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No . 8 24 January 2012 GLOBAL FLOWS OF FOREIGN DIRECT INVESTMENT EXCEEDING PRE-CRISIS AMOUNTS IN 2011, IRRESPECTIVE OF TURMOIL INSIDE THE GLOBAL ECONOMY HIGHLIGHTS In spite of turmoil in the global economic system, global international direct expenditure (FDI) inflows rose by 17 per cent in 2011, to US$1. your five trillion, surpassing their pre-crisis average, based on UNCTAD estimations (figure 1).

Figure 1 ) Global FDI flows, normal 2005 3 years ago and 3 years ago to 2011 (Billions individuals dollars) one particular 969 you 744 you 480 one particular 472 you 180 you 290 1 509 740 0 pre-crisis average 2005-2007 2007 08 2009 2010* 2011** Origin: UNCTAD. 5. Revised. * Preliminary estimates. FDI inflows increased in most major financial groupings created, developing and transition economies Developing and transition financial systems continued to account for 50 % of global FDI in 2011 as their inflows reached a new record high, at an estimated US$755 billion, motivated mainly by robust greenfield investments. In this group, the 2011 increase in FDI flows was no longer driven simply by South, East and South-East Asia (which saw a rise of 14 per cent), but rather simply by Latin America and the Caribbean (increase of 35 per cent) through transition economies (31 per cent).

Africa, the region with the most least developed countries (LDCs), ongoing its decrease in FDI inflows. FDI flows to developed countries also went up by 18 per cent, but the growth was largely as a result of cross-border combination and acquisitions (M, As), not the much-needed expenditure in effective assets through greenfield purchase projects. Additionally, part of the M, A offers appear to be driven by corporate and business restructurings and a focus on core actions, especially in European countries. Looking forward, UNCTAD estimates that FDI moves will climb moderately in 2012, to around US$1. trillion. However , the downward quarterly trend in FDI projects in the final 1 / 4 of 2011 indicates the risks and uncertainties for additional FDI growth in 2012 stay in place. Global FDI moves rose this summer, surpassing their particular pre-crisis level Global FDI inflows flower in 2011 simply by 17 per cent compared with 2010, despite the economical and financial crisis. The climb of FDI was widespread, including all three major categories of economies created, developing and transition although reasons for this kind of increase differed across the globe (see below).

During 2011, various countries continued to put into practice policy adjustments aimed at additional liberalizing and facilitating FDI entry and operations, nevertheless also introduced new procedures regulating FDI (see UNCTAD’s Investment Policy Monitor). UNCTAD’s global FDI quarterly index remained constant during 2011, underscoring the increased stability of runs witnessed in the past year. Unlike international portfolio goes that have dramatically started to fall in the third quarter of 2011, FDI flows managed their up trends in least right up until this period (figure 2).

However , as primary data via cross-border Meters and greenfield investment projects suggest, FDI flows are expected to decelerate in the next quarter of 2011. Determine 2 . UNCTAD’s global FDI quarterly index compared with global foreign collection investment index, first quarter 2007 to last quarter 2011 (Base 100: quarterly average of 2005) 350 300 two hundred fifity 200 FDI 150 75 Foreign collection investment 40 0 Q1 , 40 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2007 2008 2009 2010 2011 , 100 Source: UNCTAD. Notes: The Global FDI Quarterly Index is based on quarterly info of FDI inflows to get 67 countries.

The index has been arranged so that the typical of quarterly flows in 2005 is the same as 100. The similar index for global foreign profile investment is usually based on quarterly data of portfolio expense inflows for the similar 67 countries. This index has also been arranged so that the typical of quarterly flows in 2005 is equivalent to 100. Figures for the last 1 / 4 of 2011 are UNCTAD estimates. Following three years of consecutive drop, FDI flows to designed countries grew robustly this year, reaching an estimate US$753 billion, 18 percent up from 2010.

Whilst FDI runs to The european union increased by 23 per cent, flows for the United States rejected by 8 per cent (annex 1). These kinds of trends wait in stark comparison with the previous year, which will saw a good recovery in the United States and a continuing decline in Europe. Large-scale swings (from contraction this year to growth in 2011 or perhaps vice versa) were also seen for a number of main FDI people, including Denmark, Germany, Italy, Sweden plus the United Kingdom. Ireland in europe witnessed a sizable increase in FDI flows credited entirely to equity and debt movements in the financial sector.

The rise in FDI in designed economies, mainly in Europe, was motivated by crossborder M which most cases appear to be driven by corporate restructuring, stabilization and rationalization with their operations, improving their capital usage and reducing the expenses. Rising crossborder M in developed countries were partly due to the sale of non-core assets (e. g. Carrefour SOCIAL FEAR of Portugal completed the spin-off of its Distribuidora Internacional sobre Alimentacion in Spain for US$3. billion), and targeted opportunistic deals as a result of lower foreign currency values and fire revenue caused by lower prices of stock market markets. Yet , these general trends are not shared evenly by all developed countries. For example , FDI in Portugal and Philippines was down, but up in Italy and France. The differences also described themselves between different FDI components (figure 3). In the majority of created countries, the share of equity expense declined to less than 45 per cent, reinvested earnings made up almost half of FDI moves while other capital runs (primarily intra-company loans) elevated.

In The european countries alone, these types of debt flows swung coming from -(minus) US$25 billion inside the first 3/4 of 2010 to +US$36 billion in the same period in 2011, highlighting parent firms’ responses to the financial difficulties faced by way of a European online marketers. Figure several. FDI inflows by parts for 28 selected produced countries, typical 2005″2007 and 2007″2011 (Percentage) 100 70 60 forty five 20 0 Average 2005-2007 2007 2008 2009 2010 2011 Q1-Q3 Equity runs Reinvested income Other capital flows Resource: UNCTAD.

Notes: Selected created countries included here: Down under, Austria, Belgium, Bulgaria, Canada, Czech Republic, Denmark, Estonia, Finland, Indonesia, Hungary, Ireland in europe, Israel, Asia, Latvia, Lithuania, Malta, the Netherlands, New Zealand, Norway, England, Slovakia, Slovenia, Sweden, Swiss, the United Kingdom plus the United States. Info for 2011 cover the first 3/4 only. Producing and changeover economies continued to absorb 50 % of global FDI inflows this year, though which has a somewhat small share as compared to the previous year.

FDI flows to producing Asia (excluding West Asia) the principal new driver of the energetic rise of developing and transition economies decelerated as the region suffered with the prolonged crisis in Europe. Alternatively, Latin America and the changeover economies did find a significant within inflows, though not enough to boost the talk about of all growing countries and transition economies in global flows. FDI flows to developing Asia (excluding West Asia) went up 11 per cent in 2011, inspite of a reducing in the latter part of the year.

By subregion, East Asia, South-East Asia and South Asia received inflows of about US$209 billion, US$92 billion and US$43 billion, respectively. With a sixteen per cent enhance, South-East Asia continued to outperform East Asia in growth of FDI, while To the south Asia found its inflows rise by one -third after a slide in 2010. The excellent performance of South-East Asia, which encompasses the Association of Southeast Asian Nations (ASEAN) overall, was motivated by razor-sharp increases of FDI inflows in a number of countries, including Philippines, Malaysia and Thailand.

FDI to Chinese suppliers rose by simply 8 percent to an estimated US$124 billion (US$116 billion dollars in the nonfinancial sector) because of increasing flows to non-financial services, even though FDI growth in the country slowed down in the last 8 weeks of 2011. FDI to Latin America and the Carribbean rose an estimated 35 percent in 2011, to US$216 billion dollars, despite a 31 per cent drop in the region’s cross-border M, A sales. A lot of the FDI expansion occurred in Brazil, Colombia and offshore financial centres.

International investors still find charm in South America’s diathesis of organic resources, plus they are increasingly captivated by the region’s expanding buyer markets. Particularly attractive will be Brazil’s market size as well as strategic situation that delivers other growing markets including Argentina, Chile, Colombia and Peru inside easy reach. In addition , uncertainty in the global financial marketplace served to improve flows to the region’s offshore financial companies. The along with FDI flows to Africa in 2009 and 2010 continuing into 2011, though at a much slow rate.

The recovery in flows to South Africa did not offset the numerous fall in FDI flows to North The african continent: Egypt, Libya and Tunisia all witnessed sharp declines in FDI flows in the past year. Central and East Africa experienced total decreases in inward purchase flows. Western world and The southern part of Africa, in the meantime, saw powerful growth in the past year. West Asia witnessed a 13 per cent decline in FDI goes to an believed US$50 billion in 2011. Chicken stood out as very, with back to the inside FDI joining a strong 45 per cent increase to US$13 billion, mainly due to a pointy rise in cross-border M, As sales.

This consolidated the country’s location as the region’s second largest FDI recipient at the rear of Saudi Arabia, wherever FDI fallen by forty-four per cent, to a estimated US$16 billion this year. Transition financial systems of South-East Europe as well as the Commonwealth of Independent Claims (CIS) experienced a strong restoration of thirty-one per cent inside their FDI inflows in 2011. It was mainly because of a number of significant cross-border bargains in the Russian Federation concentrating on the energy industry. Investors were motivated by the continued regarding local consumer markets and by a new rounded of privatizations.

Diverging styles in FDI modes accentuated in 2011 Cross-border M, Since rose dramatically in 2011 ” especially mid-year ” while deals declared in late 2010 came to fruition (figure 4). Rising M, A activity, especially in the kind of megadeals, in developed countries and change economies offered as the driver for this increase. The extractive sector was targeted by a volume of important bargains in equally regions, although a sharp rise in pharmaceutical M, As happened in produced countries. M, As in growing economies fell slightly in value.

New deal activity began to fail in the middle section of the year while the number of announcements tumbled significantly. Completed deals, which follow announcements around by a split year, likewise started to reduce by year’s end. Determine 4. Benefit of cross-border M, A sales and greenfield expenditure projects, First quarter 3 years ago to previous quarter 2011 (Billions of dollars) five-hundred 450 4 hundred 350 dollar billion three hundred 250 200 150 100 50 zero Q1 Q2 Q3 3 years ago Q4 Q1 Q2 Q3 Q4 Q1 Q2 2008 M, A worth Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010 Q2 Q3 Q4 2011 2009 Greenfield value Resource: UNCTAD.

Be aware: Data the past quarter of 2011 will be preliminary. Greenfield investment assignments, in contrast, declined in value terms to get the third right year, inspite of a strong overall performance in the 1st quarter (figure 4). Mainly because these projects will be registered with an announcement basis, their functionality largely coincides with investor sentiment within a given period. Thus, their particular tumble in value conditions beginning in the second quarter from the year was strongly associated with rising problems about the direction of the global economic climate and events in Europe.

For the year as a whole, the value of greenfield purchase projects fallen 3 percent, compared with the prior year, with nearly 3/4 of this decrease occurring in developed countries. Greenfield investment projects in developing and transition economies rose a little bit in 2011, accounting for about 2/3 of the total value of greenfield purchase projects (annex 1). FDI prospects this january: cautiously optimistic Based on the latest prospects of underlying elements, such as GDP growth and cash holdings by transnational corporations (TNCs), UNCTAD quotes that FDI flows will certainly rise moderately in 2012, to US$1. trillion. However , the fragility on the planet economy, with growth reinforced by the financial debt crisis, the uncertainties surrounding the future of the euro and rising economical market disturbance, will have a direct impact on FDI flows in 2012. Both cross-border M, While and greenfield investments slipped in the last 1 / 4 of 2011. M, A announcements continue being weak, indicating that collateral investment element of FDI flows will decrease in 2012, specially in developed countries. All these factors indicate the risks and uncertainties for additional FDI growth in 2012 remain in place.

Annex 1 . FDI inflows, cross-border M, While, and greenfield investment by region and major economy, 2010″2011 (Billions of US dollars) a Host location / economy 2010 Community 1 289. 7 Developed economies 635. 6 The european union 346. eight European Union 314. 1 Austria 3. 8 Belgium seventy two. 0 Czech Republic 6th. 8 Denmark , 1 ) 8 Finland 6. 9 France thirty-three. 9 Philippines 46. one particular Greece zero. 4 Ireland in europe 26. 3 Italy being unfaithful. 2 Luxembourg 20. three or more Netherlands , 13. a few Poland on the lookout for. 7 Portugal 1 . a few Spain 24. 5 Sweden , 1 . 2 British isles 51. 8 United States 228. 2 Asia , 1 ) 3 Developing economies 583. 9 54. Africa Egypt 6. some Nigeria six. 1 S. africa 1 . a couple of Latin America and the Carribbean 160. 8 Argentina 7. 0 Brazil 48. 5 Chile 12-15. 1 Colombia 6. eight Mexico 19. 6 Peru 7. three or more 368. 4 Asia and Oceania West Asia fifty eight. 2 Chicken 9. you South, East and South-East Asia 308. 7 China and tiawan 114. several Hong Kong, Chinese suppliers 68. 9 India twenty-four. 6 Philippines 13. three or more Malaysia 9. 1 Singapore 38. 6th Thailand five. 8 South-East Europe and CIS 75. 2 Russian Federation forty one. 2 Resource: UNCTAD. a b FDI inflows w 2011 Growth rate (%) 1 508. 6 seventeen. 0 753. 2 18. 5 425. 7 twenty-two. 8 414. 4 31. 9 seventeen. 9 366. 3 forty one. 1 -42. 5. 0 -25. on the lookout for 17. almost 8.. 0. your five -92. two 40. 0 18. one particular 32. a few -30. zero , 0. 8.. 53. 0 tips. 3 33. 1 261. 0 27. 2 thirty-three. 8 , 5. three or more.. 14. two 46. 7 4. four 203. 3 25. 0 1 . being unfaithful 22. zero.. 77. you 49. zero 210. six -7. six , 1 . 3.. 663. 7 13. 7 fifty four. 4 -0. 7 0. 5 -92. 2 six. 8 doze. 0 4. 5 269. 2 216. 4 6th. 3 66. 5 seventeen. 6 14. 4 17. 9 7. 9 392. 9 55. 4 13. 2 343. 7 124. 0 79. 4 34. 0 nineteen. 7 14. 6 41. 0 several. 7 91. 7 50. 8 thirty four. 6 -10. 0 thirty five. 3 16. 4 113. 4 -8. 8 7. 4 6th. 7 -13. 4 forty five. 1 10. 4 almost 8. 1 13. 8 37. 9 twenty four. 2 twenty-seven. 6 6th. 1 33. 1 35. 6 23. 4 Net cross-border M, As 2010 2011 Expansion rate (%) 338. almost eight 507. 49. 7 251. 7 396. 3 57. 4 123. 4 191. 2 fifty five. 0 113. 5 162. 8 43. 3 0. 4 6. 9 you 505. 6 9. some 3. 9 , 54.99. 3 , 0. your five 0. six , 258. 4 1 ) 4 several. 7 431. 4 0. 3 1 ) 0 200. 6 3. 8 twenty three. 6 524. 6 10. 9 12. 8 seventeen. 2 , 1 . two 1 . a couple of , 201. 7 installment payments on your 1 installment payments on your 2 2 . 5 6th. 8 13. 4 98. 8 installment payments on your 1 being unfaithful. 4 three hundred and fifty. 9 some. 0 being unfaithful. 4 134. 9 1 . 0 10. 1 868. 3 installment payments on your 2 zero. 9 , 58. almost eight 8. six 17. a few 99. 1 1 . 4 4. four 203. a couple of 58. several 34. being unfaithful , forty. 1 70. 3 129. 7 sixty one. 6 6. 7 5. 1 , 23. on the lookout for 82. almost eight 78. 8 , 4. 8 several. 6 six. 3 , 17. 1 0. two 0. 6th 198. 9 0. 3 0. 5 82. a couple of 3. 9 4. four 10. 6 29. your five 3. 5 8. 9 1 . 6 , 1 ) 6 8. 0 zero. 7 forty-five. 7 5. 6 installment payments on your 1 32. 1 six. 12. zero 5. a few 1 . 7 3. some 4. 6 0. five 4. a few 2 . on the lookout for 20. three or more , zero. 2 12-15. 1 0. 6 , 0. on the lookout for 1 . 2 0. a few 52. a few 9. 5 7. 2 42. six 9. zero 1 . 0 12. 5 6. your five 4. five 4. a few 0. 6 32. a couple of 29. zero , 23. 3 , 107. one particular 70. 5 , sixty five. 0 , 44. 5 , 84. 6 , 28. 8 14. 3 105. eight 251. being unfaithful 33. a couple of 50. eight , 91. 5 a hundred and twenty-five. 2 287. 8 23. 3 , 2 . one particular 24. 7 644. your five 895. 9 c Greenfield investments 2010 2011 Development rate (%) 807. zero 780. 4 , a few. 3 263. 5 229. 9 , 12. 7 148. 9 145. 2 , installment payments on your 5 143. 1 142. 2 , 0. six 1 . 9 3. 7 94. 6th 4. 6th 2 . almost 8 , 39. 3 five. 5 4. 2 , 23. 7 0. several 0. your five 53. you 1 . five 1 . six 7. zero 8. a few 7. several , 13. 8 13. 7 13. 6 , 1 . a couple of 1 . 2 . 0 95. 8 4. 4 a few. 9 32. 6 12. 1 4. 8 , 52. two 0. 4 0. 2 , 43. 4 on the lookout for. 8 5. 3 , 55. eight 10. 0 9. 1 , 8. 9 installment payments on your 6 1 ) 0 , 61. six 14. almost 8 9. one particular , 37. 6 1 ) 8 installment payments on your 3 twenty seven. 1 3. 6 thirty-one. 1 32. 2 57. 1 fifty-one. 3 , 10. a couple of 4. 5 4. two , 8. 0 491. 6 498. 1 1 ) 3 84. 1 76. 6 , 8. 9 13. almost eight 6. 1 , fifty five. 7 doze. 5 some. 0 , 67. 7 5. on the lookout for 9. 1 55. zero 118. a couple of 7. 1 43. a couple of 8. 1 8. almost eight 14. a few 11. six 289. a few 52. 0 9. one particular 236. 2 84. 6th 5. zero 45. four 11. six 12. almost 8 13. six 7. several 51. almost eight 33. some 126. on the lookout for 11. 6th 59. 7 11. 6 7. six 15. eight 3. 8 294. six 60. 2 6. six 231. 4 81. 9 3. on the lookout for 51. five 22. a couple of 10. six 16. 6th 3. one particular 52. 3 19. 5 7. 3 62. almost eight 38. a couple of 43. , 12. 9 9. you , 67. 0 1 ) 8 15. 7 , 27. 9 , installment payments on your 1 , 3. 2 , 21. 4 13. 6 85. 7 , 15. 7 22. a few , 59. 7 0. 9 , 41. four Revised. Primary estimates simply by UNCTAD. c Net cross-border M, As are sales of companies inside the host economic climate to international TNCs excluding sales of foreign affiliates in the sponsor economy. Be aware: World FDI inflows happen to be projected on such basis as 153 economies for which info are available for element of 2011 or perhaps full season estimate, by 19 January 2012. Data are predicted by annualizing their offered data, generally the 1st three quarters of 2011.

The proportion of inflows to economies in total inflows with their respective place or subregion in 2010 is employed to extrapolate the 2011 regional info. Annex installment payments on your Cross-border M, A relates to a value of over US$3 billion this summer Value (US$ million) twenty-five 056 several 057 6 041 a few 629 four 948 5 800 four 750 some 546 three or more 895 a few 832 a few 800 three or more 800 three or more 549 Bought company Industry of the bought company Web host economy Supreme acquiring firm Ultimate acquiring nation Italy Australia Australia Spain Norway United States Australia Germany Switzerland Spain Us United States Usa

GDF Suez Energy AXA Asia Pacific Holdings Limited AXA Asia Pacific Coopération Ltd Lender Zachodni WBK SA Vale SA AIG Star Insurance coverage Co Limited Chesapeake Strength Corp. Porsche Holding GmbH Baldor Electric Co Turkiye Garanti Bankasi AS Widespread Studios Having III Corp OAO “Vimm-Bill’-Dann Produkty Pitaniya” EMI Group PLC

Initially quarter Gas transmission Belgium Life insurance Sydney Life insurance Quotes Banks Especially Iron ores Brazil Insurance coverage Japan Elementary petroleum and natural United States gas Autos and other electric motor Austria automobiles Motors and generators Us Banks Turkey Television transmitting United States stations Fluid dairy Russian Federation GDF Suez SA AMPLIFYING DEVICE Ltd AMPLIFYING DEVICE Ltd Banco Santander SOCIAL FEAR Norsk Hydro ASA Prudential Financial Incorporation BHP Billiton Ltd Porsche Automobil Keeping SE ABB Ltd BBVA GE PepsiCo Inc Citibank Inc

Solutions allied to motion British picture production Second quarter Telephone communications, except radiotelephone Natural products, other than diagnostic substances Land subdividers and builders, except cemeteries Offices of bank keeping companies Birdwatcher ores Drilling oil and gas wells Food arrangements Electric solutions Personal credit institutions Radiotelephone communications Italy United States United states of america United States Sydney United States Denmark United Kingdom United states of america Brazil Brazil Canada Russian Federation Australia United States Usa United States Sweden United States Brazil

Weather Assets Srl twenty-two 382 21 years old 230 Genzyme Corp Centro Properties Group 9 four hundred 7 800 7 359 7 306 7 206 6 505 6 three hundred 5 524 4 925 4 356 4 000 3 908 3 842 3 560 3 five-hundred 3 4 hundred 3 117 3 070 Morgan Stanley Equinox Minerals Ltd Pleasure International Inc Danisco A/S Central Systems PLC The chrysler Financial Corp Vivo Participacoes SA VimpelCom Ltd Sanofi-Aventis SA Blackstone Group LP Mitsubishi UFJ Finl Grp Inc Barrick Gold Corp Ensco PLC DuPont PPL Corp Toronto-Dominion Bank

Telefonica SA Cosan Ltd Cliffs Natural Solutions Inc Total SA Rio de janeiro Tinto PLC Unilever PLC Grifols SA Investor Group Investor Group Ventas Incorporation Sinochem Group Takeda Pharmaceutic Co Limited BHP Billiton Ltd BP PLC Polyus Zoloto IPIC Rolls-Royce Group plc Solvay SA Traditional bank of Montreal Investor Group Thermo Fisher Scientific Incorporation GE Shareholders Investor Group SABMiller PLC Microsoft Corp Metelem Keeping Ltd Teva Pharmaceutical Companies Polymetal Foreign Plc Mitsubishi Corp Chiron Holdings Inc Peabody Strength Corp Volcan Investments Ltd Liberty Global Inc UCL Holding BACTERIAL VAGINOSIS Hutchison Whampoa Ltd Colectividad Sura China and tiawan Investment Corp Level 3 Communications Inc Netherlands England United States Japan Canada British isles United States United states of america Canada Spain Brazil United States France British isles United Kingdom The country of spain Singapore United States United States China

Shell International Petroleum Company Industrial organic chemicals Limited Consolidated Thompson Iron Iron ores Puits Ltd Crude petroleum and natural OAO “Novatek” gas Bituminous coal and lignite Riversdale Exploration Ltd surface mining Fragrances, cosmetics, and Alberto-Culver Company other toilet preparations Talecris Biotherapeutics Pharmaceutical preparations Loge Corp Frac Tech Coalition LLC Gas and oil field providers Securitas Direct AB Security alarm systems services Atria Senior Living Group Inc. Peregrino Task, Campos Pot Nycomed Worldwide Management GmbH Petrohawk Energy Corp Reliance Industries Limited OAO “Polyus Zoloto” Cia Espanola de Petroleos SA CEPSA Tognum AG Rhodia SA Marshall , Ilsley Corp.

Parmalat SpA Phadia AB Converteam Group OBSTACLE Distribuidora Universal de Alimentacion SA Rato SPIE SA Foster’s Group Ltd Skype ip telefoni Global Sarl Polkomtel SOCIAL FEAR Cephalon Incorporation OAO “Polimetall” Anglo American Sur SOCIAL FEAR Kinetic Concepts Inc Macarthur Coal Ltd Cairn India Ltd Musketeer GmbH OAO “Pervaya Gruzovaya Kompaniya” Northumbrian Water Group PLC E Groep NV GDF Suez SA Global Crossing Ltd Skilled breastfeeding care establishments Crude petroleum and gas Third quarter Pharmaceutical preparations Crude petroleum and gas Crude petroleum and gas Gold ores Crude petroleum and gas Internal burning engines Manmade organic fabric, except cellulosic National commercial banks Substance milk Surgical and edical instruments and apparatus Engines and generators Grocery stores 13 683 14 776 being unfaithful 000 6 256 4 964 four 723 5 640 5 095 a few 599 three or more 540 3 200 3 140 a few 033 12 793 almost 8 500 6th 611 six 311 your five 499 a few 390 five 139 5 949 4 542 some 495 5 223 a few 837 three or more 614 three or more 259 Switzerland United States India Russian Federation Spain Australia France Us Italy Laxa, sweden France The country Japan Sydney United Kingdom Russian Federation Combined Arab Emirates United Kingdom Athens Canada Portugal United States United States France Usa United Kingdom United states of america Cyprus Israel Jersey Asia United Kingdom Us United Kingdom Us Netherlands Hong Kong, China Republic of colombia China Usa

Engineering companies France 4th quarter Malt beverages Down under Prepackaged Software program Luxembourg Radiotelephone Poland marketing communications Pharmaceutical preparations Gold ores Copper pépite Surgical and medical instruments and equipment Coal mining services Raw petroleum and natural gas Cable connection and other pay television services United States Russian Federation Chile United States Sydney India Philippines Railroads, line-haul operating Russian Federation Hydrant Insurance brokers, brokers, and service Electric powered services Phone communications, other than radiotelephone British isles Mexico Portugal Bermuda 3 017 Resource: UNCTAD. Another issue of UNCTAD’s Global Investment Styles Monitor will be released in mid-April 2012. The next issue of UNCTAD’s Investment Policy Keep an eye on will be on sale since the first days of Feb . 2012.