels 447 35
Hotel Tivoli Hotelaria E Servicos Lda Mozambique Portugal Hotels and motels 447 30
Banco De Fomento Angola Portugal Commercial banks, nec 377 1 528
Société Des Ciments Togo Germany Cement, hydraulic 369 3 000
Manufacture Burkinabe De Cigarettes Burkina Faso United Kingdom Cigarettes 351 154
Ciments Du Benin Benin Germany Cement, hydraulic 262 200
Compagnie Française De L'Afrique
Occidentale Du Senegal


Senegal France Automobiles and other motor
vehicles


262 158


Total Niger France Petroleum and petroleum
products wholesalers, nec


248 55


Brasseries, Limonaderies Et Malteries Congo, Dem. Rep. of Switzerland Malt beverages 236 ..
Cfao Burkina Burkina Faso France Automobiles and other motor


vehicles
204 700


Laborex Mali France Drugs, drug proprietaries, and
druggists' sundries


166 55


Banco International De Mozambique Mozambique Portugal Commercial banks, nec 166 1 400
Illovo Sugar Malawi Limited Malawi South Africa Cane sugar, except refining 140 8 000
Société Nouvelle Sucrière De La
Comoé


Burkina Faso Ivory Coast Food preparations, nec 137 2 000


Groupement D' Enterprises De
Transport Maritime Et Ariens


Congo, Dem. Rep. of France Arrangement of transportation of
freight and cargo


118 10


Compagnie Francaise de L'Afrique
De L'Ouest


Togo France Automobiles and other motor
vehicles


117 99


Société Ashanti Goldfields Guinea Ghana Gold ores 108 1 978
M.A. Al Kharafi & Sons Ltd Gambia Kuwait Highway and street construction 100 2 000
Banco Comercial E De Investmentos Mozambique Portugal Commercial banks, nec 86 843
Sifa Burkina Faso France Motorcycles, bicycles, and parts 78 115
Cimentos de Moçambique Mozambique Portugal Concrete products, except block


and brick
72 426


Total Mauritania France Oil and gas field exploration
services


72 60


Maersk Oil Angola Denmark Transportation services, nec 65 200
Secil - Companhia De Cimento Do
Lobito


Angola Portugal Cement, hydraulic 63 691


J & G Transport Lesotho (Pty) Ltd Lesotho South Africa .. 61 ..
Octomar Servicos Maritimos Lda Angola Netherlands Heavy construction equipment


rental and leasing
56 5


Cfao Motors Tchad Chad France Automobiles and other motor
vehicles


56 50


Chemaf Congo, Dem. Rep. of United Kingdom Copper ores 55 300
Promo-Pharma Benin France Drugs, drug proprietaries, and


druggists' sundries
53 40


British American Tobacco Zambia United Kingdom Chewing and smoking tobacco
and snuff


47 200


Metro Cash & Carry Malawi Germany Miscellaneous food stores 47 1 800
Auto Sueco (Angola) Angola Portugal Automobiles and other motor


vehicles
47 165


Perenco Eritrea Ltd Eritrea France Petroleum and petroleum
products wholesalers, nec


46 10


Société Des Plastiques Burkina Faso Ivory Coast Plastics products, nec 45 200
Maersk Angola Denmark Transportation services, nec 43 230
Banco Espirito Santo Angola Portugal National commercial banks 37 100
Société Mauritanienne Des
Telecommunications


Mauritania France Electrical and electronic repair
shops, nec


36 580


Source: UNCTAD, based on investment profiles in this study.




ANNEXES 59


Annex table 15. Selected FDI-related liberalization measures in LDCs, 2003–2009


Country Year Content


Afghanistan 2003
The Government established the Afghanistan Investment Support Agency, which serves
as a one-stop shop for investors.


Angola 2003
The Government established the National Private Investment Agency to simplify
procedures and reduce the amount of time required to register a company.


2009
Local-content law obliges foreign oil companies to use local Angolan firms to provide
basic services and goods for the industry, requiring them to pay into a special fund that
will be used for training Angolans.


Burundi 2008
The new Burundian Investment Code simplifies the existing legislation and harmonizes
the country’s investment legislation with the frameworks applicable in other countries
within the East African Community.


Cambodia 2005
Following the adoption of the Law on Amendment to the Law on Investment, the Council
of Minister passed a sub-decree on the Establishment and Management of Special
Economic Zones.


Ethiopia 2006
National Foreign Investment Promotion Advisory Council has been established to collect
data and attract potential foreign inventors in priority areas.


Eritrea 2007
Free zones were established around the Red Sea ports of Massawa and Assab as a
means of attracting foreign investment and investors in the free zones would be 100%
exempt from import and export taxes.


Guinea 2005
The exchange rate market has been liberalized. The weekly official foreign currency
auctions abolished and trading in foreign currency is to be conducted by commercial
banks.


Mali 2005
The Government approved the creation of a one-stop investment shop to serve as the
single registration body for setting up business andto promote industrial zones and
economic activity.


Rwanda 2004
The law establishing the Rwanda Investment and Export Promotion Agency was set forth
with a Strategic Action Plan.


São Tomé 2009
Fundamental Law on Petroleum Operation Principefosters transparency, by requiring the
Government to hold public tenders for the licensing of oil blocks, and governs petroleum
activities in the country's EEZ.


United Republic of Tanzania 2009
The Mining Law gives the Government the power to acquire a stake of between 10 per
cent and 15 per cent in strategic gemstone mining.


Uganda 2008
The amendment of the Investment Code leads to the establishment of a one-stop center
at the Uganda Investment Authority.


Source: UNCTAD, based on official sources.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward60


REFERENCES


Broadman,HarryG.(2008).“ChinaandIndiaGotoAfrica,”Foreign Affairs,Volume87,Number2,
(March/April2008),pp.95-109.


NilsBhindaandMatthewMartin(2009),PrivateCapitalFlowstoLowIncomeCountries:Dealing
With Boom and Bust . Department for International Development FPC CBP Series No 2,
November.


UNCTAD(2001).FDI in Least Developed Countries at a Glance: 2001. United Nations, New York
and Geneva.


UNCTAD (2002). World Investment Report 2002: Transnational Corporations and Export
Competitiveness, United Nations publication, New York and Geneva.


UNCTAD(2006).FDI in Least Developed Countries at a Glance: 2005/2006. United Nations, New
York and Geneva.


UNCTAD (2009).The Least Developed Countries Report 2009. United Nations, New York and
Geneva.


UNCTAD (2010).The Least Developed Countries Report 2010. United Nations, New York and
Geneva.


United Nations Industrial Development Organization (UNIDO) (2007). Africa Foreign Investor Survey
2005 - Understanding the Contributions of Different Investor Categories to Development
–Implications for Targeting Strategies. 2nd Edition. Vienna.




PART TWO
Investment Profiles




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward62


SOURCES AND DEFINITIONS


Maps
The48LDCmapsarecreatedbyusingArcViewGISsoftware(EnvironmentalSystemsResearchInstituteInc.,
1996).Allof thesemapsareapprovedby theCartographicSection,DepartmentofPublic Information,United
Nations, with some modifications.


Area
DataarefromUnitedNationsDemographicYearbook2008online(http://unstats.un.org/unsd/demographic/products/
dyb/dyb2008.htm).


Population
Data are provided by the United Nations Population Division, World Population Prospects, The 2008 Revision.


Capital city and official language
Information is from UNCTAD, Statistical Synopsis of the Least Developed Countries(Geneva:UNCTAD,1999)
andUnitedNationsDemographicYearbook2008online (http://unstats.un.org/unsd/demographic/products/dyb/
dyb2008.htm).


Currency and exchange rate (period average and end of period)
Data are from the IMF, International Financial Statistics,March2011CD-ROM(Washington,D.C:IMF).


GDP, exports of goods and services, imports of goods and services
The data on GDP were obtained from the UNCTAD Secretariat, the IMF’s CD-ROM on International Financial
Statistics, various issues, and the IMF’s World Economic Outlook,April2010.


ODA
Data are from OECD, Geographical Distribution of Financial Flows to Aid Recipients (Paris: OECD), online at
www.oecd.org/dac/stats/analyses. The data used in this booklet are bilateral ODA from member and non-member
countries of DAC of the OECD.


External debt
Data are from World Bank, Global Development Finance online database and World Development Indicators
online database (Washington,D.C.:WorldBank).“Externaldebt”includeslong-termdebt(thepublicandpublicly
guaranteed debt and the private nonguaranteed debt), the use of IMF credit and short-term debt.


Inward FDI: geographical breakdown, by source
Data are from UNCTAD, FDI/TNC database (www.unctad.org/fdistatistics). Data are from national sources. In the
case of countries for which no data were available from national sources, data on outward FDI from home countries
were used to provide some indication on source countries.


FDI inflows/inward stocks
FDI is defined as an investment involving a long-term relationship and reflecting a lasting interest and control
of a resident entity in one economy in an enterprise resident in an economy other than that of the foreign direct
investor(foreignaffiliate).Anequitycapitalstakeof10percentormoreoftheordinarysharesorvotingpowerfor
anincorporatedenterprise,oritsequivalentforanunincorporatedenterprise,isnormallyconsideredasathreshold
for FDI. FDI flows comprise capital provided (either directly or through other related enterprises) by a foreign direct
investor to an FDI enterprise, or capital received from an FDI enterprise by a foreign direct investor. As most of
LDCs do not report their FDI inflows, various sources as well as some estimation methods are used.


a. FDI inflows


FordataonFDIflowsnational(orregionalinthecaseofBanqueCentraledesEtatsdel’Afriquedel’Ouest(BCEAO))
sourcesduring1992-2010areusedexceptthefollowing:




SOURCES AND DEFINITIONS 63


Afghanistan 1992-1994 and 1996-2001: OECD; 1995 and 2010: Own estimates.
Angola 2010: IMF estimate.
Bangladesh 1992-1994: IMF; 2009-2010: Own estimates.
Benin 2010: IMF estimate.
Bhutan 1995-1997: OECD; 2009-2010: Own estimates.
Burkina Faso 2008-2009: Own estimates; 2010: IMF estimate.
Burundi 2007-2009: IMF; 2010: IMF estimate.
Cambodia
Central African Republic 1992-1994: IMF; 2010: Own estimate.
Chad 1992-1994: IMF; 2010: IMF estimate.
Comoros 1992-1995, 1998 and 2007-2009: IMF; 1996-1997: OECD; 2010: IMF estimate.
Congo, Democratic Republic of 1992-1999: OECD; 2010: IMF estimate.
Djibouti 2010: Own estimate.
Equatorial Guinea 2010: IMF estimate.


Eritrea 1996-2003: IMF; 2004-2007: OECD; 2008-2009: Own estimates.2010: IMF estimate.
Ethiopia 2005-2009: IMF; 2010: Own estimate.
Gambia 2010: IMF estimate.
Guinea 2010: IMF estimate.
Guinea-Bissau 1992 and 1994-1996: OECD; 1993 World Bank; 2009: Own estimates; 2010: IMF estimate.
Haiti 2010: Own estimate.
Kiribati 1992-1994: IMF; 2005 and 2007: OECD; 2006 and 2008-2010: Own estimates.
Lao People’s Democratic Republic 2009-2010: Own estimates.
Lesotho 2010: Own estimates.
Liberia 1992-1999: OECD; 2000-2002 and 2008-2009: IMF; 2010: IMF estimate.
Madagascar 2010: Own estimate.
Malawi 2010: IMF estimate.
Mali 1992 and 1998: IMF; 2009: Own estimate; 2010: IMF estimate.
Mauritania 2010: IMF estimate.
Mozambique
Myanmar 2006 and 2007: ASEAN; 2004-2007: OECD; 2008-2010: Own estimates.
Nepal 1996-2000 and 2002-2004: IMF; 2001: OECD; 2010: Own estimate.
Niger 1992-1994 and 2008-2009: IMF; 2010: IMF estimate.
Rwanda 2010: IMF estimate.


Samoa 1992-1994, 1998-1999 and 2001: World Bank; 1995-1997, 2000 and 2002-2003: OECD; 2010: Own estimate.
Senegal 2008-2009: IMF; 2010: IMF estimate.
Sierra Leone 2008-2009 IMF; 2010 IMF estimate
Solomon Islands 1992-1996: IMF; 2010: IMF estimate.
Somalia 1992 and 1998-2004: OECD; 1993-1997: World Bank; 2005-2010: Own estimates.
Sudan 1992-1995: OECD; 2009-2010: Own estimates.
Sao Tome and Principe 1993 and 1995-1997: OECD; 2008-2009: IMF 2010: IMF estimate.
Timor-Leste 1992, 1995 and 2001-2005: OECD; 2009-2010: Own estimates.
Togo 2009-2010: Own estimates.
Tuvalu 1994, 1996, 1998-1999 and 2001-2007: OECD; 2000, 2008-2010: Own estimates.
Uganda 2010: Own estimate.
United Republic of Tanzania 2010: IMF estimate.
Vanuatu 1992-2001: IMF; 2010: Own estimate.
Yemen 1992-1994: IMF; 2010: IMF estimate.
Zambia 1992 World Bank; 2009-2010: Own estimates.


Notes: IMF: IMF’s International Financial Statistics and Balance of Payments Statistics Online, or IMF’s Country Report,
under Article IV of the IMF’s Articles of Agreements; IMF estimates: Estimates made in IMF’s World Economic
Outlook; OECD: Geographical Distribution of Financial Flows to Developing Countries; World Bank: World Bank’s
World Development Indicators Online; Own estimates: UNCTAD’s own estimates.


b. FDI stock


FordataonFDIstocknational(orregionalinthecaseofBanqueCentraledesEtatsdel’Afriquedel’Ouest(BCEAO))
sources or by accumulating/subtracting FDI flows from the stock of the year for which the data are available are
used except the following:


Benin 1996-1998: IMF
Mali 1996-1998: IMF
Sudan 2003-2007: IMF
Yemen 2003-2006: IMF


Notes: IMF: IMF’s International Financial Statistics and Balance of Payments Statistics Online, or IMF’s Country Report,
under Article IV of the IMF’s Articles of Agreements.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward64


Gross fixed capital formation
The data on gross fixed capital formation were obtained from the IMF’s CD-ROM on International Financial Statistics,
March2011.Forsomeeconomies,forwhichdataarenotavailablefortheperiod1992-2010,orpartofit,dataare
complemented by data on gross capital formation. These data are further complemented by data obtained from
(i) national official sources; and (ii) World Bank data on gross fixed capital formation or gross capital formation,
obtained from the World Development Indicators Online.


Definitions and sources of the data on cross-border M&As
FDI is a balance-of-payments concept involving the cross-border transfer of funds. Cross-border M&As statistics
shown in this publication are based on information reported by Thomson Reuters. Such M&As conform to the FDI
definitionasfarastheequityshare isconcerned.However, thedataalso includepurchasesviadomesticand
international capital markets, which should not be considered as FDI flows. Although it is possible to distinguish types
of financing used for M&As (e.g. syndicated loans, corporate bonds, venture capital), it is not possible to trace the
origin or country-sources of the funds used. Therefore, the data used include the funds not categorized as FDI.


TheUNCTADdatabaseoncross-borderM&Ascontainsinformationonultimateandimmediatetargetandacquiring
countries. To approximate further FDI flows, tables relating to cross-border M&As by region/country are tabulated
basedon:1)theimmediatetargetcountryprincipleforthesalesofequitysharesinaresidententerprise;2)the
ultimateacquiringcountryprinciple for thepurchasesofequityshares inanon-residententerprise;and3) the
ultimate target country principle for the sales of equity shares in a non-resident enterprise, unless otherwise
specified.Roundtrippingcasesarealsoconsideredonthebasisoftheimmediateacquiringandimmediatetarget
country principles.


FDI flows are recorded on a net basis (capital account credits less debits between direct investors and their foreign
affiliates) in a particular year. M&As data are also recorded on a net basis, i.e. expressed as differences between
grosscross-borderacquisitionsanddivestmentbyfirmsin/fromaparticularcountryorin/fromaparticularindustry.
Transaction amounts recorded in the UNCTAD M&A statistics are those at the time of closure of the deals, and not
at the time of announcement. The M&A values are not necessarily paid out in a single year.

Definitions and sources of the data on greenfield projects
Data on greenfield investment projects are based on the information provided by fDi markets of Financial Times.
fDi Markets tracks all new investment projects and expansion of existing investments without information on the
equityparticipationbyinvestors.ItsuggeststhatdatamayincludeinvestmentsthatarenotqualifiedasFDI.Joint-
ventures are also included only where they lead to a new physical operation. While there is no minimum size for a
project to be considered, as a selection criteria for inclusion in this database, an investment project has to create
new direct jobs and capital investment.
As far the industry classification is concerned every FDI project tracked by fDi Markets is classified according to its
cluster, sector, and business activity, based on a proprietary industry classification system.


BITs and DTTs
DataarefromUNCTAD’sBIT’sandDTTsdatabases(www.unctad.org/iia).TheinformationisasofJanuary2011.
There were no such agreements for the countries whose tables were not produced in the country profiles.


Largest foreign affiliates
Data are from UNCTAD’s FDI/TNC database based on information from WorldBase (London: Dun and Bradstreet,
2010)andnationalsources.Aforeignaffiliateisanincorporatedorunincorporatedenterpriseinwhichaninvestor,
who is resident in another economy, owns a stake that permits a lasting interest in the management of that enterprise.
Inthispublication,majority-ownedforeignaffiliateswithaforeignequitystakeofmorethan50percentonlyare
considered.


Membership of relevant international agreements
InformationcollectedbytheUNCTADsecretariatasofJanuary2011.


Investment promotion agencies
The information is from WAIPA (www.waipa.org/menu.htm), IPAnet (www.ipanet.net/) and other websites.


Fortune Global 500 investors
On the basis of the list of the FortuneGlobal 500 companies at http://money.cnn.com/magazines/fortune/
global500/2010/,parentcompaniesofforeignaffiliatesarechecked.




Afghanistan
65


Area (‘000 km2): 2008 652.1
Population (millions): 2010 29.1
Capital city: Kabul
Official language: Pashto and Dari
Currency: Afghani
Exchange rate (period average): 2009 AFA 50.25 =$1
GDP in current prices (millions of dollars): 2009 15 099
Exports of goods and services (millions of dollars): 2009 2 258
Imports of goods and services (millions of dollars): 2009 5 757
Official development assistance (millions of dollars): 2009 5 116
External debt (millions of dollars): 2009 2 328


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Afghanistan
Turkmenistan


Uzbekistan
Tajikistan


Islamic
Rep.
of Iran


Pakistan


Kabul


India


China


Jammu
and
Kashmir


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Cyprus - - - - - 7.2 - - - - - - 6.8 -
Denmark - - - - - - - - - - - 59.1 75.7 77.1
France - 1.2 3.7 1.3 - - - - - - - - - -
Sweden - 0.2 - 0.1 - 0.3 - 0.1 - 0.1 - 0.3 - 0.4 - - - - - - -
United States - - - - - - - - 6.0 6.0 6.0 6.0 6.0 6.0
China 0.3 - - 0.3 0.1 113.9 - 0.4 0.5 0.5 0.7 0.8 114.7 -
Korea, Republic of 0.2 - 0.2 - 0.1 - 0.1 0.1 0.2 - - 0.1 0.1 0.3 0.4
Pakistan - - - - - - - - - - 16.5 18.7 - -
Bulgaria - - - - - - - - - - - - - -
Kazakhstan - - 0.1 - - - - - - 0.1 0.1 - - - -


- 100


0


100


200


300


400


- - - - 1 - 1 - 6 - 1 50 58 187 271 238 243 300 185 260


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 5


0


5


10


15


20


0.1 0.0 0.0 0.0 0.2 -0.4 0.0 1.7 0.0 0.2 9.1 7.4 18.8 12.7 8.9 7.9 8.3 4.8 5.9


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward66


There are no cross-border M&A sales, 1994-2010


There is no data for income on FDI, 1992-2009


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


China Metallurgical Group Corp 2 900 3 000 2009 China Metals Extraction
Move One 331.6 428 2010 United Arab Emirates Transportation Logistics, distribution & transportation
Jiangxi Copper 172.8 159 2008 China Metals Extraction
Delta International 167.2 768 2003 Kyrgyzstan Building and construction Manufacturing
Investcom Holding 105.4 77 2005 Lebanon Communications ICT and Internet infrastructure
BAE Systems 30.2 252 2010 United Kingdom Space and defence Maintenance and Servicing
Coca-Cola 25 65 2006 United States Beverages Manufacturing
Iran Khodro Industrial Group 20 131 2009 Iran, Islamic Rep of Automotive OEM Manufacturing
Airfreight Aviation 18.6 230 2009 United Arab Emirates Aerospace Maintenance and Servicing
Siemens 10 13 2005 Germany Communications Sales, marketing and support
Talal Abu-Ghazaleh Organization 9.1 26 2010 Jordan Business services Business services
Ferdowsi University of Mashhad 8.1 40 2009 Iran, Islamic Rep of Business services Education and training
Payame Noor University 8.1 40 2009 Iran, Islamic Rep of Business services Education and training
Moscow Industrial Commercial Bank 7.4 15 2008 Russian Fed. Financial services Business services
Standard Chartered Bank 7.4 15 2004 United Kingdom Financial services Business services
Punjab National Bank 7.4 15 2005 India Financial services Business services
Habib Bank 7.4 15 2004 Pakistan Financial services Business services
Lord Krishna Bank 7.4 15 2003 India Financial services Business services
Punjab National Bank 7.4 15 2003 India Financial services Business services
Coca-Cola 7 22 2003 United States Beverages Manufacturing
Heidelberger 6.8 91 2004 Germany Business machines Education and training
Aptech 5.9 28 2007 India Business services Education and training
Bank Alfalah 5 6 2005 Pakistan Financial services Business services
Walt Disney 3.9 5 2010 United States Communications Business services
ArmorGroup 3 9 2006 United Kingdom Business services Business services
WPP 2.6 11 2006 Ireland Business services Business services
Universal Guardian 2.6 11 2004 United States Business services Business services
FranklinCovey 2.6 11 2009 United States Business services Business services
Alaska Structures 1.5 6 2010 United States Textiles Sales, marketing and support
TTL Shipping and Logistics 1 8 2010 United Arab Emirates Transportation Sales, marketing and support
Steinert Industries 0.7 6 2003 Germany Industrial machinery Sales, marketing and support
Home Essentials 0.1 50 2005 Hong Kong, China Consumer products Retail


0


500


1 000


1 500


2 000


12 12 12 12 12 11 11 17 17 18 68 126 313 584 822 1 065 1 365 1 550 1 810


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-


1 000


2 000


3 000


4 000


$
m


ill
io


n


-


2


4


6


8


10


N
um


be
r


Value


Number


190 24 128 31 6 180 2 957 377


6 4 5 3 1 2 6 9


2003 2004 2005 2006 2007 2008 2009 2010




Afghanistan
67


BITs, as of December 2010


Economy Date of signature
Turkey 10-Jul-2004
Germany 20-Apr-2005
Iran, Islamic Republic of 28-May-2006


DTTs, as of December 2010


Economy Treaty Date of signature
India Air Transport 14-Sep-1975


Data on foreign affiliates of Afghanistan in the United States, 1995-2008


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 1 1 1 1 1 1 - - - - - - -
Assets 8 9 - .. .. - - - - - - - - -


Selected foreign affiliates in Afghanistan, 2010


Company Home economy Industry Sales Employment
Year of


est.
Mactec Engineering And Consulting, Inc United States Engineering services .. 2 782 ..
Dyncorp International Llc United States Engineering services .. 1 900 ..
Aecom Government Services Inc United States Facilities support management services .. 300 ..
International Bank For Reconstruction United States Administration of urban and community development .. 60 2002
Kazitas Construction Turkey Bridge, tunnel, and elevated highway construction .. 30 ..
Saic United States Commercial physical and biological research .. 14 ..
O B D Construction Turkey Residential construction, nec .. 8 ..
Weston Solutions Global (Bvi) United States Engineering services .. 6 2006
Wells Fargo Group United States Services, nec .. 3 ..
Abb Limited Switzerland .. .. .. ..
Alion Science And Technology Corp United States .. .. .. ..
Groupement Shell Algerie United Kingdom Services, nec .. .. ..
Kellogg Brown & Root Services United States Services, nec .. .. ..
Kuehne + Nagel Ltd Switzerland Services, nec .. .. ..
M&M Militzer & Muench Afghanistan Ltd. Switzerland Arrangement of transportation of freight and cargo .. .. ..
Siemens Ag Afghanistan Branch Germany Electrical apparatus and equip .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA•
Address of investment agency: The Afghanistan Investment Support Agency (AISA), Opposite to Ministry of Foreign Affairs, •
Kabul-Afghanistan


Contact: Tel: +93 (0) 20-210 3406, Fax: +93 (0) 20-210 3402, Email: invest@aisa.org.af
Fortune Globe 500 investors: Abb Ltd, Royal Dutch Shell Plc, Siemens Ag, Wells Fargo & Company•
Member of WAIPA as of January 2011: YES•




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward68


Area (‘000 km2): 2008 1 246.7
Population (millions): 2010 19.0
Capital city: Luanda
Official language: Portuguese
Currency: Kwanza
Exchange rate (period average): 2009 Kz 75.0334 =$1
GDP in current prices (millions of dollars): 2009 68 755
Exports of goods and services (millions of dollars): 2009 36 477
Imports of goods and services (millions of dollars): 2009 28 539
Official development assistance (millions of dollars): 2009 141
External debt (millions of dollars): 2009 16 715


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Angola
Dem. Rep. of Congo


Zambia


Namibia


Luanda


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Cyprus - - - - - - 3.3 - - - - - - -
Denmark - - 4.0 58.4 - - - - - 11.5 48.8 59.1 - 37.8 - 115.6
France - 79.0 22.4 677.8 693.7 693.9 522.9 1 429.5 203.3 321.5 790.4 1 378.9 5 922.3 6 936.2 8 247.4
Germany - 2.5 2.5 - 31.5 19.0 - - - - - - - -
Portugal 29.7 86.5 192.2 245.6-1 050.8 - 965.2 - 787.9 293.0 298.3 430.6 708.5 977.5 2 944.8 -
Sweden - 0.5 - 0.5 - 0.8 - 0.5 - 0.4 - 0.9 - 1.4 - - - - - - -
Norway - - - - - - - 1 614.7 2 191.9 2 067.2 2 612.9 2 998.9 2 919.3 -
United States - 36.0 - 22.0 98.0 280.0 - 99.0 483.0 - 61.0 1 067.0 1 206.0 1 197.0 1 540.0 1 633.0 2 303.0 2 605.0
Brazil - - - - - - - 24.8 33.8 18.5 21.7 73.4 107.0 -
China 0.2 0.2 0.5 22.4 41.2 - 9.6 - 0.3 0.5 8.8 37.2 78.5 68.9 -
Korea, Republic of - - - 0.3 0.1 6.4 - 5.4 0.1 0.1 0.1 0.4 0.5 6.8 0.8


0


5 000


10 000


15 000


20 000


7 873288 302 170 472 181 412 1 114 2 471 879 2 145 3 133 5 685 5 606 6 794 9 064 9 796 16 58113 101


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


100


200


300


400


63.18.0 11.3 6.4 33.9 8.0 21.1 48.6 139.5 75.7 179.1 218.1 321.7 311.1 274.7 177.3 118.1 123.2 109.0


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Angola
69


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Selected largest cross-border M&A deals, 1993-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year


Block 32 Offshore,Angola Crude petroleum and natural gas Pride International Inc United States 1 300 2010
Banco de Fomento Angola Banks Unitel SA Angola 475 2008
Banco Espirito Santo Angola SA Banks Portmill Angola 375 2009
Sonangol EP Crude petroleum and natural gas Pride International Inc United States 175 2005
Angolan Comercial Imobiliaria Real estate agents and managers Investor Group Angola 106 2009
Coca-Cola Bottling Luanda SARL Bottled & canned soft drinks South African Breweries United Kingdom 19 2001
Namkwang International E&C
LDA Engineering services Undisclosed Acquiror unspecified 10 2009


Lonrho Motors Angola Ltd Motor vehicle dealers Undisclosed Acquiror unspecified 4 2002
Longonjo Uranium Project Uranium-radium-vanadium ores CityView Corp Ltd Australia 1 2006
Scanang Holding Ltd Investors, nec Cimpor Cimentos Portugal - 2004
Sistemas Redes e Comunicacoes Computer facilities managmt Dimension Data PLC South Africa - 2008
Royal Dutch/Shell Group-Oil Crude petroleum and natural gas Texaco Inc United States - 1998
Ranger Oil Angola-Block 16 Crude petroleum and natural gas AP Moller Maersk AS Denmark - 2005
Banco Comercial Angolano Sarl Banks Undisclosed Acquiror unspecified - 2009
Block 7 Oil Field,Angola Crude petroleum and natural gas DuPont United States - 1999


0


5 000


10 000


15 000


20 000


25 000


30 000


1 977 2 279 2 449 2 922 3 102 3 514 4 628 7 099 7 978 10 12313 257 11 988 13 437 12 133 12 095 11 202 12 880 16 515 24 388


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


5 000


10 000


15 000


362 379 358 386 536 559 378 653 929 927 1 100 1 264 1 950 3 406 5 278 7 268 13 185 6 130


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


- 500


-


500


1 000


1 500


$
m


ill
io


n


0


1


2


3


4


5


6


N
u


m
b


er


Value


Number


- - - - - - - 19 - - - 175 1 - - 475 - 471 1 300


- - - - 2 2 - 1 2 - 1 2 2 1 2 5 1


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward70


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


Selected largest greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Total 9 000 2 013 2009 France Coal, oil and natural gas Manufacturing
Chevron Corporation 8 300 1 967 2004 United States Coal, oil and natural gas Extraction
Chevron Corporation 3 800 0 2008 United States Coal, oil and natural gas Extraction
CITIC Group 3 535 3 000 2008 China Real estate Construction
Total 3 400 806 2003 France Coal, oil and natural gas Extraction
ExxonMobil 3 400 806 2004 United States Coal, oil and natural gas Extraction
ExxonMobil 3 000 839 2003 United States Coal, oil and natural gas Extraction
Chevron Corporation 2 500.2 289 2009 United States Coal, oil and natural gas Extraction
Roc Oil 2 337.7 289 2003 Australia Coal, oil and natural gas Extraction
ExxonMobil 2 337.7 215 2006 United States Coal, oil and natural gas Extraction
British Petroleum 2 337.7 215 2003 United Kingdom Coal, oil and natural gas Extraction
British Petroleum 2 337.7 215 2008 United Kingdom Coal, oil and natural gas Extraction
Petrobras 2 337.7 289 2003 Brazil Coal, oil and natural gas Extraction
British Petroleum 2 337.7 215 2007 United Kingdom Coal, oil and natural gas Extraction
China Petroleum and Chemical 2 337.7 215 2007 China Coal, oil and natural gas Extraction
Eni SpA 2 337.7 215 2007 Italy Coal, oil and natural gas Extraction
Total 1 586.6 171 2004 France Coal, oil and natural gas Manufacturing
ExxonMobil 745 167 2003 United States Coal, oil and natural gas Manufacturing
Camargo Correa 682.6 894 2010 Brazil Building and construction Manufacturing
Mota Engil Group 602.72 3 000 2008 Portugal Real estate Construction
British Petroleum 600 142 2009 United Kingdom Coal, oil and natural gas Extraction
Portugal Telecom 400 123 2004 Portugal Communications ICT and Internet infrastructure
AXE Group 329.3 155 2009 Belgium Transportation Education and training
Imocom 328.8 612 2009 Portugal Building and construction Manufacturing
ZTE 300 474 2005 China Communications ICT and Internet infrastructure
Odebrecht 250 66 2007 Brazil Alternative/renewable energy Electricity
Technip-Coflexip 223.1 448 2003 France Metals Manufacturing
Banco Espirito Santo 218.4 632 2008 Portugal Building and construction Manufacturing
Daimler AG 200 1 977 2010 Germany Automotive OEM Manufacturing
Rangel Group 195.7 159 2009 Portugal Transportation Logistics, distribution and transp.
Coca-Cola 183.6 366 2009 United States Beverages Headquarters
H & C Maritime Construction 172.2 1 544 2009 Netherlands Non-automotive transport Manufacturing
Zimsun Leisure Group 167.7 324 2003 Zimbabwe Hotels and tourism Construction
Lonrho 164.4 306 2008 United Kingdom Building and construction Manufacturing
Technip-Coflexip 154.4 228 2008 France Industrial machinery Manufacturing
Rezidor Hotel Group 127.7 211 2009 Belgium Hotels and tourism Construction
InterContinental Hotels 127.7 209 2009 United Kingdom Hotels and tourism Construction
SABMiller 125 1 029 2009 United Kingdom Beverages Manufacturing
Unicer 120 1 000 2004 Portugal Beverages Manufacturing
SBM Offshore NV 100 923 2010 Netherlands Non-automotive transport Manufacturing
AP Moller - Maersk 95 397 2009 Denmark Warehousing and storage Logistics, distribution and transp.
Lonrho 94.8 798 2009 United Kingdom Food and tobacco Manufacturing
Secil 91 314 2007 Portugal Building and construction materials Manufacturing
Alrosa 90 300 2005 Russian Federation Minerals Manufacturing
Nampak 86.88 690 2007 South Africa Metals Manufacturing


-


5 000


10 000


15 000


20 000


$
m


ill
io


n


-


5


10


15


20


25


30


35


40


N
u


m
b


er


Value


Number


14 624 13 934 583 2 549 7 585 11 143 14 024 1 383


16 17 18 15 10 32 34 35


2003 2004 2005 2006 2007 2008 2009 2010




Angola
71


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, TRIMS, GATS and TRIPS•
Address of investment agency: Angola National Private Investment Agency (ANIP), Rua Cerqueira Lukoki, Nº. 25 Edifício do •
Ministério da Indústria, 9º Andar Luanda


Contact: Not available
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Abb Ltd, Akzo Nobel N.V., Banco Santander Sa, Bouygues, Bp P.L.C., •
Deutsche Post Ag, Hsbc Holdings Plc, Nestlé S.A., Royal Dutch Shell Plc, Sodexo, Sumitomo Corporation, Total Sa, Vinci
Member of WAIPA as of January 2011: YES•


BITs, as of December 2010


Economy Date of signature
Cape Verde 30-Sep-1997
United Kingdom 4-Jul-2000
Italy 16-Jul-2002
Germany 30-Oct-2003
South Africa 17-Feb-2005
Spain 21-Nov-2007
Portugal 22-Feb-2008


DTTs, as of December 2010


Economy Treaty Date of signature
..


Data on foreign affiliates of the United States in Angola, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 10 12 13 13 17 18 21 22 22 18 21 23 25 28
Assets .. 1 891 2 350 1 801 2 882 3 927 8 210 9 000 10 436 .. .. .. .. ..
Employees 1.6 2.4 2.6 2.5 2.7 3.4 3.6 3.6 3.9 4.0 4.2 4.4 5.9 5.3
Wages and salaries 79 119 128 87 108 106 132 217 242 184 228 338 357 408
Value added 865 1 172 1 064 636 1 008 1 813 1 574 1 802 2 084 2 742 5 451 7 159 7 470 10 444
Sales - - - 926 .. .. .. 2 222 2 626 .. 6 907 9 039 9 957 12 716


Data on foreign affiliates of Angola in the United States, 1995-2008
(Millions of dollars)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number - - - - - - - - - 1 1 1 1 -
Assets - - - 1 1 - - .. .. .. .. .. - -
Sales - - - 2 2 - - .. .. .. .. .. - -


Selected foreign affiliates in Angola, 2010


Company Home economy Industry Sales Employment
Year of


est.
Kwaba Sociedade Industrial E Comercial Sarl United States Flour and other grain mill products 2 684 9 000 1999
Msf - Engenharia Angola Lda Portugal Engineering services 1 394 210 2001
Alvalade Empreendimentos Turisticos Hoteleiros Portugal .. 447 70 2003
Serafim L Andrade S A R L Portugal Hotels and motels 447 35 1973
Banco De Fomento Angola S.A Portugal Commercial banks, nec 377 1 528 2004
Maersk Oil Angola A S Denmark Transportation services, nec 65 200 2005
Secil - Companhia De Cimento Do Lobito Portugal Cement, hydraulic 63 691 2005
Octomar Servicos Maritimos Lda Netherlands Heavy construction equipment rental & leasing 56 5 1992
Auto Sueco (Angola) Sarl Portugal Automobiles and other motor vehicles 47 165 1999
Maersk (Angola) Lda Denmark Transportation services, nec 43 230 1997
Banco Espirito Santo De Angola Sarl Portugal National commercial banks 37 100 2002
Banco Millennium Angola S.A Portugal Commercial banks, nec 30 185 2006
Habitar Sociedade Construcoes Lda Spain Engineering services 30 50 2002
Besactif Pensoes Portugal Real estate agents and managers 26 200 2008
Prefabricados De Luanda Lda Portugal Lumber, plywood, millwork, and wood panels 25 200 2001
Inovetel Portugal Electronic parts and equipment, nec 22 200 1995
M. Couto Alves Vias Sa Portugal Highway and street construction 20 200 2006
Eusebios Angola Construcao Civil Lda Portugal Nonresidential building construction, nec 20 600 1990
Ferpinta Angola Comercio E Industria Lda Portugal Steel pipe and tubes 16 80 1997
T D A Comercio E Industria L D A Portugal Automobiles and other motor vehicles 13 7 122 1993
Construcao E Manutencao ElectromecanicaPortugal Highway and street construction 12 300 1998
Ericsson Ab Sweden Radiotelephone communications 12 60 1995
Teixeira Duarte Engenharia E Construcoes Portugal Construction & mining (except petroleum) machinery 11 2 000 2002
Compta Angola, Tecnologias De InformacaoPortugal Computer programming services 11 40 2007
Comatel Portugal Telephone communications 10 290 1997
Ecitel Portugal Telephone communications 9 80 2003
Bascol Angola Construcao S.A Portugal Engineering services 8 200 2005
Blackwood Hodge Angola Lda Portugal Industrial machinery and equipment 8 100 1991




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward72


Area (‘000 km2): 2008 144.0
Population (millions): 2010 164.4
Capital city: Dhaka
Official language: Bengali
Currency: Taka
Exchange rate (period average): 2009 Tk 68.5983 =$1
GDP in current prices (millions of dollars): 2009 88 239
Exports of goods and services (millions of dollars): 2009 16 188
Imports of goods and services (millions of dollars): 2009 22 658
Official development assistance (millions of dollars): 2009 727
External debt (millions of dollars): 2009 23 820


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Bangladesh
Nepal Bhutan


India


India


Myanmar
(Burma)


Dhaka


0


500


1 000


1 500


4 14 11 92 232 575 576 309 579 355 328 350 460 845 793 666 1 086 700 971


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Cyprus - - - - 0.0 - - - - - - - - -
Denmark - - - - - 0.2 - - 4.0 - - 0.6 0.9 -
France - 19.2 - 1.2 2.5 - - - - - - - - - -
Germany 1.1 23.6 6.2 8.8 8.2 7.3 9.7 24.0 34.1 34.2 67.2 81.0 96.0 -
Sweden - 0.8 - 0.7 - 1.3 - 0.7 - 0.6 - 1.5 - 2.2 - - - - - - -
Norway - - - - - - - - - - - - 219.1 -
Switzerland - 0.1 15.0 - 2.3 10.4 - 11.1 59.9 8.2 28.1 44.0 18.8 23.8 9.2 - 43.2 - 40.1
United States - 22.0 - 2.0 103.0 174.0 29.0 28.0 8.0 189.0 354.0 181.0 365.0 218.0 286.0 303.0
Australia - - - - - - - 0.3 0.2 - - - - -
Japan - - - 6.7 - 26.5 - 398.0 - 4.6 - - - - - - -
Brazil - - - - - - - - - - - - - -
Turkey - - - - - - - - - - 1.0 1.0 1.0 -
China 1.4 0.8 0.2 5.3 3.6 4.5 - 8.5 8.7 33.0 39.7 43.3 48.1 60.3
Korea, Republic of - 1.1 2.9 2.2 - 0.5 7.0 3.6 - 5.1 97.3 100.2 102.4 101.9 108.5 98.5 103.7
Malaysia - 10.0 0.5 0.5 - 0.3 - 10.2 20.1 20.8 22.8 24.4 23.5 -
Pakistan - - - - - - - - - - 68.8 74.1 - -
Bulgaria - - - - - - - - - - - - - -


0


2


4


6


8


0.1 0.2 0.2 1.3 2.9 6.7 6.2 3.1 5.5 3.4 3.0 2.9 3.4 6.0 5.3 4.0 5.7 3.3 3.8


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Bangladesh
73


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


2 000


4 000


6 000


8 000


483 497 508 600 832 1 407 1 833 1 891 2 162 2 202 2 451 2 876 3 091 3 486 4 187 4 399 4 816 5 139 6 110


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


500


1 000


1 500


- - - - 18.6 26.5 40.1 82.4 149.0 175.2 128.7 177.7 246.7 661.4 764.9 903.3 840.0 1 084.0


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
AES Haripur & Meghnaghat Electric services United Kingdom United Kingdom 437 2003


TM International(Bangladesh) Ltd Radiotelephone communications Nippon Telegraph & Telephone Japan 350 2008


Rupali Bank Ltd Banks Bandar Mhm. Bin Abdul Saudi Arabia 330 2006
Warid Telecom Bangladesh Communications services, nec Bharti Airtel Ltd India 300 2010
Pacific Bangladesh Telecom Ltd Radiotelephone communications Singapore Telecom. Ltd Singapore 118 2005
Royal Dutch/Shell Group Crude petroleum and natural gas Cairn Energy PLC United Kingdom 75 2004
Cairn Energy Bangladesh Ltd Crude petroleum and natural gas Santos Ltd Australia 70 2007
Sheba Telecom(Pvt)Ltd Telephone communications Orascom Telecom Holding Egypt 60 2004
Globeleq Bangladesh Ltd Electric services Tanjong PLC Malaysia 44 2007


Barge-Mounted Power Plant Industrial machinery and equipment Coastal Corp United States 33 1998


American Express Bank Ltd Banks Standard Chartered PLC United Kingdom 25 2005
Youngone Padding (CEPZ) Ltd Textile goods, nec Youngone Corp Korea, Republic of 10 2010


IDLC Finance Ltd Security and commodity services Korea Dvlp Financing Corp Korea, Republic of 9 2009


Summit Surma Petroleum Co Ltd Petroleum products wholesalers Picnic Corp PCL Thailand 4 2007
Peregrine Capital Ltd Investment offices, nec Investor Group Bangladesh 1 1998
Summit Surma Petroleum Co Ltd Petroleum products wholesalers, nec Teledata Informatics Ltd India 1 2007
Alita(BD)Ltd,Ace Bicycles(BD) Ltd Motorcycles, bicycles, and parts Hong Leong Co Malaysia - 1995


-


100


200


300


400


500


$
m


ill
io


n


0


1


2


3


4


5


N
u


m
b


er


Value


Number


- - - - 32.0 - - - - 437.0 60.0 - 330.1 4.2 - 9.4 9.6


- 1 - - 2 - 3 1 - 3 3 3 3 4 2 3 3


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward74


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Asia Energy 1 400 1 457 2005 United Kingdom Coal, oil and natural gas Extraction
Tata Group 1 000 118 2010 India Coal, oil and natural gas Electricity
Tata Group 600 1 148 2004 India Chemicals Manufacturing
Energy Holdings Internat'l 400 47 2010 United States Coal, oil and natural gas Electricity
Tullow Oil 362 211 2005 United Kingdom Coal, oil and natural gas Extraction
Standard Chartered Bank 316 400 2010 United Kingdom Financial services Business services
Abu Dhabi Group 250 395 2008 United Arab Emirates Communications ICT and Internet infrastructure
General Motors (GM) 238 1 197 2003 United States Automotive OEM Manufacturing
Perusahaan Otomobil Nasiona 238 1 197 2003 Malaysia Automotive OEM Manufacturing
Unocal 230 53 2004 United States Coal, oil and natural gas Manufacturing
Lafarge 225 2 142 2003 France Building and construction Manufacturing


Dachser 172 224 2009 Germany Transportation Logistics, distribution and transportation
Deutsche Post 166 214 2010 Germany Transportation Logistics, distribution and transportation
Neptune Orient Lines 166 214 2010 Singapore Transportation Logistics, distribution and transportation
WorldTel 150 237 2005 United Kingdom Communications ICT and Internet infrastructure
Cairn Energy 117 122 2007 United Kingdom Coal, oil and natural gas Extraction
r-pac International Corp 109 157 2009 United States Paper, printing and packaging Manufacturing
Warid Telecom 105 77 2006 United Arab Emirates Communications ICT and Internet infrastructure


WorldTel 105 77 2006 United Kingdom Communications ICT and Internet infrastructure
Larsen & Toubro 103 981 2003 India Building and construction Manufacturing
Youngone 100 1 785 2008 Korea, Republic of Textiles Manufacturing


BITs, as of December 2010


Economy Date of signature
United Kingdom 19-Jun-1980
Belgium and Luxembourg 22-May-1981
Germany 6-May-1981
France 10-Sep-1985
Korea, Republic of 18-Jun-1986
United States 12-Mar-1986
Romania 13-Mar-1987
Turkey 12-Nov-1987
Canada 9-Feb-1990
Italy 20-Mar-1990
Malaysia 12-Oct-1994
Netherlands 1-Nov-1994
Pakistan 24-Oct-1995
China 12-Sep-1996
Philippines 8-Sep-1997
Poland 8-Jul-1997
Indonesia 9-Feb-1998
Japan 10-Nov-1998
Korea, Democratic People's Rep. of 21-Jun-1999
Austria 21-Dec-2000
Switzerland 14-Oct-2000
Uzbekistan 18-Jul-2000
Iran, Islamic Republic of 29-Apr-2001
Thailand 9-Jun-2002
Singapore 24-Jun-2004
Viet Nam 1-May-2005
Denmark 5-Nov-2009
India 8-Feb-2009


DTTs, as of December 2010


Economy Treaty Date of signature
United Kingdom Income and Capital 8-Aug-1979
Singapore Income and Capital 19-Dec-1980
United States Income and Capital 6-Oct-1980
Pakistan Income and Capital 15-Oct-1981
Canada Income and Capital 15-Feb-1982
Sweden Income and Capital 3-May-1982
Korea, Republic of Income 10-May-1983
Malaysia Income and Capital 19-Apr-1983
Sri Lanka Income and Capital 24-Jul-1986
France Income and Capital 9-Mar-1987
Romania Income and Capital 13-Mar-1987
Belgium Income and Capital 18-Oct-1990
Germany Income and Capital 29-May-1990
Italy Income and Capital 20-Mar-1990
India Income and Capital 27-Aug-1991
Japan Income and Capital 28-Feb-1991
Netherlands Income and Capital 13-Jul-1993
China Income and Capital 12-Sep-1996
Denmark Income and Capital 16-Jul-1996
Philippines Income 8-Sep-1997
Poland Income and Capital 8-Jul-1997
Thailand Income and Capital 20-Apr-1997
Turkey Income 31-Oct-1999
Norway Income and Capital 15-Sep-2004
United States Income 26-Sep-2004
VietNam Income 22-Mar-2004


-


500


1 000


1 500


2 000


2 500


3 000


$
m


ill
io


n


-


10


20


30


40


N
um


be
r


Value 1 140 850 1 942 511 169 510 574 2 447


Number 17 7 7 12 5 13 17 30


2003 2004 2005 2006 2007 2008 2009 2010




Bangladesh
75


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: Board of Investment of Bangladesh, Prime Minister’s Office, Government of the People’s •
Republic of Bangladesh, Jiban Bima Tower (19th Floor), 10 Dilkusha Commercial Area, Dhaka 1000, Bangladesh.


Contact: Tel: +880-2-7169580, Fax: +880-2-9562312, Email: service@boi.gov.bd
Fortune Globe 500 investors: American Express Company, Bank of Nova Scotia, Basf Se, Glaxosmithkline Plc, Marubeni •
Corporation, Merck & Co. Inc., Mitsubishi Corporation, Mitsui & Co. Ltd., Nippon Express Co. Ltd., Novartis Ag, Ricoh
Company Ltd., Siemens AG, State Bank of India, Unilever
Member of WAIPA as of January 2011: YES•


Data on foreign affiliates of the United States in Bangladesh, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 4 4 6 8 9 8 9 10 8 8 9 11 10 8
Assets 80 136 251 422 450 504 929 1 051 627 806 1 784 2 259 2 210 2 137
Employees 1 - .. 2 1 1 1 2 1 1 1 1 .. 1
Wages and salaries 2 .. .. 7 7 15 10 18 10 15 14 19 .. 18
Value added 14 .. .. 9 - 85 144 161 127 123 217 168 .. 485
Sales - - - 125 133 162 202 278 195 237 339 324 481 683


Data on foreign affiliates of Bangladesh in the United States, 1995-2008
(Millions of dollars in value added and sales)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number - - 1 1 1 1 1 - - - - - 1 -
Value added - - .. 1 1 .. - - - - - - - -
Sales - - 2 2 2 - - - .. .. .. .. - -


Selected foreign affiliates in Bangladesh, 2010


Company Home economy Industry Sales Employment Year
of est.


Boc Bangladesh Limited Germany General industrial machinery and
equipment


.. 6 500 ..


Segye (Bd) Limited Korea Republic of Men's and boys' work clothing .. 2 700 1995
Sgwicus Bangladesh Ltd Korea Republic of Men's and boys' clothing, nec .. 2 700 ..
Lalmai Sportswear Industries Limited Korea Republic of Men's and boys' work clothing .. 2 000 ..
Uniliver Bangladesh Ltd United Kingdom Perfumes, cosmetics, and other toilet preparations .. 1 200 2005
Organon Bangladesh Ltd United States Pharmaceutical preparations .. 1 000 1965
Savar Sportswear Company Limited Korea Republic of Men's and boys' work clothing .. 810 1994
Glaxosmithkline Bangladesh Limited United Kingdom Pharmaceutical preparations .. 750 1974
Daeyu Bangladesh Limited Korea Republic of Yarn spinning mills .. 600 2008
Fuchs Lubricants Bangladesh Limited Germany Lubricating oils and greases .. 500 1998
Kca Garments Industry Limited United States Knit outerwear mills .. 305 ..
Amex Limited United States Knit outerwear mills .. 270 ..
Asian Paints Bangladesh Limited India Paints, varnishes, lacquers, & allied products .. 200 ..
Youngone Shoes Accessories Ind. Ltd Korea Republic of Leather tanning and finishing .. 200 ..
Youngone Garments Accessories Korea Republic of Plastics, foil and coated paper bags .. 171 1993
Kuehne & Nagel Ltd Switzerland Arrangement of transportation of freight


and cargo
.. 150 2006




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward76


Area (‘000 km2): 2008 112.6
Population (millions): 2010 9.8
Capital city: Porto Novo
Official language: French
Currency: CFA franc
Exchange rate (period average): 2009 CFAfr 447.805 =$1
GDP in current prices (millions of dollars): 2009 6 598
Exports of goods and services (millions of dollars): 2009 1 133
Imports of goods and services (millions of dollars): 2009 1 748
Official development assistance (millions of dollars): 2009 329
External debt (millions of dollars): 2009 1 073


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Benin Nigeria
Niger


Burkina Faso


Ghana
Togo


Porto Novo


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - 1.0 4.7 - - - - 18.3 12.0 19.1 39.4 18.9 19.3
France 18.1 6.2 9.9 11.3 - - - - - - - - - -
Portugal 4.4 5.4 - - - - - - - - - - - -
Sweden - 0.1 - 0.1 - 0.2 - 0.1 - 0.1 - 0.2 - 0.3 - - - - - - -
United States - 52.0 - 41.0 6.0 - 8.0 2.0 - 6.0 - 55.0 13.0 17.0 7.0 7.0 - 1.0
China 2.1 13.8 1.3 - 6.3 14.6 - 7.7 20.5 19.0 22.1 35.6 53.2 -
Korea, Republic of - 1.0 19.9 6.5 - - - - 1.0 20.9 27.4 27.4 27.4 27.4


0


100


200


300


78 1 14 8 13 14 33 39 60 44 14 45 65 53 55 261 174 93 217


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


10


20


30


25.7 0.4 5.3 2.1 3.5 3.5 7.7 8.8 14.1 9.6 2.5 6.4 8.3 6.3 6.0 23.8 12.9 5.7 14.9


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Benin
77


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


200


400


600


800


1000


26 27 41 49 62 47 67 73 213 174 176 231 269 284 385 556 602 695 912


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


10


20


30


40


50


1.0 1.1 0.3 5.9 9.0 12.5 14.9 9.9 7.0 7.3 17.0 26.0 29.6 25.5 40.4 18.7 23.4 23.2


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Chevron Africa Holdings Ltd Petroleum products wholesalers MRS Holdings Ltd South Africa 3 2009
Tarpon-Benin SA Crude petroleum and natural gas Profco Resources Ltd Canada - 1997
Afronetwork Benin Radiotelephone communications L-3 Communications Inc United States - 1998
Continental Bank Benin SA Banks United Bank, Africa PLC Nigeria - 2009


-


2


4


6


8


10


$
m


il
li


o
n


-


1


2


N
u


m
b


er


Value


Number


2 - - - - 9 - -


1 - - - - 1 - -


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($million)


Estimated
jobs


created
Year Home country Sector Key business function


United Bank for Africa 9.2 16 2008 Nigeria Financial services Business services
Enet Communications 2.1 13 2003 United States Communications Sales, marketing and support




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward78


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: CPI - Benin•


Contact: Not available
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Deutsche Post Ag, Royal Dutch Shell Plc, Veolia Environnement•
Member of WAIPA as of January 2011: YES •


BITs, as of December 2010


Economy Date of signature
Switzerland 20-Apr-1966
Germany 29-Jun-1978
United Kingdom 27-Nov-1987
Belgium and Luxembourg 18-May-2001
Burkina Faso 18-May-2001
Chad 18-May-2001
Ghana 18-May-2001
Guinea 18-May-2001
Mali 18-May-2001
Mauritius 18-May-2001
Netherlands 13-Dec-2001
China 18-Feb-2004
Lebanon 15-Jun-2004
Morocco 15-Jun-2004


DTTs, as of December 2010


Economy Treaty Date of signature
France Income and Capital 27-Feb-1975
Norway Income and Capital 29-May-1979
..


Data on foreign affiliates of the United States in Benin, 1995-2008
((Millions of dollars in wages and salaries and value added)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number - - - - - - - - 1 1 1 1 2 2
Wages and salaries - - - - - - - - .. 1 1 1 .. ..
Value added - - - - - - - - .. 2 2 2 .. ..


Selected foreign affiliates in Benin, 2010


Company Home economy Industry Sales Employment
Year of


est.
Ciments Du Benin Germany Cement, hydraulic 262 200 1991


Promo-Pharma Sa France
Drugs, drug proprietaries, and
druggists' sundries


53 40 1990


Sdv Oilfield Benin France Business services, nec .. 309 1989


Maersk Benin S A Denmark
Arrangement of transportation of
freight and cargo


.. 200 1991


Societe Beninoise De Pieces
Automobiles


France
Motor vehicle dealers (new and
used)


.. 50 1949


Societe Beninoise De Gaz Industriel
Sobegi


France
Liquefied petroleum gas (bottled
gas) dealers


.. 18 1955


Bureau Veritas France .. .. .. ..
Connecteo Benin United Kingdom Services, nec .. .. ..
Dhl International Benin Germany Air courier services .. .. ..
Franzetti France Services, nec .. .. ..
Grimaldi Benin S.A. Italy Services, nec .. .. ..


John Walkden & Cie Sa Netherlands
Piece goods, notions, and other
dry goods


.. .. ..


S G S Benin S A Switzerland Testing laboratories .. .. ..
Shell Benin S.A. United Kingdom Oil and gas field services, nec .. .. ..
Soci'T' De Manutention Du Terminal
Conteneurs


France Transportation services, nec .. .. ..




Bhutan
79


Area (‘000 km2): 2008 38.4
Population (millions): 2010 0.7
Capital city: Thimphu
Official language: Dzongkha
Currency: Ngultrum
Exchange rate (period average): 2009 Nu 43.5052 =$1
GDP in current prices (millions of dollars): 2009 1 372
Exports of goods and services (millions of dollars): 2009 717
Imports of goods and services (millions of dollars): 2009 828
Official development assistance (millions of dollars): 2009 56
External debt (millions of dollars): 2009 762


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Bhutan
China


India
Bangladesh


Thimphu


Indian line


Chinese line


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock


2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Sweden - - - - - - - - - - - - - -


United States 1.0 - - - - - - 4.0 3.0 3.0 3.0 3.0 3.0 3.0


Japan - - - - - 1.0 - - - - - - - - -


- 20


0


20


40


60


80


- - - - 1 - 1 - 1 - - 2 3 3 9 6 73 30 15 12


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 5


0


5


10


15


20


- - - - 1.0 - 0.5 - 0.6 - - 0.6 0.7 0.8 2.1 1.5 15.2 5.6 2.5 1.7


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Past Decade and the Way Forward80


There are no cross-border M&A sales, 1994-2010


Thre is no data for income on FDI, 1992-2009


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


50


100


150


200


3 3 3 3 4 3 3 4 4 4 7 9 12 21 28 101 131 167 179


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Marubeni 92.2 120 2009 Japan Chemicals Manufacturing


Tetra Laval 30.5 116 2006 Switzerland Beverages Manufacturing


Punjab National Bank 7.4 15 2010 India Financial services Business services


Punjab National Bank 7.4 15 2009 India Financial services Business services


Central Bank of India 7.4 15 2010 India Financial services Business services


Life Insurance 1.8 13 2006 India Financial services Sales, marketing and support


-


50


100


150


$
m


il
li


o
n


-


2


4


N
u


m
b


er
Value


Number


- - - 32 - - 100 15


- - - 2 - - 2 2


2003 2004 2005 2006 2007 2008 2009 2010




Bhutan
81


Other relevant information


Membership of relevant international agreements as of January 2011: None•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: None•
Member of WAIPA as of January 2011: No•


Data on foreign affiliates of the United States in Bhutan, 1995-2008
(Millions of dollars)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Assets - - - - .. 5 5 5 5 3 3 3 3 3
Sales - - - - .. 3 3 3 4 .. .. - - -


Bhutan has no bilateral or double taxation treaties.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward82


Area (‘000 km2): 2008 273.0
Population (millions): 2010 16.3
Capital city: Ouagadougou
Official language: French
Currency: CFA franc
Exchange rate (period average): 2009 CFAfr 447.805 =$1
GDP in current prices (millions of dollars): 2009 7 767
Exports of goods and services (millions of dollars): 2009 1 154
Imports of goods and services (millions of dollars): 2009 1 877
Official development assistance (millions of dollars): 2009 455
External debt (millions of dollars): 2009 1 835


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Burkina Faso
Mali


Niger


Benin


Ghana
Togo


Ouagadougou


Côte d’Ivoire


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - - 0.2 - - - - 0.2 0.2 0.4 0.6 - -
France 13.5 29.8 29.8 22.6 - - - - - - - - - -
Sweden - - - - - - - - - - - - - -
United States - - 3.0 - - - - - - - - - - - -
Morocco - - - - - - - - - - 289.9 324.0 305.5 -


0


100


200


300


400


3 3 18 10 16 10 4 8 23 6 15 29 14 34 34 344 137 171 37


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


5


10


15


20


25


30


0.5 0.5 3.8 1.8 2.8 1.6 0.7 1.4 4.6 1.5 3.2 4.9 2.0 4.4 3.4 24.3 8.2 11.8 2.1


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Burkina Faso
83


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


200


400


600


800


1 000


42 46 64 74 90 100 104 16 28 16 23 52 49 75 170 559 697 868 905


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


5


10


15


- - - - - - - 4.5 3.1 4.7 9.3 10.8 8.7 6.7 9.0 11.2 13.5 13.2


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


100


200


300


400


$
m


ill
io


n


0


1


2


3


N
u


m
b


er


Value


Number


- - - - - - - - - - - - 289.3 - 20.0 - -


- - 1 1 1 - 2 - - - 2 - 2 1 2 1 2


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Office National des Telecom. Telephone communications Vivendi SA France 289 2006
Essakane Project Gold ores Orezone Resources Inc Canada 200 2007
Banque Agricole Et Commerciale Banks Ecobank Transnational Inc Togo 20 2008
Randgold Resources Ltd Gold ores Volta Resources Inc Canada 7 2009
Axmin Ltd-Bouroum Mine Gold ores OAO SeverStal Russian Federation 3 2004
Metorex Bukina Faso BV Lead and zinc ores Blackthorn Resources Ltd Australia 1 2004
Societe de Travaux de Recherche Gold ores Aurex AB Sweden 1 2000
Sanu Resources Burkina SARL Gold ores Indigo Exploration Inc Canada 1 2010
Titao I Gold ores Volta Resources Inc Canada 0 2008


Poura Gold Mine Gold ores
International Gold
Resources


Canada - 1996


Poura Gold Mine Gold ores Safilo USA Inc United States - 1997
Banque F C I Banks World Bank United States - 1998
AllianceSports LLC Information retrieval services Rivals.com Inc United States - 2000
Phelps Dodge Exploration Corp Copper ores Goldcrest Resources Ltd Canada - 2006
Biaza Permit Gold ores Golden Rim Resources Ltd Australia - 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward84


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


200


400


600


$
m


il
li


o
n


-


2


4


N
u


m
b


er


Value


Number


234 12 488 - 9 252 234 447


1 1 3 - 1 2 1 3


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($million)


Estimated
jobs


created
Year Home country Sector Key business function


Ridge Mining 242.3 1 667 2008 United Kingdom Metals Extraction
Etruscan Resources 242.3 1 667 2005 Canada Metals Extraction
Riverstone Resources 242.3 1 667 2005 Canada Metals Extraction
Jilbey Gold Exploration 233.7 1 524 2003 Canada Metals Extraction
IAMGold 233.7 1 524 2010 Canada Metals Extraction
Avocet Mining 233.7 1 524 2009 United Kingdom Metals Extraction
SEMAFO 204.1 447 2010 Canada Metals Manufacturing
Orezone Resources 12 18 2004 Canada Metals Extraction
Ecobank 9.2 16 2008 Togo Financial services Business services
Natixis 9.2 16 2007 France Financial services Business services
Attijariwafa Bank 9.2 16 2010 Morocco Financial services Business services
Comete Group 3.8 9 2005 Tunisia Business services Sales, marketing and support


BITs, as of December 2010


Economy Date of signature
Switzerland 6-May-1969
Tunisia 7-Jan-1993
Germany 22-Oct-1996
Malaysia 23-Apr-1998
Netherlands 10-Nov-2000
Belgium and Luxembourg 18-May-2001
Benin 18-May-2001
Chad 18-May-2001
Comoros 18-May-2001
Ghana 18-May-2001
Mauritania 18-May-2001
Guinea 25-Mar-2003
Korea, Republic of 26-Oct-2004
Morocco 8-Feb-2007


DTTs, as of December 2010


Economy Treaty Date of signature
France Income and Capital 11-Aug-1965
Tunisia Income 15-Apr-2003


Data on foreign affiliates of the United States in Burkina Faso, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 1 1 1 1 1 1 1 1 1 - - - -
Assets 6 6 6 7 .. .. .. .. .. 12 - - - -
Wages and salaries - - - .. .. .. .. .. .. 1 - - - -
Value added 3 4 4 4 .. .. .. .. .. 2 .. .. .. -
Sales - - - 16 .. .. .. .. .. 32 .. - .. -




Burkina Faso
85


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Imperial Tobacco Group P L C, Veolia Environnement•
Member of WAIPA as of January 2011: No•


Selected foreign affiliates in Burkina Faso, 2010


Company Home economy Industry Sales Employment
Year


of est.
Cfao Motors Burkina France Radio, television, and consumer electronics stores 1 091 20 1970
Manufacture Burkinabe De
Cigarettes Sa


United Kingdom Cigarettes 351 154 1966


Cfao Burkina Sa France Automobiles and other motor vehicles 204 700 1970
Societe Nouvelle Sucriere De La
Comoe Sa


Ivory Coast Food preparations, nec 137 2 000 1998


Sifa Sa France Motorcycles, bicycles, and parts 78 115 1964
Societe Des Plastiques Du Faso Sa Ivory Coast Plastics products, nec 45 200 1996
Cfao Technologies Sa France Computers and peripheral equipment and software 21 58 1994
Celtel Burkina Faso S.A. Netherlands Electronic parts and equipment, nec .. 7 000 2000
Scac Delmas Vilejeux Burkina S A France Water transportation services, nec .. 348 1963
Compagnie Burkinabe Ivory Coast Steel works, blast furnaces, and rolling mills .. 100 1973
Air Liquide S A France Drilling oil and gas wells .. 23 1972
S D V Burkina Faso France Rubber and plastics hose and belting .. .. 2004
Maersk Burkina Faso Sa Denmark Business services, nec .. .. 1998
Aarhus United Burkina Fasa Sarl Sweden Services, nec .. .. ..
Agence Africaine De Tourisme United States Tour operators .. .. ..
Connecteo Burkina Faso United Kingdom Services, nec .. .. ..
Laborex Burkina France Business services, nec .. .. ..
Sade Burkina France Services, nec .. .. ..
Segami France Health and allied services, nec .. .. ..
Sgs Burkina S.A. Switzerland Testing laboratories .. .. ..
Sobugaz France Natural gas liquids .. .. ..
Vac-Burkina Sa Netherlands Management consulting services .. .. ..




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward86


Area (‘000 km2): 2008 27.8
Population (millions): 2010 8.5
Capital city: Bujumbura
Official language: French and Kirundi
Currency: Burundi franc
Exchange rate (period average): 2009 Bufr 1 185.69 =$1
GDP in current prices (millions of dollars): 2009 1 260
Exports of goods and services (millions of dollars): 2009 76
Imports of goods and services (millions of dollars): 2009 325
Official development assistance (millions of dollars): 2009 261
External debt (millions of dollars): 2009 518


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Burundi


Democratic
Republic
of the Congo


Rwanda


United Republic
of Tanzania


Bujumbura


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


France - 1.2 2.5 - 1.3 - - - - - - - - - -
Germany - - - 1.3 - - - - - - - - - -
Portugal - - - - - - - - - - - - - -
Sweden - - - - - - - - - - - - - -
United States - 1.0 - - - - - - 1.0 1.0 1.0 1.0 1.0 1.0
China - - - - - - - - - - 1.7 1.7 1.7 -


- 5


0


5


10


15


1 - - 2 - - 2 - 1 12 - - - - 1 - 1 14 10 14
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 5


0


5


10


15


20


25


0.3 0.3 0.0 1.9 0.0 0.0 3.7 -0.9 21.8 0.0 0.0 0.0 0.1 0.5 0.0 0.5 9.3 5.7 4.4


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Burundi
87


There are no cross-border M&A sales, 1994-2010


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


20


40


60


80


100


31 32 32 34 34 34 36 35 47 47 47 47 47 47 47 48 62 71 86
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


2


4


6


8


4.2 2.9 3.4 3.1 1.4 0.6 - - 0.4 1.5 - 4.7 6.0 2.1 3.4 4.8 - -
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


10


20


30


40


50


$
m


il
li


o
n


-


2


4


6


N
u


m
b


er


Value


Number


- - - - - 9 46 12


- - - - - 1 5 2


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Global Trust Bank 9.2 16 2009 Uganda Financial services Business services
Aga Khan Development 9.2 16 2009 Switzerland Financial services Business services
United Bank for Africa 9.2 16 2009 Nigeria Financial services Business services
Kenya Commercial Bank 9.2 16 2008 Kenya Financial services Business services
Diamond Trust Bank 9.2 16 2009 Kenya Financial services Business services
Commercial Bank of Africa 9.2 16 2009 Kenya Financial services Business services
Diamond Trust Bank 9.2 16 2010 Kenya Financial services Business services
Healthcare Global Enterprises 2.92 7 2010 India Healthcare Business services




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward88


BITs, as of December 2010


Economy Date of signature
Germany 10-Sep-1984
Belgium and Luxembourg 13-Apr-1989
United Kingdom 13-Sep-1990
Comoros 18-May-2001
Mauritius 18-May-2001
Netherlands 30-May-2007
Kenya 1-Apr-2009


Data on foreign affiliates of the United States in Burundi, 1995-2008
(Millions of dollars)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Assets - - - - - - - - - 1 1 1 1 1
Sales - - - - - - - - - 1 1 1 1 1


Selected foreign affiliates in Burundi, 2010


Company
Home
economy


Industry Sales Employment
Year of


est.
Chanic Burundi S A R L Belgium Farm and garden machinery and equipment 0.5 20 1957
Brasseries Et Limonaderies Du
Burundi Sa


Switzerland
Bottled & canned soft drinks & carbonated
waters


.. 546 1955


Maersk Burundi Sa Denmark Deep sea foreign transportation of freight .. .. ..
Satguru Travel & Tours Service United States Tour operators .. .. ..
St Cellular Sa Zimbabwe Radiotelephone communications .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, TRIMS, GATS and TRIPS•
Address of investment agency: Ministère du Commerce, de l’Industrie et Artisanat•


Contact: Tel : +257 222 279 91/222 250 19, Fax : +257 222 255 95, Email : commerceindustrieartisanat@yahoo.fr
Fortune Globe 500 investors: A.P. Moller - Marsk A/S•
Member of WAIPA as of January 2011: No•


DTTs, as of December 2010


Economy Treaty Date of signature
..




Cambodia
89


Thailand Lao PDR


Viet Nam
Phnom Penh


Area (‘000 km2): 2008 181.0
Population (millions): 2010 15.5
Capital city: Phnom Penh
Official language: Khmer
Currency: Riel
Exchange rate (period average): 2009 CR 4 054.17 =$1
GDP in current prices (millions of dollars): 2009 10 723
Exports of goods and services (millions of dollars): 2009 5 299
Imports of goods and services (millions of dollars): 2009 6 908
Official development assistance (millions of dollars): 2009 482
External debt (millions of dollars): 2009 4 364


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Cambodia


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - - 0.7 - - - - - - 11.7 - 18.9 19.3
France 4.5 8.7 5.0 16.3 - - - - - - - - - -
Germany 1.1 - - 3.8 1.4 13.2 1.4 - - - - - - -
Sweden - 0.1 - 0.1 - 0.1 - 0.1 - 0.1 - 0.1 - 0.2 - - - - - - -
United States - 1.0 - - - - - 1.0 - 2.0 - 2.0 - 2.0 - 2.0 - 2.0 - 2.0
Japan - - - 3.9 9.3 36.4 3.8 - - - - - - -
China 22.0 29.5 5.2 9.8 64.5 204.6 - 59.5 89.9 76.8 103.7 168.1 390.7 -
Korea, Republic of 11.6 12.7 31.9 111.7 597.3 396.6 171.0 47.0 59.6 91.1 208.4 805.8 1 219.4 1 383.6
Malaysia 3.0 6.9 4.4 2.5 28.0 73.8 - 77.0 83.9 88.8 97.6 133.4 198.4 -
Philippines - 0.5 - - - - - - - - - - - -
Thailand 1.8 2.4 7.9 33.8 0.5 23.3 - 20.0 23.0 30.0 65.0 69.0 86.0 -


0


200


400


600


800


1 000


33 54 69 151 294 168 238 232 149 149 145 84 131 381 483 867 815 530 738


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


20


40


60


80


14.1 21.8 25.5 34.6 66.0 36.4 61.2 41.4 22.1 23.6 17.8 9.6 13.4 32.1 34.3 51.9 34.7 27.5 36.8


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward90


Cross-border M&A sales, 1994-2010
(Millions of dollars)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


2 000


4 000


6 000


8 000


71 125 194 356 942 956 1 199 1 431 1 580 1 729 1 874 1 958 2 090 2 471 2 954 3 821 4 637 5 169 5 907
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-100


0


100


200


300


400


500


- - 1.5 - 4.0 - 3.8 4.4 4.4 56.6 86.7 123.0 135.7 158.9 159.8 205.4 227.4 270.0 353.0 403.5 449.8
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-350


-300


-250


-200


-150


-100


-50


0


50


100


$
m


ill
io


n


4


14


N
um


be
r


Value
Number


- 336.1- - 0.2 - - - - - - 0.3 0.1 - 8.5 6.0 29.6 4.5
1 1 2 2 1 1 1 - 1 2 2 2 8 6 4 4 1


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-


1 000


2 000


3 000


$
m


il
li


o
n


-


10


20


30


40


N
u


m
b


er


Value


Number


488 167 206 1 103 139 2 825 2 313 1 104


5 7 6 5 8 36 29 33


2003 2004 2005 2006 2007 2008 2009 2010




Cambodia
91


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Millicom Intnl Cellular SA Radiotelephone communications Royal Group of Cos Ltd Cambodia 346 2009
Raffles Grand Hotel D Angkor Hotels and motels Kingdom Hotel Investments United Arab Emirates 35 2007
Angkor Wat Minerals Ltd Dimension stone Elray Resources Inc Canada 30 2008
Cambodia Samart Comm Co Ltd Radiotelephone communications Telekom Malaysia Bhd Malaysia 29 2006
Block A,Camboodia Crude petroleum and natural gas LG-Caltex Oil Corp Korea, Republic of 18 2003
Pacific Communications Pte Ltd Telephone communications Saigon Cables & Telecom Viet Nam 8 2006
Khmer Union Bank Banks KB Financial Group Inc Korea, Republic of 8 2009
Chateau De Bavet Club Co Ltd Hotels and motels Dreamgate Corp Bhd Malaysia 6 2007
Sport Social Affairs Co Ltd Macaroni, spaghetti and noodles PSC Corp Ltd Singapore 5 2010
Cambodia Air Traffic Service Co Airports and terminal services Samart Corp PCL Thailand 4 2006
Cambodia Beverage Co Bottled & canned soft drinks Fraser & Neave Ltd Singapore 2 1998
Delta Garden Co Ltd Land subdividers and developers TRC Synergy Bhd Malaysia 2 2009
Asia Insurance(Cambodia)Ltd Life insurance Mitsui Sumitomo Ins Co Japan 1 2004
Sincam Water Technology Co Ltd Service industry machines, nec Multistar Holdings Ltd Singapore 1 2006
Sincam Water Technology Co Ltd Service industry machines, nec Kheang Khun Cambodia 1 2008
Sing Guan Silk Screen Ltd Commercial printing, lithographic Astral Supreme Bhd Malaysia 1 2007
Cambodia Samart Comm Ltd Radiotelephone communications Samart Corp PCL Thailand 1 2006
Crystal Agro Co Ltd Crop planting and cultivating International Engineering PCL Thailand 1 2006
Regent College(Ariston Sdn Bhd) Colleges, universities and schools Melewar Group Bhd Malaysia 1 1997
Sincam Water Technology Co Ltd Service industry machines, nec Multistar Holdings Ltd Singapore 0 2006
June Textiles Co Ltd Broadwoven fabric mills, cotton Ramatex Bhd Malaysia 0 2003
Shanghai Mainland Construction Co Residential construction, nec General Corp Bhd Malaysia 0 1996
Suntex Investment Co Ltd Investors, nec Ocean Sky International Singapore 0 2004
Asbina Hotel & Property Ltd Land subdividers and developers Advance Synergy Bhd Malaysia 0 1997
GTS Power Ltd Electric services SAAG Consolidated Malaysia 0 2007
Low Keng Huat(Cambodia) Single-family housing construction General Corp Bhd Malaysia 0 1996
International Tradelogistics Ltd Trucking, except local Undisclosed Acquiror unspecified 0 2002
Premier Oil Pacific Lt Crude petroleum and natural gas Idemitsu Oil & Gas Ltd Japan - 1994
Bank of National Wealth Banks Investor Cambodia - 1995
American Cambodia Telcom Ltd Telephone communications Harrison Digicom Inc United States - 1999
Pich Tourist Co Ltd Travel agencies Exotissimo Travel Viet Nam - 2000
Cambrew Ltd Malt beverages Carlsberg A/S Denmark - 2005
GUL Mining Inc Business services, nec IPMG Canada - 2005
TEE Chem Pte Ltd Water supply TEE International Ltd Singapore - 2006
Sotelco Radiotelephone communications Alfa Group Consortium Russian Federation - 2007
Raffles Hotel Le Royal Hotels and motels Kingdom Hotel Investmts United Arab Emirates - 2007
Muhibbah Engineering Co Ltd Land subdividers and developers Muhibbah Engineering Malaysia - 2008
Mercury Investment Co Ltd Investors, nec Investor Group Malaysia - 2008
PPIC Co Ltd Engineering services HP Gauff Ingenieure Germany - 2009


Greenfield FDI projects, announced in 2003-2010


Name of company Estimated investment ($ million)
Estimated


jobs created Year Home country Sector Key business function


Leader Universal Holdings 1 331 240 2009 Malaysia Coal, oil and natural gas Electricity
GS Engineering & Construction 979 3 000 2008 Korea, Rep of Real estate Construction
Samart 670 131 2006 Thailand Coal, oil and natural gas Electricity
The Lion Group 627 2 212 2010 Malaysia Real estate Construction
Singapore Petroleum 486 389 2008 Singapore Coal, oil and natural gas Extraction
Chevron Corporation 408 204 2003 United States Coal, oil and natural gas Extraction
Chevron Corporation 362 211 2008 United States Coal, oil and natural gas Extraction
China Southern Power Grid 300 79 2009 China Alternative/renewable energy Electricity
China Datang Corporation 280 89 2008 China Alternative/renewable energy Electricity
Crown Holdings 204 258 2006 United States Metals Manufacturing
Crown Holdings 200 240 2010 United States Metals Manufacturing
Oberoi Group 169 174 2006 India Hotels and tourism Construction
Telekom Malaysia 150 237 2008 Malaysia Communications ICT and Internet infrastructure
Timeturns Holdings 130 77 2009 Cyprus Communications ICT and Internet infrastructure
VimpelCom 130 77 2009 Russian Federation Communications ICT and Internet infrastructure
Chunghwa Telecom 105 77 2008 Taiwan PoC Communications ICT and Internet infrastructure
Vietnam Airlines 100 98 2009 Viet Nam Aerospace Logistics, distribution & transportation
Transonic Travel 94 446 2004 Australia Hotels and tourism Retail
Siam Cement 79 752 2005 Thailand Building and construction Manufacturing
Thep Viet 70 176 2008 Viet Nam Metals Manufacturing
Vietnam Rubber Group 68 377 2008 Viet Nam Rubber Manufacturing
International Five Star Group 65 133 2009 Viet Nam Chemicals Manufacturing
Minebea 61 624 2010 Japan Electronic components Manufacturing
Khon Kaen Sugar Industry 60 457 2007 Thailand Food and tobacco Manufacturing
Golmart 59 534 2006 Viet Nam Food and tobacco Retail
New Island Clothing 56 1 670 2009 Mauritius Textiles Manufacturing
Yamaha 54 816 2008 Japan Non-automotive transport Manufacturing
The Keller Group 51 508 2009 United Kingdom Building and construction Manufacturing
Unilever 51 177 2005 United Kingdom Consumer products Logistics, distribution and transportation
Ve Wong 50 56 2008 Taiwan PoC Alternative/renewable energy Manufacturing
A-Max Holdings 50 660 2005 Hong Kong, China Leisure and entertainment Retail
Bertuzzi Food Technology 50 130 2004 Italy Beverages Manufacturing
Charie Hospital 48 172 2010 Viet Nam Healthcare Construction
Viettel 48 57 2009 Viet Nam Software and IT services ICT and Internet infrastructure
JSM Indochina 42 559 2007 Cayman Islands Real estate Construction
Fast Retailing 41 1 654 2003 Japan Textiles Manufacturing
Muhak 40 192 2008 Korea, Rep of Alternative/renewable energy Manufacturing
Charoen Pokphand Group 25 207 2008 Thailand Food and tobacco Manufacturing
Vietnam (IDICO) 25 7 2008 Viet Nam Alternative/renewable energy Electricity
OSK Holdings 24 29 2008 Malaysia Financial services Business services




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward92


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: Alcatel-Lucent (Thailand) Company Limited, British American Tobacco P.L.C., Deutsche Post Ag, •
Mitsui & Co. Ltd., Suzuki Motor Corporation, Toyota Tsusho Corporation, Vinci
Member of WAIPA as of January 2011: No•


BITs, as of December 2010


Economy Date of signature
Malaysia 17-Aug-1994
Thailand 29-Mar-1995
China 19-Jul-1996
Singapore 4-Nov-1996
Switzerland 12-Oct-1996
Korea, Republic of 10-Feb-1997
Germany 15-Feb-1999
Indonesia 16-Mar-1999
France 13-Jul-2000
Philippines 16-Aug-2000
Croatia 18-May-2001
Cuba 26-Sep-2001
Viet Nam 1-Sep-2001
Netherlands 23-Jun-2003
Austria 17-Dec-2004
Pakistan 27-Apr-2004
Japan 14-Jun-2007
Korea, Democratic People's Rep. of 1-Nov-2007
Czech Republic 12-May-2008
Kuwait 4-Aug-2008
Lao People's Democratic Republic 24-Nov-2008


Data on foreign affiliates of the United States in Cambodia, 1995-2008
(Millions of dollars in wages and salaries and value added; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number - - 1 1 1 1 1 1 1 2 2 4 4 4
Employees - - - 0.4 .. .. .. .. .. 0.6 0.6 0.6 0.6 0.6
Wages and salaries - - 1 5 .. .. .. .. .. 3 2 3 3 2
Value added - - 3 9 .. .. .. .. .. 18 27 30 39 48


Selected foreign affiliates in Cambodia, 2010


Company Home economy Industry Sales Employment
Year of


est.
Wuerth (Cambodia) Limited Germany Chemicals and allied products, nec - 24 2002
British American Tobacco Cambodia Limited United Kingdom Cigarettes .. 330 1996
Cambodia Shinawatra Company Limited Singapore Radiotelephone communications .. 300 1993
Kampot Cement Company Limited Thailand Cement, hydraulic .. 300 ..
Cambodia Suzuki Motor Co., Ltd. Japan Automobiles and other motor vehicles .. 32 ..
Bates Cambodia Limited United Kingdom Advertising agencies .. 30 1998
Ganad Khmer Printers Company Limited Malaysia Commercial printing, nec .. 30 1996
Alcatel-Lucent Cambodia Branch Thailand Electronic parts and equipment, nec .. 30 ..
Ockenden-Cambodia United Kingdom Individual and family social services .. 21 ..
141 Cambodia Limited. United Kingdom Advertising agencies .. 12 1994
Mitcam Steel Service Company Limited Japan Metals service centers and offices .. 6 2006
Applifone Company Limited Sweden Telephone communications, except radiotelephone .. .. 2006
Mindshare Cambodia Limited United Kingdom Advertising agencies .. .. 1998
Cpac Monier (Cambodia) Co., Ltd. France .. .. .. ..
Dhl Express Cambodia Ltd Germany .. .. .. ..
Dhl Logistics (Cambodia) Ltd Germany .. .. .. ..
Expeditors Cambodia Ltd United States .. .. .. ..
G4S Security Services Cambodia Ltd United Kingdom Detective, guard, and armored car services .. .. ..
H.I.S. (Cambodia) Travel Co., Ltd. Japan .. .. .. ..
Jardine Schindler (Cambodia) Limited Switzerland .. .. .. ..
Kuehne + Nagel Ltd Switzerland .. .. .. ..
Sika (Cambodia) Ltd Switzerland .. .. .. ..
Societe Concessionnaire Des Aeroports France .. .. .. ..
T.T.H.K. Co., Ltd Japan .. .. .. ..
Tipco Asphalt (Cambodia) Co., Ltd Thailand .. .. .. ..
Trans-Link Cambodia Ltd Kuwait .. .. .. ..
Yamaha Motor Cambodia Co.,Ltd. Japan .. .. .. ..


DTTs, as of December 2010


Economy Treaty Date of signature
..




Central African Republic
93


Area (‘000 km2): 2008 623.0
Population (millions): 2010 4.5
Capital city: Bangui
Official language: French and Sango
Currency: CFA franc
Exchange rate (period average): 2009 CFAfr 447.805 =$1
GDP in current prices (millions of dollars): 2009 2 009
Exports of goods and services (millions of dollars): 2009 185
Imports of goods and services (millions of dollars): 2009 384
Official development assistance (millions of dollars): 2009 99
External debt (millions of dollars): 2009 396


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Central African
Republic


Chad Sudan


Cameroon


Congo


Democratic Republic
of the Congo


Bangui


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


France 2.3 3.7 1.2 3.8 - - - - - - - - - -
Sweden - - - - - - - - - - - - - -
Morocco - - - - - - - 2.7 2.9 2.5 2.8 3.8 3.6 -
China - - - - - - - - - 2.0 4.0 4.0 4.0 -
Korea, Republic of - - - - - - 0.1 0.6 0.6 0.6 0.6 0.6 - 0.1


- 50


0


50


100


150


- 11 - 10 4 6 11 1 8 4 1 5 6 22 29 32 35 57 117 42 72
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 20


0


20


40


60


80


-5.9 -7.5 3.4 4.1 15.4 1.9 9.1 2.8 0.8 5.2 6.0 30.9 35.8 26.7 26.2 37.8 57.5 21.2 28.7


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward94


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


There is no data for income on FDI, 1992-2009


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


100


200


300


400


80 70 73 80 91 92 100 103 104 109 115 137 166 198 233 172 254 297 369
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-


1


2


3


$
m


il
li


o
n


0


1


2


3


N
u


m
b


er


Value
Number


- 2 1 - - 1 - - - - - - - - - - -
- 2 1 - - 1 - - - - - - - - - - -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
West African Batteries Storage batteries UTC Nigera Nigeria 2 1995
Meridien-BIAO-Centrafrique Banks Generale de Banque SA Belgium 1 1996
Banque Internationale,Centrafrique Banks Fortis SA/NV Belgium 1 1999


Boungou River Property Ltd
Metal mining
services


United Reef Ltd Canada - 1995


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


BTC Networks 400 123 2007 Saudi Arabia Communications ICT and Internet infrastructure




Central African Republic
95


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: Allianz Se•
Member of WAIPA as of January 2011: No•


BITs, as of December 2010


Economy Date of signature
Germany 23-Aug-1965
Switzerland 28-Feb-1973
Egypt 7-Feb-2000
Morocco 26-Sep-2006


Data on foreign affiliates of the United States in Central African Republic, 1995-2008
(Millions of dollars)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Assets - - - - .. 1 1 2 2 - - - - -
Sales - - - - .. 3 3 4 4 .. .. - .. -


Selected foreign affiliates in Central African Republic, 2010


Company Home economy Industry Sales Emloyment
Year of


est.
Cfao Motors Rca France Lumber, plywood, millwork, and wood panels .. 85 1974
Societe Centrafricaine Des Gaz
Industriels S A


France Industrial gases .. 27 1966


S D V Centrafrique France Arrangement of transportation of freight and cargo .. 25 ..
Agf Centrafrique Assurances Germany Life insurance .. .. ..


DTTs, as of December 2010


Economy Treaty Date of signature
..




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward96


Area (‘000 km2): 2008 1 284.0
Population (millions): 2010 11.5
Capital city: N’Djamena
Official language: French and Arabic
Currency: CFA franc
Exchange rate (period average): 2009 CFAfr 447.805 =$1
GDP in current prices (millions of dollars): 2009 6 824
Exports of goods and services (millions of dollars): 2009 3 001
Imports of goods and services (millions of dollars): 2009 1 973
Official development assistance (millions of dollars): 2009 355
External debt (millions of dollars): 2009 1 743


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Chad Niger
Libyan Arab Jamahiriya Egypt


Sudan


Nigeria


Central African Republic


N’Djamena


Cameroon


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


France 38.4 19.9 12.4 16.3 26.0 33.7 32.0 245.0 81.7 77.9 96.1 129.5 161.4 188.7
Portugal 1.4 4.0 - - - - - - - - - - - -
Sweden - 0.1 - 0.1 - 0.1 - 0.1 - 0.1 - 0.1 - 0.2 - - - - - - -
China - - 2.7 1.6 0.8 9.5 - - - 2.7 12.8 13.5 25.4 -
Korea, Republic of 0.1 0.1 - - - - - 0.6 - - - - - -


- 500


0


500


1 000


2 15 27 33 39 44 22 25 115 460 924 713 467 - 99 - 279 - 69 234 462 781


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 50


0


50


100


1.0 8.8 20.8 21.2 22.2 25.6 10.8 11.6 54.7 76.7 81.5 62.4 40.9 -8.3 -27.6 -6.2 18.5 35.1 26.6


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Chad
97


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


There is no data for income on FDI, 1992-2009


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


1 000


2 000


3 000


4 000


5 000


256 271 298 331 370 414 436 461 576 1 036 1 960 2 673 3 139 3 040 2 761 2 691 2 925 3 387 4 168
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-


5


10


15


20


25


$
m


il
li


o
n


0


1


2


3


4


N
u


m
b


er


Value
Number


- - - - - - 21.9 - - - - - - - - - -
- - - - - 3 1 - - - - - - 1 - 1 -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
EnCana(Chad)Holdings Ltd Natural gas transmission CNPC International Ltd China 203 2007
Societe National Sucriere, Tchad Cane sugar, except refining SOMDIAA France 22 2000
Banque Tchadienne de Credit Banks Investor Group France - 1999
Falcon Tchad SA Local trucking with storage Diversified Invts Africa United States - 1999
Portshop SA Retail stores, nec Diversified Invts Africa United States - 1999


Millicom Tchad SA
Radiotelephone
communications


Millicom Intl Cellular SA Luxembourg - 2009


-


500


1 000


1 500


2 000


$
m


il
li


o
n


-


1


2


N
u


m
b


er


Value


Number


- - - - - 1 587 472 -


- - - - - 1 1 -


2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward98


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


China National Petroleum 1 586.6 171 2008 China Coal, oil and natural gas Manufacturing


China National Petroleum 472.4 133 2009 China Coal, oil and natural gas
Logistics, distribution
and transportation


BITs, as of December 2010


Economy Date of signature
France 11-Aug-1960
Germany 11-Apr-1967
Switzerland 21-Feb-1967
Italy 11-Jun-1969
Morocco 4-Dec-1997
Egypt 14-Mar-1998
Qatar 22-Nov-1999
Benin 18-May-2001
Burkina Faso 18-May-2001
Mali 18-May-2001
Mauritius 18-May-2001
Guinea 15-Jun-2004
Lebanon 15-Jun-2004


Data on foreign affiliates of the United States in Chad, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 4 4 4 3 2 4 5 5 8 12 12 12 14 14
Assets 124 133 154 .. .. 532 .. .. .. 5 395 .. .. .. ..
Employees 0.3 0.3 0.3 0.2 .. - - - 0.6 1.2 0.7 0.8 0.8 0.7
Wages and Salaries 2 2 2 1 .. - - - 86 112 67 71 65 77
Value Added - 7 - 7 - 5 - 5 .. - 12 - 14 - 31 109 773 1 279 1 329 1 528 1 920
Sales - - - 7 .. 12 13 13 356 1 417 1 960 2 113 2 369 2 709


Selected foreign affiliates in Chad, 2010


Company Home economy Industry Sales Employment
Year of


est.
Cfao Motors Tchad France Automobiles and other motor vehicles 56 50 1987
Tchad Mobile Egypt Telephone communications, except radiotelephone .. 71 2002
Tchad Motors Industries S A France Automotive parts, supplies .. 20 1987
Millicom Tchad Sa Luxembourg Radiotelephone communications .. 14 2004
Laborex Tchad France Drugs, drug proprietaries, and druggists' sundries .. 10 1998
Pricewaterhousecoopers United States Legal services .. 10 1991
Geodis Tchad France Durable goods, nec .. .. ..
Strides Arcolab Limited India .. .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: None•
Member of WAIPA as of January 2011: No•


DTTs, as of December 2010


Economy Treaty Date of signature
..




Comoros
99


Area (‘000 km2): 2008 2.2
Population (millions): 2010 0.7
Capital city: Moroni
Official language: Arabic, Comorian and French
Currency: Comorian franc
Exchange rate (period average): 2009 Cfr 335.854 =$1
GDP in current prices (millions of dollars): 2009 529
Exports of goods and services (millions of dollars): 2009 73
Imports of goods and services (millions of dollars): 2009 221
Official development assistance (millions of dollars): 2009 29
External debt (millions of dollars): 2009 279


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Comoros
Moroni Indian Ocean


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Sweden - - - - - - .. - - - - - - -
United States - 1.0 - - - - - - 1.0 1.0 1.0 1.0 1.0 1.0
Brazil - - - - - - - 1.1 - - - - - -
China - - - - - - - - - - 4.1 4.1 4.1 -


- 2


0


2


4


6


8


10


- 1 - - 1 1 - - - - 1 - 1 1 1 1 8 8 9 9


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 5


0


5


10


15


20


-3.0 0.5 0.5 2.5 1.6 0.1 1.2 1.0 0.5 5.2 1.6 2.4 2.0 1.6 1.6 15.6 10.5 13.5 10.2


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward100


There are no cross-border M&A sales, 1994-2010


There is no data for income on FDI, 1992-2009


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


20


40


60


80


18 18 18 19 20 20 20 21 21 22 22 23 24 24 25 32 40 49 58
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-


2


4


6


8


10


$
m


ill
io


n


-


2


N
um


be
r


Value


Number


- - - - - 9 - -


- - - - - 1 - -


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Exim Bank (Tanzania) 9.2 16 2008 Tanzania, United Rep. of Financial services Business services


BITs, as of December 2010


Economy Date of signature
Egypt 13-Nov-1994
Belgium and Luxembourg 18-May-2001
Burkina Faso 18-May-2001
Burundi 18-May-2001
Mali 18-May-2001
Mauritius 18-May-2001


DTTs, as of December 2010


Economy Treaty Date of signature
France Income and Capital 27-Mar-1970


Other relevant information


Membership of relevant international agreements as of January 2011: ICSID•
Address of investment agency: Ministère de l’Economie et du Commerce et des Investissements, BP 324 Moroni, Comores•


Contact: Tel : +269 730 000, Fax : +269 7341 55, Email : moissulisoig@yahoo.fr
Fortune Globe 500 investors: None•
Member of WAIPA as of January 2011: No•


Data on foreign affiliates of the United States in Comoros, 1995-2008
(Millions of dollars)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Assets - - - - - - - - - 2 2 2 2 2
Sales - - - - - - - .. .. 2 2 2 2 2




Congo, Democratic Republic of
101


Area (‘000 km2): 2008 2 344.9
Population (millions): 2010 67.8
Capital city: Kinshasa
Official language: French
Currency: Congo franc
Exchange rate (period average): 2009 CDf 559.293 =$1
GDP in current prices (millions of dollars): 2009 11 126
Exports of goods and services (millions of dollars): 2009 2 152
Imports of goods and services (millions of dollars): 2009 4 040
Official development assistance (millions of dollars): 2009 1 102
External debt (millions of dollars): 2009 12 183


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Democratic
Republic of Congo


SudanCentral African Republic


Congo Uganda


United
Republic of
Tanzania


Angola


Zambia


Kinshasa


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Belgium - - 2.5 - - - - - - - - - - -
France - - - 2.5 - - - - - - - - - -
Germany - 9.0 3.7 - - 8.8 - 12.3 - 10.3 - 8.3 - - - - - - -
Portugal - 0.1 0.1 - - - - - 0.1 - - - - - -
Sweden - - - - - - - - - - - - - -
United States - 26.0 21.0 - 15.0 - 18.0 - - - 55.0 65.0 51.0 21.0 - - -
China 0.1 11.9 5.1 36.7 57.3 24.0 - 0.2 15.7 25.1 37.6 104.4 134.1 -
Korea, Republic of 0.1 0.0 - 1.1 2.5 - 0.4 2.6 2.7 2.7 5.8 8.4 8.1 8.6


- 500


0


500


1 000


1 500


2 000


- 1 7 - 2 - 22 25 - 44 61 11 72 80 141 391 409 - 256 1 808 1 727 951 936


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 25


0


25


50


75


100


-0.1 2.9 -0.3 -4.1 2.8 -8.7 13.5 4.7 13.1 20.0 29.6 55.2 33.7 0.0 18.5 92.8 61.4 40.0 24.3


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward102


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


There is no data for income on FDI, 1992-2009


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


1 000


2 000


3 000


4 000


5 000


558 565 563 541 566 522 583 594 617 699 816 974 984 908 801 1 521 2 521 3 058 3 994
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-


50


100


150


200


$
m


il
li


o
n


-


1


2


3


4


5


6


N
u


m
b


er


Value
Number


- - - 15.4 - - - 4.0 - - - - - - - 5.0 175.0
- - 2 1 - - 2 3 - - - 3 1 5 2 4 1


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year


DRC Resources Holdings Ltd
Ferroalloy ores, except
vanadium


Central African Mining & Expl United Kingdom 732 2008


Credit du Congo SA Banks Attijariwafa Bank Morocco 324 2009
Camrose Resources Ltd Copper ores Eurasian Natural Resources United Kingdom 175 2010
Oasis Telecom Telephone communications Millicom Intl Cellular SA Luxembourg 35 2005
Moto GoldMines Ltd Gold ores Moto Goldmines Ltd Australia 33 2008
Congo Resources Join Venture Copper ores Central African Mining & Expl United Kingdom 26 2006
Kasai Resource Mining Ltd Misc nonmetallic minerals Namakwa Diamonds Ltd South Africa 5 2009
Afrima Motor vehicle dealers Undisclosed Acquiror unspecified 4 2001
Agbarabo Zone Gold ores Moto Goldmines Ltd Australia 1 2005


Afri-Transit
Public finance and monetary
policy


Undisclosed Acquiror unspecified - 2001


Auto-One Motor vehicle dealers Undisclosed Acquiror unspecified - 2001
Tangold Prospect Gold ores Moto Goldmines Ltd Australia - 2005
BOSS Mining SPRL Ferroalloy ores Central African Mining & Expl United Kingdom - 2007
Hewa Bora Airways Air transportation, scheduled SN Airholding Belgium - 2007
Vetco International Ltd Crude petroleum and natural gas Medior Italia Italy - 2007
Immoaf SA Travel agencies Undisclosed Acquiror unspecified - 2007
Kamoto Operating Ltd Copper ores Katanga Mining Ltd United Kingdom - 2009
Plantations et Huileries du Congo Cash grains, nec TriNorth Capital Inc Canada - 2009




Congo, Democratic Republic of
103


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


500


1 000


1 500


2 000


2 500


3 000


3 500


$
m


il
li


o
n


-


4


8


12


16


N
u


m
b


er


Value


Number


379 764 2 158 1 427 1 042 3 316 41 687


3 2 10 8 5 15 5 7


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Rakeen Development 1 293 1 176 2008 United Arab Emirates Real estate Construction


Freeport McMoRan 900 1 322 2008 United States Metals Extraction


Anvil Mining 550 808 2008 Australia Metals Extraction


Maurel & Prom 522 215 2006 France Coal, oil and natural gas Extraction


Maurel & Prom 522 215 2004 France Coal, oil and natural gas Extraction


Total 522 215 2005 France Coal, oil and natural gas Extraction


Zhejiang Huayou 350 450 2007 China Minerals Extraction


Banro 242 1 667 2005 Canada Metals Extraction


Metorex Group 242 1 667 2006 South Africa Metals Extraction


Phelps Dodge 242 1 667 2006 United States Metals Extraction


Tiger Resources 242 1 667 2005 Australia Metals Extraction


El Niño Ventures 242 1 667 2007 Canada Metals Extraction


Banro 242 1 667 2004 Canada Metals Extraction


Anvil Mining 242 1 667 2005 Australia Metals Extraction


Tiger Resources 234 1 524 2010 Australia Metals Extraction


Banro 234 1 524 2010 Canada Metals Extraction


Banro 234 1 524 2003 Canada Metals Extraction


Camec 228 488 2005 United Kingdom Metals Manufacturing


First Quantum Minerals 226 332 2005 Canada Metals Extraction


KNL-Metal 223 448 2007 Korea, Republic of Metals Manufacturing


Katanga Mining 223 448 2006 Canada Metals Manufacturing


Zhejiang Jeans Industry 223 448 2007 China Metals Manufacturing


Anvil Mining 223 448 2005 Australia Metals Manufacturing


Anvil Mining 223 448 2005 Australia Metals Manufacturing


RAK Investment Authority 200 1 588 2008 United Arab Emirates Metals Manufacturing


Metorex Group 190 138 2008 South Africa Chemicals Manufacturing
China National Complete Plant
Import & Export Corporation


184 122 2010 China Chemicals Manufacturing


Jindal Organisation 164 306 2006 India Building and construction Manufacturing


Kinross Gold 135 263 2003 Canada Metals Extraction


Shoprite 80 400 2008 South Africa Food and tobacco Retail


Pangea DiamondFields 45 233 2008 United Kingdom Minerals Manufacturing


Nestle 30 261 2010 Switzerland Beverages Manufacturing


Copper Resources 23 183 2006 Australia Metals Manufacturing


Jindal Organisation 20 26 2009 India Minerals Extraction




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward104


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, TRIMS, GATS and TRIPS•
Address of investment agency: National Agency for investment Promotion of the Democratic Republic of Congo, Avenue •
Colonel EBEYA n° 54, 2ème niveau, Immeuble de la Reconstruction (ex-Sozabanque), Kinshasa/Gombe, Boite Postale 1797
Kinshasa


Contact: Tel: +243-99 99 25 026, E-mail : anapi.investindrc@yahoo.fr, Web site : www.anapi.org
Fortune Globe 500 investors: Bnp Paribas, British American Tobacco P.L.C., Eni Spa, Fiat Spa•
Member of WAIPA as of January 2011: YES•


BITs, as of December 2010


Economy Date of signature
Germany 18-Mar-1969
France 5-Oct-1972
Switzerland 10-Mar-1972
United States 3-Aug-1984
Israel 14-May-1985
Greece 26-Apr-1991
China 18-Dec-1997
Egypt 18-Dec-1998
Jordan 23-Jun-2004
South Africa 31-Aug-2004
Belgium and Luxembourg 17-Feb-2005
Korea, Republic of 17-Mar-2005
Italy 13-Sep-2006


DTTs, as of December 2010


Economy Treaty Date of signature
Spain Air Transport 14-Jun-1969
South Africa Income 29-Apr-2005
Belgium Income and Capital 23-May-2007


Data on foreign affiliates of the United States in Congo, Democratic Republic of, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number - - 6 5 6 7 7 7 7 5 4 4 4 5
Assets - - 470 189 184 236 213 232 336 .. .. 213 263 ..
Employees - - 0.4 0.4 0.4 0.4 0.2 0.2 0.2 0.4 0.4 0.5 0.6 ..
Wages and salaries - - 14 6 7 6 6 9 10 7 2 2 2 ..
Value added - - 71 31 24 51 31 53 96 41 12 20 11 ..
Sales - - - 87 106 160 129 123 139 .. .. .. .. ..


Selected foreign affiliates in Congo, Democratic Republic of, 2010


Company Home economy Industry Sales Employment
Year of


est.
Brasseries, Limonaderies Et Malteries Sarl Switzerland Malt beverages 236 20 000 1923


Enterprises De Transport Maritime Et Ariens France
Arrangement of transportation of freight
and cargo


118 10 1998


Chemaf Sprl United Kingdom Copper ores 55 300 2001
Perenco Rdc France Oil and gas field exploration services 35 3 000 2000
Tractafric Congo Sprl France Automobiles and other motor vehicles 25 120 2001


Sait Telecom S P R L Egypt
Telephone communications, except
radiotelephone


17 120 2002


Utexafrica S A R L Belgium
Orthopedic, prosthetic, and surgical
supplies


12 1 850 1923


Congo Korea Telecom S A R L Korea Rep Of
Telephone communications, except
radiotelephone


5 150 2000


Cellco-Ste Cellulaire Du Congo Sarl Portugal
Telephone communications, except
radiotelephone


1 100 2001


Celtel Congo Sa Netherlands Communications services, nec .. 5 000 2000
Societe Congolaise Industrielle De Bois Sa Germany Sawmills and planing mills .. 1 700 1972
Congolaise De Raffinage S A Congo Oil and gas field services, nec .. 1 200 2002


Laborex Congo S A France
Drugs, drug proprietaries, and
druggists' sundries


.. 900 1974


Tabacongo Sarl United Kingdom Cigarettes .. 460 1950
Agip Congo S A Italy Oil and gas field exploration services .. 350 1968
Agip Recherches Congo Italy Oil and gas field exploration services .. 350 1968
Eni Congo S A Italy Oil and gas field exploration services .. 350 1968
Banque Commerciale Du Congo Sarl France Commercial banks, nec .. 310 1909
Foberd Congo S A R L Cameroon Hardware .. 250 2000
Auto Transport Compagnie S A Congo Automotive parts, supplies .. 40 1979
Agence Afrcaine De Distribution De Materiel France Motor vehicle dealers (new and used) .. 20 1971
Societe Miniere Du Congo Canada Metal mining services .. 5 1998
Cfao Motors Rdc France Services, nec .. .. ..
Iveco S.P.R.L. Italy Automobiles and other motor vehicles .. .. ..




Djibouti
105


Area (‘000 km2): 2008 23.3
Population (millions): 2010 0.9
Capital city: Djibouti
Official language: French and Arabic
Currency: Djibouti franc
Exchange rate (period average): 2009 Dfr 177.721 =$1
GDP in current prices (millions of dollars): 2009 1 047
Exports of goods and services (millions of dollars): 2009 427
Imports of goods and services (millions of dollars): 2009 688
Official development assistance (millions of dollars): 2009 108
External debt (millions of dollars): 2009 752


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Djibouti
Eritrea Yemen


Ethiopia


Somalia


Djibouti


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


France 14.7 13.7 21.1 17.6 - - - - - - - - - -
Germany - - 1.2 - - - - - - - - - - - -
Sweden - - - - - - - - - - - - - -
United States - 1.0 - - - - 1.0 - 2.0 - 2.0 6.0 - - 2.0 1.0 - - 2.0
Brazil - - - - - - - - 11.5 - - - - -
China - - - - 1.0 - - - 0.4 0.4 0.6 1.6 1.6 -
Korea, Republic of - - - - - - - 0.3 0.3 0.3 0.3 0.3 - -


0


50


100


150


200


250


2 1 1 3 3 3 3 3 3 3 3 14 39 22 108 195 229 100 32
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


10


20


30


40


50


60


1.9 1.2 1.2 3.4 3.4 3.0 4.0 6.8 4.8 7.2 5.7 12.1 27.4 13.5 40.2 54.6 50.0 26.2 9.4


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward106


There are no cross-border M&A sales, 1994-2010


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


200


400


600


800


1 000


17 19 20 23 27 29 33 37 40 43 47 61 100 159 322 518 752 852 884
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


2


4


6


8


3.3 2.6 2.9 4.6 4.7 4.5 4.4 4.0 4.2 4.3 4.4 6.0 6.0 5.9 5.9 4.2 4.9 5.3
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


500


1 000


1 500


2 000


$
m


ill
io


n


-


2


4


N
um


be
r


Value


Number


- - 300 528 5 1 723 1 295 1 387


- - 1 2 1 3 2 3


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Dubai World 1 376 1 124 2010 United Arab Emirates Real estate Construction
Bayan Holding 1 292.9 1 176 2009 Kuwait Real estate Construction
Qatari Diar 1 292.9 1 176 2008 Qatar Real estate Construction


Reykjavik Energy Invest 420.5 89 2008 Iceland
Alternative/renewable
energy


Electricity


DP World 400 1 690 2006 United Arab Emirates Transportation
Logistics, distribution and
transport


Dubai Ports Authority 300 1 268 2005 United Arab Emirates Transportation
Logistics, distribution and
transport


Dubai World 127.7 211 2006 United Arab Emirates Hotels and tourism Construction
Cooperative and Credit Agri Bank 9.2 16 2008 Yemen Financial services Business services
Exim Bank (Tanzania) 9.2 16 2010 Tanzania, United Rep of Financial services Business services
Michael-Bruno 4.6 7 2007 United States Business services Business services
AP Moller - Maersk 1.6 10 2010 Denmark Transportation Sales, marketing and support
Bahrain Maritime & Mercantile Internat'l 1.6 10 2009 Bahrain Transportation Sales, marketing and support




Djibouti
107


BITs, as of December 2010


Economy Date of signature
Egypt 21-Jul-1998
Malaysia 3-Aug-1998
Switzerland 4-Feb-2001
China 18-Aug-2003
India 19-May-2003
Italy 8-Feb-2006
France 13-Dec-2007


DTTs, as of December 2010


Economy Treaty Date of signature
..


Data on foreign affiliates of the United States in Djibouti, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 1 1 1 1 1 1 1 2 1 1 1 1 1
Assets 13 15 15 15 .. .. .. .. .. .. .. .. .. ..
Employees 0.1 0.1 0.1 0.1 .. .. .. .. .. - - - .. ..
Wages and salaries 2 2 2 2 .. .. .. .. .. 2 2 2 .. ..
Value added 3 4 4 4 .. .. .. .. .. 8 9 10 .. ..
Sales - 24 25 22 .. .. .. .. .. .. .. .. .. ..


Selected foreign affiliates in Djibouti, 2010


Company Home economy Industry Sales Employment
Year of


est.
China State Construction Engineering Corp. China Nonresidential building construction, nec 1 120 1985


Total Djibouti Sa France
Liquefied petroleum gas (bottled gas)
dealers


.. 50 1964


Group 4 Securicor Djibouti Sarl G4S United Kingdom
Detective, guard, and armored car
services


.. 50 ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: National Investment Promotion Agency, ANPI – B.P. 1884, Rue de Marseille, Djibouti•


Contact: Tel : (+253) 31 21 02, Fax : (+253) 35 88 37, E-mail : anpi@intnet.dj
Fortune Globe 500 investors: China State Construction Engineering Corporation, Total Sa•
Member of WAIPA as of January 2011: YES•




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward108


Area (‘000 km2): 2008 28.1
Population (millions): 2010 0.6
Capital city: Malabo
Official language: Spanish and French
Currency: CFA franc
Exchange rate (period average): 2009 CFAfr 447.805 =$1
GDP in current prices (millions of dollars): 2009 11 864
Exports of goods and services (millions of dollars): 2009 10 181
Imports of goods and services (millions of dollars): 2009 5 728
Official development assistance (millions of dollars): 2009 25
External debt (millions of dollars): 2009 ..


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Equatorial Guinea
Cameroon


Gabon


Malabo


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


France 2.3 1.2 - 2.5 28.9 - - - - - - - - - -
Germany - - - 2.5 1.4 1.5 - - - - - - - -
United States 1 025 - 420 324 678 - 93 - 917 473 3 188 1 448 1 774 2 864 2 984 2 998 3 472
Brazil - - - - 1.0 2.0 - - - - - 3.0 0.3 -
China 0.5 1.7 6.4 10.2 12.8 - 4.9 - 8.6 10.2 16.6 30.4 44.6 40.6 -


-1 000


0


1 000


2 000


6 22 17 63 248 53 275 154 154 941 323 690 341 769 470 1 243 - 794 1 636 1 369


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 40
- 20


0
20


40
60
80


100


10.0 35.8 26.5 48.0 85.1 13.9 57.8 27.4 21.2 76.1 48.7 59.0 27.3 49.2 20.4 37.3 -19.8 29.0 25.9


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Equatorial Guinea
109


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


There is no data for income on FDI, 1992-2009


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


2 000


4 000


6 000


8 000


10 000


73 95 112 175 423 476 751 905 1 060 2 001 2 324 3 014 3 355 4 124 4 593 5 836 5 042 6 679 8 048


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-2 500


-2 000


-1 500


-1 000


- 500


-


500


1 000


$
m


il
li


o
n


0


1


2


N
u


m
b


er


Value


Number
- - - - - - - - - - - - - - -2 200 - -
- - - - - - - 1 1 - 1 - - - 1 - -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Devon Energy Corp Crude petroleum and natural gas Equatorial Guinea Equatorial Guinea 2 200 2008
CMS Energy Corp Crude petroleum and natural gas Marathon Oil Co United States 993 2002
Block L(Chevron Corp) Crude petroleum and natural gas Triton Energy Ltd United States - 2001
Equatorial Guinea-Block I Crude petroleum and natural gas Noble Energy Inc United States - 2004


-


1 000


2 000


3 000


4 000


$
m


il
li


o
n


-


2


4


N
u


m
b


er


Value


Number


1 881 - - 85 - 6 2 887 1


2 - - 3 - 1 2 1


2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward110


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


E.On 1 586.6 171 2009 Germany Coal, oil and natural gas Manufacturing
Marathon Oil 1 400 322 2003 United States Coal, oil and natural gas Manufacturing
Noble Energy 1 300 363 2009 United States Coal, oil and natural gas Extraction
ExxonMobil 480.9 289 2003 United States Coal, oil and natural gas Extraction
PetroSA 50 12 2006 South Africa Coal, oil and natural gas Extraction
ExxonMobil 30 132 2006 United States Warehousing and storage Logistics, distribution and transport
Africa Sun 6.2 66 2008 Zimbabwe Hotels and tourism Education and training
PetroSA 5 12 2006 South Africa Coal, oil and natural gas Sales, marketing and support
Sillenger Exploration 1.3 7 2010 Canada Metals Sales, marketing and support


BITs, as of December 2010


Economy Date of signature
France 3-Mar-1982
Spain 22-Nov-2003
South Africa 17-Feb-2004
China 20-Oct-2005
Morocco 5-Jul-2005
Ethiopia 11-Jun-2009
Portugal 16-Jan-2009


Data on foreign affiliates of the United States in Equatorial Guinea, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 2 3 5 6 7 7 8 8 8 14 22 22 24 24
Assets 33 .. 904 1 376 2 045 2 076 4 001 7 101 10 421 14 596 16 572 20 032 21 835 20 501
Employees - - 0.1 0.1 0.1 0.1 0.2 0.2 0.4 0.6 0.8 0.8 0.9 0.9
Wages and salaries - 2 5 8 9 1 17 15 20 40 175 188 117 123
Value added 14 45 273 189 404 778 937 1 330 1 679 2 943 4 238 4 592 5 181 6 473
Sales 18 81 346 311 551 959 1 119 1 607 2 033 3 467 4 721 4 968 5 714 6 142


Selected foreign affiliates in Equatorial Guinea, 2010


Company Home economy Industry Sales Employment
Year of


est.
Schlumberger Technical Services Netherlands Antilles Drilling oil and gas wells 13 50 2000
Luba Freeport Ltd United Kingdom Oil and gas field services, nec 4 192 2006
Noble Energy Eg Limited United States Oil and gas field exploration services .. 1 398 1993
Bouygues Batiment Sucursal Guinea
Equatorial


France Residential construction, nec .. 450 1999


Mobil Equatorial Guinea
Incorporated


United States Oil and gas field exploration services .. 372 1996


Weatherford International Inc Switzerland Oil and gas field exploration services .. 47 1997


Guinebega S A Spain
Bottled & canned soft drinks &
carbonated waters


.. 14 1989


B I S Supplies Engineering Hong Kong Industrial machinery and equipment .. 5 2000
Cfao Motors Guinee Equatoriale France Automotive parts, supplies .. .. 2000
Autopista Aeropuerto Spain .. .. .. ..
Equatorial Guinea Cayman Islands Marinas .. .. ..
Racal Survey Equatorial Guinea
Limited


Netherlands Heavy construction, nec .. .. ..


Smit Terminals Sonagas S.A. Netherlands Water transportation services, nec .. .. ..
Wta - Houston Express Malabo United States Tour operators .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: Bouygues, Exxon Mobil Corporation, Noble Energy Inc., Schlumberger N.V.•
Member of WAIPA as of January 2011: No•


DTTs, as of December 2010


Economy Treaty Date of signature
..




Eritrea
111


Area (‘000 km2): 2008 117.6
Population (millions): 2010 5.2
Capital city: Asmara
Official language: Tigrinya, Arabic and English
Currency: Nakfa
Exchange rate (period average): 2009 ERN 15.375 =$1
GDP in current prices (millions of dollars): 2009 2 003
Exports of goods and services (millions of dollars): 2009 147
Imports of goods and services (millions of dollars): 2009 499
Official development assistance (millions of dollars): 2009 58
External debt (millions of dollars): 2009 1 019


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Eritrea


Sudan Saudi Arabia


Yemen


Somalia


DjiboutiEthiopia


Asmara


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Sweden - - - - - - - - - - - - - -
United States - 14.0 - 16.0 - 4.0 - - - - - 53.0 4.0 - - - - -
China - - - - 0.5 - 0.5 - 1.9 0.1 0.1 6.6 7.2 6.7 -


- 50


0


50


100


150


200


- - - - 37 41 149 83 28 12 20 22 - 8 - 1 - - - - 56
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 20


0


20


40


60


80


0.0 0.0 0.0 0.0 18.6 17.6 61.1 33.4 17.9 4.6 9.3 9.5 -3.5 -0.5 0.3 -0.1 -0.1 0.0 20.0


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward112


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


100


200


300


400


500


- - - - 37 78 226 310 337 350 370 392 384 383 383 383 383 383 438
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


1


2


3


4


5


- - - - - - 0.4 0.8 4.4 - - - - - - - - -
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Zara Gold Mine Gold ores Dragon Mining Ltd Australia 28 1999
Zara Gold Project Gold ores Chalice Gold Mines Ltd Australia 12 2010
Gold Corp of Africa Ltd Gold ores Marchmont Gold Corp Canada - 2000
Shell Eritrea Ltd Petroleum bulk stations Libyan Government Libyan Arab Jam. - 2004


-


5


10


15


20


25


30


$
m


il
li


o
n


0


1


2


N
u


m
b


er


Value
Number


- - - - - 27.5 - - - - - - - - - - 11.7
- - - - - 1 1 - - - 1 - - - - - 1


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Eritrea
113


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


200


400


600


800


1 000


1 200


$
m


il
li


o
n


-


2


4


6


N
u


m
b


er


Value


Number


234 1 969 5 - - - -


1 1 4 1 - - - -


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Nevsun Resources 726.9 5001 2005 Canada Metals Extraction
Northern Mining Explorations 242.3 1667 2005 Canada Metals Extraction
Sunridge Gold 233.7 1524 2003 Canada Metals Extraction
Oil and Gas Development
(OGDCL)


5 12 2006 Pakistan Coal, oil and natural gas
Sales, marketing and
support


Sunridge Gold 1.3 2 2004 Canada Metals Extraction


BITs, as of December 2010


Economy Date of signature
Italy 6-Feb-1996
Qatar 7-Aug-2000
Uganda 30-Jun-2001
Netherlands 2-Dec-2003


Data on foreign affiliates of the United States in Eritrea, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number - - 1 1 3 3 3 3 2 2 1 1 - -
Assets - - .. - .. 28 30 31 .. .. .. .. - -
Employees - - .. - 0.3 0.3 0.3 0.3 .. - - - - -
Wages and salaries - - 1 - - 1 1 1 .. - - - - -
Value added - - - - .. .. .. .. .. 1 1 1 - -
Sales - - - - .. 22 24 24 .. .. .. .. - -


Selected foreign affiliates in Eritrea, 2010


Company Home economy Industry Sales Employment
Year of


est.
Perenco Eritrea Ltd France Petroleum and petroleum products wholesalers, nec 46 10 2001
Shell Eritrea Ltd United Kingdom Petroleum and petroleum products wholesalers, nec 20 54 1994
Eritrean Maritime Shipping
Services Entriprise


Denmark Water transportation services, nec .. 120 1991


Aramex International Jordan Arrangement of transportation of freight and cargo .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA•
Address of investment agency: Eritrea Investment Center, Ministry of Trade and Industry, P.O. Box 921, Asmara•


Contact: Tel: +291 111 8124, Fax : +291 112 4923
Fortune Globe 500 investors: A.P. Moller - Marsk A/S•
Member of WAIPA as of January 2011: No•


DTTs, as of December 2010


Economy Treaty Date of signature
..




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward114


Area (‘000 km2): 2008 1 104.3
Population (millions): 2010 85.0
Capital city: Addis Ababa
Official language: Amharic
Currency: Birr
Exchange rate (period average): 2009 Birr 9.59974 =$1
GDP in current prices (millions of dollars): 2009 32 319
Exports of goods and services (millions of dollars): 2009 3 388
Imports of goods and services (millions of dollars): 2009 9 259
Official development assistance (millions of dollars): 2009 1 836
External debt (millions of dollars): 2009 5 025


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Ethiopia
Sudan


Eritrea
Yemen


Kenya
Somalia


Djibouti


Addis Ababa


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


France - 1.2 1.2 1.3 - - - - - - - - - -
Germany 9.0 - 1.2 - 2.5 1.3 5.5 4.4 2.8 - - - - - - -
Portugal - 0.0 - - - - - - - - - - - -
Slovakia - 7.1 0.9 - - - - - - - - - - -
Sweden - 0.2 - 0.1 - 0.2 - 0.1 - 0.1 - 0.3 - 0.4 - - - - - - -
United States 1.0 1.0 - 2.0 1.0 - - - 50.0 7.0 6.0 2.0 2.0 2.0 2.0
Turkey - - - - 4.0 6.0 - - - - - 6.0 11.0 -
China 1.0 0.4 4.9 24.0 13.3 9.7 - 4.8 7.9 29.8 95.6 108.9 126.5 -
Korea, Republic of - - - - - - - 1.9 1.9 1.9 1.9 1.9 1.9 1.9


0


200


400


600


- 4 17 14 22 288 261 70 135 349 255 465 545 265 545 222 109 94 374


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


5


10


15


20


25


30


0.0 0.4 2.0 1.5 1.8 25.6 15.8 4.3 8.2 20.2 13.7 24.9 21.3 9.4 14.9 4.7 2.0 1.3 5.5


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Ethiopia
115


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


1 000


2 000


3 000


4 000


5 000


131 134 151 165 187 476 737 807 941 1 291 1 546 2 011 2 556 2 821 3 366 3 588 3 697 3 790 4 164


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


10


20


30


- - - - 1.9 7.2 6.6 2.0 9.3 11.7 11.1 16.9 27.9 21.5 23.7 18.1 16.7 22.7


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


5


10


15


20


25


30


35


40


$
m


ill
io


n


0


1


2


3


N
um


be
r


Value


Number


- 27.4 - - - 36.0 - - - - - - - - - - -


- 2 - - - 1 - - - - - - - 2 - 1 -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
National Tobacco Enterprises Cigarettes Shaher Group Yemen 36 1999
Ethiopia-Pepsi-Cola Bottling Bottled & canned soft drinks Investor Ethiopia 17 1995
Shopping & Business Complex Operators of nonresidential buildings Undisclosed Acquiror unspecified 11 1995
Global Energy Ethiopia Ltd General farms, primarily crop Presaco Investments Ltd Cyprus 1 2009
RX for Africa Inc Biological products Diamond Entertainment United States - 2007
Shell Ethiopia Ltd Gas production and distribution Kenya Oil Co Ltd Kenya - 2007


-


1 000


2 000


3 000


$
m


ill
io


n


-


2


4


6


8


10


12


N
um


be
r


Value


Number


81 24 20 1 507 2 501 703 310 276


2 1 1 3 11 10 8 8


2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward116


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Huawei Technologies 1 500 2 370 2006 China Communications ICT and Internet infrastructure
Indus Investment 1 472.4 12 005 2007 United Arab Emirates Real estate Construction
Trans Global Petroleum 521.9 215 2008 United States Coal, oil and natural gas Extraction
S.S. Lootah Group 400 123 2007 United Arab Emirates Communications ICT and Internet infrastructure


e-Freight International 227.9 169 2007 United Arab Emirates Transportation
Logistics, distribution and
transportation


Farmers Best Agro Industry 221.07 1 127 2007 Germany Food and tobacco Manufacturing
Ayka Textile 100 5 000 2007 Turkey Textiles Manufacturing
Karuturi Global 100 550 2010 India Food and tobacco Manufacturing
Kanan Devan Hills Plantations 99 815 2009 India Beverages Manufacturing
EMAMI 80 72 2009 India Alternative/renewable energy Manufacturing
UAZ 76.3 1 043 2003 Russian Federation Automotive OEM Manufacturing
Xinxiang Kuroda Mingliang 67 1 140 2010 China Textiles Manufacturing
Ruchi Group 52 345 2010 India Food and tobacco Manufacturing
SunOpta 52 345 2009 Canada Food and tobacco Manufacturing
B&D Food Corporation 50 527 2007 United States Beverages Manufacturing
Global Energy 47.4 399 2008 United States Food and tobacco Manufacturing
Karuturi Global 47.4 399 2008 India Food and tobacco Manufacturing
Ethio-American Investment Group 37 390 2008 United States Beverages Manufacturing
Elsewedy Electric 36 235 2009 Egypt Electronic components Manufacturing
Nissan 27 759 2010 Japan Automotive components Manufacturing
DXN (DXN Holdings Berhad) 25 127 2009 Malaysia Food and tobacco Manufacturing
Matador 24.3 214 2004 Slovakia Rubber Manufacturing
Petronas 20 5 2005 Malaysia Coal, oil and natural gas Extraction
CGC Overseas Construction 15 55 2008 China Ceramics and glass Manufacturing
Cadila Healthcare 12.22 17 2007 India Pharmaceuticals Manufacturing
Erboru 12 95 2008 Turkey Metals Manufacturing
Chongqing Lifan Industry 10 97 2009 China Automotive OEM Manufacturing
Coop and Credit Agricultural Bank 9.2 16 2008 Yemen Financial services Business services
The China-Africa Development Fund 9.2 16 2010 China Financial services Business services
National Bank of Egypt (NBE) 9.2 16 2010 Egypt Financial services Business services
Export-Import Bank of India 9.2 16 2010 India Financial services Business services
Citigroup 9.2 16 2008 United States Financial services Business services
Commerzbank 9.2 16 2007 Germany Financial services Business services
Starbucks 6.2 66 2007 United States Beverages Education and training
ZTE 5.21 58 2006 China Communications Manufacturing
Petronas 5 1 2003 Malaysia Coal, oil and natural gas Extraction
Anmol Group 4.8 13 2009 India Paper, printing and packaging Manufacturing
CARE International 3.3 11 2009 Switzerland Business services Business services
African Reinsurance 2.8 17 2010 Nigeria Financial services Sales, marketing and support
Tata Group 2.2 8 2008 India Textiles Sales, marketing and support
Bumrungrad International 2.1 14 2006 Thailand Healthcare Sales, marketing and support
Mishkaat holding 2.1 17 2007 Pakistan Metals Manufacturing
Al Ghurair Group 1.3 7 2008 United Arab Emirates Metals Sales, marketing and support


Data on foreign affiliates of the United States in Ethiopia, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 2 3 3 3 2 3 3 3 3 2 2 1 1 1
Assets 23 64 58 57 .. 41 39 38 33 .. .. .. .. ..
Employees 0.5 0.6 0.6 0.6 .. 0.2 0.2 0.2 0.2 0.7 .. .. .. ..
Wages and salaries 1 2 2 2 .. 2 2 2 2 3 .. .. .. ..
Value added 38 48 49 54 .. 8 9 21 28 28 .. .. .. ..
Sales - - - 105 .. 105 119 120 130 .. .. .. .. ..


Data of foreign affiliates of Ethiopia in the United States, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 2 2 1 1 1 1 1 - - - - - - -
Assets 47 .. .. .. - - .. - - - - - - -
Employees 0.5 0.5 .. 0.4 - - .. - - - - - - -
Wages and salaries 8 9 .. 8 - - .. - - - - - - -
Value added 13 15 .. 14 .. .. .. - - - - - - -
Sales 44 .. .. .. - - .. - - - - - - -
Exports 26 .. .. .. - - .. - - - - - - -




Ethiopia
117


BITs, as of December 2010


Economy Date of signature
Italy 23-Dec-1994
Kuwait 14-Sep-1996
China 11-May-1998
Malaysia 22-Oct-1998
Switzerland 26-Jun-1998
Yemen 15-Apr-1999
Russian Federation 10-Feb-2000
Sudan 7-Mar-2000
Tunisia 14-Dec-2000
Turkey 16-Nov-2000
Denmark 24-Apr-2001
Algeria 4-Jun-2002
France 25-Jun-2003
Iran, Islamic Republic of 21-Oct-2003
Israel 26-Nov-2003
Netherlands 16-May-2003
Austria 12-Nov-2004
Germany 19-Jan-2004
Libyan Arab Jamahiriya 27-Jan-2004
Nigeria 19-Jan-2004
Sweden 10-Dec-2004
Belgium and Luxembourg 26-Oct-2006
Egypt 27-Jul-2006
Finland 23-Feb-2006
India 5-Jul-2007
South Africa 1-Jan-2008
Equatorial Guinea 11-Jun-2009
Spain 17-Mar-2009
United Kingdom 19-Nov-2009


DTTs, as of December 2010


Economy Treaty Date of signature
United Kingdom Air and Sea Transport 1-Feb-1977
Algeria Income and Capital 26-May-2002
Tunisia Income 31-Jan-2003
Israel Income 2-Jun-2004
South Africa Income 17-Mar-2004
Iran, Islamic Republic of Income 12-Feb-2005
Turkey Income 2-Mar-2005
Czech Republic Income 25-Jul-2007
China Income 14-May-2009


Selected foreign affiliates in Ethiopia, 2010


Company Home economy Industry Sales Employment
Year of


est.
Ries Engineering Share Company Panama Construction & mining (except petroleum) machinery 7 200 1965
Paul Ries & Sons (Ethiopia) Ltd Panama Drugs, drug proprietaries, and druggists' sundries 3 450 1865
Ageca (Ethiopia) Company Pvt Ltd Eritrea Drugs, drug proprietaries, and druggists' sundries 1 25 1950
Addis Tyre Company S C Slovakia Tires and inner tubes .. 830 1972
The Motor & Engineering Company of Ethiopia Ltd United Kingdom Automobiles and other motor vehicles .. 400 1958
Shell Ethiopia Ltd United Kingdom Petroleum and petroleum products wholesalers, nec .. 330 1950
Addis Ababa Hilton International United Kingdom Hotels and motels .. 320 1970
A B B Midrock Industrial Services P L C Switzerland Durable goods, nec .. 88 1999
Gcs - Ncr Ethiopia United States Computers and peripheral equipment and software .. 42 1961
G C S - N C R Ethiopia United States Computers and peripheral equipment and software .. 35 1961
Siemens Private Limited Germany Electrical appliances, television and radio sets .. 20 1967
Ayderus Hussien Mohammed Farag India Petroleum and petroleum products wholesalers, nec .. 20 1932
B A S F ( Ethiopia ) Ltd P L C Germany Chemicals and allied products, nec .. 17 1865
Rabeco East Africa Plc Sweden Chemicals and allied products, nec .. 10 ..
Sheba Investment Holdings Ethiopia Pvt Ltd Yemen Investors, nec .. 4 1999
Unfpa Cst United States Business services, nec .. .. 1991
Inchcape Ethiopia Ltd United Kingdom .. .. .. ..
Inchcape Shipping Services United Kingdom Business services, nec .. .. ..
Mitsui & Co., Ltd. Japan Automobiles and other motor vehicles .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID•
Address of investment agency: ETHIOPIAN INVESTMENT AGENCY, Addis Ababa , P.O. Box 2312•


Contact: Tel: (251)-11- 551 00 33 or 553 94 74, Fax: (251)-11-551 4396, Email: ethiopianinvest@ethioinvest.org
Fortune Globe 500 investors: Abb Ltd, Basf Se, Mitsui & Co. Ltd., Royal Dutch Shell Plc, Siemens Ag•
Member of WAIPA as of January 2011: YES•




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward118


Guinea-Bissau


Senegal


Senegal


Banjul


A
tla


nt
ic


O
c


e
a


n


Area (‘000 km2): 2008 11.3
Population (millions): 2010 1.7
Capital city: Banjul
Official language: English
Currency: Dalasi
Exchange rate (period average): 2009 D 22.1924 =$1
GDP in current prices (millions of dollars): 2009 736
Exports of goods and services (millions of dollars): 2009 215
Imports of goods and services (millions of dollars): 2009 365
Official development assistance (millions of dollars): 2009 23
External debt (millions of dollars): 2009 520


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Gambia


0


20


40


60


80


13 11 9 15 18 21 24 49 44 35 43 15 49 45 71 76 70 47 37
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - 0.2 - - - - - 0.5 0.3 0.5 0.2 - -
Germany - 1.2 1.2 2.5 1.4 1.5 1.4 - - - - - - -
Sweden - - - - - - - - - - - - - -
China - - - - - - - - 0.2 1.2 1.2 1.2 1.2 -


0


50


100


150


19.9 14.7 13.2 14.8 17.6 25.2 30.0 62.6 58.6 35.1 54.7 20.2 70.5 73.1 106.1 132.4 59.5 41.5 22.7


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Gambia
119


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


100


200


300


400


500


600


700


800


160 169 178 185 194 200 211 220 216 221 264 279 328 372 444 520 590 638 675
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


5


10


15


20


25


30


35


40


- - - - - - - - - - - 24.2 21.9 26.0 32.8 33.9 35.7 32.0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Senegambia Beach Hotel Ltd Hotels and motels Scoccimaro SpA United Kingdom - 2005
Coast Resources Ltd Industrial sand Astron Ltd Australia - 2008


-


100


200


300


400


500


600


$
m


ill
io


n


-


2


4


N
um


be
r


Value


Number


- - 400 83 9 21 21 537


- - 1 2 1 3 3 3


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Conpetro Nigeria 467.7 131 2010 Nigeria Communications ICT and Internet infrastructure
PT. Telekomunikasi Indonesia 400 123 2005 Indonesia Communications ICT and Internet infrastructure
Mahindra & Mahindra 72.9 1 047 2006 India Automotive OEM Manufacturing
Zenith Bank 60.5 95 2010 Nigeria Financial services Headquarters
Ecobank 18.4 32 2009 Togo Financial services Business services
Ecobank 18.4 32 2008 Togo Financial services Business services
Quantum Associates 9.7 119 2006 United States Business services Headquarters
Guaranty Trust Bank 9.2 16 2010 Nigeria Financial services Business services
Ecobank 9.2 16 2007 Togo Financial services Business services
Goldlink Insurance 2.8 17 2008 Nigeria Financial services Sales, marketing and support
International Investment
Group


2.8 17 2009 Kuwait Financial services Sales, marketing and support




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward120


BITs, as of December 2010


Economy Date of signature
Switzerland 22-Nov-1993
Mauritania 9-May-2001
Netherlands 25-Sep-2002
Qatar 17-May-2002
United Kingdom 2-Jul-2002
Morocco 20-Feb-2006
Spain 17-Dec-2008


DTTs, as of December 2010


Economy Treaty Date of signature
Denmark Income and Capital 22-Dec-1954
Switzerland Income and Capital 26-Aug-1963
United Kingdom Income and Capital 20-May-1980
Sweden Income and Capital 8-Dec-1993
Norway Income and Capital 27-Apr-1994
Taiwan Province of China Income and Capital 4-Jul-1997


Data of foreign affiliates of the United States in Gambia, 1995-2008
(Millions of dollars)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Assets - - - - - - - - - 1 1 1 1 1
Sales - - - - - - - .. .. 1 1 1 1 1


Selected foreign affiliates in Gambia, 2010


Company Home economy Industry Sales Employment
Year of


est.
M.A. Al Kharafi & Sons Ltd Kuwait Highway and street construction 100 2 000 2003
Galp Gambia Portugal Services, nec .. 40 ..
Cfao Gambia Limited France Electrical appliances, television and radio sets .. 23 1887
Abb Holdings (Pty) Ltd Switzerland Electric and other services combined .. .. ..
Gambia Shipping Italy Services, nec .. .. ..
Macmillan Edecation Ltd Germany Schools and educational services, nec .. .. ..
Phenix Gabon S A R L United Kingdom Services, nec .. .. ..
Satguru Travel & Tours Service United States .. .. .. ..
Standard Chartered Bank
Gambia Ltd


United Kingdom State banks,member fed reserve .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, TRIMS, GATS and TRIPS•
Address of investment agency: The Gambia Investment Promotion and Free Zones Agency (GIPFZA), Gipfza House, 48A •
Kairaba Avenue, Serrekunda, P.O. Box 757, Banjul


Contact: Tel: (+220) 4377377 or 4377616 / 8, Fax: 4377379, Website: www.gipfza.gm
Fortune Globe 500 investors: Abb Ltd•
Member of WAIPA as of January 2011: YES•




Guinea
121


Area (‘000 km2): 2008 245.9
Population (millions): 2010 10.5
Capital city: Conakry
Official language: French
Currency: Guinean franc
Exchange rate (period average): 2009 Gnf 5 500 =$1
GDP in current prices (millions of dollars): 2009 4 834
Exports of goods and services (millions of dollars): 2009 1 080
Imports of goods and services (millions of dollars): 2009 1 598
Official development assistance (millions of dollars): 2009 167
External debt (millions of dollars): 2009 2 926


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Guinea
Sierra Leone


Liberia


Mali
Senegal


Guinea-Bissau


Conakry


A
tla


nt
ic


O
ce


an


Côte
d’Ivoire


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - 2.0 0.3 - - - - 2.6 3.6 2.6 3.5 - -
France 6.8 3.7 7.5 7.5 - - - - - - - - - -
Germany - - - - - - 8.8 - - - - - - - -
Portugal - 0.1 - - - - - - 1.4 - - - - - -
Sweden - - - - - - 0.1 - 0.1 - - - - - - -
Morocco - - - - - - - 10.1 11.1 9.5 10.6 11.8 11.2 -
China 1.2 14.4 16.3 0.8 13.2 8.3 - 14.3 25.8 44.2 54.6 70.0 96.4 -
Korea, Republic of - 0.1 0.3 - 0.4 - - 0.1 0.1 0.4 0.4 0.8 0.5 0.5
Malaysia 7.4 3.7 4.3 - - - - 9.4 13.2 17.6 18.8 20.1 19.2 -


0


100


200


300


400


500


600


700


20 3 - 1 24 17 18 63 10 2 30 83 98 105 125 386 382 141 589
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


50


100


150


3.6 0.5 0.0 0.2 4.6 3.5 3.7 8.7 1.7 0.4 7.1 22.6 21.5 22.9 27.7 83.5 54.2 27.1 135.7


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward122


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


500


1 000


1 500


2 000


2 500


127 130 130 131 155 172 190 253 263 265 295 378 476 581 706 1 092 1 473 1 614 2 203
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-25


0


25


50


75


100


59.7 26.2 15.9 23.3 35.8 46.2 60.1 32.4 8.4 45.6 1.2 79.0 - - - 54.0 - 14.2 - 13.8
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


10


20


30


40


50


60


$
m


il
li


o
n


0


1


2


3


N
u


m
b


er


Value
Number


- - 50.0 - - - - - - 0.3 - 0.1 2.0 - - - -
- 1 1 - 1 1 - - - 2 - 1 2 1 - - -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company
Ult. home
economy


Value Year


Societe des
Telecommunications


Telephone communications Syarikat Telekom Malaysia Malaysia 50 1996


United Meridian Corp-Block B Crude petroleum and natural gas Mobil Corp United States 39 1995
Luba Freeport Ltd Crude petroleum and natural gas Lonrho Africa PLC United Kingdom 2 2006
Kosoko Gold Project Gold ores Chester Mining Ltd Australia 0.3 2003
Ressources Mandala Guinea Misc. nonmetallic minerals Searchgold Resources Inc Canada 0.3 2003
Societe Miniere Africaine Sarl Gold ores Cassidy Gold Corp Canada 0.1 2005
Equatorial Guinea-State Oil
Assets


Crude petroleum and natural gas Total SA France - 1998


Friguia(Guinea) Miscellaneous metal ores, nec Reynolds Metals Co United States - 1999
Block CI-205 Crude petroleum and natural gas NK LUKOIL Russian Federation - 2006


Guinea Alumina Corp Ltd Aluminum foundries Investor Group
United Arab
Emirates


- 2007




Guinea
123


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


DTTs, as of December 2010


Economy Treaty Date of signature
Serbia Income and Capital 22-Oct-1996


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Rio Tinto Group 1350 2631 2010 United Kingdom Metals Extraction
Russian Aluminium 350 2779 2004 Russian Federation Metals Manufacturing
Mitsubishi Corporation 242.3 1667 2006 Japan Metals Extraction
Kenor 233.7 1524 2003 Norway Metals Extraction
Alcoa 223.1 448 2004 United States Metals Manufacturing
Global Alumina 223.1 448 2004 United States Metals Manufacturing
Cassidy Gold 46.3 497 2005 Canada Minerals Extraction
West African Diamonds 46.3 497 2009 Ireland Minerals Extraction
African Diamonds 46.3 497 2005 Ireland Minerals Extraction
Stellar Diamonds 41.2 458 2010 United Kingdom Minerals Extraction
Searchgold Resources 41.2 458 2003 Canada Minerals Extraction
Skye Bank 9.2 16 2010 Nigeria Financial services Business services
Banque Sahelo Saharienne 9.2 16 2009 Libyan Arab Jamahiriya Financial services Business services


Hyperdynamics 5 12 2006 United States
Coal, oil and
natural gas


Sales, marketing and
support


MPC 3.3 11 2005 Nigeria Business services Business services


BHP Billiton 1.3 7 2006 Australia Metals
Sales, marketing and
support


BITs, as of December 2010


Economy Date of signature
Switzerland 26-Apr-1962
Italy 20-Feb-1964
Tunisia 18-Nov-1990
Malaysia 7-Nov-1996
Serbia 22-Oct-1996
Egypt 6-Mar-1998
Benin 18-May-2001
Cameroon 18-May-2001
Ghana 18-May-2001
Mali 18-May-2001
Mauritania 18-May-2001
Mauritius 18-May-2001
Morocco 2-May-2002
Burkina Faso 25-Mar-2003
Chad 15-Jun-2004
Lebanon 15-Jun-2004
China 18-Nov-2005
Germany 8-Nov-2006


-


500


1 000


1 500


$
m


il
li


o
n


-


2


4


N
u


m
b


er


Value


Number


275 796 96 249 - - 56 1 400


2 3 3 3 - - 2 3


2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward124


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: Office de Promotion des Investissements Privés (OPIP), BP 2024, Conakry•


Contact: Tel: (224) 41-49-85, Fax : (224) 41-39-90/41-49-85
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Bnp Paribas, Holcim Ltd, Nestlé S.A., Rio Tinto Plc•
Member of WAIPA as of January 2011: YES•


Data on foreign affiliates of the United States in Guinea, 1995-2008


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 2 2 1 1 2 2 2 2 2 3 3 3 2 1


Data on foreign affiliates of Guinea in the United States, 1995-2008


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number - - - - - - - 1 1 1 1 1 1 -


Selected foreign affiliates in Guinea, 2010


Company Home economy Industry Sales Employment
Year of


est.
Compagnie Des Bauxites De Guinee SA United States Miscellaneous metal ores, nec 3 500 3 000 1964
Societe Ashanti Goldfields De Guinee Sa Ghana Gold ores 108 1 978 1996


Associates Business Machines Guinee SA Senegal
Computers and peripheral equipment and
software


2 10 1996


Bureau Veritas S A France Management consulting services .. 9 000 1963
G4S Service De Securite Guinee Sarl Belgium Detective, guard, and armored car services .. 1 000 ..
Simfer Sa United Kingdom Engineering services .. 800 1997


Aredor Guinea S A Canada
Miscellaneous nonmetallic minerals, except
fuels


.. 500 1996


African Security Africa Ireland Detective, guard, and armored car services .. 350 2003
Societe Generale De Banques En Guinee
Sa


France Commercial banks, nec .. 210 1985


Ciments De Guinee Sa Switzerland Cement, hydraulic .. 151 1988
S D V Guinee S A France Water transportation services, nec .. 120 1986
Union Internationale De Banque En Guinee France Commercial banks, nec .. 110 1988
Entreprises De Transports Maritimes Et
Aeriennes


Italy
Arrangement of transportation of freight
and cargo


.. 109 1979


Metal Guinee Sa Ivory Coast Sheet metal work .. 105 1992
Nestle Guinea S A Switzerland Confectionery .. 100 1990


Maersk Guinee Sa Denmark
Arrangement of transportation of freight
and cargo


.. 60 1994


S G S Guinee Conakry S A Switzerland .. .. 60 1988
Sogedi France Industrial gases .. 39 1951
Societe Commerciale Des Bois Et
Materiaux


France Construction materials, nec .. 25 1992


Astipeche Conakry S A R L Spain .. .. 20 1997


Laborex Guinee France
Drugs, drug proprietaries, and druggists'
sundries


.. 20 1986


The Uniqueness Of Christ International
Ministries Inc


United States .. .. 15 ..


African Maritime Agency S A France
Arrangement of transportation of freight
and cargo


.. 5 2000


Egl, Inc Cayman Islands Ferries .. .. ..


Ep-Holding Guinee S.A
Serbia &
Montenegro


Engineering services .. .. ..


Maers Guinee Sa Denmark Services, nec .. .. ..
Saga Guinee France Transportation services, nec .. .. ..
Sgs Guinee Equatoriale Sa Switzerland Testing laboratories .. .. ..
The Clorox Company United States Retail stores, nec .. .. ..




Guinea-Bissau
125


Senegal


Guinea


Bissau


Area (‘000 km2): 2008 36.1
Population (millions): 2010 1.6
Capital city: Bissau
Official language: Portuguese
Currency: CFA franc
Exchange rate (period average): 2009 CFAfr 447.805 =$1
GDP in current prices (millions of dollars): 2009 460
Exports of goods and services (millions of dollars): 2009 184
Imports of goods and services (millions of dollars): 2009 258
Official development assistance (millions of dollars): 2009 52
External debt (millions of dollars): 2009 1 111


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Guinea-Bissau


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Germany - - - - 1.3 - 4.1 - 13.2 - 8.3 - - - - - - -
Portugal 1.9 - 0.1 0.1 - 0.3 - 14.8 11.0 - 2.5 8.8 6.8 5.9 6.6 8.8 62.6 -
Sweden - - - - - - - - - - - - - -
Korea, Republic of - 0.1 - - - - - - 0.1 0.1 0.1 0.1 - -


0


5


10


15


20


6 3 - - 1 11 4 1 1 - 4 3 9 8 17 19 6 14 9
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


10


20


30


40


10.0 4.5 0.8 0.1 1.7 19.8 33.9 3.0 2.2 1.2 7.7 7.5 25.8 18.2 32.8 34.7 9.5 15.3 6.4


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward126


There are no cross-border M&A sales, 1994-2010


There is no data for income on FDI, 1992-2009


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


BITs, as of December 2010


Economy Date of signature
China 7-Apr-2006


DTTs, as of December 2010


Economy Treaty Date of signature
..


0


50


100


150


200


16 19 20 20 21 32 37 37 38 38 42 95 112 105 135 171 167 181 190


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Champion Resources 480.9 289 2003 Canada Coal, oil and natural gas Extraction
France Telecom 400 123 2007 France Communications ICT and Internet infrastructure
Banque d'Afrique Occidentale 18.4 32 2009 Cameroon Financial services Business services
Ecobank 9.2 16 2007 Togo Financial services Business services


Selected foreign affiliates in Guinea-Bissau, 2010


Company Home economy Industry Sales Employment
Year of


est.
Petrogal Guine Bissau S A Portugal Offices of holding companies, nec .. 100 1991


Petromar Sociedade De Abastecimento Portugal
Petroleum and petroleum products
wholesalers, nec


.. 81 1985


Astipesca Bissau Lda Spain .. .. 80 1997
Guinetel Sa Portugal Radiotelephone communications .. 50 2003


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, TRIMS, GATS and TRIPS•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: None•
Member of WAIPA as of January 2011: No•


-


100


200


300


400


500


600


$
m


ill
io


n


-


2


4


N
um


be
r


Value


Number


481 - - - 409 - 18 -


1 - - - 2 - 2 -


2003 2004 2005 2006 2007 2008 2009 2010




Haiti
127


Area (‘000 km2): 2008 27.8
Population (millions): 2010 10.1
Capital city: Port-au-Prince
Official language: French and Creole
Currency: Gourde
Exchange rate (period average): 2009 G 39.1076 =$1
GDP in current prices (millions of dollars): 2009 7 061
Exports of goods and services (millions of dollars): 2009 978
Imports of goods and services (millions of dollars): 2009 2 458
Official development assistance (millions of dollars): 2009 704
External debt (millions of dollars): 2009 1 244


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Haiti Dominican
Republic


Bahamas


Cuba


Port-
au-Prince


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


France - 3.7 3.7 5.0 - - - - - - - - - -
Sweden - - - - - - - - - - - - - -
Canada - - - - - - - - - - - 8.1 - -
United States 10.0 7.0 22.0 35.0 33.0 - 1.0 - 36.0 74.0 77.0 100.0 137.0 115.0 113.0 76.0
Korea, Republic of - - - - - 10.0 6.1 - - - - - 10.0 16.1


- 50


0


50


100


150


200


- 2 - 2 - 3 - 2 4 4 11 30 13 4 6 14 6 26 160 75 30 38 42
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 10


0


10


20


30


-1.3 -1.9 -2.3 -0.7 1.0 1.0 2.4 5.8 2.9 1.1 1.6 3.5 1.3 5.0 24.7 9.5 3.3 4.0 1.9


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward128


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


150


300


450


600


161 158 156 153 157 41 51 81 95 99 105 119 124 150 311 386 415 446 488
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-1


0


1


2


3


4


5


- - - 3.8 - 0.4 - - - - - - - - - - - - -
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Telecommunications d'Haiti Radiotelephone communications Viettel Viet Nam 59 2010
Digicom Haiti Communications services, nec Atlantic Tele-Network Inc United States 2 1998
Societe Miniere Citadelle Gold ores Eurasian Minerals Inc Canada 1 2009
Bank of Boston Corp Banks Investor Group Haiti - 1996
La Mine Gold Project Gold ores Eurasian Minerals Inc Canada - 2006
Lamiel Gold Project Gold ores Eurasian Minerals Inc Canada - 2006
Betonex Concrete products Adonel Concrete United States - 2010


-


15


30


45


60


$
m


il
li


o
n


0


1


2


3


N
u


m
b


er


Value
Number


- - - - - - - - - - - - - - - 1.0 59.0
- - 1 - 1 - - - - - - - 2 - - 1 2


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Haiti
129


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


BITs, as of December 2010


Economy Date of signature
Germany 14-Aug-1973
United States 13-Dec-1983
France 23-May-1984
United Kingdom 18-Mar-1985
Dominican Republic 8-Oct-1999


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Digicel 130 205 2006 Jamaica Communications ICT and Internet infrastructure
Sirona Fuels 121 1540 2009 United States Alternative/renewable energy Manufacturing
Viettel 59 85 2010 Viet Nam Communications ICT and Internet infrastructure
European Student Services 14.7 24 2009 Ireland Financial services Business services
The World Bank Group 9.4 24 2005 United States Financial services Business services
BanDES 9.4 24 2006 Venezuela Financial services Business services
Hidalgo Mining International 1.1 6 2008 United States Metals Sales, marketing and support


Data on foreign affiliates of the United States in Haiti, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 4 5 5 4 3 3 4 3 3 3 3 4 4 4
Assets 31 62 70 65 67 59 97 90 109 130 134 .. .. ..
Employees 0.4 0.4 0.4 0.1 0.1 0.2 0.2 0.2 0.3 0.2 0.3 0.5 0.6 0.7
Wages and salaries 20 21 22 2 3 4 5 4 4 4 5 7 11 12
Value added 37 47 49 11 8 17 27 20 32 96 107 67 76 47
Sales - - - .. 95 106 143 126 160 194 228 247 321 317


Data of foreign affiliates of Haiti in the United States, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 2 2 - - - - - - - - - - - -
Assets 29 31 - - - - - .. - - .. .. - -
Employees 0.3 0.3 - - - - - - - - - - - -
Wages and salaries 7 7 - - - - - - - - - - - -
Value added 10 11 - - - - - - - - - - - -
Sales 55 58 - - - - - - - - - - - -


DTTs, as of December 2010


Economy Treaty Date of signature
..


-


50


100


150


$
m


il
li


o
n


-


2


4


N
u


m
b


er


- - 9 139 - 1 136 59Value


Number - - 1 2 - 1 2 1


2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward130


Selected foreign affiliates in Haiti, 2010


Company Home economy Industry Sales Employment
Year of


est.


Telecommunications D'Haiti Sam Vietnam
Telephone communications, except
radiotelephone


.. 1 260 2010


Texaco Haiti Inc. United States
Petroleum and petroleum products
wholesalers, nec


.. 500 1960


Communication Cellulaire D' Haiti Sa United States Services, nec .. 450 1998
Nestle Haiti S.A. Switzerland Cereal breakfast foods .. 100 ..
Atlantic Tele-Network Inc. Of Haiti, Sa United States Radiotelephone communications .. 68 1998
Cemex Haiti S.A. Mexico Construction materials, nec .. 5 ..
Agence France-Presse France News syndicates .. .. ..
Astar Air Cargo United States Transportation services, nec .. .. ..
Dhl International Haiti S.A. Germany Air courier services .. .. ..
Heritage Galerie (S.A.) United States Wood products, nec .. .. ..
Societe Generale De Surveillance Haiti Sa Switzerland Testing laboratories .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: Ministère du Commerce et de l'Industrie, 8 Rue Légitime Champs de Mars, Port-au Prince•


Contact: Tel: (509) 22 25 674, Fax: (509) 22 35 950
Fortune Globe 500 investors: Chevron Corporation, Deutsche Post Ag, Nestle S.A., Verizon Communications Inc.•
Member of WAIPA as of January 2011: YES•




Kiribati
131


Area (‘000 km2): 2008 0.7
Population (millions): 2010 0.1
Capital city: Tarawa
Official language: English
Currency: Australian dollar
Exchange rate (period average): 2009 A$ 1.19218 =$1
GDP in current prices (millions of dollars): 2009 75
Exports of goods and services (millions of dollars): 2009 13
Imports of goods and services (millions of dollars): 2009 119
Official development assistance (millions of dollars): 2009 22
External debt (millions of dollars): 2009 ..


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Kiribati
Tarawa


Pacific Ocean


- 10


0


10


20


30


- - 1 - - - 16 17 17 18 15 15 16 19 1 13 - 8 2 2 - 1
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 25


0


25


50


75


100


2.2 -4.2 2.4 0.0 0.0 74.5 84.0 69.6 76.4 71.9 61.9 44.8 44.3 1.4 25.6 -15.2 3.2 3.8 -2.4


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


50


100


150


200


1 - 1 1 1 17 34 51 69 84 99 115 134 135 148 139 141 143 142
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward132


There are no greenfield FDI projects, announced in 2003-2010


There are no cross-border M&A sales, 1994-2010


There is no data for income on FDI, 1992-2009


DTTs, as of December 2010


Economy Treaty Date of signature
United Kingdom Income and Capital 10-May-1950
Denmark Income and Capital 18-Nov-1954
Norway Income and Capital 18-May-1955
Sweden Income and Capital 19-Jan-1972
Australia Income and Capital 25-Mar-1991


Data on foreign affiliates of the United States in Kiribati, 1995-2008
(Millions of dollars)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Wages and salaries - - - - - - - - - 1 1 1 1 1
Value added - - - - - - - - - 1 1 1 1 1
Sales - - - - - - - .. .. 4 4 4 4 4


Other relevant information


Membership of relevant international agreements as of January 2011: None•
Address of investment agency: FOREIGN INVESTMENT COMMISSION. Ministry of Commerce, Industry and Tourism. PO Box •
510, Betio, Tarawa, KIRIBATI


Contact: Tel: (686) 26 157 / 26 158, Fax: (686) 21 824 / 21 082
Fortune Globe 500 investors: Australia And New Zealand Banking Group Limited•
Member of WAIPA as of January 2011: YES•


BITs, as of December 2010


Economy Date of signature
..




Lao People’s Democratic Republic
133


Area (‘000 km2): 2008 236.8
Population (millions): 2010 6.4
Capital city: Vientiane
Official language: Lao
Currency: Kip
Exchange rate (period average): 2009 K 8 744.22 =$1
GDP in current prices (millions of dollars): 2009 5 612
Exports of goods and services (millions of dollars): 2009 1 426
Imports of goods and services (millions of dollars): 2009 2 135
Official development assistance (millions of dollars): 2009 282
External debt (millions of dollars): 2009 5 539


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Lao People’s
Democratic Republic


Thailand


Myanmar
(Burma)


Viet Nam
China


Cambodia


Vientiane


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - 41.4 - - - - - - - - 4.3 5.9 -
France 1.1 11.2 1.2 - - - - - - - - - - -
Sweden - - - - - - - - - - - - - -
United States - - - - - - - - - 3.0 - 3.0 - 3.0 - 3.0 - 3.0 - 3.0
Australia - - - - - - - 0.2 - - - - - -
Japan - - - 1.0 - 3.2 3.0 0.1 - - - - - - -
China 0.8 3.6 20.6 48.0 154.4 87.0 - 9.1 15.4 32.9 96.1 302.2 305.2 535.7
Korea, Republic of 0.1 2.1 - 2.8 23.4 43.5 31.2 14.8 16.9 16.9 19.7 42.9 82.5 113.8
Malaysia - - - - - 10.8 - 6.8 6.8 6.8 7.3 7.8 17.8 -
Philippines 0.4 - - - - - - - - - - - - -
Thailand 1.4 1.1 - 13.8 14.1 58.4 164.7 - - - - - - - -


0


100


200


300


400


8 36 59 88 128 86 45 52 34 24 25 19 17 28 187 324 228 319 350
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


20


40


60


80


6.4 25.7 35.0 46.0 60.6 44.3 33.3 34.5 9.9 5.3 5.4 3.4 2.2 3.1 17.3 19.8 11.6 18.4 15.2


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward134


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


500


1 000


1 500


2 000


2 500


27 63 122 211 339 425 470 522 556 580 605 624 641 669 856 1 180 1 408 1 564 1 914
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


20


40


60


80


0.3 0.5 1.4 5.8 7.1 0.8 8.3 4.8 37.2 25.6 19.7 26.7 57.3 36.0 43.1 51.6 65.6 69.1
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


20


40


60


80


100


120


$
m


il
li


o
n


0


1


2


3


4


5


N
u


m
b


er


Value
Number


- - - - - - - - - - - - - - - - 110.0
- - - - - - 1 3 4 - 1 4 - 2 2 - 2


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Houay Ho Power Co Ltd Electric services Investor Group Belgium 145 2002
Daewoo Engineering & Const. Electric services Tractebel SA France 121 2002
Nam Theun 2 Power Co Ltd Cogeneration, alternative energy Investor Group Thailand 110 2010
Houay Ho Power Co Ltd Electric services Suez SA France 99 2001
Oxiana Resources Laos Ltd Investors, nec OZ Minerals Ltd Australia 85 2004
South East Asia Energy Co Ltd Electric services Ratchaburi Electricity Thailand 71 2005
Houay Ho Power Co Ltd Electric services Suez SA France 30 2001
Rio Tinto Exploration (Laos) Copper ores Oxiana Ltd Australia 22 2000
Phu Bia Mining Ltd Copper ores PanAust Ltd Australia 5 2008
Don Sahong Power Co Ltd Electric services Mega First Corp Bhd Malaysia 1 2010
Lao Soft Drink Co Ltd Bottled & canned soft drinks Carlsberg A/S Denmark 1 2007
Phu Bia Mining Ltd Copper ores Pan Australian Resources Australia 1 2001
South East Asia Energy Co Ltd Electric services Bangkok Expressway PCL Thailand 0 2005
Lao Brewery Co Ltd Malt beverages TCC International Hldgs Taiwan Province of China - 2002
Lao Brewery Co Ltd Malt beverages Carlsberg Brewery HK Ltd Denmark - 2002
Lao Brewery Co Ltd Malt beverages Carlsberg A/S Denmark - 2005
BGA Holdings Asia Ltd Investors, nec Oji Paper Co Ltd Japan - 2005
Lao Soft Drink Co Ltd Bottled & canned soft drinks Carlsberg A/S Denmark - 2007
Phu Bia Mining Ltd Copper ores Lao government Lao People's Democratic Republic - 2008




Lao People’s Democratic Republic
135


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


500


1 000


1 500


2 000


2 500


$
m


il
li


o
n


-


5


10


15


20


25


N
u


m
b


er


Value


Number


257 210 527 563 1 359 1 169 1 962 228


5 3 8 8 11 21 14 9


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Long Thanh Golf Invest. & Trading 1 000 1509 2009 Viet Nam Hotels and tourism Construction
Giant Group (GGL) 500 132 2007 Malaysia Alternative/renewable energy Electricity
China Nonferrous Metal Industry 500 1434 2009 China Metals Manufacturing
Aditya Birla 350 1043 2006 India Wood Products Manufacturing
Dai Thang 346 318 2008 Viet Nam Metals Extraction
Dak Lak Rubber Company 341 1885 2005 Viet Nam Rubber Manufacturing
Mega First Corporation 280 89 2008 Malaysia Alternative/renewable energy Electricity
China Southern Power Grid 280 89 2007 China Alternative/renewable energy Electricity
PetroVietnam 280 89 2007 Viet Nam Alternative/renewable energy Electricity
Mai Linh Group 280 89 2008 Viet Nam Alternative/renewable energy Electricity
Oxiana 247 403 2003 Australia Metals Extraction
Wuhan Iron and Steel Co 200 240 2010 China Metals Manufacturing
Pan Australian Resources 188 176 2004 Australia Metals Extraction


Giant Group (GGL) 179 228 2009 Malaysia Transportation
Logistics, distribution
and transportation


Oxiana 178 198 2007 Australia Metals Extraction
Rox Resources 173 159 2005 Australia Metals Extraction
Sun Paper 113 167 2009 China Paper, printing and packaging Manufacturing
Dak Lak Rubber Company 68 377 2006 Viet Nam Rubber Manufacturing
Hoang Anh Gia Lai 68 377 2008 Viet Nam Rubber Manufacturing
China Minmetals Group 60 67 2009 China Metals Extraction
Golmart 59 534 2006 Viet Nam Food and tobacco Retail
Universal Pacific 50 316 2009 Malaysia Real estate Construction
Dao Huong 45 117 2008 Viet Nam Beverages Manufacturing
Acleda Bank 41 70 2008 Cambodia Financial services Headquarters
Yagi 40 1475 2007 Japan Textiles Manufacturing
Pan Australian Resources 40 44 2007 Australia Metals Extraction


Viettel 35 55 2008 Viet Nam Communications
ICT and Internet
infrastructure


Kolao Group 31 35 2006 Korea, Republic of Alternative/renewable energy Manufacturing
Ho Chi Minh City Rubber 30 207 2008 Viet Nam Rubber Manufacturing
Mani 23 153 2009 Japan Medical devices Manufacturing
Mitr Phol Sugar 23 800 2006 Thailand Food and tobacco Manufacturing
Sun Holding 22 33 2004 Malaysia Hotels and tourism Construction
Heineken 17 44 2006 Netherlands Beverages Manufacturing
Roxwell 15 16 2007 Malaysia Coal, oil and natural gas Extraction
Vinacomin 15 17 2007 Viet Nam Metals Extraction




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward136


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, CREFAA•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: Allianz Se, Deutsche Post Ag, Hochtief Ag, Royal Dutch Shell Plc, Sodexo•
Member of WAIPA as of January 2011: No•


BITs, as of December 2010


Economy Date of signature
France 12-Dec-1989
Thailand 22-Aug-1990
Malaysia 8-Dec-1992
China 31-Jan-1993
Australia 6-Apr-1994
Indonesia 18-Oct-1994
Mongolia 3-Mar-1994
United Kingdom 1-Jun-1995
Germany 9-Aug-1996
Korea, Republic of 15-May-1996
Russian Federation 6-Dec-1996
Sweden 29-Aug-1996
Switzerland 4-Dec-1996
VietNam 14-Jan-1996
Cuba 28-Apr-1997
Singapore 24-Mar-1997
Denmark 9-Sep-1998
India 9-Nov-2000
Myanmar 5-May-2003
Netherlands 16-May-2003
Pakistan 8-Dec-2004
Cambodia 24-Nov-2008
Japan 3-Aug-2008


DTTs, as of December 2010


Economy Treaty Date of signature
Viet Nam Income 14-Jan-1996
Thailand Income 20-Mar-1997
China Income and Capital 25-Jan-1999
Korea, Republic of Income 29-Nov-2004
Malaysia Income 3-Jun-2010


Data on foreign affiliates of the United States in Lao People's Democratic Republic, 1995-2008
(Millions of dollars in assets, wages and salaries and value added; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Assets - - - - .. .. .. .. .. 8 .. 8 .. ..
Employees - - - - .. .. .. .. .. 0.1 .. 0.1 .. ..
Wages and salaries - - - - .. .. .. .. .. 1 .. 1 .. ..
Value added - 4 - 4 - 4 - .. .. .. .. .. 1 .. - .. ..


Data on foreign affiliates of Lao People's Democratic Republic in the United States, 1995-2008
(Millions of dollars in assets)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 1 - - - - - - - - - - - -
Assets 6 6 - - - - - - - - - - - -


Selected foreign affiliates in Lao People's Democratic Republic, 2010


Company Home economy Industry Sales Employment Year of est.
Lao Thai Hua Rubber Company Limited Thailand .. .. 200 ..


Diethelm & Co Ltd. Switzerland Drugs, drug proprietaries, and druggists' sundries .. 40 ..


Ch. Karnchang (Lao) Company Limited Thailand Heavy construction, nec .. .. 2006
Assurances Generales Du Laos Germany Life insurance .. .. ..
Dhl Laos Limited Germany Transportation services, nec .. .. ..
Lane Xang Mineral Co Ltd Australia .. .. .. ..
Lao Soft Drink Co Limited Denmark .. .. .. ..
Leighton Contractors (Laos) Co. Ltd Germany .. .. .. ..
Oji Lao Plantation Forest Company Limited Japan .. .. .. ..
Societe Shell Du Laos United Kingdom Petroleum refining .. .. ..
Sodexo Laos Pvt Ltd France .. .. .. ..




Lesotho
137


Area (‘000 km2): 2008 30.4
Population (millions): 2010 2.1
Capital city: Maseru
Official language: Sesotho and English
Currency: Loti
Exchange rate (period average): 2009 M 8.26122 =$1
GDP in current prices (millions of dollars): 2009 1 634
Exports of goods and services (millions of dollars): 2009 838
Imports of goods and services (millions of dollars): 2009 1 813
Official development assistance (millions of dollars): 2009 75
External debt (millions of dollars): 2009 705


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Lesotho South Africa
Maseru


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Sweden - - - - - - - - - - - - - -
United States - - - - - - - 3.0 2.0 - - 3.0 3.0 3.0
South Africa - - - - - - - 30.7 45.5 35.9 34.3 31.0 18.9 -
China - - 0.6 - - 0.6 0.1 0.2 - 0.6 7.6 7.6 8.2 8.3


0


50


100


150


8 15 43 23 28 32 27 33 32 28 27 42 53 57 89 97 56 48 53
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


10


20


30


1.4 3.4 8.9 4.1 5.1 5.6 6.1 7.5 9.9 10.9 12.3 13.0 16.2 17.0 25.2 23.7 12.1 9.4 8.9


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward138


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


200


400


600


800


1 000


1 200


98 113 155 179 207 239 265 298 330 358 385 427 480 537 629 735 934 1 075 1 129
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


20


40


60


80


50.2 30.5 44.9 71.5 44.9 41.0 51.0 26.0 15.0 16.0 12.0 14.0 21.0 11.0 12.0 12.9 - -
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Letseng Diamonds Misc nonmetallic minerals Gem Diamond Mining South Africa 128 2006
Vodacom Lesotho(Vodafone Group PLC) Telephone communications Sekhametsi Inv Csrtm Lesotho 1 2000
Lesotho National Insurance Co Life insurance African Life Assurance South Africa - 1995


-


10


20


30


40


50


$
m


il
li


o
n


-


1


2


N
u


m
b


er


Value


Number


41 - - - 46 17 22 41


1 - - - 1 1 1 1


2003 2004 2005 2006 2007 2008 2009 2010




Lesotho
139


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Gem Diamonds 46.3 497 2007 United Kingdom Minerals Extraction
MineGem 41.2 458 2003 Canada Minerals Extraction
Namakwa Diamond 41.2 458 2010 South Africa Minerals Extraction
Kopane Diamond Developments 22.1 233 2009 United Kingdom Minerals Manufacturing
Royal Philips Electronics 16.8 390 2008 Netherlands Consumer electronics Manufacturing


BITs, as of December 2010


Economy Date of signature
United Kingdom 18-Feb-1981
Germany 11-Nov-1982
Switzerland 16-Jun-2004


DTTs, as of December 2010


Economy Treaty Date of signature
South Africa Income and Capital 24-Oct-1995
Mauritius Income and Capital 29-Aug-1997
United Kingdom Income and Capital 29-Jan-1997


Data of foreign affiliates of the United States in Lesotho, 1995-2008
(Millions of dollars in assets, wages and salaries and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 1 1 1 - - - - - 1 1 2 2 2
Assets 3 3 3 3 .. 3 3 4 4 2 .. .. .. ..
Employees - - - .. .. - - - - - .. 0.3 .. 0.3
Wages and salaries .. .. - .. .. - - - - - .. 1 .. 1
Sales .. 8 8 7 .. 7 8 8 9 .. .. .. .. ..


Selected foreign affiliates in Lesotho, 2010


Company Home economy Industry Sales Employment
Year of


est.
Standard Bank Lesotho Ltd South Africa .. 1 282 .. 1957
J & G Transport Lesotho (Pty) Ltd South Africa .. 61 .. 1974
Seahlolo Transport Logistic Pty Ltd South Africa Passenger car rental 11 55 2005
Vodacom Lesotho Proprietory Limited United Kingdom Communications services, nec .. 70 1995
Edgars Stores Lesotho Pty Ltd South Africa Commodity contracts brokers and dealers .. 37 1968
Nyenye Clothing Manufacturing Pty Ltd South Africa .. .. .. 2006
Maseru Business Machines United States .. .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: The Lesotho National Development Corporation (LNDC), Block A, Development House, •
Kingsway Street, Maseru , Lesotho, 100


Contact: Tel: +266 22312012, or +266 52000214 or +266 52312012, Fax: +266 22310038,
E-Mail: info@lndc.org.ls or ce@lndc.org.ls


Fortune Globe 500 investors: Vodafone Group Plc•
Member of WAIPA as of January 2011: YES•




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward140


Area (‘000 km2): 2008 111.4
Population (millions): 2010 3.8
Capital city: Monrovia
Official language: English
Currency: Liberian dollar
Exchange rate (period average): 2009 L$ 63.2075 =$1
GDP in current prices (millions of dollars): 2009 876
Exports of goods and services (millions of dollars): 2009 279
Imports of goods and services (millions of dollars): 2009 613
Official development assistance (millions of dollars): 2009 342
External debt (millions of dollars): 2009 1 660


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Liberia
Sierra Leone


Guinea


Monrovia


Côte d’Ivoire


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Cyprus - - - - - 7.2 - 5.5 - 55.9 49.0 54.1 59.7 63.3 - 11.7
Denmark - - 1.0 - 61.0 3.1 - 8.8 - - 164.6 135.0 80.7 197.0 75.7 38.5
Estonia - - - - 0.4 - - - - - - 0.5 0.5 2.0
France 2.3 - 45.9 - 42.3 20.1 1.4 11.7 5.6 137.7 2.7 3.5 5.3 7.4 26.4 30.3
Germany 60.9 38.5 - 5.0 - 1.3 1.4 1.5 1.4 60.6 12.3 - - 16.2 - -
Slovenia - - - - - - - 24.9 44.5 70.9 83.5 121.0 201.7 237.0
Sweden - - - - - - - - - - - - - -
Norway - - - - - - - 792.5 1 045.2 961.9 992.3 1 209.4 988.4 -
United States 47.0 62.0 149.0 - 128.0 207.0 67.0 54.0 273.0 403.0 390.0 556.0 703.0 811.0 862.0
Israel - 11.4 - 7.6 - 10.6 - - - - 7.1 29.8 8.7 30.7 50.1 - -
Japan - - - 288.1 - 99.5 - 68.0 - 5.6 40.1 - - - - - - -
Brazil - - - - - - - 81.4 95.6 119.9 - - - -
Chile - - - - - - - - - - - - - -
Turkey - - - - - - - - 1.0 2.0 1.0 1.0 1.0 -
China 0.4 0.6 8.7 - 7.0 - 2.6 - 5.8 6.4 16.0 29.5 29.8 37.4 -
Hong Kong, China - - - 141.4 321.8 679.4 500.8 451.5 - - 2 876.5 2 997.0 5 268.2 5 367.4 5 415.5
Korea, Republic of - - - - - 0.5 1.5 0.3 0.3 0.3 0.3 0.3 0.5 2.0
Malaysia - - - - - - - 4.5 4.5 4.5 4.8 5.1 4.9 -
Croatia - 23.4 2.8 - 25.1 8.3 68.1 42.6 - 274.8 305.2 262.7 281.2 370.8 405.1 -
Russian Federation - - - - 39.0 34.0 - - - - - - - -


- 200


0


200


400


600


- 11 - 54 17 5 - 132 214 190 256 21 8 3 372 75 83 108 132 200 378 351
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 1 000


- 500


0


500


1 000


1 500


-36.5 -252.7 99.4 25.8 -627.1 597.5 435.6 590.1 53.8 30.8 11.4 982.4 122.3 98.6 80.4 100.8 128.1 239.3 202.1


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Liberia
141


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


1 000


2 000


3 000


4 000


5 000


6 000


2 729 2 676 2 693 2 698 2 565 2 779 2 970 3 226 3 247 3 255 3 258 3 630 3 705 3 788 3 896 4 027 4 227 4 605 4 956
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


5


10


15


20


25


- - - - - - - - - - - - 5.7 7.1 14.0 14.7 22.5 22.8
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Vanship Holdings Ltd Deep sea foreign transport Navios Maritime Holdings Greece 587 2010
China-Africa Development Fund Iron ores WISCO China 68 2010
African Iron Ore Group Ltd Iron ores SeverStal Russian Federation 15 2008
Elegance Carriers Inc Deep sea foreign transport Wah Kwong Shipping Hldgs Hong Kong, China 9 1996
Liberian Free Holdings SA Deep sea foreign transport Vernicos Shipping Group Greece - 2001
First Pacific Investments Personal credit institutions Salerni International Ltd Hong Kong, China - 2006


Regal Liberia Ltd-Oil
Crude petroleum and
natural gas


European Hydrocarbons Ltd United Kingdom - 2007


Snapper Hill Clinic Inc Health and allied services, nec TLG Capital Investments Ltd United Kingdom - 2010
Southern Cross Investments Ltd Iron ores Sable Mining Africa Ltd United Kingdom - 2010


-


1 000


2 000


3 000


4 000


5 000


$
m


ill
io


n


-


2


4


6


8


Nu
m


be
r


Value


Number


- - 909 - - 2 600 820 4 319


- - 2 - - 1 5 6


2003 2004 2005 2006 2007 2008 2009 2010


Cross-border M&A sales, 1992-2009
(Millions of dollars and number)


-


200


400


600


800


$
m


ill
io


n


0


1


2


3


4


5


N
um


be
r


Value - - - - - - - - - - - - - - - - 587.0


Number - - 1 - - - - 1 - - - - 1 1 1 - 4


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward142


BITs, as of December 2010


Economy Date of signature
Germany 12-Dec-1961
Switzerland 23-Jul-1963
France 23-Mar-1979
Belgium and Luxembourg 5-Jun-1985


DTTs, as of December 2010


Economy Treaty Date of signature
Sweden Income and Capital 29-Apr-1969
Germany Income and Capital 25-Nov-1970
Spain Air Services 20-Aug-1977
United States Air and Sea Transport 23-Oct-1987


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Bp P.L.C., Mitsui & Co. Ltd., Mitsui Engineering & Shipbuilding Co. Ltd., •
Sumitomo Mitsui Financial Group Inc.
Member of WAIPA as of January 2011: No•


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


China Union 2 600 3 000 2008 China Metals Extraction
Severstal 2 500 3 000 2010 Russian Federation Metals Extraction
EngelInvest 1 795.9 3 500 2010 Israel Metals Extraction
Mittal Steel 900 1 322 2005 Netherlands Metals Extraction
Sime Darby 640 3 000 2009 Malaysia Food and tobacco Manufacturing
Sime Darby 160 466 2009 Malaysia Rubber Manufacturing
United Bank for Africa 9.2 16 2010 Nigeria Financial services Business services
Guaranty Trust Bank 9.2 16 2009 Nigeria Financial services Business services
Ecobank 9.2 16 2009 Togo Financial services Business services
Ecobank 9.2 16 2005 Togo Financial services Business services
Stewart Group 8 165 2010 United Kingdom Business services Design, development and testing
Chevron Corporation 5 12 2010 United States Coal, oil and natural gas Sales, marketing and support
Estmor Service Transiit 2 35 2009 Estonia Minerals Extraction
EngelInvest 1.3 7 2010 Israel Metals Sales, marketing and support


Data of foreign affiliates of the United States in Liberia, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 12 11 11 11 19 21 20 17 13 22 21 21 20 10
Assets 845 .. .. .. 3 067 3 960 3 759 2 971 2 457 2 644 2 151 2 350 2 212 1 635
Employees 0.2 0.1 .. .. 8.0 - - 7.6 8.2 8.6 8.4 8.9 9.7 9.8
Wages and salaries 4 2 .. .. 83 .. .. 88 95 115 113 124 130 127
Value added 21 22 .. .. 6 .. .. 62 204 419 300 301 307 362
Sales - - - 105 1 136 1 629 1 509 1 226 1 140 2 520 2 681 3 004 3 084 1 927


Data of foreign affiliates of Liberia in the United States, 1995-2008
(Millions of dollars in assets, wages and salaries, value added, sales, imports and exports; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 26 25 7 8 7 7 7 7 5 4 5 5 7 -
Assets 829 383 339 818 1 060 374 388 349 305 295 .. .. 393 -
Employees 0.3 0.3 0.3 .. - 0.4 0.3 0.4 0.4 0.4 0.4 0.4 0.3 -
Wages and salaries 12 9 13 .. - 23 18 26 25 26 28 32 30 -
Value added 66 - 12 - 9 .. .. - 20 - 22 - - - - - 93 -
Sales 374 155 .. .. - 177 261 336 312 .. .. .. .. -
Imports 150 .. .. .. - - .. .. - - - - - -
Exports 55 - 2 1 - - 1 - - - - - - -


Selected foreign affiliates in Liberia, 2010


Company Home economy Industry Sales Employment Year of est.
Modec Liberia Inc Japan Business services, nec .. 1 294 1986
The Uniqueness Of Christ International Ministries United States .. .. 3 ..
Ace Navigation Inc Japan Deep sea foreign transportation of freight .. .. ..
Anda Fpso Inc Japan .. .. .. ..
Arco Ireland Exploration Inc United Kingdom Business services, nec .. .. ..
Arco Ireland Inc United Kingdom Business services, nec .. .. ..
Baratta Shipping Ltd Japan Water transportation services, nec .. .. ..
Castlerock Shipping Ltd. Japan Water transportation services, nec .. .. ..
Escravos Fso Inc Japan Deep sea foreign transportation of freight .. .. ..
F Corporation Ltd Japan Deep sea foreign transportation of freight .. .. ..
Gotaas-Larsen Shipping Corporation Bermuda Services, nec .. .. ..
Hiro Shipping Inc. Japan Water transportation services, nec .. .. ..
Liberia Cement Corporation Germany Coal mining services .. .. ..
Maersk Liberia Ltd Denmark Services, nec .. .. ..
T.Y. Eri Maritime Co., Ltd. Japan Water transportation services, nec .. .. ..




Madaagascar
143


Area (‘000 km2): 2008 587.0
Population (millions): 2010 20.1
Capital city: Antananarivo
Official language: Malagasy and French
Currency: Ariary
Exchange rate (period average): 2009 MGA 1 708.37=$1
GDP in current prices (millions of dollars): 2009 8 431
Exports of goods and services (millions of dollars): 2009 2 018
Imports of goods and services (millions of dollars): 2009 3 676
Official development assistance (millions of dollars): 2009 243
External debt (millions of dollars): 2009 2 213


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Madagascar


Comoros


Mozambique


Antananarivo


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - - - - - - - - - 0.5 - 0.4 - 0.2 - -
France 22.6 28.6 54.7 65.2 - - - - - - - - - -
Germany 3.4 3.7 - - 13.8 16.4 - - - - - - - - -
Sweden - 0.2 - 0.2 - 0.4 - 0.2 - 0.2 - 0.4 - 0.6 - - - - - - -
United States - - 11.0 - 11.0 - 11.0 - 12.0 - 9.0 - 9.0 - 6.0 - 5.0 - 17.0 - 29.0 - 38.0 - 47.0


Japan - - 8.7 5.0 70.3 89.1
-


159.6
- - - - - - -


Mauritius 1.7 7.1 6.6 9.2 8.5 8.3 - - - - - - - -
China 0.7 13.6 0.1 1.2 13.2 61.2 - 28.1 40.6 49.9 54.3 76.0 146.5 -
Korea, Republic of - 2.6 0.2 28.2 134.4 109.5 285.7 0.1 2.7 2.9 31.1 165.4 273.2 558.9
Malaysia - 0.3 - - - 0.6 - - 0.3 0.3 0.3 0.3 0.9 -


0


500


1 000


1 500


21 15 6 10 10 14 16 58 83 93 61 95 95 86 294 777 1 180 543 1 125
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


20


40


60


80


6.1 4.0 1.8 2.8 2.2 3.1 3.0 10.9 13.2 11.5 10.4 10.8 9.3 7.7 21.1 38.3 37.2 26.1 65.2


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward144


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


1 000


2 000


3 000


4 000


5 000


142 157 163 172 183 196 212 271 141 143 181 259 257 246 739 1 773 2 953 3 496 4 621
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


20


40


60


80


1.3 3.6 1.3 3.3 - 7.0 7.0 8.7 4.2 38.2 65.0 31.6 20.8 38.3 42.2 56.7 71.3 64.4
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


1


2


3


4


5


$
m


il
li


o
n


0


1


2


3


4


N
u


m
b


er


Value
Number


- - - 0.1 - 4.0 - - - - - - 0.6 - - - -
- - 1 1 1 2 - 1 - 1 1 3 3 - 3 - -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Cia Agricole et Industrielle Life insurance Investor Group Brunei Darussalam 58 1996
Ambatovy Nickel Project Ferroalloy ores Dynatec Corp Canada 16 2005
North Fork 17 Mining Project Misc nonmetallic minerals Platinum Works Inc United States 5 2003
Stones & Wood Corp SARL Misc nonmetallic minerals Prom Resources Inc United States 4 1999
Sapphire Fields Ltd Gold ores Mayfair Mining & Minerals United Kingdom 1 2006
Loteri Nationale De Madagascar Amusement and recreation Magnum Corp Bhd Malaysia - 1997
Saowani Development SARL Misc nonmetallic minerals Prom Resources Inc United States - 1998
BTM Bank, Madagascar Banks Investor Group Mali - 1999
JBA Production SA Women's & children's underwear Tefron Ltd Israel - 2001


Societe Siranna SARL Misc nonmetallic minerals
Savoy Capital Investments
Inc


United States - 2004


Ambatovy Nickel Project Ferroalloy ores Sumitomo Corp Japan - 2005
Ambatovy Nickel Project Ferroalloy ores Impala Platinum Hldgs South Africa - 2005


Majunga Offshore Profond expltn
Crude petroleum and natural
gas


BG Group PLC United Kingdom - 2006


Union Prospection Miniere Gold ores Mayfair Mining & Minerals United Kingdom - 2006
Madagascar Energy Intnl Gasoline service stations Golden Nova Holdings Hong Kong, China - 2008
Madagascar Oil Co SA Crude petroleum and natural gas Total SA France - 2008
Bureau de Recherches Geolog. & Min. Misc nonmetallic minerals Malagasy Minerals Ltd Australia - 2008




Madaagascar
145


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


1 000


2 000


3 000


4 000


$
m


il
li


o
n


-


2


4


6


N
u


m
b


er


Value


Number


1 075 175 336 246 3 331 1 273 474 -


4 3 4 3 3 4 3 -


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Sumitomo Group 3300 3000 2007 Japan Metals Extraction
Rio Tinto Group 1000 1469 2008 United Kingdom Metals Extraction
Vanco Energy 480.9 289 2003 United States Coal, oil and natural gas Extraction


France Telecom 467.7 131 2009 France Communications
ICT and Internet
infrastructure


Rio Tinto Group 350 682 2003 United Kingdom Metals Extraction
Wuhan Iron and Steel Co 242.3 1667 2008 China Metals Extraction
Diamond Fields International 242.3 1667 2003 Canada Metals Extraction
Alcan 223.1 448 2006 Canada Metals Manufacturing
Changchun Construction Group 164.4 306 2005 China Building and construction Manufacturing
Accor 127.7 211 2004 France Hotels and tourism Construction
D1 Oils 90.2 166 2005 United Kingdom Alternative/renewable energy Manufacturing


Pan African Mining 51.1 212 2005 Canada Minerals
Design, development
and testing


Pan African Mining 46.3 497 2004 Canada Minerals Extraction
Ciel Textile 30.5 561 2007 Mauritius Textiles Manufacturing
Internat'l Container Terminal
Services


30 127 2005 Philippines Transportation
Logistics, distribution
and transportation


Phoenix Beverages 21.4 225 2008 Mauritius Beverages Manufacturing


Zain (MTC) 18.3 29 2006 Kuwait Communications
ICT and Internet
infrastructure


Bank of India (BOI) 9.2 16 2008 India Financial services Business services


ExxonMobil 5 12 2006 United States Coal, oil and natural gas
Sales, marketing and
support


Nes Group 3.3 11 2009 United Kingdom Business services Business services
e2f translations 3.3 11 2009 United States Business services Business services


British Airways 1.4 11 2003 United Kingdom Aerospace
Sales, marketing and
support


Maruha 1 5 2004 Japan Food and tobacco Manufacturing


Siemens 0.9 11 2007 Germany
Business machines and
equipment


Sales, marketing and
support


BITs, as of December 2010


Economy Date of signature
Norway 13-May-1966
Sweden 2-Apr-1966
France 25-Jul-2003
Mauritius 6-Apr-2004
Belgium and Luxembourg 29-Sep-2005
China 21-Nov-2005
Germany 1-Aug-2006
South Africa 13-Dec-2006
Switzerland 19-Nov-2008


DTTs, as of December 2010


Economy Treaty Date of signature
France Income and Capital 22-Jul-1983
Mauritius Income and Capital 30-Aug-1994




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward146


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: Economic Development Board of Madagascar (EDBM), Avenue Gabriel Ramamantsoa, •
Antaninarenina, Antananarivo 101- Madagascar


Contact: Tel: +261 202 267 040, Fax : +261 202 266 105/ 230 172, Email : edbm@edbm.mg
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Bnp Paribas, Bouygues, Imperial Tobacco Group P L C, Rio Tinto Plc, •
Royal Dutch Shell Plc, Sanofi-Aventis, Société Lafarge
Member of WAIPA as of January 2011: YES•


Data on foreign affiliates of the United States in Madagascar, 1995-2008
(Millions of dollars in assets, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number - - - - - - - - - 1 1 2 2 2
Assets - - - - .. 1 1 1 1 .. .. .. .. ..
Value added - - - - .. - - - - - 11 - 13 - 22 .. ..
Sales - - - - .. - 1 1 1 1 1 1 .. ..


Selected foreign affiliates in Madagascar, 2010


Company Home economy Industry Sales Employment
Year of


est.
Societe Des Cigarettes Melia United Kingdom Cigarettes 20 260 2002
Festival Sa France Broadwoven fabric mills, cotton 9 850 2001


Hoechst Madagascar S A France
Drugs, drug proprietaries, and
druggists' sundries


8 69 1969


Societe Malgache D'Emballages Metalliques United States Metal cans 7 72 1995
Floreal Madagascar S A Mauritius Knitting mills, nec 7 4 100 1990
Landis Madagascar S A Germany Automotive parts, supplies 4 95 1968
Fimapila S A R L France Automotive parts, supplies 2 20 1952
Plg Confection Sa France Men's and boys' clothing, nec 2 1 200 1993
Madarail S A South Africa Railroads, line-haul operating 1 878 2001
Hilton Madagascar United Kingdom Hotels and motels 1 60 ..
Aromatics Madagascar Sarl Germany Groceries and related products, nec 1 26 2003


I B L Madagascar S A Mauritius
Computers and peripheral
equipment and software


1 48 1951


M C F I Madagascar S A R L Mauritius Farm supplies 1 20 1993
Bni Madagascar Sa France Commercial banks, nec .. 86 900 1976
Polo Garments Majunga Sarl Belgium Men's and boys' clothing, nec .. 800 1998
B F V Societe Generale S A France Commercial banks, nec .. 800 1977
Cimelta Madagascar Sa Virgin Islands UK Residential construction, nec .. 700 1946


Logistique Petroliere Sa United Kingdom
Petroleum and petroleum products
wholesalers, nec


.. 330 1999


Banque Malgache De L Ocean Indien Sa France Commercial banks, nec .. 325 1989
Madagascar Hilton Sarl United Kingdom Hotels and motels .. 234 1970
Societe Industrielle Des Produits Electriques France Storage batteries .. 220 1971
Societe Malgache De Mobiles S A France Business services, nec .. 160 1998
Inframad France Engineering services .. 130 ..


Soval Madagascar S A France
Plumbing & heating equipment &
supplies(hydronics)


.. 120 1956


Banque Sbm Madagascar Sa Mauritius Commercial banks, nec .. 102 1998
Itd-Madagascar S.A Thailand Engineering services .. 20 2009


Somaphar Sa France
Drugs, drug proprietaries, and
druggists' sundries


.. 20 1974


T M V Sarl France Books, periodicals, and newspapers .. 17 1950
Maersk Madagascar Sa Denmark Services, nec .. .. 2003




Malawi
147


Area (‘000 km2): 2008 118.5
Population (millions): 2010 15.6
Capital city: Lilongwe
Official language: English
Currency: Malawi Kwacha
Exchange rate (period average): 2009 MWK 140.523 =$1
GDP in current prices (millions of dollars): 2009 4 611
Exports of goods and services (millions of dollars): 2009 863
Imports of goods and services (millions of dollars): 2009 1 420
Official development assistance (millions of dollars): 2009 439
External debt (millions of dollars): 2009 1 093


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Malawi
Zambia


Zimbabwe


Mozambique


United Republic
of Tanzania


Lilongwe


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - 1.7 - 0.3 - - - - 18.3 17.7 16.1 19.7 18.9 19.3
Germany - - 6.2 - - - - - - - - - - -
Portugal 1.8 0.5 - - - - - - - - - - - -
Sweden - - - - - - - - - - - - - -
United States - 2.0 - 5.0 - - 1.0 - 2.0 - 1.0 8.0 10.0 5.0 5.0 3.0 1.0 -
Japan - - - - - 1.9 - - - - - - - -
China - - - - 0.2 5.4 - 0.7 0.7 0.7 1.0 1.2 6.6 -
Malaysia - - - - - - - 3.3 3.3 3.3 3.5 3.8 3.6 -


- 50


0


50


100


150


200


- 7 8 25 6 16 15 12 58 40 60 17 66 108 52 72 92 170 60 140
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 20


0


20


40


60


-2.4 3.3 7.9 1.8 4.5 4.7 3.2 13.3 15.7 23.4 7.4 29.9 50.3 22.9 31.0 35.0 56.2 15.4 11.4


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward148


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


200


400


600


800


1 000


1 200


192 200 225 230 246 261 273 332 358 419 390 410 562 503 536 590 760 821 961
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


20


40


60


8.6 3.1 10.3 8.6 11.6 13.7 14.0 19.2 33.2 54.5 22.5 14.1 15.4 15.4 15.4 17.5 20.8 24.2
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


- 5


-


5


10


15


$
m


il
li


o
n


0


1


2


3


N
u


m
b


er


Value
Number


- - 7.2 - - - 2.3 - 13.8 6.0 - - - - 4.7 - 0.5 0.1
- - 3 1 - 1 1 1 1 - - 1 - 2 - 1 1


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
BHP Minerals Mali Inc Chemical and mineral mining Gencor South Africa 53 1996
Commercial Bank of Malawi Banks Standard Bank Group Ltd South Africa 14 2001
Malital(African Lakes Corp PLC) Motor vehicles and car bodies Cie Francaise d' Afrique France 6 2002
Portland Cement Co Concrete block and brick Commonwealth Corp South Africa 6 1996
Kangankunde Carbonatite Com Miscellaneous metal ores, nec Lynas Corp Ltd Australia 4 2007
Blantyre Hotels Ltd Hotels and motels Investor Group Malawi 2 1999
Packaging Industries Ltd Packaging paper & plastics film Nampak Ltd South Africa 2 1996
First Discount House Ltd Investment advice Kingdom Security Hldgs Zimbabwe 1 2007


Tonse Solutions
Radiotelephone
communications


Norsat International Inc Canada - 2009


Stazone Corp Sdn Bhd Stationery stores Chee Wah Corp Bhd Malaysia - 2010
Dwangwa Sugar Corp Ltd Sugarcane and sugar beets Lonrho PLC United Kingdom - 1997
Kynoch-Optichem Phosphatic fertilizers Investor Group Malawi - 2000
Mobil Oil Malawi Ltd Crude petroleum and natural gas Total SA France - 2005




Malawi
149


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


200


400


600


800


$
m


il
li


o
n


-


2


4


6


N
u


m
b


er


Value


Number


- - - - - 18 685 298


- - - - - 2 4 3


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Globe Metals & Mining 233.7 1 524 2009 Australia Metals Extraction
Paladin Energy 220 328 2009 Australia Metals Extraction
Lafarge 200 246 2009 France Building and construction Manufacturing


G-Mobile Holdings 150 60 2010 Mongolia Communications
ICT and internet
infrastructure


Bharti Group 100 144 2010 India Communications
ICT and Internet
infrastructure


Thumbay Group UAE 47.8 172 2010
United Arab
Emirates


Healthcare Construction


Lonrho 31.4 172 2009 United Kingdom Food and tobacco
Logistics, distribution
and transportation


Ecobank 9.2 16 2008 Togo Financial services Business services
ICB Financial Group Holdings 9.2 16 2008 Malaysia Financial services Business services


BITs, as of December 2010


Economy Date of signature
Taiwan Province of China 22-Apr-1995
Malaysia 5-Sep-1996
Egypt 21-Oct-1997
Italy 28-Aug-2003
Netherlands 11-Dec-2003
Zimbabwe 4-Jul-2003


DTTs, as of December 2010


Economy Treaty Date of signature
Sweden Income and Capital 25-Nov-1954
United Kingdom Income and Capital 25-Nov-1955
Denmark Income and Capital 17-Jan-1959
France Income and Capital 5-Nov-1963
Norway Income and Capital 16-Dec-1963
Switzerland Income and Capital 3-May-1965
Netherlands Income and Capital 7-Jun-1969
South Africa Income and Capital 3-May-1971
Norway Income 8-Dec-2009


Data on foreign affiliates of the United States in Malawi, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Number 8 7 9 9 6 6 6 6 5 6 6 5 5 5


Assets 133 136 233 202 190 190 216 216 207 233 296 .. .. ..


Employees 8 - 3.9 4.6 4.8 2.8 3.1 3.8 3.8 .. .. .. .. ..


Wages and salaries 32 .. 14 18 19 16 18 15 16 .. .. .. .. ..


Value sdded 59 .. 40 50 41 45 56 40 41 .. .. .. .. ..


Sales - - - 379 362 362 360 359 286 268 319 425 388 401




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward150


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, TRIMS, GATS and TRIPS•
Address of investment agency: Malawi Investment Promotion Agency (MIPA) Aquarius House-First Floor, Private Bag 302, •
Capital City, Lilongwe 3, Malawi


Contact: Tel: +265 1 770 800 / 771 315, Fax : +265 177 1781, Email : mipa@mipanw.org
Web site: www.malawi-invest.net


Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Basf Se, Bayer Ag, Compass Group Plc, Deutsche Post Ag, J.P. Morgan •
Chase & Co., Metro Ag, Société Lafarge, Unilever Plc
Member of WAIPA as of January 2011: YES•


Selected foreign affiliates in Malawi, 2010


Company Home economy Industry Sales Employment
Year of


est.
Illovo Sugar Malawi Limited South Africa Cane sugar, except refining 140 8 000 1967
Metro Cash & Carry Malawi Germany Miscellaneous food stores 47 1 800 1997
Transglobe Produce Exports Ltd Mali Food preparations, nec 3 1 800 1970


Valmore Paints (Malawi) Pvt Limited United Kingdom
Paints, varnishes, lacquers, & allied
products


1 60 1964


Limbe Leaf Tobacco Company Limited United States Chewing and smoking tobacco and snuff .. 5 300 1962
G4S Security Services (Malawi) Limited United Kingdom Detective, guard, and armored car services .. 2 300 1969
Paladin (Africa) Limited Australia Uranium-radium-vanadium ores .. 1 250 1998
Kawalazi Estate Company Ltd United Kingdom .. .. 120 2001
C D H - Continental Discount House Limited Mauritius Business services, nec .. 22 1998
The Cold Chain ( Pvt ) Limited Zimbabwe Groceries and related products, nec .. 10 2001
Lipton Tea ( Malawi ) Ltd United Kingdom Groceries and related products, nec .. 5 1989
Maersk Malawi Ltd Denmark Services, nec .. .. 2000
Aventis Cropscience Malawi Ltd. Germany Services, nec .. .. ..
Bic Malawi Pty Ltd France Business services, nec .. .. ..
Cfao Malawi Limited France Automotive services, except repair and carwashes .. .. ..
Compass Group Pvt. Ltd United Kingdom Business services, nec .. .. ..
Cyanamid Ltd. Germany .. .. .. ..
Dhl International Malawi Ltd Germany Arrangement of transportation of freight and cargo .. .. ..
Dimon (Malawi) Limited United States Tobacco and tobacco products .. .. ..
Egl, Inc Cayman Islands Marinas .. .. ..
Macmillan Malawi Ltd Germany Schools and educational services, nec .. .. ..
Monsanto Company United States .. .. .. ..
Portland Malawi France Services, nec .. .. ..
Pricewaterhousecoopers United States Legal services .. .. ..
Sara Lee Corparation United States Special trade contractors, nec .. .. ..
Sud-Chemie Water& Process Technologies United States Services, nec .. .. ..




Mali
151


Area (‘000 km2): 2008 1 240.2
Population (millions): 2010 13.3
Capital city: Bamako
Official language: French
Currency: CFA franc
Exchange rate (period average): 2009 CFAfr 447.805 =$1
GDP in current prices (millions of dollars): 2009 8 797
Exports of goods and services (millions of dollars): 2009 1 966
Imports of goods and services (millions of dollars): 2009 2 714
Official development assistance (millions of dollars): 2009 576
External debt (millions of dollars): 2009 2 667


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Mali Mauritania
Algeria


Niger
Bamako


Guinea
Burkina Faso


Ghana
Côte d’Ivoire


Senegal


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - - 0.2 0.2 - - - - 2.2 1.4 1.8 2.6 - -
France 15.8 9.9 22.4 12.5 8.2 7.3 8.3 178.1 65.4 41.3 54.0 91.3 112.7 123.9
Germany - 1.2 - 6.2 - - - 6.9 - - - - - - -
Portugal - - - - - - - - - - - - - -
Sweden - - - - - - 0.1 - 0.1 - - - - - - -
Canada - - - - - - - - - - - 18.2 - -
United States - - - - - - - - - 4.0 - - - - -
Morocco - - - - - - - 7.8 8.6 7.4 12.1 13.5 167.6 -
China 5.4 - - 2.6 6.7 - 1.3 8.0 12.1 13.2 13.3 19.8 32.2 31.0 44.7


Korea, Republic of 0.7 0.2 - - - - - 4.8 1.8 1.8 1.8 1.8 - -


- 100


0


100


200


300


- 22 4 17 111 43 70 9 2 82 122 244 132 100 225 82 65 180 109 148
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 10


0


10


20


30


40


50


-4.5 0.8 3.3 14.7 7.0 11.7 1.7 0.4 16.5 21.2 38.7 17.4 11.9 26.5 8.1 4.7 11.4 7.2 8.5


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward152


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


500


1 000


1 500


209 213 230 342 385 455 310 228 132 210 524 683 756 872 966 967 978 1 087 1 234
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-100


0


100


200


300


400


4.1 - 7.6 - 5.5 16.8 18.9 35.8 57.5 93.2 144.6 246.9 129.7 171.0 190.3 250.8 262.2 321.8 329.2
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


5


10


15


20


$
m


ill
io


n


0


1


2


3


4


5


N
u


m
b


er


-Value
Number


18.0 0.5 - - - - - 1.5 - - - 0.7 - - - -
- 1 3 1 - 1 1 - 2 - 1 - 2 2 1 1 4


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Sotelma Telephone communications Vivendi SA France 334 2009
Randgold Resources Ltd Gold ores Anglo American PLC United Kingdom 132 2000
Broken Hill Proprietary Co Ltd Gold ores Gencor South Africa 36 1996
Nevsun Resources Ltd Iron ores Avion Resources Corp Canada 20 2008
Mali-Kalana Gold Mining Rights Gold ores Investor Group South Africa 18 1995
Broken Hill Proprietary Co Ltd Gold ores Gencor South Africa 17 1997
Societe des Mines de Syama SA Gold ores Resolute Mining Ltd Australia 13 2004
Mali Goldfields SARL Gold ores Papillon Resources Ltd Australia 5 2010
Great Quest Metals Ltd Gold ores Avion Gold Corp Canada 4 2010
AXMIN Inc-Kofi Gold Project Gold ores Avion Gold Corp Canada 3 2010
Barnard Castle Ltd Ferroalloy ores Hanover Capital Group United Kingdom 1 2002
Valley Forge Site Ltd Gold ores Hanover Capital Group United Kingdom 1 2002
Sitakili Gold Project Gold ores North Atlantic Resources Ltd Canada 1 2006
Mali Mining Concession Iron ores Robex Resources Inc Canada 1 1996
Mininko-Kamasso Mis nonmetallic minerals Robex Resources Inc Canada 0 2007
Shiega Resources Corp Gold ores Robex Resources Inc Canada 0 1999
Consolidated Mining Corp Gold ores Trillion Resources Ltd Canada - 1996
Abilab Testing laboratories Campbell Brothers Ltd Australia - 2006
Bank of Africa Banks BMCE Morocco - 2007
Songhoi Resources SARL Gold ores Papillon Resources Ltd Australia - 2010




Mali
153


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


200


400


600


800


$
m


il
li


o
n


-


2


4


N
u


m
b


er


Value


Number


- - 598 372 - 233 47 5


- - 3 3 - 3 1 3


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Etruscan Resources 242.3 1 667 2005 Canada Metals Extraction
Avnel Gold 242.3 1 667 2005 United Kingdom Metals Extraction
Randgold Resources 242.3 1 667 2006 United Kingdom Metals Extraction
Carlson Companies 186.7 732 2008 United States Hotels and tourism Construction
Resolute Mining 120 176 2006 Australia Metals Extraction
Randgold Resources 113 166 2005 United Kingdom Metals Extraction
Lonrho 47.4 399 2009 United Kingdom Food and tobacco Manufacturing
Avion Resources 46.3 497 2008 Canada Minerals Extraction
BANDES 9.2 16 2006 Venezuela Financial services Business services
Mobiserve 2.1 13 2010 Egypt Communications Sales, marketing and support
BASF 1.4 6 2010 Germany Chemicals Sales, marketing and support
Atlas Copco 1.4 14 2010 Sweden Industrial machinery, equip. Sales, marketing and support


BITs, as of December 2010


Economy Date of signature
Germany 28-Jun-1977
Switzerland 8-Mar-1978
Tunisia 1-Jul-1986
Algeria 11-Jul-1996
Egypt 9-Mar-1998
Korea, Democratic People's Rep. of 11-Oct-1999
Benin 18-May-2001
Cameroon 18-May-2001
Chad 18-May-2001
Comoros 18-May-2001
Guinea 18-May-2001
Qatar 18-May-2002
Netherlands 13-Jul-2003
Gabon 25-Mar-2005
Senegal 12-Apr-2005
China 12-Feb-2009


DTTs, as of December 2010


Economy Treaty Date of signature
France Income and Capital 22-Sep-1972
Algeria Income and Capital 31-Jan-1999


Data on foreign affiliates of the United States in Mali, 1995-2008
(Millions of dollars in assets, wages and salaries and value added; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 3 3 1 1 1 1 1 1 1 - - - -
Assets 8 .. 437 10 .. .. .. .. .. 17 - - - -
Employees 0.1 0.9 0.5 0.1 .. .. .. .. .. 0.1 - - - -
Wages and salaries - 20 10 .. .. .. .. .. .. 1 - - - -
Value added 7 34 24 7 .. .. .. .. .. - 1 .. .. .. -
Sales - - - 17 .. .. .. .. .. 31 .. - .. -




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward154


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: Agence pour la Promotion des Investissements au Mali (API-MALI), Quartier du Fleuve, BP: •
1980 Bamako - République du Mali


Contact: Tel: (223) 20 22 95 25 or (223) 20 22 95 26, Fax : (223) 20 22 95 27, Email: promotion@apimali.gov.ml
Fortune Globe 500 investors: Allianz Se, Bnp Paribas, Cie Financiere Participations Roullier, Michelin Et Cie, Royal Dutch Shell •
Plc, Veolia Environnement
Member of WAIPA as of January 2011: YES•


Selected foreign affiliates in Mali, 2010


Company Home economy Industry Sales Employment
Year


of est.
Laborex Mali Sa France Drugs, drug proprietaries, and druggists' sundries 166 55 1991
Societe Malienne De Gaz Industriel S A France Natural gas distribution 2 26 1966
Industrie Malienne Du Cycle Et Du Cyclomoteur France Transportation equipment, except motor vehicles 2 75 1970
Tambaoura Minings Company Sa Canada Gold ores .. 488 1996
Cfao Motors Mali Sa France Automotive parts, supplies .. 72 1977
Hydrosahel France Engineering services .. 65 1982
Cfao Technologies Mali Sa France Data processing services .. 61 1994
Allianz Mali Asurances Germany Life insurance .. 24 1980
A.R.C Treuhand Mining Corporation Mali Sarl Switzerland Gold ores .. 20 2008
Societe Moderne Du Pneumatique Malien France Tires and inner tubes .. 15 1950
The Uniqueness Of Christ International Ministries United States .. .. 15 ..
Banque International Du Commerce France Branches and agencies of foreign banks .. .. ..
Mts Mali France Oil and gas field exploration services .. .. ..
Shell Mali S A United Kingdom Natural gas liquids .. .. ..
Societe Auxilliaire De Distribution D' Eaux France Services, nec .. .. ..
Timac Agro Mali France .. .. .. ..




Mauritania
155


Area (‘000 km2): 2008 1 025.5
Population (millions): 2010 3.3
Capital city: Nouakchott
Official language: Arabic
Currency: Ouguiya
Exchange rate (period average): 2009 UM 238.203 =$1
GDP in current prices (millions of dollars): 2009 3 029
Exports of goods and services (millions of dollars): 2009 1 508
Imports of goods and services (millions of dollars): 2009 2 049
Official development assistance (millions of dollars): 2009 143
External debt (millions of dollars): 2009 2 029


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Mauritania
Western
Sahara


Algeria


Mali


Senegal


Nouakchott


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - 0.7 - 3.9 - - - - 3.3 3.3 1.8 3.2 - -
France - 2.5 1.2 13.8 - - - - - - - - - -
Germany - 5.0 - 10.0 1.4 - - - - - - - - -
Sweden - 0.2 - 0.1 - 0.3 - 0.1 - 0.1 - 0.3 - 0.4 - - - - - - -
United States - - - 4.0 - - - - 1.0 1.0 - 3.0 - 3.0 - 3.0 - 3.0 - 3.0
Morocco - - - - - - - 46.0 49.5 38.4 36.6 40.5 40.6 -
China 1.7 0.1 0.4 4.8 - 5.0 - 0.7 6.5 1.8 2.1 2.4 20.1 15.1 24.8 31.3
Korea, Republic of - - - - - - - 5.0 5.0 5.0 5.0 5.0 - -


- 200


0


200


400


600


800


1 000


7 17 3 7 - - 3 - 15 40 77 67 102 392 814 106 138 338 - 38 14
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 20


0


20


40


60


80


2.2 6.5 1.3 3.2 -0.2 -1.7 -0.1 7.9 16.7 24.5 26.6 28.8 50.7 67.5 16.2 22.0 49.8 -5.1 1.3


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward156


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


500


1 000


1 500


2 000


2 500


68 85 88 95 94 91 91 106 146 223 290 392 784 1 598 1 703 1 842 2 180 2 142 2 155
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


1


2


3


4


5


2.0 1.8 2.3 4.5 - 1.5 1.3 - - - - - - - - - - -
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


100


200


300


400


$
m


il
li


o
n


0


1


2


3


4


5


N
u


m
b


er


Value
Number


- - - - - - - 48.0 - - 10.0 - - 375.0 - - -
- - - 1 2 - 2 1 - - 3 - 1 4 - - 3


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Guelb el Aouj Iron Ore Project Iron ores Qatar Qatar 375 2007
Rio Narcea Gold Mines Ltd Gold ores Red Back Mining Inc Canada 268 2007
Mauritania Holdings BV Crude petroleum and natural gas BG Group PLC United Kingdom 137 2004
Mauritania Holdings BV Crude petroleum and natural gas Kuwait Kuwait 128 2007
Agip Mauritania BV Crude petroleum and natural gas Woodside Petroleum Australia 77 2004
Mauritanian Copper Mines SARL Copper ores First Quantum Minerals Canada 63 2010
Mauritel Telephone communications Kingdom of Morocco Morocco 48 2001
Guelb Moghrein Mines d'Akjoujt SA Copper ores First Quantum Minerals Canada 10 2004
GCM Resources PLC Uranium-radium-vanadium ores Aura Energy Ltd Australia 9 2010
Banque Internationale D'Investmt Banks European Investment Bank Luxembourg 5 2006
BAI Malta-Insurance Portfolio Life insurance BAI Mauritius Mauritius 2 1997
Offshore Oil Blocks 3-5 Crude petroleum and natural gas British-Borneo Petroleum United Kingdom - 1998
Offshore Oil Blocks 3-5 Crude petroleum and natural gas Woodside Petroleum Australia - 1998
Air Mauritania(Mauritania) Air transportation, scheduled Air Afrique Côte d' Ivoire - 2000
Air Mauritania(Mauritania) Air transportation, scheduled Ballouhey SA France - 2000
Banque Internationale D'Investmt Banks Societe Generale SA France - 2007
Schenker Mauritanie SAS Oil and gas field services, nec Newrest Group Internat'l France - 2010




Mauritania
157


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


200


400


600


800


1 000


1 200


$
m


il
li


o
n


-


2


4


6


N
u


m
b


er


Value


Number


784 522 1 107 542 37 242 - 211


2 1 3 4 2 1 - 5


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Woodside Petroleum 550 154 2003 Australia Coal, oil and natural gas Extraction
Hardman Resources 521.9 215 2006 Australia Coal, oil and natural gas Extraction
Woodside Petroleum 521.9 215 2004 Australia Coal, oil and natural gas Extraction
Baraka 521.9 215 2005 Australia Coal, oil and natural gas Extraction
Woodside Petroleum 521.9 215 2005 Australia Coal, oil and natural gas Extraction
ArcelorMittal 242.3 1 667 2008 Luxembourg Metals Extraction
Sphere Investments 233.7 1 524 2003 Australia Metals Extraction


Vasco Catalana 194.1 149 2010 Spain Transportation
Logistics, distribution and
transportation


Rio Narcea Gold Mines 63.5 93 2005 Canada Metals Extraction
Al Kharafi Group 27.5 250 2007 Kuwait Hotels and tourism Construction
BNP Paribas 12.2 20 2006 France Financial services Business services
Qatar National Bank (QNB) 9.2 16 2010 Qatar Financial services Business services
Attijariwafa Bank 9.2 16 2007 Morocco Financial services Business services
Group of Kaunas Grain Com 4.14 23 2010 Lithuania Food and tobacco Manufacturing
Integra Group 3.8 9 2006 Russian Fed. Business services Sales, marketing and support
Groupe Ortec 3.8 9 2006 France Business services Sales, marketing and support
Vasco Catalana 3.2 20 2010 Spain Transportation Sales, marketing and support


BITs, as of December 2010


Economy Date of signature
Switzerland 9-Sep-1976
Germany 8-Dec-1982
Belgium and Luxembourg 23-Nov-1983
Tunisia 11-Mar-1986
Romania 14-Mar-1988
Morocco 13-Jun-2000
Burkina Faso 18-May-2001
Cameroon 18-May-2001
Gambia 9-May-2001
Ghana 18-May-2001
Guinea 18-May-2001
Mauritius 18-May-2001
Italy 5-Apr-2003
Qatar 25-Dec-2003
Korea, Republic of 15-Dec-2004
Lebanon 15-Jun-2004
Kuwait 1-Aug-2006
Algeria 6-Jan-2008
Spain 24-Jul-2008


DTTs, as of December 2010


Economy Treaty Date of signature
France Income and Capital 15-Nov-1967
Senegal Income and Capital 9-Jan-1971




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward158


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: Commissariat for the Investment Promotion, P.O. Box 238, Nktt-Mauritanie•


Contact: Tel: 00 222 525 07 55 / 524 87 17, Fax: 00 222 525 43 56, Email: cpi@investissement.gov.mr
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Abb Ltd, Total Sa, Vivendi•
Member of WAIPA as of January 2011: YES•


Data of foreign affiliates of the United States in Mauritania, 1995-2008
(Millions of dollar in assets, wages and salaries and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Assets - - - - .. 3 3 4 3 17 17 17 17 17


Employees - - - - .. - - - - 0.1 0.1 0.1 0.1 0.1


Wages and salaries - - - - .. - - - - 1 1 1 1 1


Sales - - - - .. 7 7 7 8 5 5 5 5 5


Selected foreign affiliates in Mauritania, 2010


Company Home economy Industry Sales Employment
Year of


est.
Total Mauritanie Sa France Oil and gas field exploration services 72 60 1993
Societe Mauritanienne Des
Telecommunications


France Electrical and electronic repair shops, nec 36 580 2000


Sogeco Sa France Business services, nec .. 150 1973
Agence Mauritanienne
D'Assistance


Switzerland Local and suburban transit .. 30 1970


Maersk Mauritanie Sa Denmark Services, nec .. .. 2000


Elf Oil Mauritanie S A France
Petroleum and petroleum products
wholesalers, nec


.. .. 1992


Agence Mauritanienne Stance Aux
Missions


Switzerland Iron ores .. .. 1970


Air Mauritania Morocco Arrangement of passenger transportation, nec .. .. ..
Cfao Motors Mauritanie France Automobiles and other motor vehicles .. .. ..




Mozambique
159


Area (‘000 km2): 2008 801.6
Population (millions): 2010 23.4
Capital city: Maputo
Official language: Portuguese
Currency: Metical
Exchange rate (period average): 2009 MZM 24.3006 =$1
GDP in current prices (millions of dollars): 2009 9 753
Exports of goods and services (millions of dollars): 2009 1 877
Imports of goods and services (millions of dollars): 2009 3 252
Official development assistance (millions of dollars): 2009 1 289
External debt (millions of dollars): 2009 4 168


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Mozambique
Zambia


Malawi


Zimbabwe


Botswana


United Republic
of Tanzania


South Africa
Maputo


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - - 0.3 - 0.2 - - - - - 0.2 - 0.2 1.2 0.2 -
France - 3.7 1.2 - - - - - - - - - - -
Germany - 3.7 - 1.3 4.1 1.5 1.4 - - - - - - -
Portugal 6.0 2.8 12.0 11.4 110.4 65.4 2.7 430.7 475.4 388.1 426.7 638.9 1 071.6 -
Sweden - 0.4 - 0.4 - 0.7 - 0.4 - 0.3 - 0.8 - 1.2 - - - - - - -
Norway - - - - - - - - - - - - 2.6 -
United States 1.0 - - 4.0 - 3.0 - 2.0 - 3.0 13.0 - - 6.0 5.0 5.0 4.0
Japan - - 0.8 - 1.8 - - - - - - - - - -
Mauritius 18.7 9.2 18.0 8.5 4.7 0.4 - - - - - - - -
South Africa - - - - - - - 763.7 780.8 724.7 764.8 839.5 836.0 -
Brazil - - - - - - - 0.1 - - 0.6 1.4 3.0 -
China - 0.7 2.9 - 10.0 5.9 15.9 2.4 5.6 14.7 14.7 34.2 43.0 75
Malaysia - - - 0.1 45.1 109.5 - 9.1 9.1 9.2 10.0 57.5 160.3 -


0


200


400


600


800


1 000


890 78925 32 35 45 73 64 235 382 139 255 347 337 245 108 154 427 592
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


10


20


30


40


50


32.4 30.76.4 7.6 7.1 6.5 11.1 8.2 29.6 42.1 10.4 31.4 27.6 32.4 23.0 8.8 12.3 30.7 28.5


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward160


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


1 000


2 000


3 000


4 000


5 000


6 000


73 105 140 356 429 493 728 1 110 1 249 1 505 1 852 2 189 2 442 2 630 2 789 3 216 3 808 4 689 5 497
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


200


400


600


- - - - - 1.6 6.1 5.8 0.3 20.3 27.7 42.1 167.6 284.0 471.4 553.6 544.5 83.5
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


10


20


30


40


50


$
m


il
li


o
n


0


2


4


6


8


N
u


m
b


er


Value
Number


40.0 14.0 10.7 - 13.1 1.3 - 10.0 - - - - 34.0 2.3 - - 35.0
2 2 3 2 2 2 1 1 - 2 1 - 7 2 2 3 5


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Mozambique
161


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company
Ult. home
economy Value Year


Corridor Sands Ltd Miscellaneous metal ores, nec WMC Resources Ltd Australia 88 2003
Minas Moatize LDA Coal and lignite surface mining Palmary Enterprises Ltd Ukraine 35 2010
Cia de Cimentos de Mocambique Ready-mixed concrete Portugal Portugal 20 1994
Sena Holdings Ltd Cane sugar, except refining Berneuil Participation France 20 2006
Cimentos de Mozambique Cement, hydraulic Portugal Portugal 20 1994
MacMahon Brewery,Beira Brewery Malt beverages South African Breweries United Kingdom 14 1995
Industrias Florestais de Manica Timber tracts Efanor Investimentos Portugal 13 1998
Commercial Bank of Mozambique Banks Investor Group Portugal 11 1996
Banco Austral(Mozambique) Banks Absa Group Ltd South Africa 10 2001
Desenvolvimento E Comerc.Agricola Grain and field beans White Nile Ltd Guernsey 10 2009
Moatize Province Coal Tenements Coal and lignite surface mining Riversdale Mining Ltd Australia 9 2006
Tantalum Mineracao e Prospeccao Ferroalloy ores, except vanadium Pacific Wildcat Resources Canada 5 2009
Alfa Security Services Security systems services Group 4 Securicor PLC United Kingdom 5 2006
Sociedade Comercial Bytes & Pieces Computers, peripheral equip. & software Lonrho PLC United Kingdom 2 2007
S&B Construcoes Lda Engineering services Stefanutti Stocks Hldgs South Africa 1 2010
Ceta Residential construction, nec Mozambique Investment Mauritius 1 1999
Explorator Ltda Gold ores Pan African Resources United Kingdom - 2006
Banco Standard Totte Banks A.Champalimaud SGPS Portugal - 1995
Vidreira Glass containers Barbosa e Almeida Portugal - 1996
Banco Standard Totte de Mocambique Banks Standard Bank Group South Africa - 1996
Banco Popular de Desenvolvimento Banks Southern Bank Bhd Malaysia - 1997
Navique(Mozambique) Deep sea foreign transport Investor Group Portugal - 1997
Corridor Sands Limitada Miscellaneous metal ores, nec Southern Mining Corp South Africa - 1998
Systemas E Computadores Telephone communications Alexander Resources Canada - 1999
Temane Gas Field Crude petroleum and natural gas Sasol Ltd South Africa - 2000
Maputo Port Development Co Marine cargo handling Investor Group United Kingdom - 2003
Beira Shipyard Ship building and repairing Pescanova Alimentacion Spain - 2004
Banco de Desenvolvimento e Comercio Banks FirstRand Ltd South Africa - 2006
Maputo Port Development Marine cargo handling Grindrod Ltd South Africa - 2006
Mavita Nickel Project Ferroalloy ores, except vanadium Lithic Metals & Energy Zambia - 2006
Alfa Security Services Security systems services Group 4 Securicor PLC United Kingdom - 2007
Sena Holdings Ltd Cane sugar, except refining Acucar Guarani SA Brazil - 2008
Anadarko Petroleum Corp Crude petroleum and natural gas Mitsui & Co Ltd Japan - 2008
Osho Gremach Mining Ltda Coal and lignite surface mining Greenearth Resources India - 2009
Trak-Auto Lda Motor vehicle dealers Lonrho PLC United Kingdom - 2010
Cimentos de Nacala SA Cement, hydraulic Grupo Camargo Correa Brazil - 2010
Sociedade de Aguas Bottled & canned soft drinks Undisclosed Acquiror unspecified - 2010


-


2 000


4 000


6 000


8 000


10 000


12 000


14 000


$
m


il
li


o
n


-


5


10


15


20


25


N
u


m
b


er


Value


Number


577 1 609 - 595 2 112 11 607 1 563 3 192


6 4 - 5 6 23 11 16


2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward162


BITs, as of December 2010


Economy Date of signature
Zimbabwe 12-Sep-1990
Portugal 28-May-1996
Mauritius 14-Feb-1997
South Africa 6-May-1997
Algeria 12-Dec-1998
Egypt 8-Dec-1998
Italy 14-Dec-1998
United States 1-Dec-1998
Indonesia 26-Mar-1999
China 10-Jul-2001
Cuba 20-Oct-2001
Netherlands 18-Dec-2001
Sweden 23-Oct-2001
Denmark 12-Oct-2002
France 15-Nov-2002
Germany 6-Mar-2002
Switzerland 29-Nov-2002
United Arab Emirates 24-Sep-2003
Finland 3-Sep-2004
United Kingdom 18-Mar-2004
Belgium and Luxembourg 18-Jul-2006
Viet Nam 16-Jan-2007
India 19-Feb-2009


DTTs, as of December 2010


Economy Treaty Date of signature
Portugal Income and Capital 21-Mar-1991
Mauritius Income and Capital 14-Feb-1997
United Arab Emirates Income and Capital 24-Sep-2003
South Africa Income 18-Sep-2007


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Ayr Logistics 5 500 1 267 2008 United States Coal, oil and natural gas Manufacturing
Portucel Soporcel Group 2 300 3 000 2010 Portugal Paper, printing and packaging Manufacturing
Rashtriya Chemicals & Fertilizers 2 000 3 000 2008 India Chemicals Manufacturing
Jindal Organisation 1 587 171 2008 India Coal, oil and natural gas Manufacturing
Vale 1 209 308 2007 Brazil Coal, oil and natural gas Extraction
SASOL 1 200 238 2004 South Africa Coal, oil and natural gas Extraction
Vale 749 120 2009 Brazil Coal, oil and natural gas Electricity
Norsk Hydro 522 215 2006 Norway Coal, oil and natural gas Extraction
Riversdale Mining 522 215 2008 Australia Coal, oil and natural gas Extraction
SASOL 522 215 2008 South Africa Coal, oil and natural gas Extraction
Kenmare Resources 500 734 2007 Ireland Metals Extraction
Riversdale Mining 481 289 2010 Australia Coal, oil and natural gas Extraction
Seacom 468 131 2009 Mauritius Communications ICT and Internet infrastructure
Kenmare Resources 365 536 2004 Ireland Metals Extraction
Telkom 260 1 400 2003 South Africa Communications ICT and Internet infrastructure
Vale 250 59 2008 Brazil Coal, oil and natural gas Extraction
ArcelorMittal 223 448 2008 Luxembourg Metals Manufacturing
ArcelorMittal 223 448 2007 Luxembourg Metals Manufacturing
Cimpor 211 260 2008 Portugal Building and construction Manufacturing
BHP Billiton 204 447 2003 Australia Metals Manufacturing
Dubai World 200 564 2008 United Arab Emirates Hotels and tourism Construction
Galp Energia 171 152 2009 Portugal Alternative/renewable energy Manufacturing
Tongaat-Hulett 159 383 2007 South Africa Food and tobacco Extraction
Rezidor Hotel Group 128 211 2008 Belgium Hotels and tourism Construction
Elsewedy Electric 100 12 2010 Egypt Coal, oil and natural gas Electricity
Kenmare Resources 100 147 2008 Ireland Metals Extraction
African Queen Mines 93 994 2008 Canada Minerals Extraction
Svensk Etanolkemi 90 166 2008 Sweden Alternative/renewable energy Manufacturing
Moncada Costruzioni 90 166 2008 Italy Alternative/renewable energy Manufacturing
Ayr Logistics 80 703 2008 United States Real estate Construction
Vodafone 60 86 2010 United Kingdom Communications ICT and Internet infrastructure
Universal Leaf 55 1 600 2006 United States Food and tobacco Manufacturing
Tongaat Hulett 52 345 2003 South Africa Food and tobacco Manufacturing
PescaNova 52 345 2009 Spain Food and tobacco Manufacturing
African Medical Investments 48 172 2010 United Kingdom Healthcare Construction
Lonrho 47 399 2009 United Kingdom Food and tobacco Manufacturing
Nestle 47 260 2010 Switzerland Food and tobacco Manufacturing
Massmart 43 230 2004 South Africa Consumer products Retail
Nestle 33 171 2010 Switzerland Food and tobacco Logistics, distribution and transport
Cotton Company (Cottco) 31 561 2003 Zimbabwe Textiles Manufacturing
Bakhresa 30 167 2010 Tanzania, United Rep. of Food and tobacco Manufacturing
Grupo Visabeira 30 85 2003 Portugal Hotels and tourism Construction
Jaipuria Group 30 261 2010 India Beverages Manufacturing
Pick n Pay 24 275 2010 South Africa Food and tobacco Retail
SABMiller 21 262 2009 United Kingdom Beverages Manufacturing
Capital Africa Steel 21 100 2009 South Africa Industrial machinery Manufacturing
Yu Xiao Real Estate 20 25 2007 China Building and construction materials Manufacturing




Mozambique
163


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Alcatel-Lucent Denmark A/S, Bayer Ag, Bt Group Plc, Maruha Nichiro Holdings, •
Inc., Mitsubishi Corporation, Randstad Holding Nv, Rio Tinto Plc, Siemens Ag, Total Sa, Vattenfall Ab, Vodafone Group Plc
Member of WAIPA as of January 2011: No•


Data on foreign affiliates of the United States in Mozambique, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 1 1 1 1 1 2 2 1 1 - - - -
Assets 8 8 .. 11 .. .. .. .. .. 35 15 15 15 15
Employees 0.1 0.1 - .. .. .. .. .. .. 0.4 0.4 0.4 0.4 0.4
Wages and salaries - - - .. .. .. .. .. .. 3 3 3 3 3
Value added 3 3 2 2 .. .. .. .. .. 13 1 1 1 1
Sales - - - 20 .. .. .. .. .. .. .. .. .. ..


Selected foreign affiliates in Mozambique, 2010


Company Home economy Industry Sales Employment Year of est.
Siemens Limitada Germany Electronic parts and equipment, nec 27 230 21 2002
Hotel Tivoli Hotelaria E Servicos Lda Portugal Hotels and motels 447 30 1999
Banco International De Mozambique S A R L Portugal Commercial banks, nec 166 1 400 2006
Bci Fomento Portugal Commercial banks, nec 86 843 1996
Cimentos De Mocambique Sarl Portugal Concrete products, except block and brick 72 426 1994
J L M Industries Lda South Africa Retail stores, nec 32 .. ..
Seguradora Internacional De Mozambique Sarl Portugal Insurance carriers, nec 23 115 ..
Opca-Obras Publicas E Cimentos Armados Sa Portugal Residential construction, nec 9 500 1992
Cimbetao - Cimpor Betao Mozambique Sarl Portugal Concrete products, except block and brick 9 22 1998
Aguas De Mozambique Sarl Portugal Water supply 8 570 1999
Entreposto Frigorifico De Pesca Japan .. 7 10 1945
Soares Da Costa Mocambique SARL Portugal Engineering services 6 300 1990
Soares Da Costa Mocambique Sarl Portugal Nonresidential building construction, nec 6 200 1990
Colgate Palmolive Mocambique LDA United States Soap & other detergents, except specialty cleaners 5 110 1993
Sociedade Mocambicana Do Acumulador Portugal Electrical apparatus and equip 4 180 1965
Exploracoes Mineiras United Kingdom Gold ores 3 50 2004
Sociedade Geral De Empreitadas Lda Spain Nonresidential building construction, nec 2 570 1958
Tintas Cin De Mozambique SARL Portugal Paints, varnishes, lacquers, & allied products 1 39 1972
Aquatec Lda Portugal Plastics materials and basic forms and shapes 1 22 1998
Enop - Engenharia E Obras Publicas Lda Portugal Engineering services 1 60 1998
Ferromocambique Comercio E Industria Portugal Metals service centers and offices 1 30 1998
Macaloe Lda Portugal .. 1 150 2000
Alcatel Lucent Denmark A/S Mozambique Branch Denmark Communications services, nec .. 76 410 2001
Group 4 Securicor Mozambique Limited United Kingdom Security systems services .. 1 600 ..
Sasol Petroleum Temane Limitada South Africa Oil and gas field exploration services .. 700 1998
Cervejas De Mocambique Sarl United Kingdom Malt beverages .. 700 1995
Brithol Michcoma Mocambique Lda United Kingdom Office equipment .. 500 1987
Vm Sa United Kingdom Radiotelephone communications .. 187 2003
Marmoles De Mozambique Sarl Portugal Dimension stone .. 140 1968
Impar - Companhia De Seguros Portugal Insurance agents, brokers, and service .. 125 1993
Mocambique Farms Lda Mauritius Poultry slaughtering and processing .. 120 2004
Steeladale Mocambique Lda South Africa Fabricated structural metal .. 106 1997
Visabeira Mocambique Limitada Portugal Offices of holding companies, nec .. 60 1990
Lusomundo Mocambique Lda Portugal Services allied to motion picture distribution .. 50 1996
Van Leer Mocambique Lda United States Durable goods, nec .. 49 1998
L E M E Agencia De Navegacao Lda Portugal Arrangement of transportation of freight and cargo .. 40 1999
Edimetal Mozambique Lda Portugal Metal doors, sash, trim .. 36 1993
Orey (Mocambique) Comercio E Servicios Portugal Arrangement of transportation of freight and cargo .. 30 1998
Steeledale Mocambique Lda South Africa Steel works, blast furnaces, and rolling mills .. 30 1997
Texto Editores Lda Portugal Books: publishing, or publishing & printing .. 30 1996
Higest De Mozambique Lda Portugal Farm supplies .. 25 1995
Petrogal Mocambique Limitda Portugal Offices of holding companies, nec .. 20 1997
Construcoes Edgar Miller Mocambique Portugal Nonresidential building construction, nec .. 20 1994
Cornastone Mocambique Lda South Africa Computer programming services .. 16 2001
Galp Mozambique Lda Portugal Petroleum and petroleum products wholesalers, nec .. 10 2008
Parmalat Mocambique Produtos Alimentares Italy Fluid milk .. 10 1996
Parmalat Sarl Central Leteira De Maputo Italy Fluid milk .. 10 1996
Transitex Mozambique, Lda Portugal Transportation services, nec .. 6 2008
B P I Dealer Portugal Business services, nec .. 5 2003
Imobci Lda Portugal Real estate agents and managers .. 5 1998
Simi Mozambique Lda Portugal Machinery,except electrical .. 5 ..
Mundo Inox Lda South Africa Steel foundries, nec .. 4 2004
Bpi Dealer - Sociedade Financeira Portugal Business services, nec .. 3 1999
Imopar Imobiliaria De Mozambique Sarl Portugal Real estate agents and managers .. 2 1997
E C L Servicos Ltda United Kingdom Rolling mill machinery and equipment .. 1 2002
Movex Mocambique - Aluguer E Venda Portugal Prefabricated wood buildings and components .. .. 2007
Schering Lusitana Africa, Lda Germany Drug stores and proprietary stores .. .. 2006
Armor Group Mozambique Ltda United Kingdom Services, nec .. .. 2005
Salvorhoteis Mocambique Unvestimentos Portugal Hotels and motels .. .. 1994




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward164


Area (‘000 km2): 2008 676.6
Population (millions): 2010 50.5
Capital city: Nay Pyi Taw
Official language: Myanmar
Currency: Kyat
Exchange rate (period average): 2009 Kt 5.38751 =$1
GDP in current prices (millions of dollars): 2009 25 924
Exports of goods and services (millions of dollars): 2009 4 883
Imports of goods and services (millions of dollars): 2009 3 984
Official development assistance (millions of dollars): 2009 242
External debt (millions of dollars): 2009 8 186


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Myanmar


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Cyprus - - - - - - - - - - - - - 4.1
Czech Republic - 0.0 - 0.2 - - - - - - 0.1 - - - - -
France - 32.7 - - - 51.4 41.1 - 115.7 54.2 190.7 - - 43.5 78.0 62.6 105.2
Germany 2.3 - - - - - - - - - - - - -
Portugal - - - - - - - 0.1 - - - - - -
Sweden - 0.2 - 0.1 - 0.3 - 0.1 - 0.1 - 0.3 - 0.4 - - - - - - -
United States - - 1.0 - - - - 1.0 - - 1.0 - - - -
Japan - - 18.1 31.7 - 7.9 - 3.6 - 1.3 - - - - - - -
China - 4.1 11.5 12.6 92.3 232.5 - 10.2 20.2 23.6 163.1 261.8 499.7 -
Korea, Republic of 0.1 - 0.3 - 0.5 0.1 0.6 35.6 148.4 34.9 32.6 30.3 30.2 30.8 52.0 195.7
Malaysia 0.5 - - 13.4 55.7 49.6 - 53.0 53.0 53.3 71.0 133.8 175.4 -
Singapore - - - - - - - 665.7 429.6 880.2 649.5 1 114.7 851.0 -
Thailand 84.5 70.8 111.5 72.3 667.7 281.9 - 386.0 462.0 564.0 726.0 2 164.0 2 392.0 -


0


200


400


600


800


1 000


149 92 135 318 581 879 684 304 208 192 191 291 251 236 428 258 283 579 630
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


20


40


60


80


100


19.9 13.6 16.5 30.0 46.2 71.8 89.7 39.6 24.2 21.6 18.8 26.4 21.0 15.7 23.0 9.9 8.0 17.0 16.3


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Bangladesh
India


India


Nepal
Bhutan


China


Thailand


Lao PDR


Viet Nam


Cambodia


Nay Pyi Taw




Myanmar
165


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


2 000


4 000


6 000


8 000


665 757 892 1 210 1 790 2 669 3 353 3 657 3 865 4 057 4 248 4 539 4 791 4 862 5 005 5 263 5 546 5 869 6 499
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


1 000


2 000


3 000


4 000


152.9 - - - - - - 35.2 137.2 527.9 582.8 751.6 761.6 1 402.4 1 317.0 1 832.8 2 559.8 2 886.8


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


- 5


-


5


10


15


20


$
m


il
li


o
n


0


1


2


3


4


N
u


m
b


er


Value
Number


- - - - - - - - - 17.3 - - - - 0.6 - - 0.3 -
- 2 - 2 1 - - 1 2 4 2 - 1 1 - 1 -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company
Ult. home
economy


Value Year


Yetagun Oil Project,Myanmar Crude petroleum and natural gas Petronas Internat'l Malaysia 400 2003
Texaco Inc Oil and gas field exploration services Premier Oil PLC United Kingdom 260 1997
Goldwater Co Ltd Crude petroleum and natural gas Van der Horst Ltd Singapore 17 2003
Air Mandalay Air transportation, scheduled Kemayan Corp Bhd Malaysia 7 1995
FairPrice International Investors, nec Singapore Investmt Corp Singapore 2 1995
Berger Paints Ltd Paints, varnishes & allied products EHL Myanmar 1 2007
Myanmar Sea Master Co Ltd Canned and cured fish and seafoods Mascot Industries Co Ltd Myanmar - 2009
Myanmar DFS Ltd(Ben Foods Groceries, general line Undisclosed Acquiror unspecified - 1998
Berger Paints Ltd Paints, varnishes & allied products Berger International Ltd Singapore - 2003
Premier Oil PLC Crude petroleum and natural gas Petronas Carigali Malaysia - 1997
Daewoo International Corp Crude petroleum and natural gas Korea Gas Corp Korea, Republic of - 2001
Daewoo International Corp Crude petroleum and natural gas Gas Authority of India India - 2002
Daewoo International Corp-A Crude petroleum and natural gas Oil & Natural Gas Corp India - 2002
Rothmans of Pall Mall Ltd Cigarettes Distinction Invest Hldgs Singapore - 2003
Block A-3 Crude petroleum and natural gas Daewoo International CorpKorea, Republic of - 2004
HL Myanmar Investment Pte Investors, nec Hong Leong Corp Hldgs Singapore - 2004
Myanmar Tat Hong Ltd Industrial machinery and equip. Undisclosed Acquiror unspecified - 2006




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward166


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


500


1 000


1 500


2 000


$
m


il
li


o
n


-


2


4


6


8


N
u


m
b


er


Value


Number


765 4 - 227 1 403 1 241 1 893 372


5 1 - 2 3 6 6 5


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Daewoo 1 703.5 1 876 2009 Korea, Rep of Coal, oil and natural gas Extraction
PTT 1000 1 040 2007 Thailand Coal, oil and natural gas Extraction
China Power Investment 669.5 131 2008 China Coal, oil and natural gas Electricity
Daewoo 407.8 204 2003 Korea, Rep of Coal, oil and natural gas Extraction
ONGC 362.1 211 2007 India Coal, oil and natural gas Extraction
Interra Resources 362.1 211 2008 Singapore Coal, oil and natural gas Extraction
Hoa Sen Group 300 860 2010 Viet Nam Metals Manufacturing
Ivanhoe Mines 203.5 258 2003 Canada Metals Manufacturing
Ivanhoe Mines 172.8 159 2006 Canada Metals Extraction
China Nonferrous Metal Industry 172.8 159 2008 China Metals Extraction


China National Petroleum 165.8 214 2009 China Transportation
Logistics, distribution
and transport


Bangkok Airlines 127.9 213 2003 Thailand Aerospace
Logistics, distribution
and transport


ASV Holding 55.9 218 2010 Viet Nam Pharmaceuticals Manufacturing
DNC Asiatic Holdings 54.2 816 2006 Malaysia Non-automotive transport OEM Manufacturing
Altundas Textile 41.2 1 654 2007 Turkey Textiles Manufacturing
Charoen Pokphand Group 25.3 207 2008 Thailand Food and tobacco Manufacturing
Tata Group 20 131 2009 India Automotive OEM Manufacturing
Texchem Resources 18 118 2003 Malaysia Food and tobacco Manufacturing
Sacombank 7.4 15 2010 Viet Nam Financial services Business services
Bank for Invest & Develop of Viet Nam 7.4 15 2010 Viet Nam Financial services Business services
Qatar Islamic Bank 7.4 15 2008 Qatar Financial services Business services
United Bank of India 7.4 15 2003 India Financial services Business services
Focus Energy 4 4 2004 United Kingdom Coal, oil and natural gas Extraction
Malaysian Helicopter Services 3.8 13 2008 Malaysia Aerospace Business services
FranklinCovey 2.6 11 2009 United States Business services Business services
Viettel 1.4 11 2009 Viet Nam Communications Sales, marketing and support
Hoa Sen Group 0.8 5 2010 Viet Nam Metals Sales, marketing and support


BITs, as of December 2010


Economy Date of signature
Philippines 17-Feb-1998
Viet Nam 15-Feb-2000
China 12-Dec-2001
Lao People's Democratic Rep. 5-May-2003
India 24-Jun-2008
Thailand 14-Mar-2008


DTTs, as of December 2010


Economy Treaty Date of signature
United Kingdom Income and Capital 13-Mar-1950
Malaysia Income and Capital 9-Mar-1998
Singapore Income and Capital 23-Feb-1999
Viet Nam Income 12-May-2000
Korea, Republic of Income 22-Feb-2002
Thailand Income 7-Feb-2002
India Income 20-Sep-2006




Myanmar
167


Other relevant information


Membership of relevant international agreements as of January 2011: TRIMS, GATS and TRIPS•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: Bayer Ag, Lsg Lufthansa Service Enterprises Limited, Marubeni-Itochu Tubulars Asia Pte Ltd, •
Mitsubishi Corporation, Posco, Siemens Ag, Suzuki Motor Corporation, Toyota Tsusho Corporation, Wilmar China (Bermuda)
Limited
Member of WAIPA as of January 2011: No•


Data on foreign affiliates of the United States in Myanmar, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Number 5 5 6 6 2 2 2 2 1 1 1 1 2 2


Assets 98 108 134 67 .. .. .. .. .. .. .. .. .. ..


Wages and salaries 1 1 1 - .. .. .. .. .. - - - .. ..


Value added - 8 - 10 23 - 38 .. .. .. .. .. 48 100 69 .. ..


Data on foreign affiliates of of Myanmar in the United States, 1995-2008


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Number - - - - - - - - - - - - 1 -


Selected foreign affiliates in Myanmar, 2010


Company Home economy Industry Sales Employment
Year of


est.
Myanmar Haewae Co., Ltd Korea Rep. of Ship building and repairing .. 1 600 1998
Premier Petroleum Myanmar Ltd United Kingdom Oil and gas field exploration services .. 300 2000
Tusit Resort United States Hotels and motels .. 250 ..
Diethelm & Co Ltd Switzerland Drugs, drug proprietaries, and druggists' sundries .. 200 1995


Ranbaxy Laboratories Limited India
Drugs, drug proprietaries, and druggists'
sundries


.. 20 1997


Siemens Limited Germany Electronic parts and equipment, nec .. 14 ..
Myanmar Nusantara Trading Ltd Singapore Automotive parts, supplies .. 11 ..
Myanmar Posco Steel Company Limited Korea Rep. of Steel works, blast furnaces, and rolling mills .. .. 1997
Bates Myanmar Limited Ireland Advertising agencies .. .. ..
Berger Paints (Myanmar) Limited India .. .. .. ..
Berger Paints Manufacturing Limited India .. .. .. ..
Bj Service International, Inc. United States .. .. .. ..
Chiyoda & Public Works Co. Ltd Japan Engineering services .. .. ..
Cms Translink Parami Logistics Virgin Islands UK .. .. .. ..
Eac-My Chemicals (Yangon) Co Ltd Thailand Chemicals and allied products, nec .. .. ..
Gandamar Office Machines Limited United States Office equipment .. .. ..
Golden Hill Tower Ltd. Japan .. .. .. ..
Mitsubishi Corporation Japan .. .. .. ..
Miwon Shwe Tha Zin Co., Ltd Korea Rep. of .. .. .. ..
Myanma Steel Industries Co.,Ltd. Singapore .. .. .. ..
Myanmar Aventis Cropscience Ltd. Germany .. .. .. ..
Myanmar Berger Building Products Limited India .. .. .. ..
Myanmar Bpl Resources Ltd Singapore .. .. .. ..
Myanmar Jardine Schindler Limited Switzerland Industrial machinery and equipment .. .. ..
Myanmar Kuok Oils & Grains Ltd Bermuda Nondurable goods, nec .. .. ..
Myanmar Lsg Lufthansa Service Ltd. Hong Kong Eating places .. .. ..
Myanmar Suzuki Motor Company
Limited


Japan Motor vehicles and passenger car bodies .. .. ..


Myanmer Toyota Tsusho Co., Ltd. Japan .. .. .. ..
Pttep International Limited Thailand Oil and gas field exploration services .. .. ..
Sgs (Myanmar) Limited Switzerland Commercial nonphysical research .. .. ..




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward168


China


India


Kathmandu


Area (‘000 km2): 2008 147.2
Population (millions): 2010 29.9
Capital city: Kathmandu
Official language: Nepali
Currency: Nepalese rupee
Exchange rate (period average): 2009 NPR 69.7617 =$1
GDP in current prices (millions of dollars): 2009 13 436
Exports of goods and services (millions of dollars): 2009 1 684
Imports of goods and services (millions of dollars): 2009 5 001
Official development assistance (millions of dollars): 2009 505
External debt (millions of dollars): 2009 3 683


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Nepal


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Cyprus - 0.1 - - - - - - 0.2 0.1 0.1 0.2 0.2 -
Germany - 1.1 - 1.2 - 1.2 - - - - - - - - - - -
Sweden - - - - - - - - - - - - - -
Norway - - - - - - - 41.2 47.7 44.6 16.1 - - -
United States - - 1.0 - 1.0 - 1.0 - 1.0 1.0 - 2.0 2.0 1.0 1.0 1.0 1.0 2.0 1.0
Japan - - - - - 0.5 - - - - - - - -
Bangladesh 2.4 0.4 0.5 - - - - - - - - - - -
China - 1.7 1.4 0.3 1.0 - 1.2 1.8 3.3 3.0 3.6 8.7 8.7 14.1
Korea, Republic of - - - - 4.3 0.2 0.4 6.4 6.4 6.4 6.4 10.7 4.6 5.0
Malaysia - - - - - 1.4 - 3.6 3.6 3.6 3.9 4.1 5.3 -
Philippines 0.1 - - - - - - - - - - - - -


- 20


0


20


40


60


- - - - 19 23 12 4 - 21 - 6 15 - 2 - 7 6 1 39 39
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 1


0


1


2


3


0.0 0.0 0.0 0.0 1.7 1.9 1.0 0.4 0.0 1.7 -0.5 1.0 0.0 0.1 -0.3 0.2 0.0 1.2 1.1


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Nepal
169


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


50


100


150


200


250


14 14 14 14 33 56 68 72 72 116 110 125 125 127 120 126 127 166 205
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


20


40


60


- - - - - - - - - - 44.8 42.1 44.9 56.6 55.7 54.0 44.1 44.2
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


- 15


- 10


- 5


-


5


10


15


$
m


il
li


o
n


0


2


4


N
u


m
b


er


Value
Number


- 0.9 - - - - - 12.7 - - - - - 14.5 - 12.8 - -
- 2 - - - - 1 1 - - 1 - 1 - 3 - -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Bhote Koshi Power Co Private Ltd Electric services Himal Intl Energy Ltd Nepal 15 2006
Elder Universal Pharmaceuticals Pharmaceutical preparations Elder Pharmaceuticals India 13 2008
Himal International Power Corp Electric services Kraft Norway 13 2001
Nepal Arab Bank Ltd Banks National Bank of Bangldsh Bangladesh 12 1995
Bottlers Nepal Ltd Bottled & canned soft drinks Fraser & Neave Ltd Singapore 1 1995


Jenson & Nicholson Ltd
Paints, varnishes & allied
products


Berger Paints India Ltd India - 2000


Coca-Cola Co Bottled & canned soft drinks Coca-Cola Sabco South Africa - 2004


Himtal Hydropower Ltd
Cogeneration, alternative
energy


GMR Holdings Pvt India - 2008


Colgate-Palmolive Pvt Ltd Soap & other detergents Everest Hygiene Prod Nepal - 2008




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward170


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


100


200


300


400


$
m


il
li


o
n


-


2


4


6


8


N
u


m
b


er


Value


Number


2 60 - 3 3 376 259 303


1 1 - 2 1 7 4 4


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Teliasonera 250 395 2009 Sweden Communications
ICT and Internet
infrastructure


Kamdhenu Ispat 203.5 258 2008 India Metals Manufacturing
Sinohydro 189.6 27 2010 China Alternative/renewable energy Electricity


Air Arabia 127.2 116 2008 United Arab Emirates Aerospace
Logistics, distribution and
transport


Indian Railways 102.5 592 2010 India Non-automotive transport
Logistics, distribution and
transport


Cairn Energy 60 62 2004 United Kingdom Coal, oil and natural gas Extraction
Dabur India 35.6 64 2008 India Pharmaceuticals Research and development
Mashreqbank 7.4 15 2010 United Arab Emirates Financial services Business services
State Bank of India 7.4 15 2009 India Financial services Business services
Malaysian Helicopter Services 3.8 13 2008 Malaysia Aerospace Business services
Samsung 3.5 116 2010 Korea, Rep .of Consumer electronics Retail
Nokia 2.8 22 2008 Finland Communications Sales, marketing and support
Bangkok International Hospital 2.6 11 2007 Thailand Healthcare Business services
Omnicom Group 2.6 11 2008 United States Business services Business services
Elder 2.24 3 2006 India Pharmaceuticals Manufacturing
Beta Group 2 15 2003 India Food and tobacco Manufacturing
Gati 1 8 2006 India Transportation Sales, marketing and support
Bahrain Air 0.9 9 2009 Bahrain Aerospace Sales, marketing and support
Diethelm Keller Holding 0.8 7 2009 Switzerland Hotels and tourism Sales, marketing and support


BITs, as of December 2010


Economy Date of signature
France 2-May-1983
Germany 20-Oct-1986
United Kingdom 2-Mar-1993
Mauritius 3-Aug-1999


DTTs, as of December 2010


Economy Treaty Date of signature
India Income and Capital 18-Jan-1987
Norway Income and Capital 13-May-1996
Thailand Income and Capital 2-Feb-1998
Mauritius Income and Capital 3-Aug-1999
Sri Lanka Income and Capital 6-Jul-1999
Korea, Republic of Income 5-Oct-2001




Nepal
171


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: Government of Nepal Ministry of Industry, Singhadurbar, Kathmandu, NEPAL•


Contact: Tel: +977-1-4211579, Fax: +977-1-4211619, Email : info@moi.gov.np
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, American Express Company, Hindustan Unilever Limited, Mitsui & Co. •
Ltd., Sanofi-Aventis
Member of WAIPA as of January 2011: YES•


Data on foreign affiliates of the United States in Nepal, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number - - 1 1 2 2 2 1 - 1 1 2 3 3
Assets - - .. .. .. .. .. .. 6 20 .. 62 117 128
Employees - - - .. .. .. .. .. - 0.2 .. 0.2 0.3 0.3
Wages and salaries - - - .. .. .. .. .. - 3 .. 3 4 4
Value added - - 2 10 .. .. .. .. - 3 .. 5 13 13
Sales - - - .. .. .. .. 1 5 23 .. 59 86 93


Data of foreign affiliates of Nepal in the United States, 1995-2008
(Millions of dollars in assets, value added and sales)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 1 - - - - - - - - - - - -
Assets 29 28 - - - - - - - - - - - -
Value added 17 17 - - - - - - - - - - - -
Sales 1 1 - - - - - - - - - - - -


Selected foreign affiliates in Nepal, 2010


Company Home economy Industry Sales Employment
Year of


est.
Dabur Nepal Private Limited India Pharmaceutical preparations .. 1 000 1989
Surya Nepal Private Limited India Cigarettes .. 800 2002
Mahendra Sugar & General Industries Pte United Kingdom Cane sugar, except refining .. 330 ..
Hoechst Nepal Private Ltd France Pharmaceutical preparations .. 304 1986
Hotel Himalaya Pte Limited Japan Hotels and motels .. 200 1987
Unilever Nepal Limited India Soap & other detergents, except specialty cleaners .. 150 ..
Ac Nielsen Nepal Luxembourg .. .. .. ..
American Express Bank Limited United States Services, nec .. .. ..
American West Airlines United States .. .. .. ..
Aramex International Jordan .. .. .. ..


Asian Paint Nepal Private Limited India
Paints, varnishes, lacquers, & allied
products


.. .. ..


Csc & Co United States Accounting, auditing, and bookkeeping services .. .. ..
Hyatt Regency Kathmandu United States Hotels and motels .. .. ..
Interactive Group (P) Ltd United States Newspapers: publishing, or publishing & printing .. .. ..
Japan Airlines Japan .. .. .. ..
Korean Airlines Korea Rep Of .. .. .. ..
Maccaferri Nepal Private Limited Italy Construction machinery and equipment .. .. ..
Maersk Nepal Private Limited Denmark Business associations .. .. ..
Mccann-Erickson Nepal United States .. .. .. ..
Mitsui And Co., Ltd Japan Chemicals and allied products, nec .. .. ..
Miyama Company Limited Japan .. .. .. ..
Sita World Travel Nepal Private Limited Switzerland Hotels and motels .. .. ..
Thompson Nepal Private Lmited Ireland Advertising agencies .. .. ..




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward172


Area (‘000 km2): 2008 1 267.0
Population (millions): 2010 15.9
Capital city: Niamey
Official language: French
Currency: CFA franc
Exchange rate (period average): 2009 CFAfr 447.805 =$1
GDP in current prices (millions of dollars): 2009 5 081
Exports of goods and services (millions of dollars): 2009 956
Imports of goods and services (millions of dollars): 2009 2 007
Official development assistance (millions of dollars): 2009 257
External debt (millions of dollars): 2009 991


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Niger
Algeria


Libyan Arab
Jamahiriya


Chad


Mali


Nigeria
Burkina
Faso


Niamey


Benin


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Cyprus - - - - - - - - - - - - - -
France 4.5 - 8.7 - 5.0 - 5.0 - - - - - - - - - -
Sweden - - - - - - - - - - - - - -
United States - 1.0 2.0 - 2.0 - - - - - 16.0 2.0 - - - - -
Japan - - 0.6 - 0.1 - 0.9 - 0.2 3.0 - - - - - - -
China - 1.5 5.8 7.9 100.8 - 0.0 - 12.5 14.0 20.4 33.0 134.5 136.5 -


- 250


0


250


500


750


1 000


56 - 34 - 11 14 2 17 - 1 - 8 23 2 11 20 30 51 129 566 739 947


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 20


0


20


40


60


23.7 -12.9 -6.1 7.3 1.0 7.5 -0.5 0.1 3.8 8.8 0.8 2.9 4.2 4.2 6.1 13.1 42.7 44.7 43.1


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Niger
173


There are no cross-border M&A sales, 1994-2010


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


0


500


1 000


1 500


2 000


2 500


358 324 312 327 329 346 345 38 45 61 70 79 115 100 161 277 624 1 363 2 310
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-20


0


20


40


60


15.4 - 6.2 7.8 3.8 4.6 3.7 - 0.9 4.0 4.4 3.6 6.6 10.2 15.1 20.9 28.8 40.5 51.2 49.9
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


1 000


2 000


3 000


4 000


$
m


il
li


o
n


-


2


4
N


u
m


b
er


Value


Number


481 - - 1 - 3 087 - 100


1 - - 1 - 2 - 1


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


China National Petroleum 1 586.6 171 2008 China Coal, oil and natural gas Manufacturing
Areva Group 1500 1 400 2008 France Metals Extraction
China National Petroleum 480.9 289 2003 China Coal, oil and natural gas Extraction


Bharti Group 100 144 2010 India Communications
ICT and Internet
infrastructure


Orezone Resources 0.9 1 2006 Canada Metals Extraction




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward174


BITs, as of December 2010


Economy Date of signature
Switzerland 28-Mar-1962
Germany 29-Oct-1964
Tunisia 5-Jun-1992
Algeria 16-Mar-1998
Egypt 4-Mar-1998


DTTs, as of December 2010


Economy Treaty Date of signature
France Income and Capital 1-Jun-1965


Data on foreign affiliates of the United States in Niger, 1995-2008
(Millions of dollars in assets, value added and sales)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 2 2 2 2 2 2 2 2 2 1 1 1 1 1
Assets 16 18 19 19 .. .. .. .. .. .. .. .. .. ..
Value added - - - 1 .. .. .. .. .. 4 5 5 .. ..
Sales - - - 13 .. .. .. .. .. .. .. .. .. ..


Selected foreign affiliates in Niger, 2010


Company Home economy Industry Sales Employment
Year of


est.
Societe Des Mines De L Air Sa France Uranium-radium-vanadium ores 861 1 000 1968
Compagnie Miniere D Akouta Sa France Uranium-radium-vanadium ores 819 1 214 1974


Total Niger S A France
Petroleum and petroleum products
wholesalers, nec


248 55 1976


Societe Maersk Niger Sa Denmark
Arrangement of transportation of freight and
cargo


1 4 1997


Industrial Gases Plc Germany Industrial gases .. 120 1959
Connecteo Niger United Kingdom Services, nec .. .. ..
Edocement Ltd Germany Coal mining services .. .. ..
Impresit Bakolori Plc Italy Services, nec .. .. ..
Niger Afrique Sa Netherlands Piece goods, notions, and other dry goods .. .. ..
Societe Nigerienne De CimenterieGermany Brick, stone, and related construction materials .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: Centre de Promotion des Investissements (CPI) Sis à la Chambre de Commerce d’Agriculture, •
d’Industrie et d’Atisanat du Niger, Place de la Concertation, BP 209 Niamey-Niger


Contact: Tel: +227 20 73 25 73, Fax : +227 20 73 46 68, E-mail : dmcpiniger@yahoo.fr, cham209n@intnet.ne
Website: http://www.investir-au-niger.org


Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Total Sa•
Member of WAIPA as of January 2011: YES•




Rwanda
175


Uganda


Dem. Republic
of the Congo


United Republic
of Tanzania


Burundi


Area (‘000 km2): 2008 26.3
Population (millions): 2010 10.1
Capital city: Kigali
Official language: Kinyarwanda, French and English
Currency: Rwanda franc
Exchange rate (period average): 2009 Rwfr 546.849 =$1
GDP in current prices (millions of dollars): 2009 4 981
Exports of goods and services (millions of dollars): 2009 458
Imports of goods and services (millions of dollars): 2009 1 463
Official development assistance (millions of dollars): 2009 523
External debt (millions of dollars): 2009 747


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Rwanda


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Germany 2.3 1.2 - 1.2 - 5.5 2.9 - 2.8 - - - - - - -
Sweden - 0.2 - 0.1 - 0.3 - 0.2 - 0.1 - 0.3 - 0.4 - - - - - - -
United States - 1.0 1.0 1.0 1.0 1.0 1.0 - 1.0 1.0 1.0 1.0 1.0 1.0
China - - 1.4 3.0 - 0.4 12.9 - 3.3 3.3 4.7 7.7 7.3 20.2 -


0


50


100


150


6 6 - 2 2 3 7 2 8 19 2 3 11 14 31 82 103 119 86


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


5


10


15


1.7 1.8 0.0 1.2 1.1 1.0 2.4 0.5 2.6 6.4 0.5 1.0 3.7 3.7 6.7 13.4 10.2 11.6 6.7


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward176


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


100


200


300


400


500


600


43 49 49 51 53 55 63 59 55 57 57 62 69 77 108 190 293 412 498


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


5


10


15


20


3.9 3.2 - 1.5 2.2 4.0 0.2 0.8 2.8 3.5 0.4 5.5 3.0 3.6 9.1 9.0 16.0 5.0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


2


4


6


8


$
m


il
li


o
n


0


1


2


3


4


N
u


m
b


er


Value
Number


- - - - - 2.1 - 1.5 - - 5.0 - - - 6.0 - -
- - - - - 1 - 1 - - 2 1 1 3 2 - -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Shell Rwanda SARL Gasoline service stations Kenya Oil Co Ltd Kenya 12 2005
SOPRWA Pesticides and agri chemicals Norfund SA Norway 6 2008
Banque Commercial du Rwanda Banks Actis Capital LLP United Kingdom 5 2004
PetroRwanda Gasoline service stations Shell Oil Co United States 2 1999
Tabarwanda SARL Chewing and smoking tobacco British American Tobacco United Kingdom 2 2001
Banque Continental Africaine Banks Fina Bank Ltd Kenya - 2004
Terracom SARL Telephone communications GV Telecom British Virgin Islands - 2006
Kivu Sun Hotel Hotels and motels Tourism Promotn Services Kenya - 2007
MTN Rwanda Business services, nec MTN Group Ltd South Africa - 2007
KLSS Rwanda Crude petroleum and natural gas Kenya Oil Co Ltd Kenya - 2007
Societe Nouvelle d Assurance Life insurance Industrial And General Nigeria - 2008




Rwanda
177


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


500


1 000


1 500


2 000


$
m


il
li


o
n


-


5


10


15


20


N
u


m
b


er


Value


Number


- - 11 - 273 253 258 1 717


- - 2 - 8 13 20 6


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Kenol-Kobil Group 1701 170 2010 Kenya Coal, oil and natural gas Manufacturing
Dubai World 230 648 2007 United Arab Emirates Hotels and tourism Construction
Tunisian Co of Electricity and Gas 158.5 40 2008 Tunisia Coal, oil and natural gas Electricity


Tong Yang Moolsan 69.1 112 2009 Korea, Republic of Industrial machinery, equipment and tools Manufacturing


Millicom International Cellular 60 86 2009 Luxembourg Communications ICT and Internet infrastructure
Kenya Commercial Bank (KCB) 27.4 46 2009 Kenya Financial services Business services


Star Communication Network 20 37 2007 China Communications ICT and Internet infrastructure
Access Bank 18.4 32 2009 Nigeria Financial services Business services
Madhvani Group 18 51 2008 Uganda Hotels and tourism Construction
Car and General 15.5 104 2009 Kenya Automotive components Retail
Aga Khan Development 15 42 2008 Switzerland Hotels and tourism Construction


Roofings Uganda 13.7 27 2008 Uganda Metals Logistics, distribution and transportation
Nakumatt Holdings Limited 10 300 2008 Kenya Food and tobacco Retail
Ecobank 9.2 16 2009 Togo Financial services Business services
Global Trust Bank 9.2 16 2009 Uganda Financial services Business services
Fina Bank 9.2 16 2008 Kenya Financial services Business services
Equity Bank 9.2 16 2009 Kenya Financial services Business services
United Bank for Africa 9.2 16 2009 Nigeria Financial services Business services
Kenya Commercial Bank 9.2 16 2008 Kenya Financial services Business services
African Development Bank 9.2 16 2005 Côte d' Ivoire Financial services Business services
Blue Financial Services 9.2 16 2008 South Africa Financial services Business services
First Data 9.2 16 2007 United States Financial services Business services
Commercial Bank of Africa 9.2 16 2009 Kenya Financial services Business services
Kenya Commercial Bank 9.2 16 2009 Kenya Financial services Business services
East African Developmt Bank 9.2 16 2010 Uganda Financial services Business services
Starbucks 6.2 66 2007 United States Beverages Education and training
Safal Group 5 204 2007 Mauritius Metals Manufacturing
Uganda Clays Limited 5 6 2008 Uganda Building and construction materials Manufacturing
Mt Kenya University 3.3 11 2010 Kenya Business services Business services
Healthcare Global Enterprises 2.92 7 2010 India Healthcare Business services
AAR Holdings Limited 2.8 17 2008 Kenya Financial services Sales, marketing and support
Kivu Resources 2.5 20 2009 Mauritius Metals Manufacturing
IPP Media 2.2 7 2009 Tanzania, U. R. of Leisure and entertainment Sales, marketing and support
ZTE 2.1 13 2005 China Communications Sales, marketing and support
KT 2.1 13 2009 Korea, Rep of Communications Sales, marketing and support
AAR Holdings Limited 2.1 14 2008 Kenya Healthcare Sales, marketing and support
SpanImage 2 100 2009 United Arab Emirates Software and IT services Sales, marketing and support
Car and General 1.9 10 2009 Kenya Automotive components Sales, marketing and support
East Africa Portland Cement 1.3 17 2009 Kenya Building and construction materials Sales, marketing and support
Dubai World 1.2 10 2007 United Arab Emirates Hotels and tourism Sales, marketing and support
Scania 1 6 2007 Sweden Automotive OEM Maintenance and Servicing
Credit Reference Bureau Africa 0.53 35 2010 Kenya Financial services Business services
Crown-Berger 0.5 1 2008 Kenya Chemicals Manufacturing
China link (C-Link) 0.5 2 2007 China Software and IT services Manufacturing
MTN Group 0.07 1 2010 South Africa Communications Retail




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward178


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: Rwanda Development Board (RDB), Boulevard de l’Umuganda, Gishushu, Nyarutarama Road, •
P.O. Box 6239 Kigali, Rwanda


Contact: Fax: +250 252 580388, Email: info@rdb.rw
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Reliance Industries Limited•
Member of WAIPA as of January 2011: YES•


BITs, as of December 2010


Economy Date of signature
Switzerland 15-Oct-1963
Germany 18-May-1967
South Africa 19-Oct-2000
Mauritius 30-Jul-2001
Belgium and Luxembourg 16-Apr-2007
United States 19-Feb-2008


DTTs, as of December 2010


Economy Treaty Date of signature
Mauritius Income 30-Jul-2001
Belgium Income and Capital 16-Apr-2007


Data on foreign affiliates of the United States in Rwanda, 1995-2008
(Millions of dollars)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Assets - - - - - - - - - 1 1 1 1 1
Value added - - - - - - - - - 1 1 1 1 1
Sales - - - - - - - .. .. 3 3 3 3 3


Selected foreign affiliates in Rwanda, 2010


Company Home economy Industry Sales Employment
Year of


est.
Brasseries Et Limonaderies Du Rwanda Sa Switzerland Malt beverages .. 1 031 1957
Arab Contractors (Rewanda) Ltd Egypt Nonresidential building construction, nec .. 45 1997
Gapco Rwanda Sarl India Services, nec .. .. ..
Maersk Rwanda Limited Denmark .. .. .. ..
Rwandex Sa Switzerland Roasted coffee .. .. ..
Satguru Travel &Tours Service United States .. .. .. ..




Samoa
179


Area (‘000 km2): 2008 2.8
Population (millions): 2010 0.2
Capital city: Apia
Official language: Samoan and English
Currency: Tala
Exchange rate (period average): 2009 WST 2.64418 =$1
GDP in current prices (millions of dollars): 2009 558
Exports of goods and services (millions of dollars): 2009 174
Imports of goods and services (millions of dollars): 2009 301
Official development assistance (millions of dollars): 2009 47
External debt (millions of dollars): 2009 235


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Samoa
Apia


Pacific Ocean


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Sweden - - - - - - - - - - - - - -
United States - - - - - - - - 1.0 1.0 1.0 1.0 1.0 1.0
Australia - - - - 10.9 - - 45.0 53.8 - - - 62.4 -
Japan - - 0.4 2.3 - 15.5 29.6 4.6 - - - - - - -
Brazil - - - - - - - - - - 1.1 - 2.0 -
China 0.4 - - - - 0.1 - - 0.9 0.9 0.9 0.9 0.8 0.8 -
Korea, Republic of - - - 0.9 4.9 1.3 0.4 0.7 0.7 0.7 1.6 6.6 7.1 7.6


- 10


0


10


20


30


5 5 3 3 1 20 3 2 - 2 1 - 1 2 - 4 12 1 13 1 5
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 50


0


50


100


16.7 19.0 6.1 8.8 2.7 90.9 9.7 6.3 -4.7 3.5 -0.2 1.3 5.2 -8.0 27.2 2.0 28.0 2.7 10.5


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward180


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


20


40


60


80


100


17 22 25 29 30 50 53 55 53 55 54 55 57 54 66 67 80 81 86
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


5


10


15


- - - - - - - 0.6 - - - - 9.8 7.7 13.8 8.8 9.9 10.6
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


- 20


- 10


-


10


20


$
m


il
li


o
n


0


2


4


6


N
u


m
b


er


Value
Number


- - - - - - - - - - - - - 17.6 2.9 13.1 - -
- - - - - - - 1 - - - - 5 4 4 1 -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Telecom Samoa Cellular Ltd Radiotelephone communications Digicel(Samoa)Ltd Samoa 18 2006
Gold Connection Ltd Computer peripheral equip. Ju Teng Intl Hldg Ltd Hong Kong, China 11 2008
Smart Success Enterprise Ltd Plastics products, nec Ju Teng Intl Hldg Ltd Hong Kong, China 3 2008
Smart Success Enterprise Ltd Plastics products, nec Ju Teng Intl Hldg Ltd Hong Kong, China 3 2007
Gold Connection Ltd Computer peripheral equip. Ju Teng Intl Hldg Ltd Hong Kong, China 3 2008
Goldgain Services Ltd Men's clothing stores Great Rider Ltd Samoa 0 2008
Smilmer.com Retail stores, nec Dewinkel.com BV Netherlands - 2001
Fuwell Co Ltd Investors, nec Kenmark Indl Co(M)Bhd Malaysia - 2006
Macrororal Co Ltd Investors, nec Kenmark Indl Co(M)Bhd Malaysia - 2006
Fuwell Co Ltd Investors, nec Undisclosed Acquiror unspecified - 2006
Macrororal Co Ltd Investors, nec Undisclosed Acquiror unspecified - 2006
Fuwell Co Ltd Investors, nec Kenmark Indl Co(M)Bhd Malaysia - 2007
Macrororal Co Ltd Investors, nec Kenmark Indl Co(M)Bhd Malaysia - 2007
Fexon Investments Ltd Investors, nec PYI Corp Ltd Hong Kong, China - 2007
FDC Ltd Information retrieval services China Railway Logistics Ltd Hong Kong, China - 2009




Samoa
181


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


200


400


600


$
m


il
li


o
n


-


1


2


N
u


m
b


er


Value


Number


- - - - - 500 - -


- - - - - 1 - -


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($million)


Estimated
jobs


created
Year Home country Sector Key business function


South Pacific Development Group 500 755 2008 United States Hotels and tourism Construction


BITs, as of December 2010


Economy Date of signature
.. .


DTTs, as of December 2010


Economy Treaty Date of signature
United States (Tax Implementation) Agreement 1-Jan-1988
Australia Income 16-Dec-2009
New Zealand Income 24-Aug-2010


Data on foreign affiliates of the United States in Samoa, 1995-2008
(Millions of dollars)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Assets - - - - - - - - - 3 3 3 3 3
Sales - - - - .. - - 270 .. 2 2 2 2 2


Data on foreign affiliates of Samoa in the United States, 1995-2008
(Millions of dollars in assets, value added and sales)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number - - - - - - - - - - - - 10 -
Assets - - - - - - - - - - - - 7 -
Value added - - - - - - - - - - - - 1 -
Sales - - - - - - - - - - - - 1 -


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID•
Address of investment agency: Ministry of Commerce, Industry and Labour, Level 4, ACC House, Apia•


Contact: Tel: +685 20441, Fax: +685 20443
Fortune Globe 500 investors: None•
Member of WAIPA as of January 2011: YES•




Foreign Direct Investment in LDCs:
Lessons Learned from the Past Decade and the Way Forward182


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Portugal - 2.4 2.7 0.9 0.9 - 12.4 - 1.1 - 0.4 16.4 4.1 4.7 6.6 5.9 43.1 -
Sweden - - - - - - - - - - - - - -
United States - - - - - - 1.0 - - - - - 85.0 86.0


Area (‘000 km2): 2008 1.0
Population (millions): 2010 0.2
Capital city: Sao Tome
Official language: Portuguese
Currency: Dobra
Exchange rate (period average): 2009 Db 14 695.2 =$1
GDP in current prices (millions of dollars): 2009 194
Exports of goods and services (millions of dollars): 2009 47
Imports of goods and services (millions of dollars): 2009 191
Official development assistance (millions of dollars): 2009 20
External debt (millions of dollars): 2009 186


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


São Tomé and
Principe Sao Tome


Atlantic Ocean


- 10


0


10


20


30


40


50


- - 0 - 0 0 0 4 3 4 3 4 3 4 16 38 35 33 36 40
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 10


0


10


20


30


40


50


0.0 -2.9 0.0 0.0 0.4 0.3 16.2 9.8 13.8 10.9 12.1 9.6 9.3 40.4 47.2 38.0 28.0 28.3 35.3


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




São Tomé and Principe
183


There are no cross-border M&A sales, 1994-2010


There is no data for income on FDI, 1992-2009


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


BITs, as of December 2010


Economy Date of signature
Portugal 18-Jul-1997


DTTs, as of December 2010


Economy Treaty Date of signature
..


-50


0


50


100


150


200


250


0 - 0 - 0 - 0 0 0 5 8 11 14 18 21 25 41 78 113 146 182 221
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-


2


4


6


8


10


$
m


il
li


o
n


-


1


2


N
u


m
b


er


Value


Number


- - 9 - 2 - - -


- - 1 - 1 - - -


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Commercial bank of Cameroon 9.2 16 2005 Cameroon Financial services Business services
Ecobank 1.5 2 2007 Togo Financial services Business services


Data on foreign affiliates of the United States in São Tomé and Principe, 1995-2008
(Millions of dollars in value added)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number - - - - - - - - - 3 6 6 6 6
Value added - - - - - - - - - - 1 3 3 5 125


Other relevant information


Membership of relevant international agreements as of January 2011: ICSID•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: None•
Member of WAIPA as of January 2011: No•




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward184


Area (‘000 km2): 2008 196.7
Population (millions): 2010 12.9
Capital city: Dakar
Official language: French
Currency: CFA franc
Exchange rate (period average): 2009 CFAfr 447.805 =$1
GDP in current prices (millions of dollars): 2009 12 711
Exports of goods and services (millions of dollars): 2009 2 794
Imports of goods and services (millions of dollars): 2009 4 919
Official development assistance (millions of dollars): 2009 519
External debt (millions of dollars): 2009 3 503


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Senegal Mali
Mauritania


Guinea


Guinea-Bissau


Dakar


Gambia


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Denmark - - 1.3 - 0.3 - - - - 5.5 4.6 5.7 6.7 - -
France 65.5 21.1 46.0 25.1 120.4 90.8 144.5 338.5 400.5 307.9 342.4 702.2 716.7 865.8
Germany 1.1 8.7 - 5.0 - 11.3 - 1.5 - - - - - - - -
Portugal 0.1 0.1 - - - - - 2.6 - - - - - -
Sweden - 0.1 - - 0.1 - - - - - - - - - - -
Canada - - - - - - - - 13.3 - - - - -
United States - 11.0 - 6.0 - 14.0 1.0 - 3.0 - 6.0 - 17.0 38.0 30.0 17.0 19.0 18.0 18.0 -
Japan - - - - - - - - - - - - - -
Morocco - - - - - - - 12.5 16.1 14.1 26.8 38.1 114.4 -
Tunisia - - - - - - - - - - - - - -
Turkey - - - - - - - - - - - - 1.0 -
China 0.7 - - - 0.2 3.6 11.0 2.5 2.6 2.4 4.2 4.4 10.6 26.1
Korea, Republic of - - - - - - 0.3 0.5 0.5 0.5 0.5 0.5 0.0 0.3


- 100


0


100


200


300


22 - 1 67 35 5 177 60 153 63 32 78 52 64 52 210 273 272 208 237
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 5


0


5


10


15


20


25


1.9 -0.1 9.5 3.8 0.5 19.4 5.2 13.3 6.0 2.9 5.9 3.6 3.6 2.6 8.5 9.0 6.7 6.2 6.6


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Senegal
185


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


500


1 000


1 500


2 000


272 272 339 374 379 556 616 329 295 194 242 347 441 358 477 839 1 171 1 378 1 615
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


50


100


150


200


29.4 24.5 34.4 61.8 14.4 16.8 45.1 73.7 84.3 72.6 92.6 121.8 129.1 173.0 123.9 141.2 166.8 156.3
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


- 500


- 300


- 100


100


300


500


$
m


il
li


o
n


0


1


2


3


N
u


m
b


er


Value
Number


- - - 107 - 66 6 - - - - - - - - - - 457
- 1 1 1 - 2 1 - - 1 - 1 1 2 1 1 1


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Mineral Deposits Ltd Gold ores Shareholders Senegal 457 2010
SONATEL SA Telephone communications France France 107 1997
Societe Nationale d'Electricite Electric services Investor Group France 66 1999
GTI-Dakar Electric services Falck SpA Italy 6 2000
Sotiba Simpafric Broadwoven fabric mills, cotton UBI United Kingdom - 1995
Senegal-Hotels(7) Hotels and motels Undisclosed Acquiror unspecified - 1996
SOCOCIM Industries Cement, hydraulic Vicat SA France - 1999
Senegalaise de Phosphates de Thies Chemical and mineral mining Tolsa SA Spain - 2003
Sterling Energy PLC Crude petroleum and natural gas Markmore Energy Ltd United Kingdom - 2005
Sentel GSM SA Radiotelephone communications Millicom Intl Cellular Luxembourg - 2006
Banque Senegalo Tunisienne Personal credit institutions BCM Morocco - 2007
Edison SpA-Exploration Block Crude petroleum and natural gas Republica do Brasil Brazil - 2007
Bancaire de l'Afrique Banks Attijariwafa Bank Morocco - 2008
Credit du Senegal Banks Attijariwafa Bank Morocco - 2009




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward186


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


1 000


2 000


3 000


4 000


$
m


il
li


o
n


-


2


4


6


8


10


N
u


m
b


er


Value


Number


575 285 13 1 243 2 979 1 168 328 927


3 3 3 5 4 8 10 8


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


ArcelorMittal 2200 3583 2007 Luxembourg Metals Extraction
Dubai World 800 3000 2008 United Arab Emirates Real estate Construction
China Metallurgical Group Corp 727.7 131 2006 China Coal, oil and natural gas Electricity


DP World 534 2256 2007 United Arab Emirates Transportation
Logistics, distribution and
transportation


Tullow Oil 521.9 215 2003 United Kingdom Coal, oil and natural gas Extraction
Amitelo Communications 400 123 2006 Switzerland Communications ICT and Internet infrastructure
Juwi 398.7 93 2010 Germany Alternative/renewable energy Electricity
Randgold Resources 300 585 2010 United Kingdom Metals Extraction
Dubai World 255.4 422 2008 United Arab Emirates Hotels and tourism Construction
ArcelorMittal 242.3 1667 2007 Luxembourg Metals Extraction
Kumba Resources 242.3 1667 2004 South Africa Metals Extraction
Vicat Group 151.2 382 2009 France Building and construction Manufacturing
InterContinental Hotels Group 127.7 209 2009 United Kingdom Hotels and tourism Construction
Mineral Deposits 80 156 2010 Australia Metals Extraction
Great Wall Motors (GWM) 76.3 1043 2010 China Automotive OEM Manufacturing
Tata Group 72.9 1047 2008 India Automotive OEM Manufacturing
Iran Khodro Industrial Group 60 593 2010 Iran, Islamic Rep. of Automotive OEM Manufacturing
Iran Khodro Industrial Group 60 584 2006 Iran, Islamic Rep. of Automotive OEM Manufacturing
Lam Hoa 51.4 434 2003 VietNam Non-automotive transport Manufacturing
European Investment Bank 40.6 106 2004 Luxembourg Financial services Headquarters
Attijariwafa Bank 30.5 50 2006 Morocco Financial services Business services
Procter & Gamble 25.7 71 2008 United States Consumer products Headquarters
Altria 25 300 2006 United States Food and tobacco Manufacturing
Sanir Company 17.6 116 2009 Iran, Islamic Rep. of Electronic components Manufacturing
Nestle 10.38 57 2009 Switzerland Food and tobacco Manufacturing
African Development Bank 9.2 16 2005 Côte d' Ivoire Financial services Business services
Bordeaux Management School 9.2 36 2010 France Business services Education and training
United Bank for Africa 9.2 16 2008 Nigeria Financial services Business services
Alcatel-Lucent 6.6 66 2009 France Communications Education and training
Regus 4.7 9 2009 United Kingdom Real estate Business services
Gulf Pharmaceutical Industries 4.2 13 2009 United Arab Emirates Pharmaceuticals Sales, marketing and support
Maarch 3.3 11 2009 France Business services Business services
Studi Group 3.3 11 2008 Tunisia Business services Business services
Microsoft 2.6 8 2007 United States Software and IT services Sales, marketing and support
Radio France Internationale 2.1 13 2004 France Communications Sales, marketing and support
Protek 1.9 11 2003 United Kingdom Software and IT services Sales, marketing and support
Swapcom 1.9 11 2005 France Software and IT services Sales, marketing and support
IBM 1.9 11 2010 United States Software and IT services Sales, marketing and support
World Wide Web Consortium 1.9 11 2009 United States Software and IT services Sales, marketing and support
Nuxeo 1.9 11 2005 France Software and IT services Sales, marketing and support
VIVEO Group 1.9 11 2008 France Software and IT services Sales, marketing and support
Atlas Copco 1 8 2010 Sweden Industrial machinery Sales, marketing and support
PPR SA 0.72 3 2009 France Automotive OEM Retail




Senegal
187


BITs, as of December 2010


Economy Date of signature
Switzerland 16-Aug-1962
Germany 24-Jan-1964
Sweden 24-Feb-1967
Syrian Arab Republic 14-Nov-1975
Netherlands 3-Aug-1979
Romania 19-Jun-1980
United Kingdom 7-May-1980
United States 6-Dec-1983
Korea, Republic of 12-Jul-1984
Tunisia 17-May-1984
Argentina 6-Apr-1993
Taiwan Province of China 24-Oct-1997
Egypt 5-Mar-1998
Qatar 10-Jun-1998
South Africa 5-Jun-1998
Malaysia 11-Feb-1999
Italy 13-Oct-2000
Mauritius 14-Mar-2002
Mali 12-Apr-2005
Morocco 15-Nov-2006
Spain 22-Nov-2007
India 3-Jul-2008


DTTs, as of December 2010


Economy Treaty Date of signature
Mauritania Income and Capital 9-Jan-1971
France Income and Capital 29-Mar-1974
Tunisia Income and Capital 5-May-1984
Belgium Income and Capital 29-Sep-1987
Norway Income and Capital 4-Jul-1994
Qatar Income 10-Jun-1998
Taiwan Province of China Income and Capital 10-Jun-1999
Canada Income and Capital 2-Aug-2001
Egypt Income and Capital 14-Aug-2001
Lebanon Income and Capital 19-Oct-2002
Mauritius Income and Capital 17-Apr-2002
Morocco Income and Capital 1-Mar-2002
Kuwait Income 10-Apr-2007
Malaysia Income 17-Feb-2010


Data on foreign affiliates of the United States in Senegal, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 5 4 4 4 4 4 4 4 4 2 3 2 2 3
Assets 80 43 89 95 104 114 118 115 110 .. 217 .. .. 218
Employees 0.6 0.3 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.3 .. 0.5
Wages and salaries 6 4 9 9 8 9 9 9 5 10 9 6 .. 11
Value added 29 22 29 31 37 39 38 38 32 33 54 32 .. 66
Sales - - - 96 114 156 161 158 146 .. .. .. .. ..




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward188


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: Agence Nationale Chargée de la Promotion de l’Investissement et des Grands Travaux, 52 - 54 •
Rue Mohamed V - BP 430 CP 18524, Dakar RP Sénégal


Contact: Tel: (221) 33 849 05 55, Fax: (221) 33 823 94 89, Email: contact@apix.sn
Fortune Globe 500 investors: Abb Ltd, Air France - Klm, Allianz Se, Bnp Paribas, Citigroup Inc., Eiffage, Michelin Et Cie, •
Mitsubishi Corporation, Novartis Ag, Royal Dutch Shell Plc, Sanofi-Aventis, Siemens Ag, Sumitomo Corporation, Vinci
Member of WAIPA as of January 2011: YES•


Selected foreign affiliates in Senegal, 2010


Company Home economy Industry Sales Employment
Year of


est.


Shell Senegal Sa United Kingdom
Petroleum and petroleum products
wholesalers, nec


2 555 142 1961


Compagnie Francaise De L Afrique Occid. France Automobiles and other motor vehicles 262 158 1976
Societe De Manutention De Carburant United Kingdom Petroleum and petroleum products wholesalers, nec 14 32 1966
Siemens Sarl Germany Communications services, nec 5 6 2004
Connecteo Senegal United Kingdom Communications services, nec 4 9 2003
Societe Radio Nostalgie Senegal France Business services, nec 3 .. 1995
Cfao Technologies Senegal France Computers and peripheral equipment and software 1 80 2002
Dakar Catering Sa France Eating places .. 215 1991
Africasoins Productions Groupe Sanofi Aventis France Pharmaceutical preparations .. 150 2007
A B B Herlicq S A India Electrical work .. 90 1948
Societe Tropicale De Dist. De Produits
Pharm.


France Drugs, drug proprietaries, and druggists' sundries .. 80 1974


Societe Africaine De Sondage Injections France Special trade contractors, nec .. 79 1943
Dakar Metallurgie S A Belgium Metal mining services .. 50 1993
Societe De Developement De La Industrie France Construction materials, nec .. 50 1986
Citibank Sn United States Commercial banks, nec .. 47 2006
Mccann Erickson Senegal United States Advertising agencies .. 36 ..
Equant Integration Service France Computer programming services .. 30 1972
La Seigneurie D'Afrique France Paints, varnishes, lacquers, & allied products .. 30 1952
Getma Senegal France Transportation services, nec .. 28 1998
Europcar Senegal France Passenger car rental .. 25 ..
Enterprise Business Solutions Morocco Hardware .. 10 2002
Nord Electricite S A France Electric services .. 9 1991
Tullow Oil Senegal United Kingdom Products of petroleum and coal, nec .. 3 1988
Sumitomo Corporation Japan Automobiles and other motor vehicles .. .. 2005
Voest-Alpine Intertrading Austria Business services, nec .. .. 2005
Gecamines France Crushed and broken granite .. .. 2004
Societe Generale De Banques Au Senegal France Commercial banks, nec .. .. 1962
Abb Technologies S.A. Switzerland Metal mining services .. .. ..
Afrique Ascenseurs Switzerland Elevators and moving stairways .. .. ..
Agf Senegal Assurances Germany Life insurance .. .. ..
Allianz Senegal Assurances Vie Germany Life insurance .. .. ..
Banque International Du Commerce France Commercial banks, nec .. .. ..
Bt Senegal Limited United Kingdom Communications services, nec .. .. ..
Cabinet Pierre Michaux Fidafrica United States Drilling oil and gas wells .. .. ..
Colgate-Palmolive Senegal N.S.O.A. United States Nursing&personal care facils .. .. ..
Egl, Inc Cayman Islands Marinas .. .. ..
Geodis Senegal France Durable goods, nec .. .. ..
Grimaldi Senegal Sa Italy Services, nec .. .. ..
Interfood West Africa Netherlands Grocery stores .. .. ..
L Entente Senegalaise France Services, nec .. .. ..
Mitsubishi Corporation Bureau De Liaison Japan Petroleum and petroleum products wholesalers, nec .. .. ..




Sierra Leone
189


Guinea


Liberia


Freetown


Côte d’Ivoire


Area (‘000 km2): 2008 71.7
Population (millions): 2010 5.9
Capital city: Freetown
Official language: English
Currency: Leone
Exchange rate (period average): 2009 Le 2 981.51=$1
GDP in current prices (millions of dollars): 2009 1 877
Exports of goods and services (millions of dollars): 2009 332
Imports of goods and services (millions of dollars): 2009 565
Official development assistance (millions of dollars): 2009 197
External debt (millions of dollars): 2009 444


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Sierra Leone


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Cyprus - - - - - - 0.4 - - - - - - 3.1
Czech Republic 0.2 - - - - - - 3.2 - - - - - -
Denmark - - - 0.3 - - 0.2 0.2 - - 1.5 0.5 0.7 0.4 0.6 -
Sweden - - - - - - - - - - - - - -
United States 2.0 - 1.0 - 1.0 - - - - 15.0 7.0 1.0 1.0 1.0 1.0 -
China - 5.9 0.5 3.7 2.9 11.4 - - 5.7 18.5 14.9 32.3 43.7 -


- 50


0


50


100


150


-6 -7 -3 7 1 2 0 1 39 10 10 9 61 83 59 97 53 33 36
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 20


0


20


40


60


80


-5.5 -13.6 -2.7 10.3 0.5 2.9 0.2 1.3 52.5 13.6 11.5 8.8 62.6 67.5 48.3 73.9 15.7 12.0 11.7


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward190


Cross-border M&A sales, 1994-2010
(Millions of dollars)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


200


400


600


800


245 238 235 242 243 244 245 245 284 294 304 313 374 300 453 612 426 460 495


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-50


0


50


100


150


1.3 - 0.8 - 0.2 11.3 4.4 2.6 3.3 6.1 1.8 0.6 2.0 9.4 32.4 41.2 27.3 121.9 76.0 81.9
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


10.0


20.0


30.0


40.0


50.0


$
m


il
li


o
n


0


1


2


3


4


5


N
u


m
b


er


Value
Number


- - 0.1 - - - - - - - 1.7 - - 31.1 40.0 - 13.2
- - 2 - - - 1 1 - - 2 - 3 1 4 1 1


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Global Aluminum Ltd Primary production of aluminum Romal Holdings NV Netherlands 40 2008
Titanium Resources Group PLC Miscellaneous metal ores, nec Ospraie Management United States 31 2007
Baomahun Project Gold ores Cluff Gold PLC United Kingdom 27 2008
Sierra Rutile Ltd Kaolin and ball clay Titanium & MIL Inv United States 13 2001
Millennium Mining LLC Misc nonmetallic minerals Dolat Ventures Inc Canada 13 2010
Sierra Leone Diamond Ltd Misc nonmetallic minerals Timis Diamond Corp Canada 2 2004
Panguma Diamond Co Ltd Misc nonmetallic minerals Vatukoula Gold Mines United Kingdom 1 2006
Northwest Diamond Co Misc nonmetallic minerals Sierra Leone Diamond Sierra Leone - 2004
Bennimix Food Co Food preparations, nec Marz Chemicals Lebanon - 1996
Sierra Rutile Ltd Kaolin and ball clay Renison Gold Corp Australia - 1996


Sierra Leone Ore & Metal Co Miscellaneous metal ores, nec
Sierra Leone
government


Sierra Leone - 2000


Millicom(Sierra Leone)Ltd Telephone communications Millicom Intl Cellular Luxembourg - 2006
Northern Star Resources Ltd Gold ores Sierra Gold Corp United States - 2006
Block SL-4 Crude petroleum and natural gas Elixir Petroleum Ltd Australia - 2008
Block SL-4 Crude petroleum and natural gas Elixir Petroleum Ltd Australia - 2008
Millicom(Sierra Leone)Ltd Telephone communications Lintel Group Lebanon - 2009




Sierra Leone
191


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


BITs, as of December 2010


Economy Date of signature
Germany 8-Apr-1965
United Kingdom 13-Jan-2000
China 16-May-2001


DTTs, as of December 2010


Economy Treaty Date of signature
United Kingdom Income and Capital 19-Dec-1947
Denmark Income and Capital 22-Dec-1954
Norway Income and Capital 18-May-1955
India Income and Capital 23-June-1956


-


200


400


600


800


$
m


il
li


o
n


-


2


4


6


N
u


m
b


er


Value


Number


491 242 727 247 - 68 - 230


4 1 2 2 - 5 - 2


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Gondwana 680.9 1 000 2005 Canada Metals Extraction
Titanium Resources Group 242.3 1 667 2006 United Kingdom Metals Extraction
Moydow Mines International 242.3 1 667 2004 Canada Metals Extraction
Mano River Resources 233.7 1 524 2003 Canada Metals Extraction
Caldera Resources 233.7 1 524 2003 Canada Metals Extraction
ABG Shipyard 150 292 2010 India Metals Extraction
London Mining 80 156 2010 United Kingdom Metals Extraction
The Lang Mining Group 46.3 497 2005 Canada Minerals Extraction
Access Bank 40.6 106 2008 Nigeria Financial services Headquarters
Energem Resources 14.5 260 2003 Canada Metals Manufacturing
ProCredit Holding 9.2 16 2008 Germany Financial services Business services
Zenith Bank 9.2 16 2008 Nigeria Financial services Business services
International Commercial Bank 9.2 16 2003 Malaysia Financial services Business services
Ecobank 9.2 16 2008 Togo Financial services Business services
Zain (MTC) 4.2 156 2006 Kuwait Communications Retail
Mexivada Mining Corporation 0.03 - 2008 Canada Minerals Extraction


Data of foreign affiliates of the United States in Sierra Leone, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 1 1 1 - - - - 1 1 - - - -
Assets 4 5 5 5 .. 5 6 6 .. 21 .. .. .. ..
Employees - - - .. .. - - - .. 0.4 0.3 0.3 0.3 0.3
Wages and salaries - - - .. .. 1 1 1 .. 4 4 4 4 4
Value added 7 8 9 7 .. 1 1 1 .. 17 4 4 4 4
Sales - - - 8 .. 7 7 7 .. 52 .. .. .. ..




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward192


Selected foreign affiliates in Sierra Leone, 2010


Company Home economy Industry Sales Employment
Year of


est.


Marz Chemicals (Sl) Ltd United Kingdom
Drugs, drug proprietaries, and
druggists' sundries


.. 20 1985


Interwest Trading Ltd United Arab Emirates
Arrangement of transportation of
freight and cargo


.. 5 2000


Maersk Sierra Leone Ltd Denmark Services, nec .. .. 2003
Bt (Sl) Limited United Kingdom Communications services, nec .. .. ..
Ipc Travel Limited United States Tour operators .. .. ..


Peterson Zochonis Sierra Leone Ltd United Kingdom .. .. .. ..


Sierra Leone Plastics Ltd United Kingdom .. .. .. ..
Standard Chartered Bank United Kingdom Commercial banks, nec .. .. ..
Standard Chartered Bank United Kingdom Commercial banks, nec .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, TRIMS, GATS and TRIPS•
Address of investment agency: Ministry of Trade, Industry and State Enterprises, 6th Floor, Youyi Building, Brookfields, •
Freetown, Sierra Leone


Contact: Tel: + 232 22 222706, Fax: +232 22 235129, Website: www.mtisl.org
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Astrazeneca Plc•
Member of WAIPA as of January 2011: YES•




Solomon Islands
193


Area (‘000 km2): 2008 28.9
Population (millions): 2010 0.5
Capital city: Honiara
Official language: English
Currency: Solomon Islands dollar
Exchange rate (period average): 2009 SI$ 7.74792=$1
GDP in current prices (millions of dollars): 2009 657
Exports of goods and services (millions of dollars): 2009 296
Imports of goods and services (millions of dollars): 2009 345
Official development assistance (millions of dollars): 2009 202
External debt (millions of dollars): 2009 156


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Solomon Islands Honiara
Pacific Ocean


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Estonia - - - - - - - - - - - - - -
Sweden - - - - - - - - - - - - - -
Australia 2.6 10.3 9.2 6.0 - 37.7 - - - - - 46.7 27.7 -
New Zealand - - - - - - 0.6 - - - 0.7 - - -
China - - - - - - - 0.1 - - - - - -
Korea, Republic of - 1.0 - 0.1 1.0 1.6 - - 5.1 6.1 6.0 7.0 8.6 7.6 7.6


- 50


0


50


100


150


200


14 23 2 2 6 34 2 - 19 1 - 9 - 4 - 2 6 19 34 67 76 173 162
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 100


0


100


200


300


34.8 50.4 3.3 3.2 8.1 44.5 2.8 -26.9 2.2 -15.3 -7.4 -5.9 15.1 35.9 55.8 95.4 91.3 190.6 81.9


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward194


Cross-border M&A sales, 1994-2010
(Millions of dollars)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


200


400


600


800


1 000


1 200


330 353 355 357 363 397 399 381 382 373 369 367 372 391 425 544 700 873 1 035


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


50


100


150


4 3 3 7 8 9 8 11 8 3 7 5 7 5 24 47 128 141
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


5


10


15


$
m


il
li


o
n


0


1


2


3


N
u


m
b


er


Value
Number


1 - - - - - - - - - - - - 14 - - -
2 - - - - - - - 2 - - - - 1 - - -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
National Bank of Solomon Isl Banks BSP Holdings Ltd Papua New Guinea 14 2007
Star Harbour Timber Co Ltd Sawmills and planing mills Berjaya Corp Bhd Malaysia 1 1994
National Bank of Solomon Isl Banks Pacific Century Financial Corp United States - 1994
Exxon Mobil Corp Natural gas transmission Marwarth Oil Ltd Solomon Islands - 2002
National Bank of Solomon Isl Banks Solomon Islands gov. Solomon Islands - 2002


Solomon Islands has no bilateral or double taxation treaties




Solomon Islands
195


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


50


100


150


200


250


$
m


il
li


o
n


-


1


2


3


N
u


m
b


er


Value


Number


- - - - - 22 27 217


- - - - - 2 1 1


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Allied Gold 216.7 217 2010 Australia Metals Extraction
Kulim 26.8 196 2009 Malaysia Food and tobacco Manufacturing
The World Bank Group 22.4 32 2008 United States Financial services Business services


Data of foreign affiliates of Solomon Islands in the United States, 1995-2008
(Millions of dollars)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Assets 4 - - - - - - - - - - - - -


Selected foreign affiliates in Solomon Islands, 2010


Company Home economy Industry Sales Employment
Year of


est.
Bank South Pacific Papua New Guinea National commercial banks 3 .. ..
Kolombangara Forest Products Australia .. .. 300 1989
Solomon Islands Plantations United Kingdom .. .. 100 1971
Morgan Equipment Pty Ltd Malaysia Industrial machinery and equipment .. 30 1981
Umw Solomon Islands Limited Malaysia Construction & mining machinery .. 26 1981
Origin Energy Solomons Ltd Australia Gas production and/or distribution .. 20 ..
Discount Auto Parts Ltd Germany Auto and home supply stores .. 7 1998
A G C Finance (Si) Ltd Australia Misc business credit .. 4 ..


Air Freight & Document Forwarders Papua New Guinea
Arrangement of transportation of freight
and cargo


.. .. 1982


Aon Corporation United States Insurance carriers, nec .. .. ..
Eagon Pacific Plantation Ltd. Korea Rep of .. .. .. ..
Eagon Resources Development Co. Korea Rep of .. .. .. ..
Fielder Industries (Si) Ltd Australia Flour and other grain mill products .. .. ..
Guadalcanal Travel Services Limited United Kingdom Travel agencies .. .. ..
H D (Si) Ltd Australia .. .. .. ..


Morris & Sojnocki Australia
Accounting, auditing, and bookkeeping
services


.. .. ..


National Bank Of Solomon Islands United States State banks,member fed reserve .. .. ..
Rcl (Si) Ltd Australia .. .. .. ..
Shorncliffe (Solomon Islands) Ltd United Kingdom .. .. .. ..
Smm Solomon Limited Japan .. .. .. ..
Solomon Islands (International) Ltd Australia .. .. .. ..
Solomons Delite Bakery Ltd Australia .. .. .. ..
Solomons Rice Company Ltd Australia .. .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, TRIMS, GATS and TRIPS•
Address of investment agency: Ministry of Commerce, Employment and Tourism, PO Box G26, Honiara•
Contact: Tel: +677 22202, Fax: +677 28649
Fortune Globe 500 investors: Royal Dutch Shell Plc, Sumitomo Metal Mining Co. Ltd., Westpac Banking Corporation•
Member of WAIPA as of January 2011: YES•




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward196


Area (‘000 km2): 2008 637.7
Population (millions): 2010 9.4
Capital city: Mogadishu
Official language: Somali and Arabic
Currency: Somali shilling
Exchange rate (period average): 2009 SOS 1 520=$1
GDP in current prices (millions of dollars): 2009 2 518
Exports of goods and services (millions of dollars): 2009 8
Imports of goods and services (millions of dollars): 2009 43
Official development assistance (millions of dollars): 2009 509
External debt (millions of dollars): 2009 2 973


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Somalia
Ethiopia


Kenya


Yemen


Mogadishu


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Sweden - - - - - - - 0.1 - - - - - - -
United States - - - - - - - 29.0 - - - - - -


- 50


0


50


100


150


- 0 2 1 1 1 1 0 - 1 0 0 0 - 1 - 5 24 96 141 87 108 112
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 10


0


10


20


30


-0.1 0.9 0.4 0.4 0.5 0.4 0.0 -0.2 0.1 0.0 0.0 -0.2 -1.1 5.1 18.7 25.9 16.1 21.2 21.1


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


-200


0


200


400


600


- 2 - 0 1 2 3 4 4 3 4 4 4 3 - 2 22 118 259 346 454 566


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Somalia
197


There are no cross-border M&A sales, 1994-2010


There is no data for income on FDI, 1992-2009


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


BITs, as of December 2010


Economy Date of signature
Germany 27-Nov-1981
Egypt 29-May-1982


DTTs, as of December 2010


Economy Treaty Date of signature
..


-


200


400


600


$
m


ill
io


n


-


1


2


3


N
um


be
r


Value


Number


- 8 - 400 - 409 - 52


- 1 - 1 - 2 - 1


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Aquentium 400 123 2006 United States Communications ICT and Internet infrastructure
BTC Networks 400 123 2008 Saudi Arabia Communications ICT and Internet infrastructure
Coca-Cola 52 345 2010 United States Food and tobacco Manufacturing
Commercial Bank of Ethiopia 9.2 16 2008 Ethiopia Financial services Business services
Coca-Cola 8.3 120 2004 United States Beverages Manufacturing


Data of foreign affiliates of the United States in Somalia, 1995-2008
(Millions of dollars in assets)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Number 1 1 1 1 - - - - - - - - - -


Assets 5 6 6 - - 8 8 9 10 - - - - -


Selected foreign affiliates in Somalia, 2010


Company Home economy Industry Sales Employment
Year of


est.
German Agro Action Office Germany .. 20 ..


Other relevant information


Membership of relevant international agreements as of January 2011: ICSID•
Address of investment agency: None•
Contact: Not available•
Fortune Globe 500 investors: None•
Member of WAIPA as of January 2011: No•




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward198


Chad


Central African
Republic


Khartoum


Libyan Arab
Jamahiriya Egypt SaudiArabia


Eritrea


Ethiopia


Area (‘000 km2): 2008 2 505.8
Population (millions): 2010 43.1
Capital city: Khartoum
Official language: Arabic
Currency: Sudanese dinar
Exchange rate (period average): 2009 SD 2.09016=$1
GDP in current prices (millions of dollars): 2009 66 218
Exports of goods and services (millions of dollars): 2009 9 980
Imports of goods and services (millions of dollars): 2009 14 036
Official development assistance (millions of dollars): 2009 1 972
External debt (millions of dollars): 2009 20 139


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Sudan


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Germany 14.7 1.2 2.5 1.3 1.4 2.9 - - - - - - - -
Sweden - 1.0 - 0.9 - 1.6 - 0.9 - 0.5 - 1.8 - 2.5 - - - - - - -
United States - 2.0 1.0 1.0 1.0 - - - 3.0 3.0 3.0 3.0 - - -
Turkey - - - 2.0 4.0 4.0 - 1.0 - - - - 13.0 -
China - 146.7 91.1 50.8 65.4 - 63.1 19.3 0.6 171.6 351.5 497.1 574.9 528.3 563.9
Korea, Republic of - - 0.0 1.0 - - - 3.6 100.3 100.3 100.3 101.3 101.3 101.0 97.5
Malaysia 157.8 65.6 140.4 114.3 38.7 88.7 - 255.2 320.8 463.2 614.6 696.7 750.5 -
Pakistan - - - - - - - - - - 9.8 22.9 - -


-1 000


0


1 000


2 000


3 000


4 000


0 - 0 99 12 0 98 371 371 392 574 713 1 349 1 511 2 305 3 541 2 436 2 601 3 034 2 672


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 10


0


10


20


30


40


50


0.0 0.0 7.0 0.9 0.0 7.5 33.2 33.5 24.7 32.9 29.9 43.2 33.0 36.8 39.5 21.4 21.2 27.6 20.0


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Sudan
199


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


5 000


10 000


15 000


20 000


25 000


55 55 154 166 166 264 635 1 006 1 398 1 972 2 685 3 868 5 379 7 684 11 226 13 662 16 262 19 296 21 968


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


1 000


2 000


3 000


4 000


0 0 0 0 0 0 0 0 0 0 633 818 1 122 1 319 2 031 2 319 2 882 1 424


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


500


1 000


1 500


$
m


il
li


o
n


0


1


2


3


4


N
u


m
b


er


Value
Number


- - - 0 - - - - 25 768 136 390 1 332 - - - -
- 1 - 2 - 3 - - 1 2 2 3 3 3 1 - -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1993-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
MobiTel Radiotelephone communications MTC Kuwait Kuwait 1 332 2006
Bashair Telecom Co Ltd Telephone communications Investcom Lebanon 806 2006
Greater Nile Petroleum
Operating


Crude petroleum and natural gas Oil & Natural Gas Corp India 768 2003


Nile Petroleum Corp Ltd Crude petroleum and natural gas White Nile Ltd Guernsey 390 2005
Block 5A Crude petroleum and natural gas ONGC Videsh Ltd India 102 2004
Block 5B Crude petroleum and natural gas ONGC Videsh Ltd India 34 2004
Dan Fodio Residential construction, nec Arab Tatweer Trading Saudi Arabia 25 2002
Gulf Investment Co Investment advice Global Invest House Kuwait 21 2007
Sudanese-Egyptian Bank Banks Citadel Capital Corp Egypt 14 2007
Grand Holiday Villa
Khartoum


Land subdividers and developers Advance Synergy Bhd Malaysia - 1997


International Petroleum
Sudan


Crude petroleum and natural gas Red Sea Oil Corp Canada - 1995


State Petroleum Corp Crude petroleum and natural gas Investor Group China - 1997
La Source Cie Miniere SAS Gold ores BRGM France - 1999
AGIP Sudan Ltd Petroleum refining Gulf Africa Petroleum Sudan - 1999
Performateq(Siltek Ltd) Computer related services,nec Infiniti Technologies South Africa - 1999
Mobil Oil Sudan Ltd Petroleum products wholesalers Petronas International Malaysia - 2003




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward200


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Fuchs Petrolub 1 701 170 2010 Germany Coal, oil and natural gas Manufacturing
China National Petroleum 1 701 170 2009 China Coal, oil and natural gas Manufacturing
Barwa Real Estate 1 293 1176 2008 Qatar Real estate Construction
China National Petroleum 1 000 224 2003 China Coal, oil and natural gas Manufacturing
Petronas 1 000 230 2005 Malaysia Coal, oil and natural gas Manufacturing
Total 522 215 2004 France Coal, oil and natural gas Extraction
Petronas 522 215 2006 Malaysia Coal, oil and natural gas Extraction
The Lundin Group 522 215 2008 Switzerland Coal, oil and natural gas Extraction
Ascom Group 522 215 2008 Moldova,Rep of Coal, oil and natural gas Extraction
Medco 481 289 2003 Indonesia Coal, oil and natural gas Extraction
Petronas 481 289 2003 Malaysia Coal, oil and natural gas Extraction


Investcom Holding 400 123 2005 Lebanon Communications
ICT and Internet
infrastructure


Bharat Heavy Electricals 392 51 2006 India Coal, oil and natural gas Electricity
Bin Omeir Holding 300 1530 2008 United Arab Emir Food and tobacco Manufacturing
Arab Swiss Engineering Co 253 450 2010 Egypt Building and construction Manufacturing
Arab Swiss Engineering Co 234 1524 2010 Egypt Metals Extraction


China National Petroleum 228 169 2004 China Transportation
Logistics, distribution
& transp.


ONGC 200 845 2004 India Transportation
Logistics, distribution
& transp.


Emirates Bio Fertilizer Factory 184 122 2003 United Arab Emir Chemicals Manufacturing
Rotana Hotels 128 211 2005 United Arab Emir Hotels and tourism Construction
Diar Real Estate Investment 128 211 2006 Qatar Hotels and tourism Construction
RAK Ceramics 109 190 2005 United Arab Emir Ceramics and glass Manufacturing
Abu Dhabi Water and Electricity 88 20 2010 United Arab Emir Coal, oil and natural gas Electricity
Shijiazhuang Shuanghuan Auto 76 1043 2009 China Automotive OEM Manufacturing
Saipa 76 1043 2010 Iran, Islamic Rep of Automotive OEM Manufacturing
GAZ 73 1047 2009 Russian Federation Automotive OEM Manufacturing
Damas Jewellery 66 230 2009 United Arab Emir Consumer products Retail


Delta Group 60 254 2006 Taiwan PoC Transportation
Logistics, distribution
& transp.


Arab Poultry Breeders 52 345 2003 Saudi Arabia Food and tobacco Manufacturing
Byblos Bank 41 106 2005 Lebanon Financial services Headquarters
Petronas 39 303 2003 Malaysia Coal, oil and natural gas Retail
Diageo 30 261 2010 United Kingdom Beverages Manufacturing
SABMiller 30 261 2010 United Kingdom Beverages Manufacturing
Nissan 27 759 2010 Japan Automotive components Manufacturing
Itsalat International 25 936 2006 Saudi Arabia Communications Retail
Kombassan Holding 25 220 2004 Turkey Real estate Construction
SABMiller 24 250 2008 United Kingdom Beverages Manufacturing
Kenya Commercial Bank 18 32 2009 Kenya Financial services Business services
Byblos Bank 18 32 2005 Lebanon Financial services Business services
Delta Industries 17 390 2004 Egypt Consumer electronics Manufacturing


RAK Ceramics 15 55 2003
United Arab
Emirates


Ceramics and glass Manufacturing


Commercial Bank of Ethiopia 15 15 2008 Ethiopia Financial services Business services
Global Trust Bank 9 16 2009 Uganda Financial services Business services
Kenya Commercial Bank 9 16 2005 Kenya Financial services Business services


-


1 000


2 000


3 000


$
m


il
li


o
n


-


5


10


15


N
u


m
b


er


Value


Number


2 267 992 1 715 1 154 18 2 709 1 969 2 448


10 5 10 15 2 13 11 10


2003 2004 2005 2006 2007 2008 2009 2010




Sudan
201


BITs, as of December 2010


Economy Date of signature
Germany 7-Feb-1963
Netherlands 22-Aug-1970
France 31-Jul-1978
Romania 8-Dec-1978
China 30-May-1997
Indonesia 10-Feb-1998
Malaysia 2-Aug-1998
Qatar 3-Jun-1998
Iran, Islamic Republic of 7-Sep-1999
Morocco 23-Feb-1999
Oman 25-Oct-1999
Turkey 19-Dec-1999
Yemen 10-Aug-1999
Bahrain 17-Jan-2000
Ethiopia 7-Mar-2000
Jordan 30-Mar-2000
Syrian Arab Republic 7-Jan-2000
Algeria 24-Oct-2001
Egypt 8-Jul-2001
United Arab Emirates 18-Feb-2001
Bulgaria 3-Apr-2002
Switzerland 24-Oct-2002
India 22-Oct-2003
Tunisia 8-Oct-2003
Lebanon 9-Mar-2004
Belgium and Luxembourg 7-Nov-2005
Italy 19-Nov-2005


DTTs, as of December 2010


Economy Treaty Date of signature
Egypt Income and Capital 9-Dec-1970
United Kingdom Income and Capital 8-Mar-1975
Malaysia Income and Capital 7-Oct-1993
China Income 30-May-1997
Syrian Arab Republic Income and Capital 31-May-2001
Turkey Income 26-Aug-2001
United Arab Emirates Income 15-Mar-2001
Tunisia Income 8-Oct-2003
Korea, Republic of Income 10-Oct-2004
Lebanon Income and Capital 9-Mar-2004
Bahrain Income 23-Mar-2006


Data on foreign affiliates of the United States in Sudan, 1995-2008
(Millions of dollars in assets, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 2 2 1 1 1 1 1 1 - - - - - -
Assets .. .. .. .. .. .. .. .. 4 - - - - -
Employees 0.1 0.1 - 0.1 .. .. .. .. - - - - - -
Value added - 1 2 2 3 .. .. .. .. - - .. .. .. -
Sales - - - .. .. .. .. .. 2 .. .. - .. -


Selected foreign affiliates in Sudan, 2010


Company Home economy Industry Sales Employment
Year of


est.


House Of Medicine And Investment Italy
Drugs, drug proprietaries, and druggists'
sundries


9 74 1972


Daihatsu Motors Ltd Saudi Arabia Automobiles and other motor vehicles .. 6 000 1991
Saudi Sudanese Bank Saudi Arabia Commercial banks, nec .. 300 1984
Sudapak Corporation Limited Pakistan Oil and gas field exploration services .. 100 2003


Shell Company Of Sudan Ltd United Kingdom
Petroleum and petroleum products
wholesalers


.. 100 1924


The Atlas Trading Company Limited Germany
Drugs, drug proprietaries, and druggists'
sundries


.. 50 1954


Maersk Shipping Company Limited Denmark Transportation services, nec .. 25 1998
China Petroleum Engineering China Oil and gas field exploration services .. 20 1998


Afristar International Co Ltd
United Arab
Emirates


Durable goods, nec .. 5 ..


Aramex International Jordan .. .. .. ..
Arm Engineering Enterprise Switzerland Engineering services .. .. ..
Bauer Contractor Co. Ltd. Germany Special trade contractors, nec .. .. ..
Syngenta Agro Services Ag Switzerland Chemicals and allied products, nec .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID•
Address of investment agency: Ministry of Investment, Khartoum-West Hilton•
Contact: Tel: +(249) (183) 7171 98/7871 97/7871 96, Fax : +249 (183) 7871 92/ 7871 99, Email : invest@sudanmail.net,
Web site : www.sudaninvest.org
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Merck Kg Auf Aktien, Royal Dutch Shell Plc•
Member of WAIPA as of January 2011: YES•




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward202


Indonesia


Dili


Banda Sea


Timor Sea


Area (‘000 km2): 2008 14.9
Population (millions): 2010 1.2
Capital city: Dili
Official language: Tetum, Fataluku, Kemak, Makassae and Galoli
Currency: U.S. dollar
Exchange rate (period average): 2009 1=$1
GDP in current prices (millions of dollars): 2009 673
Exports of goods and services (millions of dollars): 2009 65
Imports of goods and services (millions of dollars): 2009 562
Official development assistance (millions of dollars): 2009 183
External debt (millions of dollars): 2009 ..


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Timor-Leste


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Germany 4.5 - - - - - - - - - - - - -
Portugal - - - - - - - 6.4 - - - - - -
Sweden - - - - - - - - - - - - - -
United States - - - - - - - 5.0 - - - 2.0 2.0 2.0 - 3.0
Japan - - 0.7 - - - 0.5 - - - - - - -
China - 0.1 - - - - - - 0.1 0.1 0.5 0.5 0.5 7.5
Korea, Republic of - - 1.3 0.3 2.2 2.1 13.0 - - 1.3 1.5 3.8 5.9 18.9


0


20


40


60


80


100


62 - - 9 - - - - - 84 1 5 3 0 8 9 38 18 22
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


20


40


60


80


100


81.9 0.0 0.0 13.5 0.0 0.0 0.0 0.0 0.0 70.9 0.9 3.2 4.2 0.1 11.6 6.8 28.7 11.8 15.9


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Timor-Leste
203


There are no cross-border M&A sales, 1994-2010


There is no data for income on FDI, 1992-2009


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


BITs, as of December 2010


Economy Date of signature
Portugal 20-May-2002
Germany 10-Aug-2005


DTTs, as of December 2010


Economy Treaty Date of signature
..


0


50


100


150


200


250


300


63 63 63 72 72 72 72 72 72 156 157 162 165 165 173 182 220 238 260
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-


1 000


2 000


3 000


4 000


5 000


$
m


il
li


o
n


-


1


2


N
u


m
b


er


Value


Number


4 000 - 10 - - - - 1 000


1 - 1 - - - - 1


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Woodside Petroleum 4 000 895 2003 Australia Coal, oil and natural gas Manufacturing
Eni SpA 1 000 1 035 2010 Italy Coal, oil and natural gas Extraction
Thai German Processing 10 76 2005 Thailand Food and tobacco Manufacturing


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID•


Address of investment agency: None•


Contact: Not available•


Fortune Globe 500 investors: None•


Member of WAIPA as of January 2011: No•




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward204


Area (‘000 km2): 2008 56.8
Population (millions): 2010 6.8
Capital city: Lomé
Official language: French
Currency: CFA franc
Exchange rate (period average): 2009 CFAfr 447.805=$1
GDP in current prices (millions of dollars): 2009 2 831
Exports of goods and services (millions of dollars): 2009 986
Imports of goods and services (millions of dollars): 2009 1 455
Official development assistance (millions of dollars): 2009 363
External debt (millions of dollars): 2009 1 640


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Togo


Niger


NigeriaCôte
d’Ivoire


Burkina Faso


Benin


Ghana


Lomé


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock


2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009
Denmark - - - 0.3 - - - - - 0.7 0.8 1.2 1.8 - -
France 15.8 16.1 105.7 - - - - - - - - - - -
Germany - 12.4 - - - - - - - - - - - -
Sweden - - - - - - - - - - - - - -
United States - 10.0 3.0 - 13.0 - - - 1.0 3.0 3.0 5.0 - 11.0 - 11.0 - 10.0 - 11.0
China - 1.9 0.3 4.6 2.7 4.2 - 4.7 6.2 4.8 11.7 14.4 23.1 -
Korea, Republic of - - 0.6 - - - - - 0.6 - - - - - -


- 20


0


20


40


60


80


100


- 13 - 7 16 32 14 19 19 32 41 64 53 34 59 77 77 49 24 50 41
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 10


0


10


20


30


40


-5.4 -6.0 17.4 18.9 7.9 11.0 8.5 21.0 21.2 31.5 23.5 11.8 18.5 22.2 19.0 11.0 6.7 11.5 6.9


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Togo
205


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


BITs, as of December 2010


Economy Date of signature
Germany 16-May-1961
Switzerland 17-Jan-1964
Tunisia 13-Sep-1987
Belgium and Luxembourg 6-Jun-2009


DTTs, as of December 2010


Economy Treaty Date of signature
France Income and capital 14-Nov-1971
Tunisia Income and capital 11-Feb-1987


0


200


400


600


800


1 000


1 200


261 254 269 301 316 334 354 385 427 490 544 577 637 714 791 840 864 914 955
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


-20


0


20


40


60


80


14 - 12 4 1 6 16 18 18 17 28 19 18 37 46 61 50 58 57
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Chevron Togo SA Petroleum products wholesalers MRS Holdings Ltd South Africa 11 2009
Brasserie du Benin Malt beverages Castel France - 1997
Indian Ocean Fertilizers Phosphatic fertilizers Foskor Ltd South Africa - 1997


$
m


il
li


o
n


N
u


m
b


er


-


1


2


0


1


2


3


Value
Number


- - - - - - - - - - - - - - - - -
- 1 - 2 - - - - - - - - - - - 1 -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward206


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


100


200


300


400


500


$
m


ill
io


n


-


1


2


N
um


be
r


Value


Number


- - - 421 400 - 1 -


- - - 1 1 - 1 -


2003 2004 2005 2006 2007 2008 2009 2010


Data of foreign affiliates of the United States in Togo, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 2 2 2 2 2 2 2 2 2 2 2 1 1 1
Assets 17 19 20 20 .. .. .. .. .. .. .. .. .. ..
Employees - - - .. .. .. .. .. .. 0.1 0.1 - .. ..
Wages and salaries - - - .. .. .. .. .. .. 2 2 1 .. ..
Value added 8 9 9 8 .. .. .. .. .. 21 23 17 .. ..
Sales 22 23 25 22 .. .. .. .. .. .. .. .. .. ..


Selected foreign affiliates in Togo, 2010


Company Home economy Industry Sales Employment
Year of


est.
Societe Des Ciments Du Togo Sa Germany Cement, hydraulic 369 3 000 1969
Compagnie Francaise De L Afrique De L Ouest France Automobiles and other motor vehicles 117 99 1924
Togo Representation India Beer and ale .. 25 1984


Saga Togo France
Arrangement of transportation of
freight and cargo


.. 20 2000


Embassy of The United States Of America United States .. .. 20 ..
Togolaise Des Gaz Industriels France Crude petroleum and natural gas .. 18 1961
The Uniqueness Of Christ International Ministries United States .. .. 3 ..
Agf Togo Assurances Germany Life insurance .. .. ..
Bt Togo United Kingdom Communications services, nec .. .. ..
Grimaldi Togo S.A. Italy Services, nec .. .. ..
Lome Catering France Air transportation, scheduled .. .. ..
Maersk Togo Sa Denmark Transportation services, nec .. .. ..
Nouvelles Frontieres Togo France .. .. .. ..
Satguru Travel & Tours Services United States Tour operators .. .. ..
Sgs Togo S.A. Switzerland Testing laboratories .. .. ..


Uac - Togo Sa Netherlands
Piece goods, notions, and other
dry goods


.. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, TRIMS, GATS and TRIPS•
Address of investment agency: None•


Contact: Not available
Fortune Globe 500 investors: A.P. Moller - Marsk A/S, Air France - Klm, Allianz Se•
Member of WAIPA as of January 2011: No•


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Nykomb 420.5 89 2006 Sweden Alternative/renewable energy Electricity
Radio France Internationale 400 123 2007 France Communications ICT and Internet infrastructure
Medview Group 1.4 11 2009 Nigeria Aerospace Sales, marketing and support




Tuvalu
207


Area (‘000 km2): 2008 0.03
Population (millions): 2010 0.01
Capital city: Funafuti
Official language: Tuvaluan and English
Currency: Tuvaluan dollar and Australian dollar
Exchange rate (period average): 2009 A$ 1.28=$1
GDP in current prices (millions of dollars): 2009 33
Exports of goods and services (millions of dollars): 2009 4
Imports of goods and services (millions of dollars): 2009 37
Official development assistance (millions of dollars): 2009 15
External debt (millions of dollars): 2009 ..


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Tuvalu


- 10


0


10


20


30


- - 0.2 - 0.0 - 0.1 0.0 - 0.9 0.6 25.0 0.0 0.0 - 0.0 4.7 0.1 1.7 2.2 1.5


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 100


0


100


200


300


400


0.0 0.0 3.7 0.0 0.5 0.0 0.7 0.3 -13.2 8.3 312.5 0.1 0.3 -0.1 32.7 0.8 9.3 12.2 8.5


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


-10


0


10


20


30


40


- - 0 0 0 0 0 0 - 1 0 25 25 25 25 30 30 32 34 35
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Pacific Ocean




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward208


There is no data for income on FDI, 1992-2009


BITs, as of December 2010


Economy Date of signature
..


DTTs, as of December 2010


Economy Treaty Date of signature
United Kingdom Income and capital 10-May-1950
Denmark Income and capital 18-Nov-1954
Norway Income and capital 18-May-1955
Sweden Income and capital 19-Jan-1972


There are no cross-border M&A sales, 1994-2010


There are no greenfield FDI projects, announced in 2003-2010


Data of foreign affiliates of the United States in Tuvalu, 1995-2008
(Millions of dollars)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Assets - - - - - - - - - 1 1 1 1 1
Sales - - - - - - - .. .. 1 1 1 1 1


Other relevant information


Membership of relevant international agreements as of January 2011: None•


Address of investment agency: None•


Contact: Not available


Fortune Globe 500 investors: None•


Member of WAIPA as of January 2011: No•




Uganda
209


Area (‘000 km2): 2008 241.6
Population (millions): 2010 33.8
Capital city: Kampala
Official language: English
Currency: New shilling
Exchange rate (period average): 2009 NUSh 1 720.44=$1
GDP in current prices (millions of dollars): 2009 17 947
Exports of goods and services (millions of dollars): 2009 3 499
Imports of goods and services (millions of dollars): 2009 6 232
Official development assistance (millions of dollars): 2009 1 017
External debt (millions of dollars): 2009 2 490


Uganda


FDI inflows, 1992-2010
(Millions of dollars)


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy
Inward flows Inward stock


2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009
Cyprus - - - - - - - - - - - - - 0.1
Denmark - - - 0.3 - 0.8 - 0.8 - - 3.8 4.1 4.4 5.1 5.1 -
Estonia - - - - - 0.2 - - - - - 0.1 0.3 0.3
France - 1.2 2.5 1.3 - - - - - - - - - -
Germany - 10.2 - 5.0 - 1.2 1.3 - 1.4 - 2.9 5.6 - - - - - - -
Portugal - - - - - - - 0.3 - - - - - -
Sweden - 0.1 - 0.1 - 0.1 - - 0.1 - 0.1 - 0.2 - - - - - - -
Norway - - - - - - - - - - - 13.9 36.0 -
United States - - 4.0 1.0 1.0 - - - 4.0 7.0 9.0 10.0 - - -
Israel 0.2 0.1 - - - - - 0.2 0.3 0.3 - - - -
Japan - - 2.3 - - - - - - - - - - -
Brazil - - - - - - - 0.0 - - - - 1.7 -
China 1.0 0.2 0.2 0.2 4.0 - 6.7 - 1.3 0.2 5.0 14.7 18.7 12.0 -
Korea, Republic of - - - - - - - 0.2 0.2 0.2 0.2 0.2 0.2 0.2


0


200


400


600


800


1 000


3 55 88 125 40 142 133 140 181 151 185 202 295 380 644 733 787 799 690
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


0


10


20


30


40


0.6 10.0 11.6 12.4 4.0 13.0 11.5 11.8 17.0 13.6 15.2 14.5 16.2 17.7 28.6 23.8 23.9 21.1 16.9


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward210


Cross-border M&A sales and purchases, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


0


100


200


300


400


0 18 10 35 10 7 16 17 17 66 63 83 219 202 249 268 293 329
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


10


20


30


40


50


60


$
m


il
li


o
n


0


1
2


3


4


5
6


7


8


N
u


m
b


er


Value


Number


- 1 54 29 11 - 33 - 20 - - - - - 1 - -
- 1 3 1 2 3 7 2 1 2 2 2 7 5 6 2 3


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1993-2010


Acquired company Industry Ult. acquiring company
Ult. home
economy


Value Year


Heritage Oil Ltd Crude petroleum and natural gas Tullow Oil PLC United Kingdom 1 500 2010
MTN Uganda Ltd Radiotelephone communications Johnnic Holdings Ltd South Africa 167 2006
MTN Uganda Ltd Radiotelephone communications MTN Group Ltd South Africa 166 2006
Infocom Ltd Information retrieval services Altron South Africa 85 2008
La Source Group Investors, nec Banff Resources Ltd Canada 49 1996
Uganda Telecom. Ltd Communications services, nec Investor Group Germany 33 2000
Rwenzori Tea Investments Food preparations, nec McLeod Russel India India 30 2010
Nile Breweries Malt beverages South African Breweries United Kingdom 29 1997
Uganda Commercial Bank Ltd Banks Standard Bank Inv. South Africa 20 2002
Uganda Commercial Bank Ltd Banks Westmont Land Malaysia 11 1998
Celtel Uganda Telephone communications Celtel International BV Netherlands 7 2000
Stanbic Bank Uganda Ltd Banks Standard Bank Group South Africa 7 1996
Kampala Pharmaceutical Ind. Pharmaceutical preparations Investor Group India 5 1996
Uganda-Fish Canning Plant Canned and cured fish and seafoods Undisclosed Acquiror unspecified 1 1995
Alam Group Investors, nec China Everbright Hldg Co Hong Kong, China 1 2008
United Garment Industries Ltd Textile goods, nec Kasiwada Japan 1 2000


FDI inward stock, 1992-2010
(Millions of dollars)


0


1 000


2 000


3 000


4 000


5 000


6 000


10 65 153 277 317 459 591 667 807 962 1 147 1 349 1 645 2 024 2 669 3 402 4 189 4 988 5 677
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Uganda
211


Selected Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Tullow Oil 5 000 1 119 2010 United Kingdom Coal, oil and natural gas Manufacturing
Kenol-Kobil Group 1 701 170 2010 Kenya Coal, oil and natural gas Manufacturing
Heritage Oil 1 044 430 2008 United Kingdom Coal, oil and natural gas Extraction
Albatros Energy 749 120 2010 Mauritius Coal, oil and natural gas Electricity
SOMAF 700 166 2009 Luxembourg Coal, oil and natural gas Extraction
Heritage Oil 522 215 2008 United Kingdom Coal, oil and natural gas Extraction


Dimension Data Holdings 468 131 2010 South Africa Communications
ICT and Internet
infrastructure


Seacom 468 131 2009 Mauritius Communications
ICT and Internet
infrastructure


France Telecom 400 123 2009 France Communications
ICT and Internet
infrastructure


Zain (MTC) 400 123 2003 Kuwait Communications
ICT and Internet
infrastructure


MTN Group 382 718 2009 South Africa Communications
ICT and Internet
infrastructure


Tamoil (Oilinvest B.V. Group) 250 415 2009 Netherlands Coal, oil and natural gas
Logistics, distribution
and transportation


Deutsche Rohstoff AG 223 448 2008 Germany Metals Manufacturing
Tullow Oil 200 47 2008 United Kingdom Coal, oil and natural gas Extraction


France Telecom 200 316 2008 France Communications
ICT and Internet
infrastructure


Reliance Communications 200 316 2007 India Communications
ICT and Internet
infrastructure


Tullow Oil 175 49 2010 United Kingdom Coal, oil and natural gas Extraction
Lafarge 108 139 2008 France Minerals Extraction


Lafarge 108 133 2008 France
Building and
construction


Manufacturing


Bharti Group 100 144 2010 India Communications
ICT and Internet
infrastructure


Lafarge 93 114 2006 France
Building and
construction


Manufacturing


Kingdom Hotel Investments 60 169 2008 United Arab Emirates Hotels and tourism Construction
Kingdom Hotel Investments 60 169 2006 United Arab Emirates Hotels and tourism Construction
Dooka Industrial and
Training


60 306 2006 Iran, Islamic Rep of Food and tobacco Manufacturing


Leicester Paper Company 60 155 2008 United Kingdom Wood Products Manufacturing


BITs, as of December 2010


Economy Date of signature
Germany 29-Nov-1966
Switzerland 23-Aug-1971
Egypt 4-Nov-1995
Italy 12-Dec-1997
United Kingdom 24-Apr-1998
Netherlands 30-May-2000
South Africa 8-May-2000
Denmark 26-Nov-2001
Eritrea 30-Jun-2001
Cuba 1-Jan-2002
France 3-Jan-2003
Nigeria 15-Jan-2003
Zimbabwe 1-Jul-2003
China 27-May-2004
Belgium and Luxembourg 1-Feb-2005


DTTs, as of December 2010


Economy Treaty Date of signature
South Africa Income and Capital 7-Dec-1959
Zambia Income and Capital 24-Aug-1968
United Kingdom Income and Capital 23-Dec-1992
Norway Income and Capital 7-Sep-1999
Denmark Income and Capital 14-Jan-2000
Italy Income 6-Oct-2000
Netherlands Income and Capital 3-May-2000
Mauritius Air Transport 19-Sep-2003
Mauritius Income 29-Sep-2003
Mauritius Income and Capital 19-Sep-2003
India Income 30-Apr-2004
Netherlands Income 31-Aug-2004
Belgium Income and Capital 26-Jul-2007


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


2 500


5 000


7 500


10 000


$
m


ill
io


n


-


10


20


30


40


N
um


be
r


Value


Number


471 32 67 325 289 2 927 2 306 8 339


5 5 6 15 7 37 16 21


2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward212


Data on foreign affiliates of the United States in Uganda, 1995-2008
(Millions of dollars in wages and salaries and value added; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 1 1 1 2 2 1 1 1 1 1 1 1 1
Employees 0.1 - 0.1 0.1 .. .. .. .. .. 0.1 .. 0.1 .. ..
Wages and salaries 1 1 1 1 .. .. .. .. .. 2 - 2 .. ..
Value added 10 32 34 32 .. .. .. .. .. 30 44 38 .. ..


Selected foreign affiliates in Uganda, 2010


Company Home economy Industry Sales Employment
Year of


est.
Interfreight Forwarders ( U ) Ltd Switzerland Arrangement of transportation of freight and cargo .. 8 000 1990
Nile Breweries Ltd United Kingdom Malt beverages .. 634 1954
Uganda Grain Milling Co Ltd Kenya Wet corn milling .. 500 1956
Uganda Breweries Ltd Kenya Malt beverages .. 350 1999
Monitor Publications Ltd Kenya Newspapers: publishing, or publishing & printing .. 300 1992
Dhl International Uganda Limited Germany Courier services, except by air .. 200 1986
Unilever Uganda Limited United Kingdom Soap & other detergents, except specialty cleaners .. 200 1960
Toyota Uganda Ltd Japan Auto and home supply stores .. 148 ..
The Coopers Motors Corporation Kenya Automobiles and other motor vehicles .. 80 1960
Achelis (Uganda) Ltd Germany Industrial machinery and equipment .. 60 1961
Transpaper (U) Ltd Kenya Stationery and office supplies .. 40 1988
Anupam Global Soft Ltd India Computer integrated systems design .. 28 ..
Agro Machinery (Uganda) Ltd India Industrial machinery and equipment .. 24 1988
Uniworld Uganda Ltd United Arab Emirates Drugs, drug proprietaries, and druggists' sundries .. 15 1997
Henkel Uganda Ltd Germany Chemicals and allied products, nec .. 3 1995
Fuji Technologies Limited Japan Computers and peripheral equipment and software .. .. 2007
Kaweri Coffee Plantation Limited Germany .. .. .. 2001
Aes Nile Power United States Heavy construction, nec .. .. 1995
Hima Cement 1994 Limited France Cement, hydraulic .. .. 1994
Energo Uganda Company Limited Serbia & Montenegro Residential construction, nec .. .. 1992
Barclays Bank Uganda Limited United Kingdom Commercial banks, nec .. .. 1927
Abb Ltd Switzerland Communications services, nec .. .. ..
Acnielsen Uganda Ltd Luxembourg Business services, nec .. .. ..
Alarm Protection Services Ltd United Kingdom Services, nec .. .. ..
Boc Uganda Ltd Germany Crude petroleum and natural gas .. .. ..
Carl Bro Uganda Ltd Netherlands Management consulting services .. .. ..
Coleus Crowns (Uganda) Ltd United Kingdom Manufacturing industries, nec .. .. ..
Cropscience Uganda Limited Germany Services, nec .. .. ..
Dhl Global Forwarding (Uganda) Limited Germany Arrangement of transportation of freight and cargo .. .. ..
Egl, Inc Cayman Islands Marinas .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS •
and TRIPS
Address of investment agency: Uganda Investment Authority, The Investment Centre, Plot 22B Lumumba •
Avenue, TWED Plaza P.O. Box 7418 Kampala, Uganda


Contact: Tel: +256 413 010 00, Fax : + 256 413 429 03, Email : info@ugandainvest.com,
Web site : www.ugandainvest.com


Fortune Globe 500 investors: Abb Ltd, Astrazeneca Plc, Barclays Plc, Bayer Ag, Deutsche Post Ag, Henkel •
Ag & Co. Kgaa, Henkel Polymer Company Limited, Société Lafarge, Toyota Tsusho Corporation, Unilever Plc
Member of WAIPA as of January 2011: YES•




United Republic of Tanzania
213


Area (‘000 km2): 2008 945.1
Population (millions): 2010 45.0
Capital city: Dar es Salaam
Official language: Swahili and English
Currency: Tanzania shilling
Exchange rate (period average): 2009 TZS 1 196.31=$1
GDP in current prices (millions of dollars): 2009 23 074
Exports of goods and services (millions of dollars): 2009 5 602
Imports of goods and services (millions of dollars): 2009 9 067
Official development assistance (millions of dollars): 2009 1 407
External debt (millions of dollars): 2009 7 325


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


United Republic
of Tanzania


Democratic
Republic
of the
Congo


Zambia


Burundi


Rwanda


Uganda
Kenya


Dar es Salaam


Mozambique


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009
Cyprus - - - - - - 0.1 - - - - - - 0.2
Denmark - - 0.3 1.0 - 0.6 - - 1.1 1.4 2.3 4.5 4.4 -
Estonia 0.0 - - - - - - - - - - - - -
France - - - 1.3 - - - - - - - - - -
Germany - 6.8 7.5 - 8.7 23.8 - 5.5 29.3 - 20.8 - - - - - - -
Sweden - 0.4 - - - - - - - - - - - - -
Norway - - - - - - - 1.3 8.8 13.0 23.6 49.9 79.7 -
Canada - - - - - - - - - - - - - 37.3
United States - 7.0 - 3.0 - 6.0 - - - - 18.0 22.0 21.0 - - - -
Japan - - - - - - 0.4 1.0 - - - - - - -
China - 1.6 1.0 12.5 - 3.8 18.2 - 7.5 53.8 62.0 111.9 110.9 190.2 -
Korea, Republic of - 0.1 0.2 0.3 1.5 1.0 1.0 2.1 2.2 2.3 2.5 4.0 4.9 5.9
Malaysia 0.3 - - - - - - 3.9 3.9 4.0 4.2 4.5 4.3 -


0


200


400


600


800


12 20 50 150 149 158 172 497 282 467 388 308 331 494 597 647 679 645 700


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Note: Data for 2010 are estimates.


0


10


20


30


40


0.7 1.3 3.3 10.4 9.9 9.9 9.2 29.3 16.6 26.0 21.0 13.8 11.4 13.9 15.0 12.9 10.3 9.8 10.4


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Note: Data for 2010 are estimates.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward214


Cross-border M&As, sales and purchases, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


20


40


60


80


- - - 2 2 0 8 17 13 73 59 60 58 66 66 68 68 72


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


FDI inward stock, 1992-2009
(Millions of dollars)


0


2000


4000


6000


8000


10000


400 420 470 620 681 760 1 715 1 989 2 778 2 960 3 243 4 139 4 759 4 390 5 342 5 942 6 621 7 266 7 966


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Note: Data for 2010 are estimates.


-


50


100


150


$
m


ill
io


n


0


2


4


6


N
um


be
r


Value 11 - - 1 23 - 19 120 21 2 - - - - - 2 60


Number 5 4 1 3 4 3 4 1 4 2 - 2 6 2 4 6 6


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Note: Data for 2010 are estimates.


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Geita Mine Gold ores Anglo American PLC United Kingdom 270 2000
Tanzania Telecommunication Telephone communications Investor Group Germany 120 2001
Serengeti Breweries Ltd Malt beverages Diageo PLC United Kingdom 60 2010
Sekab Bioenergy Tanzania Ltd Industrial organic chemicals Ecodevelopment in Europe Sweden 58 2009
Kilombero Sugar Co Cane sugar, except refining Investor Group South Africa 22 1998
Air Tanzania Corp Air transportation South African Airways South Africa 20 2002
National Bank of Commerce Banks Absa Group Ltd South Africa 19 2000
Golden Pride Gold Project Gold ores Resolute Resources Australia 17 1996


Zanzibar Telecommunications Telephone communications Etisalat United Arab Emirates 16 2010


Kabanga Nickel Co Ferroalloy ores Falconbridge Ltd Canada 15 2005
Tanzania Diamond Mines Gold ores Bakertalc Inc Canada 8 1994
Kagera Nickel Sulphide Project Ferroalloy ores Innovance Ltd Australia 7 2010
Nyakafuru Project Gold ores Resolute Mining Ltd Australia 6 2008
Dar es Salaam Airport Handling Airports and airport terminal services Swissair Switzerland 5 2000
Tanzanian Diamond Mines Gold ores Bakertalc Inc Canada 4 1994
Renewable Energy Corp Gold ores Triennex South Africa 3 2000
Indago Resources Ltd Uranium-radium-vanadium ores Uranium Resources United Kingdom 3 2010
Thorntree Minerals Ltd Gold ores Helio Resource Corp Canada 2 2009
Precision Air Air transportation, scheduled Kenya Airways Ltd Kenya 2 2003




United Republic of Tanzania
215


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and numbers)


-


500


1 000


1 500


2 000


2 500
$


m
ill


io
n


-


5


10


15


20


25


N
u


m
b


er


Value


Number


1 188 1 406 1 520 263 315 2 090 728 994


7 6 11 7 6 17 12 23


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Globeleq 728 131 2004 United States Coal, oil and natural gas Electricity
EnerGulf Resources 522 215 2005 Canada Coal, oil and natural gas Extraction
Heritage Oil 522 215 2008 United Kingdom Coal, oil and natural gas Extraction


CAMS Group 500 502 2008 United Kingdom
Alternative/renewable
energy


Manufacturing


Aminex 481 289 2003 United Kingdom Coal, oil and natural gas Extraction


Dimension Data Holdings 468 131 2010 South Africa Communications
ICT and Internet
infrastructure


Seacom 468 131 2009 Mauritius Communications
ICT and Internet
infrastructure


Telkom 400 123 2003 South Africa Communications
ICT and Internet
infrastructure


Athi River Mining 284 453 2008 Kenya Building and construction Manufacturing
Barrick Gold 284 1 621 2003 Canada Metals Extraction


Svensk Etanolkemi 250 251 2008 Sweden
Alternative/renewable
energy


Manufacturing


Lakota Resources 242 1 667 2004 Canada Metals Extraction
Gallery Gold 242 1 667 2005 Australia Metals Extraction
Northern Mining Explorations 242 1 667 2005 Canada Metals Extraction
Barrick Gold 242 1 667 2005 Canada Metals Extraction
Goldstream Mining 242 1 667 2005 Australia Metals Extraction
Sub-Sahara Resources 242 1 667 2004 Australia Metals Extraction
Shanta Gold 234 1 524 2010 United Kingdom Metals Extraction
Liming Chemical Industrial 190 138 2004 China Chemicals Manufacturing
Dangote Group 164 306 2008 Nigeria Building and construction Manufacturing
De Beers 150 950 2006 South Africa Minerals Manufacturing


Dubai World 150 423 2007
United Arab
Emirates


Hotels and tourism Construction


Sobha Developers 128 211 2008 India Hotels and tourism Construction
Fairmont Raffles Hotels Internat'l 128 211 2007 Canada Hotels and tourism Construction
InterContinental Hotels Group 128 209 2009 United Kingdom Hotels and tourism Construction


BITs, as of December 2010


Economy Date of signature
Germany 30-Jan-1965
United Kingdom 7-Jan-1994
Egypt 30-Apr-1997
Korea, Republic of 18-Dec-1998
Denmark 22-Apr-1999
Sweden 1-Sep-1999
Finland 19-Jun-2001
Italy 21-Aug-2001
Netherlands 31-Jul-2001
Zimbabwe 3-Jul-2003
Switzerland 8-Apr-2004
South Africa 22-Sep-2005
Jordan 8-Oct-2009
Mauritius 4-May-2009


DTTs, as of December 2010


Economy Treaty Date of signature
South Africa Income and Capital 7-Dec-1959
Zambia Income and Capital 2-Mar-1968
Italy Income and Capital 7-Mar-1973
Denmark Income and Capital 6-May-1976
Finland Income and Capital 12-May-1976
Norway Income and Capital 28-Apr-1976
Sweden Income and Capital 2-May-1976
India Income and Capital 5-Sep-1979
Canada Income and Capital 15-Dec-1995
South Africa Income 22-Sep-2005




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward216


Data of foreign affiliates of the United States in United Republic of Tanzania, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Number 3 4 4 4 3 3 3 4 4 2 2 2 2 2


Assets 21 142 152 .. .. 90 53 74 77 70 .. 81 .. ..


Employees 0.1 1.2 1.1 0.8 .. 0.3 0.3 0.5 0.5 0.7 .. 0.6 .. ..


Wages and salaries 1 7 8 5 .. 3 2 3 4 4 .. 7 .. ..


Value added - 75 72 64 .. - 2 6 5 8 .. 10 .. ..


Sales - - - .. 24 34 31 75 83 .. .. .. .. ..


Selected foreign affiliates in United Republic of Tanzania, 2010


Company Home economy Industry Sales Employment
Year of


est.
Unilever Tea Tanzania Ltd United Kingdom Food preparations, nec 14 5 500 1984
Citibank Tanzania Ltd United States Commercial banks, nec 13 104 1995
Achelis (Tanganyika) Limited Germany Automotive parts, supplies 10 250 1961
Tanzania Breweries Ltd United Kingdom Malt beverages .. 1 500 1960


Body Care Ltd United States
Soap & other detergents, except
specialty cleaners


.. 1 000 1993


Barclays Bank (T) Ltd United Kingdom Commercial banks, nec .. 750 2000
City Water Services Ltd United Kingdom Water supply .. 750 1984
Karibu Textile Mills Limited Mauritius Textile goods, nec .. 600 1998
Vodacom Tanzania Ltd United Kingdom Radiotelephone communications .. 300 1999
Resolute Tanzania Limited Australia Gold ores .. 300 1996
Kibo Breweries Ltd Kenya Malt beverages .. 250 1998


Tri Telecommunications Ltd Malaysia
Telephone communications, except
radiotelephone


.. 215 1994


Tanzania Distillers Limited South Africa Distilled and blended liquors .. 180 1983
Dominion Tanzania Limited Bermuda Oil and gas field exploration services .. 160 ..
D T Dobie & Company (Tanzania) Ltd France Automobiles and other motor vehicles .. 150 1984
Brooke Bond Tanzania Ltd United Kingdom Food preparations, nec .. 150 1961
Pricewaterhousecoopers United States Legal services .. 150 1950
Treadsetters Tyres (T) Ltd Kenya Tires and inner tubes .. 125 1994


Tri Clover Industries ( T ) Limited Kenya
Perfumes, cosmetics, and other toilet
preparations


.. 65 2000


Sadolin Paints Tanzania Limited Oman
Paints, varnishes, lacquers, & allied
products


.. 65 1994


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, TRIMS, GATS and TRIPS•
Address of investment agency: Tanzania Investment Centre, Shaaban Robert Street, P.O. Box 938, Dar es Salaam, Tanzania •


Contact: Tel: (+255)-22-2116328 - 32, Fax: (+255)-22-2118253, Email:information@tic.co.tz
Fortune Globe 500 investors: Barclays Plc, Bayer Ag, Citigroup Inc., Deutsche Post Ag, Glaxosmithkline Plc, Henkel Ag & Co. •
Kgaa, Mitsubishi Corporation, Pfizer Inc., Reliance Industries Limited, Société Lafarge, Unilever Plc, Vodafone Group Plc
Member of WAIPA as of January 2011: YES•




Vanuatu
217


Area (‘000 km2): 2008 12.2
Population (millions): 2010 0.2
Capital city: Port Vila
Official language: Bislama, French and English
Currency: Vatu
Exchange rate (period average): 2009 Vt 101.334=$1
GDP in current prices (millions of dollars): 2009 635
Exports of goods and services (millions of dollars): 2009 277
Imports of goods and services (millions of dollars): 2009 309
Official development assistance (millions of dollars): 2009 98
External debt (millions of dollars): 2009 130


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Vanuatu
Port Vila


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


France 1.1 1.2 1.2 1.3 1.4 36.6 - 4.2 130.1 8.2 1.2 2.6 11.8 4.2 4.3
Sweden - - - - - - - 0.0 - - - - - - -
United States - - 7.0 7.0 9.0 9.0 10.0 - 77.0 82.0 89.0 97.0 107.0 120.0
Australia - 14.0 13.7 15.1 - 15.9 - - - - - 130.5 71.4 -
Japan - - 17.0 0.4 0.4 47.3 31.1 - - - - - - -
New Zealand - - - - - - - - - - 0.7 - - -
China - - - - - - - - - 2.7 2.7 2.7 2.7 -
Korea, Republic of - - - - - - - 1.9 1.9 1.9 1.9 1.9 1.9 1.9
Malaysia - - - - - - - 3.7 3.7 3.7 4.0 4.2 4.0 -


0


10


20


30


40


50


26 26 30 31 33 30 20 13 20 18 13 18 20 13 44 34 33 27 30
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


10


20


30


40


50


60


53.1 52.0 52.4 43.1 50.4 48.8 34.5 20.0 29.0 28.4 19.4 25.0 21.7 12.9 34.6 23.4 20.4 17.4 19.4


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward218


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


Note: Data for 2010 are estimates.


0


200


400


600


800


1000


1200


253 279 309 340 373 403 423 437 457 475 488 506 592 578 756 928 1 019 1 046 1 076
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


10


20


30


40


50


60


30 30 35 36 31 29 21 14 22 14 18 21 27 35 34 46 52 50
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


1


2


3


4


$
m


il
li


o
n


0


1


2


N
u


m
b


er


Value


Number


- - - - - - - - - - - - 3 - - 4 -
- - - - - - 1 - - - - - 1 - - 1 -


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
International Data Process, Netcom Information retrieval


services
My Casino Ltd Australia 5 2000


Carpenters Vanuatu Holding Real estate investment
trusts


Impact Action Sdn Malaysia 4 2009


Nautilus XPO Ltd Copper ores Nautilus Minerals Inc Canada 3 2006


There are no greenfield FDI projects, announced in 2003-2010




Vanuatu
219


BITs, as of December 2010


Economy Date of signature
United Kingdom 22-Dec-2003
China 7-Apr-2006


DTTs, as of December 2010


Economy Treaty Date of signature
..


Data of foreign affiliates of the United States in Vanuatu, 1995-2008
(Millions of dollars in assets, wages and salaries and value added)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Number 1 1 1 1 1 1 1 1 1 1 1 1 1 1


Assets .. .. .. .. .. .. .. .. .. 87 .. .. .. ..


Wages and salaries - - - - .. .. .. .. .. 1 1 1 .. ..


Value Added 2 10 14 15 .. .. .. .. .. 10 13 12 .. ..


Data of foreign affiliates of Vanuatu in the United States, 1995-2008
(Millions of dollars in assets and sales)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008


Number 1 1 1 1 1 1 1 - - - - - 1 -


Assets 4 4 .. .. - - - - .. .. .. .. - -


Sales 1 1 .. 1 1 - - - .. .. .. .. - -


Selected foreign affiliates in Vanuatu, 2010


Company Home economy Industry Sales Employment
Year of


est.


Toyota Tsusho (Vanuatu) Limited Australia
Motor vehicle dealers
(new and used)


2 70 1947


Anz Bank (Vanuatu) Limited Australia State banks,member fed reserve .. 103 1970
Batt Limited Germany Hardware stores .. 86 2003
New Era Foods Pty Ltd Australia Confectionery .. 27 1988
A G C Finance (Vanuatu) Limited Australia Personal credit institutions .. .. 1987
International Leasing (Vanuatu) Ltd United Kingdom .. .. .. 1987
Van Plaza Limited Japan Real estate agents and managers .. .. 1982
99 Bishopgate Ltd United Kingdom .. .. .. 1976


Origin Energy (Vanuatu) Ltd Australia
Liquefied petroleum gas
(bottled gas) dealers


.. .. 1973


Union Electrique Du Vanuatu
Limited


France Electric services .. .. 1939


Austpac Resources (Vanuatu) Ltd Australia Metal mining services .. .. ..
Barclays Nominees Beneficial United Kingdom .. .. .. ..
Conocophillips United States .. .. .. ..
Delta Gold Vanuatu Ltd Australia .. .. .. ..
Fubon Bank Vanuatu Limited Taiwan Province of China .. .. .. ..
Hertz Corporation United States .. .. .. ..
Holiday Villages Vanuatu France .. .. .. ..
Kpmg Vanuatu United States .. .. .. ..
Metenesel Estates Ltd United Kingdom .. .. .. ..
Qbe Insurance Australia Insurance carriers, nec .. .. ..
Surata-Tamaso Travel United States .. .. .. ..
Vanuatu Travel Services Ltd Australia .. .. .. ..
Victoria Investments Ltd Cayman Islands .. .. .. ..
Wallem (Overseas) Holdings Ltd Cayman Islands .. .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA•
Address of investment agency: Vanautu Investment Promotion Authority, Laguna Building, Port Vila, Vanuatu. Mailing Address: •
Private Mailbag 9011 Port Vila, Vanuatu
Contact: Tel: +678 24096 / +678 24441, Fax: +678 25216, Web: www.InvestVanuatu.org, Email: investment@vipa.org.vu
Fortune Globe 500 investors: Australia And New Zealand Banking Group Limited, Barclays Plc, Conocophillips, Gdf Suez, Ge •
Capital Mortgage Insurance Corporation (Australia) Pty Ltd, Hsbc Holdings Plc, Toyota Tsusho South Pacific Holdings Pty Ltd
Member of WAIPA as of January 2011: YES•




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward220


Yemen
Ethiopia


Eritrea


Somalia


Djibouti


Sana’a


Saudi Arabia


Area (‘000 km2): 2008 528.0
Population (millions): 2010 24.3
Capital city: Sana’a
Official language: Arabic
Currency: Yemeni rial
Exchange rate (period average): 2009 Rials 199.764=$1
GDP in current prices (millions of dollars): 2009 29 017
Exports of goods and services (millions of dollars): 2009 6 585
Imports of goods and services (millions of dollars): 2009 8 066
Official development assistance (millions of dollars): 2009 378
External debt (millions of dollars): 2009 6 356


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Cyprus 0.5 - - - - - - - 6.6 5.8 6.4 7.0 6.7 -
France 5.6 7.5 182.8 323.7 112.2 128.9 251.4 181.9 55.8 212.3 846.8 1 506.0 1 343.0 1 473.7
Germany 3.4 3.7 - - - - - - - - - - - -
Sweden - 0.3 - 0.2 - 0.4 - 0.3 - 0.2 - 0.5 - 0.7 - - - - - - -
Norway - - - - - - - - - - - 9.6 - 23.7 - -
Canada - - - - - - - - - 156.3 160.5 214.6 - -
United States 66.0 - 20.0 - 90.0 497.0 35.0 47.0 69.0 618.0 640.0 497.0 779.0 814.0 862.0 931.0
China 0.0 3.4 35.2 7.6 43.5 18.8 - 12.8 31.0 77.8 63.8 107.2 140.5 -
Korea, Republic of 3.7 6.3 13.3 0.5 0.5 0.1 1.2 162.9 169.9 257.8 486.5 695.8 425.2 426.4
Pakistan - - - - - - - - - - 17.2 23.6 - -


- 500


0


500


1 000


1 500


2 000


718 903 16 - 218 - 60 - 139 - 219 - 308 6 136 102 6 144 - 302 1 121 917 1 555 129 - 329


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


- 50


0


50


100


150


91.8 123.3 1.9 -20.3 -4.4 -9.5 -15.3 -22.9 0.4 8.0 4.8 0.2 4.9 -9.5 30.6 20.3 27.9 2.8 -7.3


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Yemen
221


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


0


1 000


2 000


3 000


4 000


5 000


4 1961 181 2 084 2 099 1 882 1 822 1 683 1 457 1 129 1 336 1 271 1 336 1 011 1 249 803 1 924 2 842 4 396 4 525


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


500


1 000


1 500


2 000


236 244 378 433 541 554 321 662 855 800 840 945 1 289 1 603 1 403 1 390 1 875 927


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


200


400


600


800


$
m


il
li


o
n


0


1


2


3


N
u


m
b


er


Value
Number


- - - - - - - - - - - - 716 144 - - 20
- - - - 1 - - 2 - - - - 1 1 1 - 1


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company
Ult. home
economy


Value Year


Spacetel Yemen Radiotelephone communications Investcom Lebanon 716 2006
Oil Search(MENA)Ltd Crude petroleum and natural gas Kuwait Energy Co Kuwait 200 2008
SabaFon Radiotelephone communications Bahrain Telecommunications Bahrain 144 2007
Yemen Saudi Cement Co Adhesives and sealants Qassim Cement Co Saudi Arabia 20 2010
Pecten Yemen Co Crude petroleum and natural gas Occidental Petro Corp United States - 1998
Agip SpA-Al Shabwah Al
Maber


Crude petroleum and natural gas
Societe Nationale Recherch Exploration
Commercialisation Hydrocarbures


Algeria - 2001


National Beverage Co Bottled & canned soft drinks Investors unspecified - 2001




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward222


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


1 000


2 000


3 000


4 000


5 000


$
m


il
li


o
n


-


2


4


6


8


10


12


N
u


m
b


er


Value


Number


1 269 1 256 2 144 308 190 4 010 952 1 232


6 4 3 3 4 10 5 8


2003 2004 2005 2006 2007 2008 2009 2010


Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector


Key business
function


Total 1 587 170 2005 France Coal, oil and natural gas Manufacturing
Al-Tuwairqi Group 1 241 131 2008 Saudi Arabia Coal, oil and natural gas Electricity
Cantex Mine
Development Corp


800 1 028 2008 Canada Minerals Extraction


Bayan Holding 659 1 176 2009 Kuwait Real estate Construction
Sonatrach 547 215 2003 Algeria Coal, oil and natural gas Extraction
TransGlobe Energy 547 215 2004 Canada Coal, oil and natural gas Extraction
Det Norske Oljeselskap 547 215 2004 Norway Coal, oil and natural gas Extraction
Calvalley 547 215 2003 Canada Coal, oil and natural gas Extraction
OMV 547 215 2005 Austria Coal, oil and natural gas Extraction
Nexen 516 289 2010 Canada Coal, oil and natural gas Extraction
Qatari Diar 500 3 000 2008 Qatar Real estate Construction


SMI Services 405 107 2008 Italy
Alternative/renewable
energy


Electricity


Calvalley 402 134 2008 Canada Coal, oil and natural gas
Logistics, distribution
and transport


Trend Bloom Ltd 350 916 2010 Hong Kong, China Minerals Extraction
Al-Tuwairqi Group 271 364 2008 Saudi Arabia Metals Manufacturing
Movenpick Group 257 253 2006 Switzerland Hotels and tourism Construction
Midroc al-Amoudi Group 240 680 2009 Saudi Arabia Food and tobacco Manufacturing


DP World 220 966 2008 United Arab Emirates Warehousing and storage
Logistics, distribution
and transport


Landmark Group 182 308 2010 United Arab Emirates Textiles Retail


Gulf Finance House 166 160 2008 Bahrain
Building and construction
materials


Manufacturing


Abu Dhabi Water and
Electricity


158 29 2010 United Arab Emirates Coal, oil and natural gas Electricity


MSFS 155 307 2004 Malaysia
Building and construction
materials


Manufacturing


Capital Oil Gas 125 35 2003 United Kingdom Coal, oil and natural gas Extraction
Saudi fisheries Company 100 278 2007 Saudi Arabia Food and tobacco Manufacturing


Reliance Industries 77 118 2007 India Warehousing and storage
Logistics, distribution
and transport


Elsewedy Electric 42 250 2009 Egypt Electronic components Manufacturing
EMKE Group 32 287 2006 United Arab Emirates Food and tobacco Retail
Relance Industries 32 9 2003 India Coal, oil and natural gas Extraction
Trend Bloom Ltd 27 179 2010 Hong Kong, China Minerals Manufacturing
Qatar National Bank 19 15 2006 Qatar Financial services Business services
China Petroleum and
Chemical


10 3 2003 China Coal, oil and natural gas Extraction




Yemen
223


DTTs, as of December 2010


Economy Treaty Date of signature
Denmark Income and Capital 22-Dec-1954
Tunisia Income and Capital 8-Mar-1998
Syrian Arab Republic Income and Capital 23-Jul-2001
United Arab Emirates Income 13-Feb-2001
Algeria Income and Capital 29-Jan-2002
Lebanon Income and Capital 29-Sep-2002
Oman Income 8-May-2002
Turkey Income 26-Oct-2005
Morocco Income 8-Feb-2006


Data of foreign affiliates of the United States in Yemen, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 13 15 15 12 8 8 8 8 8 7 7 6 6 6
Assets 1 097 1 091 1 076 775 712 1 199 1 262 1 096 991 1 107 1 318 .. .. ..
Employees 2 2 .. .. 2 2 2 2 2 .. .. 0.4 1.5 1.5
Wages and salaries 32 31 .. .. 41 35 36 37 42 .. .. 18 22 27
Value added 470 580 .. .. 393 999 837 818 759 .. .. 836 1 134 1 220
Sales - - - 352 492 1 167 965 975 1 079 1 247 1 314 869 1 107 1 296


Data of foreign affiliates of Yemen in the United States, 1995-2008
(Millions of dollars in assets and value added)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 1 - .. .. - - - - - - - - - -
Assets 5 - .. .. - - - .. .. .. .. .. - -
Value added - 1 - .. .. - .. - - - - - - - -


BITs, as of December 2010


Economy Date of signature
United Kingdom 25-Feb-1982
Sweden 29-Oct-1983
France 27-Apr-1984
Netherlands 18-Mar-1985
Jordan 18-Jun-1995
Egypt 6-Jun-1996
Iran, Islamic Republic of 29-Feb-1996
Syrian Arab Republic 9-Oct-1996
China 16-Feb-1998
Indonesia 20-Feb-1998
Malaysia 11-Feb-1998
Oman 20-Sep-1998
Tunisia 8-Mar-1998
Algeria 25-Nov-1999
Ethiopia 15-Apr-1999
Lebanon 25-Nov-1999
Pakistan 11-May-1999
Sudan 10-Aug-1999
Belgium and Luxembourg 20-Nov-2000
Qatar 7-Aug-2000
Turkey 7-Sep-2000
Kuwait 20-Feb-2001
Morocco 24-Feb-2001
Ukraine 1-Feb-2001
United Arab Emirates 13-Feb-2001
Austria 1-Jul-2002
Bahrain 1-Dec-2002
Bulgaria 12-Apr-2002
India 1-Oct-2002
Russian Federation 1-Dec-2002
South Africa 1-Aug-2002
Belarus 18-Jul-2003
Hungary 18-Jan-2004
Italy 25-Nov-2004
Germany 2-Feb-2005
Czech Republic 20-May-2008




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward224


Selected foreign affiliates in Yemen, 2010


Company Home economy Industry Sales Employment
Year of


est.
Tasweeq Entertrade Saudi Arabia Confectionery 2 31 1996
G4S Security Services Yemen Llc United Kingdom Security systems services .. 2 700 ..
Yemen Hunt Oil United States Oil and gas field exploration services .. 2 000 1964
Aramex International Couriers Jordan Business services, nec .. 25 ..
Griffin Co Ltd United States Electronic parts and equipment, nec .. 16 1998
Marubeni Corporation Japan Commodity contracts brokers and dealers .. 1 ..
Canadian Nexen Petroleum Canada Petroleum refining .. .. ..
Cgg France .. .. .. ..
Clorox Company, The United States Soap & other detergents, except specialty cleaners .. .. ..
Egl, Inc Cayman Islands Arrangement of transportation of freight and cargo .. .. ..
Encana (Yemen) Limited Canada Oil and gas field services, nec .. .. ..
Intergraph Corporation United States Electronic parts and equipment, nec .. .. ..
Milestone Holding One, Inc United Kingdom Durable goods, nec .. .. ..
Miol Yemen United States Oil and gas field services, nec .. .. ..


Social Security Administration United States
Administration of social and manpower
programs


.. .. ..


Sojitz Corporation Japan Nondurable goods, nec .. .. ..
Synovate United Kingdom .. .. .. ..


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID•
Address of investment agency: General Investment Authority (GIA), P.O Box: 19022, 26 Al-Quds Street, Southern Al-Safia, •
Sanaa, Republic of Yemen


Contact: Tel: (+967) 1 262 962, Fax: (+967) 1 262-964, E-mail: info@investinyemen.gov.ye


Fortune Globe 500 investors: Cie Gen De Geophysique - Veritas, Marubeni Corporation•


Member of WAIPA as of January 2011: YES•




Zambia
225


Zambia Angola
Botswana


Zimbabwe


Lusaka


Mozambique


Malawi


United Republic
of Tanzania


Democratic Republic
of the Congo


Area (‘000 km2): 2008 752.6
Population (millions): 2010 13.2
Capital city: Lusaka
Official language: English
Currency: Zambia kwacha
Exchange rate (period average): 2009 Zmk 3 745.86=$1
GDP in current prices (millions of dollars): 2009 12 768
Exports of goods and services (millions of dollars): 2009 4 589
Imports of goods and services (millions of dollars): 2009 4 727
Official development assistance (millions of dollars): 2009 703
External debt (millions of dollars): 2009 3 049


FDI inflows, 1992-2010
(Millions of dollars)


FDI inflows as a percentage of gross fixed capital formation, 1992-2010


Note: Data for 2010 are estimates.


Note: Data for 2010 are estimates.


Inward FDI: geographical breakdown, by source, 2003-2009
(Millions of dollars)


Region/economy Inward flows Inward stock
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009


Cyprus 0.4 - - - 0.2 - - - 0.5 0.4 0.5 0.8 0.7 0.2
Denmark - - - 0.7 - - - - 0.2 - 0.2 0.9 - - 19.3
Germany - 11.2 1.2 - - 17.6 - - - - - - - -
Norway - - - - - - - 0.4 - 0.3 0.3 - 1.0 - - -
United States - 4.0 - 3.0 - 15.0 5.0 - 1.0 6.0 45.0 36.0 35.0 74.0 76.0 79.0 95.0
Japan - - - 0.3 - - - - - - - - - -
South Africa - - - - - - - 62.5 73.2 92.6 59.3 51.2 81.0 -
Brazil - - - - - - - - - - - - 5.5 -
China 5.5 2.2 10.1 87.4 119.3 214.0 111.8 143.7 147.8 160.3 267.9 429.4 651.3 844.0
Korea, Republic of - - - - 0.1 0.2 0.2 - - - - 0.1 0.3 0.5


0


500


1 000


1 500


45 314 40 97 117 217 238 86 122 72 303 347 364 357 616 1 324 939 959 734
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


20


40


60


80


100


12.9 83.7 10.6 22.5 31.8 42.5 49.6 17.2 21.8 10.5 37.9 32.5 23.6 18.0 23.5 43.2 25.9 26.3 20.3


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward226


Cross-border M&A sales, 1994-2010
(Millions of dollars and number)


Income on FDI, 1992-2009
(Millions of dollars)


FDI inward stock, 1992-2009
(Millions of dollars)


0


2 000


4 000


6 000


8 000


10 000


12 000


2 735 3 049 3 089 3 186 3 303 3 520 3 758 3 844 3 966 4 038 4 341 4 688 5 052 5 409 6 025 7 604 8 545 9 504 10 238


1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


0


400


800


1 200


1 600


- - 21 7 - - - - - - - 24 238 461 1 107 1 475 1 345 1 189
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


-


50


100


150


200


250


300


$
m


il
li


o
n


0


2


4


6


8


10


N
u


m
b


er


Value
Number


- 18 31 173 72 2 133 - 22 - - 8 4 - 1 11 272
2 3 9 8 5 4 4 3 1 - 2 6 3 2 7 6 8


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Note: Data for 2010 are estimates.


Largest cross-border M&A deals, 1994-2010


Acquired company Industry Ult. acquiring company Ult. home economy Value Year
Zambia Telecommunications Radiotelephone communications Libya Africa Investment Uganda 257 2010
Konkola Copper Mines PLC Copper ores Volcan Investments Ltd Bahamas 213 2008
Zambia Consolidated Copper Mines Copper ores Investor Group Bermuda 90 2000
Zambia Oxygen Business services, nec BOC Group PLC United Kingdom 60 1997
Cyprus Amax Kansanshi Hldgs Gold ores First Quantum Minerals Canada 53 2001
Zambia Consolidated Copper Mines Motors and generators Copperbelt Energy Consortium United Kingdom 50 1997
Zambia Consolidated Copper Mines Ferroalloy ores, except vanadium Anglovaal Ltd South Africa 50 1998
Konkola Copper Mines PLC Copper ores Volcan Investments Ltd Bahamas 48 2004
Zambia Consolidated Copper Mines Copper ores Glencore International Switzerland 43 2000
Zambia Consolidated Copper Mines Copper ores Cyprus Amax Minerals United States 28 1997


Maamba Collieries Ltd
Bituminous coal and lignite surface
mining


Nava Bharat Ventures Ltd India 26 2010


Zambia Bottlers Ltd
Bottled & canned soft drinks &
carbonated waters


Zambian Breweries PLC United Kingdom 22 2002


NFC Africa Mining PLC Copper ores Foreign Engineering & Constr. China 20 1998
Maamba Collieries Ltd Coal and other minerals and ores Benicon Mining Ltd South Africa 18 1997
Zambia Consolidated Copper Mines Copper ores Investor Group South Africa 18 1997
Zambia Sugar Co Cane sugar, except refining Tate & Lyle PLC United Kingdom 14 1995
Zambezi Joint Venture Copper ores Equinox Minerals Ltd Australia 13 2005




Zambia
227


Greenfield FDI projects, announced in 2003-2010
(Millions of dollars and number)


-


1 000


2 000


3 000


4 000


5 000


$
m


il
li


o
n


-
2
4
6
8
10
12
14
16
18


N
u


m
b


er


Value


Number


788 662 2 148 1 926 436 4 613 2 359 1 228


5 4 14 14 6 17 16 13


2003 2004 2005 2006 2007 2008 2009 2010


Selected Greenfield FDI projects, announced in 2003-2010


Name of company
Estimated
investment
($ million)


Estimated
jobs


created
Year Home country Sector Key business function


Era Group 1 800 236 2008 India Coal, oil and natural gas Electricity
Glencore International 1 500 395 2008 Switzerland Alternative/renewable energy Electricity
Equinox Resources 822 1 207 2005 Australia Metals Extraction
Vedanta Resources 600 881 2005 United Kingdom Metals Extraction
MAN 500 453 2009 Germany Alternative/renewable energy Manufacturing


Fraunhofer-Gesellschaft 468 131 2009 Germany Communications ICT and Internet infrastructure
Equinox Resources 450 661 2003 Australia Metals Extraction
Companhia Vale do Rio Doce 400 780 2010 Brazil Metals Extraction
Sinohydro 400 105 2008 China Alternative/renewable energy Electricity
China Nonferrous Metals Mining 400 780 2009 China Metals Extraction
Nava Bharat Ventures 399 93 2010 India Alternative/renewable energy Electricity
Furnace Fabrica 380 276 2006 India Chemicals Manufacturing
First Quantum Minerals 224 329 2004 Canada Metals Extraction
Xstrata PLC 223 448 2004 Switzerland Metals Manufacturing
First Quantum Minerals 223 448 2006 Canada Metals Manufacturing
China Nonferrous Metals Mining 223 448 2006 China Metals Manufacturing
First Quantum Minerals 223 448 2006 Canada Metals Manufacturing
Vedanta Resources 223 448 2008 United Kingdom Metals Manufacturing
Triple Plate Junction 223 448 2006 United Kingdom Metals Manufacturing
Teal Exploration & Mining 215 316 2008 Canada Metals Extraction
China Nonferrous Metals Mining 204 447 2009 China Metals Manufacturing
Total 200 46 2005 France Coal, oil and natural gas Manufacturing
Liberty Group 200 1 758 2008 South Africa Real estate Construction
China Nonferrous Metals Mining 200 1 000 2006 China Metals Manufacturing
China Nonferrous Metals Mining 179 1 524 2009 China Metals Extraction
Glencore International 179 1 524 2009 Switzerland Metals Extraction
Vedanta Resources 170 1 350 2010 United Kingdom Metals Manufacturing
Metorex Group 165 1 667 2003 South Africa Metals Extraction
First Quantum Minerals 165 1 667 2004 Canada Metals Extraction
Teal Exploration & Mining 165 1 667 2006 Canada Metals Extraction
Zambezi Resources Ltd 165 1 667 2008 Australia Metals Extraction
Tata Group 150 40 2007 India Alternative/renewable energy Electricity
China Nonferrous Metals Mining 150 220 2003 China Metals Extraction
Rezidor Hotel Group 129 219 2009 Belgium Hotels and tourism Construction
Wilderness Safaris 128 211 2006 South Africa Hotels and tourism Construction
Vedanta Resources 125 993 2005 United Kingdom Metals Manufacturing
Denison Mines 118 384 2009 Canada Metals Extraction
Tata Group 118 263 2006 India Engines and turbines Manufacturing
Nava Bharat Ventures 108 24 2010 India Coal, oil and natural gas Manufacturing
Lafarge 100 123 2005 France Building and construction Manufacturing
China Nonferrous Metals Mining 100 147 2007 China Metals Extraction
Metorex Group 100 794 2005 South Africa Metals Manufacturing


MTN Group 95 150 2009 South Africa Communications ICT and Internet infrastructure
D1 Oils 90 166 2005 United Kingdom Alternative/renewable energy Manufacturing
Associated British Foods 74 615 2007 United Kingdom Food and tobacco Manufacturing


Hitachi Construction Machinery 69 112 2010 Japan Industrial machinery, equipment and tools Manufacturing




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001-2010 and the Way Forward228


BITs, as of December 2010


Economy Date of signature
Germany 10-Dec-1966
Switzerland 3-Aug-1994
China 21-Jun-1996
Cuba 22-Jan-2000
Egypt 28-Apr-2000
Belgium and Luxembourg 18-May-2001
Ghana 18-May-2001
France 1-Jan-2002
Italy 20-Apr-2003
Netherlands 30-Apr-2003
Finland 7-Sep-2005


DTTs, as of December 2010


Economy Treaty Date of signature
South Africa Income and Capital 22-May-1956
Switzerland Income and Capital 30-May-1961
France Income and Capital 5-Nov-1963
Kenya Income and Capital 27-Aug-1968
Uganda Income and Capital 24-Aug-1968
Tanzania, United Republic of Income and Capital 2-Mar-1968
Japan Income and Capital 19-Feb-1970
Ireland Income and Capital 29-Mar-1971
Norway Income and Capital 14-Jul-1971
Italy Income and Capital 27-Oct-1972
United Kingdom Income and Capital 22-Mar-1972
Denmark Income and Capital 13-Sep-1973
Germany Income and Capital 13-May-1973
Sweden Income and Capital 18-Mar-1974
Netherlands Income and Capital 19-Dec-1977
Finland Income and Capital 3-Nov-1978
India Income and Capital 5-Jun-1981
Canada Income and Capital 16-Feb-1984
Poland Income and Capital 19-May-1995


Data of foreign affiliates of the United States in Zambia, 1995-2008
(Millions of dollars in assets, wages and salaries, value added and sales; thousands in employees)


Variable 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number 6 6 6 6 4 4 4 5 5 4 3 3 2 3
Assets 28 30 28 24 69 73 71 205 208 96 113 140 .. 155
Employees 0.5 0.5 0.5 0.5 1.5 1.5 1.4 1.7 1.6 1.2 1.3 1.6 .. 1.1
Wages and salaries 4 4 4 5 13 12 13 18 16 8 10 12 .. 11
Value added 20 17 19 13 15 20 13 19 18 46 44 52 .. 54
Sales - - - 77 119 161 154 201 195 210 228 367 .. 446


Selected foreign affiliates in Zambia, 2010


Company Home economy Industry Sales Employment Year of est.


Caltex Oil Zambia Ltd United States Petroleum and petroleum products wholesalers, nec 104 000 60 1955


Tata Zambia Limited India Automobiles and other motor vehicles 15 000 70 1980
Northern Breweries 1995 Plc South Africa Malt beverages 3 717 150 1997
British American Tobacco United Kingdom Chewing and smoking tobacco and snuff 47 200 1960
Amiran Ltd United Kingdom Farm and garden machinery and equipment 26 50 1963
Cfao Zambia Limited France Automobiles and other motor vehicles 26 100 2000
Mpongwe Development Company Ltd United Kingdom .. 24 4 000 1983
National Breweries P L C United Kingdom Malt beverages 14 400 1999
Hitachi Construction Machinery Japan Industrial machinery and equipment 12 38 1992
Crown Cork Company (Zambia) Ltd United States Business services, nec 2 70 1965
Norconsult Z Ltd Norway Business consulting services, nec 1 15 1992
Commins Diesel Services Zambia Ltd United Kingdom Electronic parts and equipment, nec 1 165 1964
Barloworld Plascon Zambia Limited South Africa Paints, varnishes, lacquers, & allied products 0 50 1997
Philips Electrical Zambia Ltd Netherlands Electronic parts and equipment, nec 0 135 1968
Khal Amazi Ltd United Kingdom .. 0 1 000 1997
Zambia Sugar Plc Ireland Cane sugar refining .. 6 500 1964
Securicor (Zambia) Ltd United Kingdom Detective, guard, and armored car services .. 2 300 1969
Galaun Holdings Ltd India Offices of holding companies, nec .. 2 000 1995
Sandvik Tamrock Zambia Ltd Netherlands Industrial machinery and equipment .. 500 1993
National Milling Corporation Limited United States Flour and other grain mill products .. 400 2000
Consolidated Contractors Company Kuwait Highway and street construction .. 200 2002


Reckitt And Colman United Kingdom Perfumes, cosmetics, and other toilet preparations .. 200 1964


Tredcor Zambia Limited Mauritius Tires and tubes .. 170 1996
Toyota Zambia Limited Japan Automobiles and other motor vehicles .. 120 1971


Other relevant information


Membership of relevant international agreements as of January 2011: MIGA, ICSID, CREFAA, TRIMS, GATS and TRIPS•
Address of investment agency: Zambia Development Agency, Privatization House, Nasser Road, P. O. Box 30819, Lusaka, Zambia•
Contact: Tel: +260-211-222858 / 220177, Fax: +260-211-225270, Email: zda@zda.org.zm
Fortune Globe 500 investors: Astrazeneca Plc, Barclays Plc, British American Tobacco P.L.C., Chevron Corporation, Citigroup Inc., •
Deutsche Post Ag, Hitachi Ltd., Pfizer Inc., T & D Colours & Commodities B.V., Tata International Limited, Toyota Tsusho Co.
Member of WAIPA as of January 2011: YES•




Selected UNCTAD Publications on Transnational Corporations and Foreign Direct Investment
229


SELECTED UNCTAD PUBLICATIONS ON TRANSNATIONAL
CORPORATIONS AND FOREIGN DIRECT INVESTMENT


(For more information, please visit www.unctad.org/en/pub)


World Investment Reports
(For more information visit www.unctad.org/wir)


World Investment Report 2010. Investing in a Low-Carbon Economy. Sales No. E.10.II.D.1. $80.
http://www.unctad.org/en/docs//wir2010_en.pdf.


World Investment Report 2009. Transnational Corporations, Agricultural Production and Development. Sales
No. E.09.II.D.15. $80. http://www.unctad.org/en/docs/wir2009_en.pdf.


World Investment Report 2008. Transnational Corporations and the Infrastructure Challenge. Sales No. E.08.
II.D.23. $80. http://www.unctad.org/en/docs//wir2008_en.pdf.


World Investment Report 2007. Transnational Corporations, Extractive Industries and Development. Sales No. E.07.
II.D.9. $75. http://www.unctad.org/ en/docs//wir2007_en.pdf.


World Investment Report 2006. FDI from Developing and Transition Economies: Implications for Development. Sales
No. E.06.II.D.11. $75. http://www.unctad.org/ en/docs//wir2006_en.pdf.


World Investment Report 2005. Transnational Corporations and the Internationalization of R&D. Sales No. E.05.II.D.10.
$75. http://www.unctad.org/ en/docs//wir2005_en.pdf.


World Investment Report 2004. The Shift Towards Services. Sales No. E.04.II.D.36. $75. http://www.unctad.org/en/docs//
wir2004_en.pdf.


World Investment Report 2003. FDI Policies for Development: National and International Perspectives. Sales No. E.03.
II.D.8. $49. http://www.unctad.org/ en/docs//wir2003_en.pdf.


World Investment Report 2002: Transnational Corporations and Export Competitiveness. 352 p. Sales No. E.02.II.D.4.
$49. http://www.unctad.org/ en/docs//wir2002_en.pdf.


World Investment Report 2001: Promoting Linkages. 356 p. Sales No. E.01.II.D.12 $49. http://www.unctad.org/wir/contents/
wir01content.en.htm.


World Investment Report 2000: Cross-border Mergers and Acquisitions and Development. 368 p. Sales No. E.99.II.D.20.
$49. http://www.unctad.org/wir/ contents/wir00content.en.htm.


Ten Years of World Investment Reports: The Challenges Ahead. Proceedings of an UNCTAD special event on future
challenges in the area of FDI. UNCTAD/ITE/Misc.45. http://www.unctad.org/wir.


International Investment Policies for Development
(For more information visit http://www.unctad.org/iia)


Investor-State Disputes: Prevention and Alternatives to Arbitration, 129 p. Sales No. E.10.II.D.11. $20.


The Role of International Investment Agreements in Attracting Foreign Direct Investment to Developing
Countries. 161 p. Sales No. E.09.II.D.20. $22.


The Protection of National Security in IIAs. 170 p. Sales No. E.09.II.D.12. $15.


Identifying Core Elements in Investment Agreements in the APEC Regions. 134 p. Sales No. E.08.II.D.27. $15.


International Investment Rule-Making: Stocktaking, Challenges and the Way Forward. 124 p. Sales No. E.08.II.D.1. $15.


Investment Promotion Provisions in International Investment Agreements. 103 p. Sales No. E.08.II.D.5. $15.


Investor-State Dispute Settlement and Impact on Investment Rulemaking. 110 p. Sales No. E.07.II.D.10. $30.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward230


Bilateral Investment Treaties 1995—2006: Trends in Investment Rulemaking. 172 p. Sales No. E.06.II.D.16. $30.


Investment Provisions in Economic Integration Agreements. 174 p. UNCTAD/ITE/IIT/2005/10.


Preserving Flexibility in IIAs: The Use of Reservations. 104 p. Sales No. E.06.II.D.14. $15.


International Investment Arrangements: Trends and Emerging Issues. 110 p. Sales No. E.06.II.D.03. $15.


Investor-State Disputes Arising from Investment Treaties: A Review. 106 p. Sales No. E.06.II.D.1 $15


South-South Cooperation in Investment Arrangements. 108 p. Sales No. E.05.II.D.26 $15.


International Investment Agreements in Services. 119 p. Sales No. E.05.II.D.15. $15.


The REIO Exception in MFN Treatment Clauses. 92 p. Sales No. E.05.II.D.1. $15.


Issues in International Investment Agreements
(For more information visit http://www.unctad.org/iia)


Most-Favoured-Nation Treatment: A Sequel. 141 p. Sales No. E.10.II.D.19. $25


International Investment Agreements: Key Issues, Volumes I, II and III. Sales no.: E.05.II.D.6. $65.


State Contracts. 84 p. Sales No. E.05.II.D.5. $15.


Competition. 112 p. Sales No. E.04.II.D.44. $ 15.


Key Terms and Concepts in IIAs: a Glossary. 232 p. Sales No. E.04.II.D.31. $15.


Incentives. 108 p. Sales No. E.04.II.D.6. $15.


Transparency. 118 p. Sales No. E.04.II.D.7. $15.


Dispute Settlement: State-State. 101 p. Sales No. E.03.II.D.6. $15.


Dispute Settlement: Investor-State. 125 p. Sales No. E.03.II.D.5. $15.


Transfer of Technology. 138 p. Sales No. E.01.II.D.33. $18.


Illicit Payments. 108 p. Sales No. E.01.II.D.20. $13.


Home Country Measures. 96 p. Sales No.E.01.II.D.19. $12.


Host Country Operational Measures. 109 p. Sales No E.01.II.D.18. $15.


Social Responsibility. 91 p. Sales No. E.01.II.D.4. $15.


Environment. 105 p. Sales No. E.01.II.D.3. $15.


Transfer of Funds. 68 p. Sales No. E.00.II.D.27. $12.


Flexibility for Development. 185 p. Sales No. E.00.II.D.6. $15.


Employment. 69 p. Sales No. E.00.II.D.15. $12.


Taxation. 111 p. Sales No. E.00.II.D.5. $12.


Taking of Property. 83 p. Sales No. E.00.II.D.4. $12.


National Treatment.. 94 p. Sales No. E.99.II.D.16. $12.


Admission and Establishment.. 69 p. Sales No. E.99.II.D.10. $12.




Selected UNCTAD Publications on Transnational Corporations and Foreign Direct Investment
231


Trends in International Investment Agreements: An Overview. 133 p. Sales No. E.99.II.D.23. $12.


Lessons from the MAI. 52 p. Sales No. E.99.II.D.26. $10.


Fair and Equitable Treatment.. 85 p. Sales No. E.99.II.D.15. $12.


Transfer Pricing.. 71 p. Sales No. E.99.II.D.8. $12.


Scope and Definition. 93 p. Sales No. E.99.II.D.9. $12.


Most-Favoured Nation Treatment.. 57 p. Sales No. E.99.II.D.11. $12.


Investment-Related Trade Measures. 57 p. Sales No. E.99.II.D.12. $12.


Foreign Direct Investment and Development.. 74 p. Sales No. E.98.II.D.15. $12.


Investment Policy Monitors


Investment Policy Monitor. A Periodic Report by the UNCTAD Secretariat. No. 3, 7 October 2010. http://www.unctad.
org/en/docs/webdiaeia20105_en.pdf
Investment Policy Monitor. A Periodic Report by the UNCTAD Secretariat. No. 2, 20 April 2010. http://www.unctad.
org/en/docs/webdiaeia20102_en.pdf


Investment Policy Monitor. A Periodic Report by the UNCTAD Secretariat. No. 1, 4 December 2009. http://www.
unctad.org/en/docs/webdiaeia200911_en.pdf


IIA Monitors and Issues Notes


IIA Issues Note No. 1 (2010): Latest Developments in Investor–State Dispute Settlement.
http://www.unctad.org/en/docs/webdiaeia20103_en.pdf


IIA Monitor No. 3 (2009): Recent developments in international investment agreements (2008–June 2009).
http://www.unctad.org/en/docs/webdiaeia20098_en.pdf


IIA Monitor No. 2 (2009): Selected Recent Developments in IIA Arbitration and Human Rights.
http://www.unctad.org/en/docs/webdiaeia20097_en.pdf


IIA Monitor No. 1 (2009): Latest Developments in Investor-State Dispute Settlement.
http://www.unctad.org/en/docs/webdiaeia20096_en.pdf


IIA Monitor No. 2 (2008): Recent developments in international investment agreements (2007–June 2008).
http://www.unctad.org/en/docs/webdiaeia20081_en.pdf


IIA Monitor No. 1 (2008): Latest Developments in Investor– State Dispute Settlement.
http://www.unctad.org/en/docs/iteiia20083_en.pdf


IIA Monitor No. 3 (2007): Recent developments in international investment agreements (2006 – June 2007).
http://www.unctad.org/en/docs/webiteiia20076_en.pdf


IIA Monitor No. 2 (2007): Development implications of international investment agreements.
http://www.unctad.org/en/docs/webiteiia20072_en.pdf


IIA Monitor No. 1 (2007): Intellectual Property Provisions in International Investment Arrangements.
http://www.unctad.org/en/docs/webiteiia20071_en.pdf


IIA Monitor No. 4 (2006): Latest Developments in Investor-State Dispute Settlement.
http://www.unctad.org/sections/dite_pcbb/docs/webiteiia200611_en.pdf


IIA Monitor No. 3 (2006): The Entry into Force of Bilateral Investment Treaties (BITs).
http://www.unctad.org/en/docs/webiteiia20069_en.pdf


IIA Monitor No. 2 (2006): Developments in international investment agreements in 2005.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward232


http://www.unctad.org/en/docs/webiteiia20067_en.pdf


IIA Monitor No. 1 (2006): Systemic Issues in International Investment Agreements (IIAs).
http://www.unctad.org/en/docs/webiteiia20062_en.pdf


IIA Monitor No. 4 (2005): Latest Developments in Investor-State Dispute Settlement.
http://www.unctad.org/en/docs/webiteiit20052_en.pdf


IIA Monitor No. 2 (2005): Recent Developments in International Investment Agreements.
http://www.unctad.org/en/docs/webiteiit20051_en.pdf


IIA Monitor No. 1 (2005): South-South Investment Agreements Proliferating.
http://www.unctad.org/en/docs/webiteiit20061_en.pdf


United Nations publications may be obtained from bookstores and distributors throughout the world. Please consult
your bookstore or write:


For Africa, Asia and Europe to:


Sales Section
United Nations Office at Geneva


Palais des Nations
CH-1211 Geneva 10


Switzerland
Tel: (41-22) 917-1234
Fax: (41-22) 917-0123


E-mail: unpubli@unog.ch


For Asia and the Pacific, the Caribbean, Latin America and North America to:


Sales Section
Room DC2-0853


United Nations Secretariat
New York, NY 10017


United States
Tel: (1-212) 963-8302 or (800) 253-9646


Fax: (1-212) 963-3489
E-mail: publications@un.org


All prices are quoted in United States dollars.


For further information on the work of the Division on Investment and Enterprise, UNCTAD, please address inquiries to:


United Nations Conference on Trade and Development
Division on Investment and Enterprise


Palais des Nations, Room E-10054
CH-1211 Geneva 10, Switzerland


Telephone: (41-22) 917-5651
Telefax: (41-22) 917-0498


http://www.unctad.org




QUESTIONNAIRE
233


In order to improve the quality and relevance of the work of the UNCTAD Division on Investment,
Technology and Enterprise Development, it would be useful to receive the views of readers on this and other
similar publications. It would therefore be greatly appreciated if you could complete the following questionnaire
and return it to:


Readership Survey
UNCTAD, Division on Investment and Enterprise
Palais des Nations
Room E-10052
CH-1211 Geneva 10
Switzerland
Or by Fax to: (+41 22) 917.04.98


1. Name and professional address of respondent (optional):


2. Which of the following best describes your area of work?


Government Public enterprise
Private enterprise institution Academic or research
International organization Media
Other (specify) Not-for-profit organization


3. In which country do you work?


4. What is your assessment of the contents of this publication?


Excellent Adequate
Good Poor


5. How useful is this publication to your work?


Very useful Of some use Irrelevant


6. Please indicate the three things you liked best about this publication and how are they useful for your
work:


7. Please indicate the three things you liked least about this publication:





QUESTIONNAIRE


FOREIGN DIRECT INVESTMENT IN LDCs: LESSONS LEARNED FROM
THE DECADE 2001–2010 AND THE WAY FORWARD


UNCTAD/DIAE/IA/2011/1


This questionnaire is also
available to be filled out on line
at: www.unctad.org/wir.




Foreign Direct Investment in LDCs:
Lessons Learned from the Decade 2001–2010 and the Way Forward234


8. On the average, how useful are these publications to you in your work?


Very useful Of some use Irrelevant


9. Are you a regular recipient of Transnational Corporations, UNCTAD’s tri-annual refereed journal?


Yes No


If not, please check here if you would like to receive a sample copy sent to the name and address you
have given above. Other title you would like to receive instead (see list of publications):


10. How and where did you obtain this publication:


I bought it In a seminar/workshop
I requested a courtesy copy Direct mailing
Other


11. Would you like to receive information on UNCTAD’s work in the area of Investment Technology and
Enterprise Development through e-mail? If yes, please provide us with your e-mail address:




Login