Slides for the roundtable Kalman Kalotay UNCTAD ’Emerging Multinationals’: Outward Foreign Direct Investment from Emerging and Developing Economies 10 October 2008, Copenhagen Business School

Not just the BRICS: Share of emerging economies * in world FDI stock, 1990–2007 (%)… *defined as developing and transition economies All emerging economies BRICS

…but difference is less pronounced if ‘emerging economies’ are defined and middle and low-income countries Middle and low-income economies BRICS

Difference between ‘developing and transition’ economies and ‘middle and low-income’ countries ‘Developing and transition’ includes high- income economies, namely:  Asian tigers: Hong Kong, China Korea, Republic of Singapore Taiwan Province of China  High-income oil exporters: Bahrain Brunei Darussalam Kuwait Qatar Trinidad and Tobago United Arab Emirates  Offshore financial centres: Aruba Barbados British Virgin Islands Cayman Islands Netherlands Antilles ‘Middle and low-income’ excludes all high- income economies but includes:  Middle-income new EU members: Bulgaria Hungary Latvia Lithuania Poland Romania Slovakia  And still excludes high-income ‘emerging economies’ such as: Czech Republic Estonia Israel Slovenia Measurement of the share of BRICS partly depends on how you define ‘emerging’

Potential perceptions of emerging-economy investors in developed host economies Type of investor Financial resources Techno- logy Employ- ment & skills Environ- mental impact Social responsi- bility Transpa- rency National security Privately owned State- owned / Govern- ment- related Sove- reign wealth fund

The importance of the home country fur future FDI theory  Whither the home country? (Ms Tolentino) or  Towards an OLI-H paradigm?