Fantasy Voyage from Femoral Vein to Right Lobe of the Lung

HS 130 Unit 4 Assignment Fantasy Voyage and Battle of the Lung Hello everyone and welcome aboard! I am S Y. with Voyage Health. Today, we will embark together in my mini-sub and we shall travel through the body of this young lady named Lola. In this journey we will enter her body through the femoral vein and travel all the way to her lung. Alert! Alert! An alert just came and we are in for a surprise. Bacteria have invaded Lola’s lower lobe of her right lung and we shall report the invasion and document all we see. Let’s proceed.We are being injected into the femoral vein close to the groin area. The femoral vein runs parallel with the femoral artery through the upper thigh and pelvic region of the body. (Yahoo Health, 2013) Being one of the larger veins in the body, the femoral vein returns blood into the leg to the heart through the iliac vein. Before we get to the iliac vein, we pass through the inguinal ligament that forms a band going from anterior superior iliac s pine to the pubis ligament. The role of the inguinal ligament is to protect the tissue movement between the trunk and the lower extremities. Yahoo Health, 2013) From the inguinal ligament, going north, we see the external iliac vein which is a continuation of the femoral vein just above the inguinal ligament. Starting at the groin area, the external iliac vein goes along the pelvic area. When it intersects with the internal iliac vein , we will navigate East into the common iliac vein that functions to drain the perineal regions. The iliac veins are joined together to form inferior vena cava. The inferior vena cava, also know as posterior vena cava, is a vein that carries deoxygenated blood from the lower body to the heart. (Yahoo Health, 2013).It runs behind the abdominal cavity and alongside the right vertebrae column of the spine and it carries blood from the lower body to the heart. (Yahoo Health, 2013) From here we can already see the heart. Isn’t it fantastic? We are so close to the pump that keeps the human body alive. Once we enter it, we will experience first hand the intricate operation of this marvelous mechanism. Next stop. Right atrium. One of the four chambers of the heart, the right atrium lets deoxygenated blood to pass through the tricuspid valve into the right ventricle and from there to the lung to oxygenate.The tricuspid valve, also known as right atrioventricular valve is located between the two chambers and it looks like flaps that blocks blood flowing back into the atrium. (Yahoo Health, 2013) The right ventricle of the heart has the mission to pump the blood into the pulmonary artery via the pulmonary valve and pulmonary trunk right into the lungs. Ready to go through the pulmonary valve into the pulmonary artery? Here we go! Weeeee†¦.. We are steps away from the most magnificent oxygen factory you have ever seen. Short and wide, the pulmonary artery begins at the base of the right ventricle and with a considerable size of 1 . inches in diameter and 2. 0 inches in length. Interesting fact: the pulmonary artery is one of the only arteries that carry deoxygenated blood. The other artery is the umbilical artery in the fetus. This is just something I remembered from an Anatomy class I used to take in college. The main pulmonary artery extends from the right ventricle of the heart and branches into left and right pulmonary arteries. The left and right pulmonary arteries extend to the left lung and right lungs. (Bailey, Regina 2013) Now just relax and sit back. Enjoy the ride to the lung!Going through the Finally, as promised, welcome the most amazing oxygen factory of the human body! The lung. Divided in two, the lung has 5 chambers, 3 on the right side and 2 on the left side. In the right side of the lung, we see the right superior lobe or the apex located right under the collarbone. The right middle lobe right below and what would be the name of the 3rd chamber? Right, the right inferior or lower lobe, als o called the base can anyone guesses why? Because it is broad and it rest on the diaphragm right around the 7th rib. Thibodeau, GA & Patton, KT, 2008) Our earlier alert lets us know that nasty bacteria have affected the right lower lobe of the lung. We need to watch carefully what is happening and record everything. The body gives an alarm each time something foreign enters it and tries to fight it. Alarm system? Yes. The immune system is our alarm system. The 2 types of immunity are specific and non-specific. The non-specific immunity, also called innate immunity confers general protection from any irritant or abnormal substance that threatens the internal environment. Thibodeau, GA & Patton, KT, 2008) For example, the skin and the mucus membrane are non-specific barriers to prevent bacterium from entering the body. A non-specific response is inflammatory response and it is most common immune response. Specific immunity, as the name says, provides specific protection against certai n types of invading bacteria or toxic materials. (Thibodeau, GA & Patton, KT, 2008) Also called adaptive immunity, specific immunity may be classified as â€Å"natural† or â€Å"artificial†. Natural immunity is non-deliberate exposure to disease agents and it can be active or passive.An example of passive natural immunity is the immunity given to the fetus by the mother. Artificial immunity is deliberate exposure to disease agents and one example is vaccine for polio. Afterwards, the person who has received the vaccine will have active artificial immunity. In Lola’s case, her non-specific immunity kicked in when the bacteria invaded the lung. The white blood cells, monocytes and macrophages are in action These are natural killer cells that fight inflammation. Most likely, Lola will develop fever and the neutrophils are first to come in during inflammatory process.After the body starts to recover and the fever subdues, the lymphocytes will activate and create ant ibodies. That means that Lola will have specific immunity once this event is registered into the memory cells. Seems that Lola will be on her way to recovery soon and we documented the Battle of the Lung. Shall we continue our journey? The pathway out is through the nose and even though it might seem gross, we will see some very interesting things on the way out. Let’s proceed! Seat belts on, please! We are passing through the alveolar membrane into the alveoli. Can you see the structure?They look like grapes and they are as many as 10 times larger than the entire surface area of the body. Together, the alveoli can cover 100 square meters. (Thibodeau, GA & Patton, KT, 2008) Leaving the grape shaped alveoli behind we move to the bronchioles and then into the bronchi straight into the trachea. The trachea is like the trunk of a tree upside down holding on each side the lungs and it is formed of 15-20 C-shaped rings of cartilage that protect the windpipe. It extends from the bro nchi all the way up to the larynx in the neck over a length of approx. 4. 5 inches.From there, we move to the nasopharinx passing right behind the vocal cords, palatine tonsil, and lingual tonsil. Watch out! The uvula! Phew, that was a close one†¦.. We are in the nasopharinx now and we can already see the light at the end of the tunnel. I mean, at the end of the nose. We can see the frontal, maxillary, sphenoidal and ethmoidal sinuses that help draining of the nose. Floating through the nasal septum into the external nostrils, we are at our final destination. Let’s stop for a moment and take a deep breath. We got to admit the human body is quit fantastic.I hope you have enjoyed this journey as much as I did. And hopefully, Lola will recover from that bacterium soon. Thank you for your spirit of adventure. This is S Y. with Voyage Health. References Yahoo Health, Femoral Vein (2013). Retrieved from http://health. yahoo. net/human-body-maps/femoral-vein Yahoo Health, Ingui nal Ligament (2013). Retrieved from http://health. yahoo. net/human-body-maps/inguinal-ligament Yahoo Health, Inferior Vena Cava (2013), Retrieved from http://health. yahoo. net/human-body-maps/inferior-vena-cava Yahoo Health, Triscupid Valve(2013), Retrieved from ttp://health. yahoo. net/human-body-maps/tricuspid-valve Bailey Regina (2013), Pulmonary Artery, about. com guide. Article retrieved from http://biology. about. com/od/anatomy/ss/pulmonary_artery. htm Thibodeau, G. A. & Patton, K. T. (2008)Structure and Function of the Body, Chapter 14, The Respiratory System, 13th Edition, St. Louis, MO;Mosby Elsevier, Thibodeau, G. A. & Patton, K. T. (2008)Structure and Function of the Body, Chapter 13, The Immune System, 13th Edition, St. Louis, MO;Mosby Elsevier.

The Comeback of Caterpillar – What are the dynamics of competition in the heavy construction equipment industry?

When the US construction industry grinded into an economic downturn, demand for Caterpillar products decreased. The major decrease in the US industry is the result of the completion of the interstates, giant dams, and other construction buildings. Hydraulic excavators are very big market. They accounted for 45 percent of the sales. They are the fast selling equipment that can create competition between the companies. Developing Nations played an important role in the competition, because the need for construction equipments increased to shape the new dams and especially to make roads. The growth rates of developing nations were faster than the global demand so developing nations becomes the new market areas for competition. One of the biggest competitions takes place in the replacement parts sector. It is an essential part of the industry. Replacement parts made up together over a quarter of the total revenues of the total construction equipment industry. Also the sales of replacement parts are more profitable than the whole machines. Construction Companies competed to provide the best parts for the best needs. It is vital for companies to achieve an economies of scale to survive in the competition. To achieve economics of scale, companies try to capture a large market share in order to eliminate the low volume of global sales. Distribution and service network is the essential part of the industry because the inability to operate the equipment is very expensive. To gain competitive advantage by selling parts, companies used a worldwide network of dealerships to sell their machines and provide support. Intense competition among the companies drove them to form alliances to share risks, to access new markets, use technology and share production. Oil prices are very important because decline in oil prices can depressed the market and could affect the competition directly. Currency Fluctuations affects the industry as a whole. Rise in the value of dollar makes other countries buying power decrease, which results as an import to the country The imports will be much cheaper than the domestic products, therefore industry will shift to import from other countries. Strong currency is the prime factor for companies such as Caterpillar to have trouble while competing for developing countries. Cyclical Nature of the construction equipment could make an industry wide downturn for both domestic and international markets. 2. What were the sources of Caterpillar's spectacular success up to the early 1980s? The major reason of the spectacular success of Caterpillar up to the early 1980's was the post-war years. Those were the times to reconstruct the countries that were destroyed in the wars. As a result Caterpillar products exploded during those times to rebuild Europe, build the US interstate highway system, erect the giant dams of the third world, and layout the major airports. Also Caterpillar Company followed some strategies during those times to differentiate itself from its competitors by producing reliable, high quality products and providing a fast delivery of replacement parts. As a result Caterpillar became the leader of the heavy construction equipment industry. On the other and Caterpillar's distribution and relationship with their dealers contributed to the company's world wide success. The vision of Caterpillar for their deal network was very unique. Those dealers were self sustaining businesses who invest their own capital. They generally earn 100 percent of their revenues by selling and supporting Cat equipment. By doing those Caterpillar dealers remained in the hands of the same family and helped the company to make huge success. 3. What were the strategies introduced by Schaefer, Fites, and Barton to reduce the impact of cyclical downturns on Caterpillar's results? George Schaefer * Global Outsourcing; Caterpillar sought to purchase parts and components from low cost suppliers, who maintained high quality standards. Under their new policy â€Å"shopping around the world,† they moved to outsource 80 percent of its parts and components. * With the help of its branding program Caterpillar sold outsourced machines under its own name. Branding program helped the company to keep production costs down while taking a superior marketing organization advantage. * As the demand for heavy equipment decreased Caterpillar needed to reevaluate its product mix and create a broader product line. Caterpillar started to sale light construction equipment. â€Å"Between 1984 and 1987, accordingly, Caterpillar doubled its product line from 150 to 300 models of equipment introducing many small machines that ranged from farm tractors to backhoe loaders.† They also started to market light weight vehicles to small scale owner operations and new contractors. * Schaefer promoted open communication strategy, which resulted the free flow of ideas between officers, managers, and production workers. * Also Schaefer launched the Employee Satisfaction Process (ESP), which helped the company to organize in work teams, met weekly with management and offered suggestions that helped to solve many critical aspects of the manufacturing process. The program resulted in productivity gains, quality improvements, and increased employee satisfaction. * Schaefer also launched a plant modernization program with just in time inventory method. This led the company to have computerized tools, and flexible manufacturing systems. They also changed the traditional manufacturing process system called â€Å"batch†. Unlike in batch systems assembly lines provided complete model production and helped the company to achieve high level of work in progress. * Correcting the assembly mistakes Caterpillar reconfigured the layout of its manufacturing system into flexible work cells. Workers used computerized machine tools to perform several manufacturing steps. * As general Schaefer reemerged the company as a lean, technological, flexible, and competitive global company. He increased the company shares up to 7 percent, while increased the revenues by 66 percent, Donald Fites * Fites turned the company into a utilizing integrated approach based, Japanese style company. He also wanted to bring Caterpillar's labor relations to the Japanese model, because Japanese unions are company based organizations. * He also looked deeply into the customer needs, because global pricing decisions center didn't have a broad knowledge about the local market conditions around the world. He delegated district offices authority to set prices which helped him to push responsibility down the chain of command to the lowest possible level. * He applied the same principle to Caterpillar's entire structure, developing a company wide reorganization plan under Schaefer's direction. Caterpillar's old organization structure was only suitable in US, but as the company expanded globally the limitations of such structure become apparent. * Fites broke the company into 17 semi-autonomous divisions in order to operate necessarily and to gain the company flexibility. He then required each division to have 15 percent rate of return, on the other hand he threatened to penalize any division that fell behind. This helped the company to increase their profits and give them maximum flexibility. * In addition to all those, Fites developed a new plan, which based all of its incentive compensation schemes on return on assets. As traditionally Caterpillar managers were paid in proportion to the size of the budget they controlled, or the number of employees they supervised. Also all funding, and R&D activities that controlled by each division helped the company to be more customer driven than at any other period in past. * New organization plan affected the company's distribution network as well. With the help of new divisions, dealers seeking help could contact them easily. The importance of this structure was the interaction between Caterpillar's managers and dealers increased. It also enabled the company and dealers to have closer relationships to each other. According to Fites Caterpillar's distribution system was the company's single greatest advantage over it's competitors. * Another strategy for Caterpillar was to protect its dealers against failure. Caterpillar assisted individual dealers who were subject to intense price competition. To help those dealers Caterpillar reduced prices even sometimes reduced the dealer's costs, and sometimes they launched a promotion campaign. All those helped the company to sell more vehicles and create sustainability when other dealers went out of business during the recession. * Not only they helped their dealers but also they introduced â€Å"Partners in Quality† program to have quality discussions, which links personnel at Caterpillar plants and dealerships. This helped the company to have strong personal business ties with the dealers. * Fites invested to upgrade the Caterpillar's worldwide computer network. It helped Caterpillar to link together all factories, suppliers, sealers, distribution channels and customers. With the help of this system Caterpillar guaranteed 48 hours delivery of parts anywhere in the world. Caterpillar provided the most comprehensive and fastest part delivery system in the industry. Also electronic alert system developed under Fites. This system designed to monitor machines remotely identify parts, which needed to be replaced, and replace them before they failed. This helped the company to repair the machines before they broke down. They saved repair costs, it also provided to Caterpillar reduce their inventory costs. * Fites expanded the products of the company. Caterpillar entered a total of 38 mergers and joint venture agreements. Caterpillar sold engines separately and accounted for 35 percent of Caterpillar's revenues. This is a very big market and Caterpillar engines powered one third of the big trucks in the United States. * Fites wanted to reject the collective bargaining agreement, because the labor costs are very high and they were cutting the company's global competitiveness. The labor prices were very high and Caterpillar was heavily depended on the export of domestically manufactured products. After he rejected the agreement union went to strike. But Fites forecasted the strike and he built up enough inventory to supply customers for about six months. * Fites was a very successful CEO; he trained managers and office workers to operate factory machinery, when the strike happened again he was prepared again. His ability to see the answer before the question earned company lots of money. * At last he got what he wanted. He signed a contract with the union allowing Caterpillar to introduce two tier wage system and pay new employees 70 percent of the starting union scale. The contract also provided more flexible schedule format allowing management to keep employees on the job longer than eight hours. The contract also enabled company to hire temporary employees without the approval of the union. * Fites wanted to have good relationship with the union because incase of an economic downturn and an recession he wanted to have a smooth workforce. Glen Barton * He believed that the downturn of the US market could be eliminated by an upturn in the international market. * He increased sales of Caterpillars equipment to the developing nations such as Asia, Latin America, and Eastern Europe. By doing this he created new markets for the company. * He made non truck engines incase of a decline in the truck engines. Such diversification enabled the company to produce engines even the truck engine part offset. * Under the leadership of Barton, Caterpillar started to sell mobile power modules. * Caterpillar started to rent business equipment. Barton made efforts to make dealers diversify into rentals. As successful as it is the rental distribution segment of the fastest growing segment. * He also used joint ventures to expand into new markets, and he was very successful. He formed joint ventures with Daimler Chrysler and started to produce medium duty engines. He also started to manufacture fuel systems. Those fuel systems were designed to increase efficiency of diesel engines and thereby reduce diesel emissions.

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Systems and Operations Management - Essay Example Competition has progressed from one that is based on specific organisational practises to one that is highly influenced by the supply chains of an organization. Supply chain management has been conceptualized into five dimensions that posses the potential to determine the competitive advantage of a business especially in the manufacturing sector. Supply chain dimension are the determinant factors that influences the excellence of a specific supply chain model adopted by a company specifically in the chemical specialty sector. These dimensions include but are not limited to alignment of the overall business strategies and the supply chain strategy and the execution of such strategies. Strategic depth of every supply chain management plan also forms an important element of supply chain dimension that a company must consider. All the steps taken in enhancing the competitiveness of a business targets the customers who must register utmost satisfaction with the supply chain performance, a n important dimension in strategic management of supply chains. Proper supply chain management also creates competitive advantage by providing the link between demand creation and demand fulfilment by improving the ability of a business to design its products based on the desires and tastes of the customers. ... Speciality chemicals include materials such as adhesives, agrichemicals, polymers, fragrances, food additives and surfactants. As products that are majorly used based on the basis of their performance and function, supply chain management plays a significant role in the development of proper products that can suit the demands of other industries and individuals. Speciality companies belong to different associations depending on their country of origin and the nature of products that they generally produce. In the United Kingdom, speciality industries belong to the British association of chemical specialties while American version is the society of chemical manufacturers and affiliates. Apex industrial chemicals is a British based company with its headquarters in Aberdeen and supplies companies and individual client’s different products for use in specific specialty industries. The products manufactured by the company include cleaners, degreasers, scale dissolvers, lubricants, corrosion preventives and hand care products. The products form Apex industrial chemicals targets players in other industries including the vehicle exterior cleaning and maintenance, electrical equipment maintenance and fabrication and engineering among others (Berning et al, 2002). Apex also manufactures products that targets offshore marine companies that are used in mining and offshore oil drilling. The widespread market presence of AIC across Europe and other parts of the world can be attributed to the sound supply management strategy that the company has employed. This has enabled the company to manufacture products that meets the demands and specifications of the clients found within different sectors of the economy. Example would be low cost

Arfa Batik Essay Example for Free

Arfa Batik Essay From the backyard of the founders house, our exclusive hand drawn batik is now a multi million ringgit industry with markets as far ranging as Europe and the Middle East. Our batik fashion house or haute couture combines contemporary design and traditional Malay motifs into batik of simple elegance, and are very much sought out by discerning customers from around the world. WHAT WE DO We are involve in various batik production processes from manufacturing from printing, colouring/dyeing, designing and tailoring, wholesaling, exporting to retailing of our batik products. We seek to open a chain of Noor Arfa Batik retail throughout the world through franchising. Noor Arfa is Malaysian’s largest commercial Batek producer. Noor Arfa has built a reputation as the leading manufacturer of superior hand – drawn fashion items and accessories. We also train and develop master craftsmen that consistently produce quality with excellence. We stand out as leader in our industry in the way we have perfected the art of combining distinct colour with classic designs and traditional Malay motives, to create Batek of simple elegance. The Market Noor Arfa Franchise operates in a dynamic and evolving marketplace. Consumers are presented with many options for batik textile and we see a growing interest in fashionable and contemporary batik that address the need to be trendy and yet unique in identity. We find our customers desiring the look that is Malaysian and yet global in application. Noor Arfa addresses this gap in the market by providing a more comprehensive product range that addresses the various needs of the different segment of the market for batik wear and textile. Our customers would also not have to worry about quality as we provide a consistent buying experience with our quality policy which is to produce excellent quality product that satisfy our customer needs. We also believe there are other areas of the market that would benefit from our products which we have not yet targeted. For example we see huge potential in offering our product to the trendy and fashionable young market which is looking for cool and â€Å"in† fashion wear. This is an area of the market that is fully aware of the benefits of self identity and yet contemporary.

Difficulties Arabic Students Face In English Language Learning

Difficulties Arabic Students Face In English Language Learning In educational settings the language is both the medium and content of instruction. Academic success is dependent on proficiency of spoken and written forms of the language used for instruction (Shatz and Wilkinson 2010: 55). Introduction Next to the United States, the United Kingdom receives the biggest number of international students in the world. In 2009, 13 percent of the total undergraduate population enrolled in the UK were international students (UK Council for International Student Affairs 2009). More specifically, college entrants from Saudi Arabia increased rapidly by 42.2 percent from 3,535 in 2008 to 5,205 in 2009 (Times Higher Education 2010). This dramatic rise of the Arabic international student cohort in the UK requires immediate attention especially in relation to the academic adjustments these students make in the school environment. One of the most significant adjustments for Arabic international students is learning the English language, a phenomenon driven by the demands of globalisation and the now widespread use of English as a second language in the educational curriculum even in Arab countries (Tahaineh 2010). While the process of English language learning among Arab students within their hom e countries has gained much academic attention (Khatib, 2000; Tahaineh, 2010; Ghaith and Diab 2008), not enough research focus has been made on the experiences of Arabic international students in the UK. What is known today is too scant to be applied practically in policymaking or in educational practice. This dissertation explores two main points, firstly, it highlights how little we know about the difficulties that Arabic international students face in learning the English language and secondly, it calls for the need to undertake more robust empirical work on the growing Arabic international student cohort in the UK. This mixed methods research will be a valuable contribution to UK educators in helping Arabic students learn effectively at the same time achieving institutional goals as well as meeting the educational expectations and needs of Arabic students in the UK. Research question This dissertation aims to answer the central question, What difficulties do Arabic students in the UK face when learning the English language? There are two sub-questions proposed which will guide the outcomes of this research. What issues do Arabic students face in English language learning? The literature review suggests that the difficulties Arabic international students may face when learning the English language are multi-faceted. It may involve basic structural differences between Arabic and English (Shabbir Bughio 2003), cultural issues (Elyas and Picard 2010), motivation and self-esteem (Al-Tamimi Shuib 2009), and social issues (Shammas 2009). What strategies do they use to overcome the barriers identified? After discovering the issues that Arabic international students face in English language learning, it is important to uncover the strategies that they employ in order to cope with the difficulties faced. Rationale and context The context of this proposed dissertation is of a general and personal nature. ESL literacy has always been an ongoing academic interest of the researcher. While in the past, learning the English language was viewed as a betrayal of the mother tongue for most Arabic students, the demands of free market globalisation has prompted a renewed vigour among Arab universities and Arabic students to become proficient in the English language. On a personal level, I have always been concerned with the skills of Arabic international students in reading and writing. Studying the English literacy experiences of these students will contribute to an increase in our understanding as to what strategies could help Arabic students obtain English proficiency and attain their educational goals. At the same time, it will also address the gap in literature which can inform the policymaking and institutional practice of UK universities in meeting the needs and expectations of Arabic international English learners. By describing the experiences of Saudi students in L2 literacy experience, we can begin to draft useful conclusions, implications, and recommendations to contribute to second language acquisition and proficiency in general and ESL literacy in particular. Literature review A preliminary literature review reveals significant themes related to the difficulties that Saudi international students experience in learning the English language. 1. Basic structural differences of Arabic and English The most common difficulty experienced in English language learning and proficiency among Arab students lies in the basic structural differences between the mother tongue and the second language. For instance, Arabic writing does not use capitalisation and uses different rules in punctuation from English (Shabbir Bughio 2003). Spelling is also a problem since in Arabic, there is only one letter per sound so the spelling part is much more challenging in English. A study revealed that students struggle with spelling silent alphabets located in the middle of English words such as half or knowledge. Pronunciation of English words is also problematic since Arab speakers often use Arabic phonetics to pronounce words (Salebi 2004). As a result, words like stupid are pronounced istobbid while pregnant is pronounced brignent (Shabbir Bughio 2003). The use of commas and conjunctions is also another difficulty for Arabic students because the usage is different in Arabic and English contexts ( Rababah 2002). The same is true on the use of English prepositions; due to the varied nature and usage of prepositions in English, many Arabic students opt to translate each Arabic preposition in English (Shabbir Buhgio 2003). Kambal (1980) documented major syntactic errors in the compositions of Arab students in the Sudanese University particular in verb formation, subject-verb agreement, and use of tenses. 2. Motivation in learning EFL Motivation has been an established predictor of success EFL outcomes (Al-Tamimi Shuib 2006). Consequently, a learners attitude towards the second language affects his or her outcomes in English language learning. Gardner and Lambert (1972:3) explained that a learners motivation to learn is reflected in the latters attitudes towards English speakers as well as towards the English language itself. In fact, empirical research has pointed to a learners general attitude towards knowledge as an influential variable in second language acquisition and proficiency (Arkoudis 2003). Moreover, self-esteem has been shown to be a significant predictor in writing achievement among Arabic secondary students (Al-Hattab 2006). Beliefs on the English language are mediated by culture and social characteristics (Ely 1986). This means that not all people hold uniform epistemological beliefs about L2 language acquisition and that our appreciation of the knowledge process is dependent upon our different co ntexts. Some argue however that while motivation and attitudes towards the L2 language is important, it is not a sufficient condition in language proficiency (Ely 1986). In a survey of Arabic students in Australia, general attitudes towards the English language were positive; most believed that English symbolised technological advancement and modernity (Suleiman 1983). In another study, it was found that positive attitudes toward English language learning were related to EFL outcomes (Ghaith and Diab 2008). 3. Cultural issues Culture plays an important role in the English language learning process, especially in relation to language instruction (Elyas and Picard 2010). In Saudi Arabia, classroom instruction is delivered in a different manner from Western schools. The classroom is a place where the teacher is an established head and the students role is defined in terms of quietness of loving to listen (Jamjoom 2009, as cited Elyas and Picard 2010). Teacher-student relationships in the Saudi context are feudal; teachers and instructors occupy a high tier in the classroom and so-called student-centred pedagogy is not a common practice (Gallagher 1989). The implication of this is that most Saudi students are not accustomed to interactive teaching processes, one that cultivates proficiency in the English language. Arabic students only learn English from formal instruction and the classroom itself does not provide a venue wherein they could practice their English communication skills (Rababah 2002). This class room acculturation creates potential problems in the context of English language learning in a UK university where classroom interaction is a popular teaching model. Most Arabic students become unsociable in class, do not recite as often as needed, and speak English only when directed formally (Ghaith and Diab 2008). Moreover, teacher attitudes and behaviours towards Saudi students may also count against EFL. Cross-cultural differences have been shown to affect classroom sociability of Arabic students (Rababah 2002). 4. Social issues Alienation in the university setting has been found to influence the academic outcomes of Arabic international students in the USA (Shammas 2009) particularly after the 9/11 terror attacks. The same alienation was reported by Arabic students when the school climate became hostile in some universities within the UK (Rich and Troudi 2006). The level of integration that Arabic international students experience in their universities is helpful in enhancing motivation to learn the English language (Shammas 2009). Feelings of isolation due to the loss of social capital increases sociability among Arabic international students and may result to loss of self-esteem and motivation. Those who are able to renew their social capital by connecting with new friends Arabic or not have a greater chance of being successful in being proficient in the English language. Research approach Empirical work examining the processes of second language acquisition and the effectiveness of strategies focused on learning English as a second language has utilised both quantitative and qualitative research approaches (Ghaith and Diab 2008; Al-Hattab 2006; Rabab-ah 2002). This study proposes a mixed methods approach integrating both qualitative and quantitative elements to more adequately explore the English language learning process among Arabic international students in the UK. Considered a bridge between the quantitative and qualitative realms of research, mixed methods research draws upon the strengths of both paradigms to generate a more complete and thorough investigation of a topic or phenomenon (Johnson and Onwuegbuzie 2004). To this end, mixed methods research supposes that the two research paradigms can be reconciled, maximising the strengths of both while minimising their weaknesses at the same time (Tashakkori and Teddlie 2003). In deciding what research approach best suits the purposes of this study, I considered two ontological positions constructivist and positivist on the topic. Firstly, I consider that Arabic students are differently situated and construct their realities from their own experiences and values. In this regard, there is no one version of reality that could be gleaned (Denzin and Lincoln 1994) on how Arabic international students experience English language learning. Secondly, however, I believe that it is possible to establish what a causal relationship (Creswell 2003) or the particular factors predict English language proficiency among Arabic students in general. In other words, we can determine what specific difficulties can influence English language proficiency among Arabic students. From a pragmatic point of view, both ontological positions are useful in this investigation, hence, a mixed methods paradigm. Why use a stand-alone paradigm when you can use two paradigms and in the pro cess, capture the phenomenon being studied more fully? Mixed methods research is a methodologyà ¢Ã¢â€š ¬Ã‚ ¦ philosophical framework, method, and techniques of data collection and analysis which combines both quantitative and qualitative processes throughout the entire research cycle (Creswell and Plano Clark 2007:5). The benefits of conducting mixed methods research are three-fold: 1) it allows a holistic investigation of a phenomenon; 2) it enables a macro- and micro- investigation of the phenomenon; and 3) it has validating capacity of quantitative with qualitative methods and vice versa (Onwuegbuzie and Leech 2004). This study proposes a research approach consisting of two phases. The first phase is the quantitative phase; the goal is to determine what specific issues Arabic students face in learning the English language and how these variables are related to each other. The second phase builds on the results of the quantitative phase and explains the outcomes more fully. The quantitative phase will utilise a web-based survey questi onnaire to be followed by face-to-face interviews for the qualitative phase. The idea of this research technique is that by integrating both numerical data (survey questionnaire) and textual data (interviews), the difficulties Arabic international students phase in English language learning can be captured more completely and comprehensively. Research Design There are several variations in design to a mixed methods study. Three issues are considered in the selection of the specific mixed methods design for this particular research: priority, implementation, and integration (Creswell and Plano Clark 2007). Priority specifies which method is emphasised; implementation identifies whether data collection and analysis is done sequentially (different stages) or concurrently (parallel stages); and integration defines the connectedness between the results of the two phases. This study uses the sequential explanatory design to investigate the experiences of Arabic international students in English language learning. Sequential explanatory design A sequential explanatory design is chosen. The data collection and analysis will consist of two phases (Creswell, 2003; Onwuegbuzie and Teddlie 2003). The first phase will use a web-based survey questionnaire to be answered by a manageable random sample of Arabic international students enrolled in one UK university. Data collected will be analyzed through descriptive statistics and chi-square. The second phase of the study will proceed after the completion of the first phase. It will build on the findings of the first phase and use individual semi-structured interviews of five Arabic international students. The goal of the second phase is provide a more in-depth explanation of the difficulties experienced by Arabic students and the strategies they use to overcome these difficulties. Through the integration of data from both the quantitative and qualitative phase, the results will be refined and the phenomenon explored in a more holistic manner. More specifically, this explanatory mix ed methods research uses the follow-up explanations variant in an attempt to understand more fully the process in which Arabic students learn English in foreign universities. The follow-up explanations model is selected because the qualitative phase means to explain and expand on quantitative results (Creswell 2003: 43). The priority phase of this study is the qualitative phase because of its capability to provide a more complete picture of the phenomenon being considered. Using a pragmatic ontological position which values positivist and interpretivist assumptions, the study uses two general instruments and triangulation methods to establish validity and reliability of research findings. Phase 1: Quantitative (Survey questionnaires) A self-constructed online survey questionnaire will be used to gather data on the difficulties experienced by Arabic students in English language learning. Items in the questionnaire will be drawn from the literature review and will measure difficulties in five aspects: 1) structural adjustments from Arabic to English (spelling, punctuation, grammar, etc.), 2) motivation, 3) cultural issues, and 4) social issues. After the selection of participants, a URL will be sent via email to participants advising them to read the consent form and to indicate their compliance. The survey will also be available on Facebook and other social networking sites. After gathering data, results will be analyzed using appropriate descriptive and inferential statistics. Phase 2: Qualitative (Face-to-face interviews) After the first phase of data collection and data analysis, in-depth interviews will be scheduled with six Arabic international students in order to gather information that will further explain the results of the survey questionnaire. A semi-structured interview guide will be developed in order to allow the participants to discuss their answers in a more flexible manner. The semi-structured nature of the interview guide will also allow the researcher to clarify or ask follow-up questions that can further refine the data. Interviews will be audiotaped with the participants consent and transcribed immediately afterwards. Qualitative analysis will be used to gather recurring themes from the interview data. Validity and Reliability To establish the validity and reliability of the outcomes of this study, content validity and triangulation through multiple sources will be used. To establish content validity, the survey instrument will be evaluated by a panel of specialists. Multiple sources such as documents and academic papers will also be requested from interviewees. Member checking will be done to verify the accuracy of the transcribed interviews. Ethical Issues The following ethical considerations are identified. Institutional requirements will be met before data collection. Permission to conduct the study will be obtained by securing approval from the Institutional Review Board (IRB) of the University. The researcher will complete the ethics form and wait for approval before beginning the collection of data. Consent will be secured. An informed consent will be drafted to explain to participants the purposes and objectives of the study as well as the rights of participants regarding confidentiality and voluntarism. The same form will be attached to the online survey as proof of compliance with ethical requirement for research. Anonymity and confidentiality of information will be guaranteed. Procedures will be done to protect the rights of human subjects. Every completed questionnaire will be coded in order to hide the identity of participants. For the personal interviews conducted, each participant will be informed that the interview will be audiotaped for documentation. Transcript of the interviews will use pseudonyms instead of real names. Data storage requirements will also be complied with. Transcripts and hard drives will be secured in a locked cabinet to be destroyed after the study is published. Bias will be bracketed to minimise prejudicial interpretation of data. Ethics requires the researcher to fully disclose any potential conflicts of interest. Bias is acknowledged to arise from data collection until the final phases of the study. Risk of bias will be minimised through bracketing and a written reflection log to trace subjectivities. Research schedule 2011 Activities May Completion of dissertation proposal June IRB form completed and passed July Additional literature review Survey questionnaire developed August Methodology chapter finalised Survey questionnaire piloted and evaluated Revisions to questionnaire finalised September Selection of participants October First phase of data gathering Analysis of results quantitative phase November Write up of results and advising December Refining of literature review Drafting of interview guide and approval 2012 January Selection of interviewees Conduct of interviews Transcription and qualitative analysis February Integration of findings from Phase 1 and Phase 2 Meet with supervisor Pass first draft of findings and conclusions March Check references. Finalise draft. April Final proofreading and revisions. Send to binders. May Submit bound copies by May 2012. Reflective commentary Writing this dissertation proposal has not only been a significant educational experience for me; it was also a reflexive opportunity. I was given an avenue with which to consider my own perspectives about obtaining higher education in a foreign university and the experiences which have so far brought me to the level I am now situated. Preparing the literature review was the most rewarding part of all because it enabled me to acknowledge the multifaceted and complex nature of the English language learning process. Simply put, acquiring a second language is not a simple feat. It is influenced by multiple factors and influences. While I was able to gather the most significant themes associated with English language learning among Arabic international students, I look forward to constructing the more detailed literature review in the future.

poland history Essay -- essays research papers fc

The Poles who were West Slavic people established Poland in the late 5th century. History was first written in the 10th century about Poland when the Polish nation changed into Christianity in 966. Prince Mieszko I was the first ruler and his son, Boleslaw I, was the first king of Poland. This established the Piast dynasty that lasted from 966 to 1370. During the Piast dynasty there where Piast kings with a lot of rivalries from nobility and Bohemian and Germanic invasions that made Poland a very troubled country. The last king of the dynasty was Casimir III, crowned in 1333. He extended Polish influence eastward to Lithuania and Russia. He acquired Pomerania from the Teutonic Knights and shifted borders between Poland and Germany. During his 37-year reign a university was established, laws were made more organized, castles grew strong, and minority groups were given protection (Grolier). The Polish nobility selected Jagello as grand duke of Lithuania in 1836, to rule by arranging his marriage to the Polish Princess Jadwiga. The initial personal union with Lithuania was formalized only 200 years later by the Union of Lublin in 1569 and it produced a state that extended from the Baltic Sea in the north to the Black Sea in the south (Grolier). Poland’s Golden Age started when Poland won the Battle of Tannenberg in 1410 against the Teutonic Order. The Polish would deal very well with threats from other countries. It was slowly devolving to rule under nobility that led the state to its disintegration (Grolier). The Polish Renaissance of the 16th century produced a flourishing of arts and intellectual life. Some examples are the scientific work of Copernicus and the lyric poetry of Jan Kochanowski. Protestantism grew in Poland during this time and the Jewish community, which has been around Poland since the 14th century, won the right of self-government. The economic wealth at this time was based on grain exports (Grolier). The Jagello dynasty ended in 1572, with the death of Sigismund II. The power was then transferred from aristocracy to the broader class of nobility called the szlachta. From 1573 to the last partition of Poland in 1795 the Republican Commonwealth was organized by a system of elective monarchy and of a Sejm (Parliament), meaning each noble had a vote. Even though the kings had to follow the idea of szlachta rule, they still used their own idea... ...e the best. Two examples are the fall of Jan Olszewski, because he tried making a list of former high ranking communist collaborators, and the first women to be Prime Minister, Hanna Suchocka, who lost by a no-confident vote. The people split in groups and accused Walesa and the roundtable negotiators to sell out to communist when it was they that could help if the economy falls (Szczepkowski). In 1995, Walesa was beat by Aleksander Kwasniewski, whose campaign asked people to look into the future and forget about the past, for presidency. The church suffered because it made many efforts to influence politics and tried to influence Poland to become a post communist society, but sometimes backfired (Szczepkowski). Bibliography Culture in People’s Poland. Ed. Tadeusz Galinski. Poland: a Country of Study. Ed. Glenn E. Curtis 3rd ed. Lanham:   Ã‚  Ã‚  Ã‚  Ã‚  Bernan Press, 1994. â€Å"Poland.† Britannica Online. 2001. Encyclopedia Britannica. 12 November 2001 â€Å"Poland.† 1998 Grolier Multimedia Encyclopedia. CD-ROM.   Ã‚  Ã‚  Ã‚  Ã‚   Danbury: Grolier Interactive Inc., 1998.

Art and Republicanism :: Government Republican Essays

Art and Republicanism ABSTRACT: Republicanism is contrasted with liberalism with special reference to the notions of presence, absence and representation. The contrast is more conspicuous in the Platonic tradition of republicanism than it is in the Aristotelian tradition, the former being more likely to degenerate into some form of totalitarianism. Examples thereof are given in accordance with the distinction between a strong and a soft iconoclasm, as it is found both in Antiquity and in Eastern and Western Europe’s quest for absolute presence or—as in avantgarde art of modernity—for absolute self-presence of the work of art. Having left such political and artistic utopias behind it, the pendulum is now swinging back in the direction of representation, but no longer in the illusionist sense which has dominated Western art form the Renaissance to the beginning of our century. Tied to the question of iconoclasm is the debate about the end of art inaugurated by Hegel in the general intro duction to his Aesthetics and resumed in our days. There are two traditions of republicanism, one predominantly Platonic and the other predominantly Aristotelian. Both have several characteristics in common which set them off apart from the tradition of liberalism, such as the paramount concern for morals in politics, or the priority of politics over economics, or the mistrust of growth and riches as well as the preference for poverty over luxury, proximity over distance and—most important from the point of view of arts—direct presence over mere representation and immediacy over mediation. Still, surely the overarching characteristic is that of giving the common good of the res publica absolute priority over private interests with consequences such as the rejecting of factions and—in the last analysis—even of political parties. But there are also differences. The most important of these is that in the Platonic as opposed to the Aristotelian tradition the issue of self-government of all citizens is, to put it mildly, not prominent. If only for this reason, the danger of sliding into totalitarianism is greater in the Platonic than in the Aristotelian tradition of republicanism. Nevertheless, one could, on the whole, say that totalitarianism is the perversion of republicanism in the same sense that anarchy is the perversion of liberalism. To realize this, one need only bear in mind that, republicanism being fundamentally suspicious of political parties as potential factions, it more naturally leads to one-party rule than liberalism does. In addition, the

Hobsons choice-How did hobson lose control? Essay

Henry Horatio Hobson is one of the principal characters of the play and his conflict with his daughters, particularly Maggie, provides the basis of the story line. Hobson is a 55-year-old middle-class man very old fashioned values.This causes the reader to instantly dislike Hobson thanks to the language Brighouse uses when exposing Hobson’s mannerisms to the audience for the first time. He is a ‘single parent’ since his wife’s death and although in a different situation this could have been seen as quite heroic, instead he is shown to be quite the opposite, in the way that he constantly reminds his daughters that he considers them to be uppish, and that they have,†grown bumptious at a time when they lack a mother’s hand.† Throughout the play Hobson is portrayed as a character who wants to be dominant, from as early as act one Hobson can be seen addressing his daughters so called â€Å"uppishness†. â€Å"I’m talking now, and your listening†¦.Girls grow bumptious, and must have someone to rule, but I tell you this, you’ll none rule me.† This shows that Hobson thinks he understands his daughters actions, and thinks that their actions are normal, but the reality is that his daughters are tired of Hobson’s way’s , and want Hobson to allow them some independence. Hobson is portrayed as his daughters oppressor in the way that he describes the way that Alice and Vickey dress (who are avid followers of fashion).†It’s immodest†. â€Å"To hell with the fashion†. Hobson shows a lack of understanding or care for his daughters feelings and is clearly not worried about offending them. Hobson’s lack of warmth and inability to empathize contributes towards his downfall. Despite Hobson’s many imperfections, he still remains in control of his daughters, that is until, Maggie sets her mind of marrying Hobson’s most skilled worker, the working class, uneducated, son of a â€Å"workhouse brat† ; Willie Mosses. Hobson initially Laugh’s at the idea of marriage claiming that he will choose who his daughters marry. â€Å"Didn’t you hear me say that I’m doing the choosing when it comes to husbands?† The fact that Maggie goes on to Marry Will demonstrates the eventual shift of power in the play. Brighouse is very clever when choosing Hobson’s words, rather than having Hobson disagree with the idea in an ordinary way; he demonstrates Hobson’s arrogance by having Hobson’s question Maggie’s ability to listen. Hobson’s actions in act three cause the reader to feel a strong feeling of irony when Hobson is diagnosed with alcoholism towards the end of act four. In the middle of act three Hobson can be found warning his daughters never to come home.† Don’t you imagine thereby be room for you when you come home crying and tired of your fine husbands. I’m Rid of ye and it’s a lasting riddance.† In conclusion, the main cause for Hobson’s loss of control was That Hobson underestimated his Daughters, Particularly Maggie. Throughout the play Brighouse uses Hobson a representation of a middle class and proud stereotype. Hobson’s loss o control is underlined at the end of the play when he is forced to give will half of his shop and agrees to have no say in the shop’s affairs. Brighouse uses irony in the form of the â€Å"Son of a workhouse brat† Will mossop.   

Regional Trends in Fdi

REGIONAL TRENDS IN FDI CHAPTER II Salient features of 2011 FDI trends by region include the following: †¢ Sub-Saharan Africa drew FDI not only to its natural resources, but also to its emerging consumer markets as the growth outlook remained positive. Political uncertainty in North Africa deterred investment in that region. †¢ FDI inflows reached new record levels in both East Asia and South-East Asia, while the latter is catching up with the former through higher FDI growth. FDI inflows to South Asia turned around as a result of higher inflows to India, the dominant FDI recipient in the region. †¢ Regional and global crises still weigh on FDI in West Asia, and prospects remain unclear. †¢ South America was the main driver of FDI growth in Latin America and the Caribbean. The pattern of investment by traditional investors – Europe and the United States – is changing, while there has been an advance in FDI from developing countries and Japan.A recent shift towards industrial policy in major countries may lead to investment flows to targeted industries. †¢ FDI flows to economies in transition recovered strongly. They are expected to grow further, partly because of the accession of the Russian Federation to the World Trade Organization (WTO). †¢ The search for energy and mineral resources resulted in cross-border megadeals in developed countries, but the eurozone crisis and a generally weak outlook still cloud investor sentiment. FDI inflows to the structurally weak, vulnerable and small economies were mixed. While FDI to landlocked developing countries (LLDCs) grew strongly, inflows to least developed countries (LDCs) and small island developing States (SIDS) continued to fall. 38 World Investment Report 2012: Towards a New Generation of Investment Policies INTRODUCTION In 2011, FDI inflows increased in all major economic groups ? developed, developing and transition economies (table II. 1).Developing countries accounte d for 45 per cent of global FDI inflows in 2011. The increase was driven by East and SouthEast Asia and Latin America. East and South-East Asia still accounted for almost half of FDI in developing economies. Inflows to the transition economies of South-East Europe, the Commonwealth of Independent States (CIS) and Georgia accounted for another 6 per cent of the global total. The rise in FDI outflows was driven mainly by the growth of FDI from developed countries.The growth in outflows from developing economies seen in the past several years appeared to lose some momentum in 2011 because of significant declines in flows from Latin America and the Caribbean and a slowdown in the growth of investments from developing Asia (excluding West Asia). FDI inflows to the structurally weak, vulnerable and small economies bounced back from $42. 2 billion in 2010 to $46. 7 billion in 2011, owing to the strong growth in FDI to LLDCs (table II. 1). However, the improvement in their share was hardly visible, as FDI inflows to both LDCs and SIDS continued to fall.Table II. 1. FDI flows, by region, 2009–2011 (Billions of dollars and per cent) Region World Developed economies Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbean Transition economies Structurally weak, vulnerable and small economiesa LDCs LLDCs SIDS Memorandum: percentage share in world FDI flows Developed economies Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbean Transition economies Structurally weak, vulnerable and small economiesa LDCs LLDCs SIDS 2009 1 197. 606. 2 519. 2 52. 6 206. 6 42. 4 66. 3 149. 4 72. 4 45. 2 18. 3 28. 0 4. 4 50. 6 43. 3 4. 4 17. 2 3. 5 5. 5 12. 5 6. 0 3. 8 1. 5 2. 3 0. 4 FDI inflows 2010 1 309. 0 618. 6 616. 7 43. 1 294. 1 31. 7 58. 2 187. 4 73. 8 42. 2 16. 9 28. 2 4. 2 47. 3 47. 1 3. 3 22. 5 2. 4 4. 4 14. 3 5. 6 3. 2 1. 3 2. 2 0. 3 2011 1 524. 4 747. 9 684. 4 42. 7 335. 5 38. 9 48. 7 217. 0 92. 2 46. 7 15. 0 34. 8 4. 1 49. 1 44. 9 2. 8 22. 0 2. 6 3. 2 14. 2 6. 0 3. 1 1. 0 2. 3 0. 3 2009 1 175. 1 857. 8 268. 5 3. 2 176. 6 16. 4 17. 9 54. 3 48. 8 5. 0 1. 1 4. 0 0. 3 73. 0 22. 0. 3 15. 0 1. 4 1. 5 4. 6 4. 2 0. 4 0. 1 0. 3 0. 0 FDI outflows 2010 1 451. 4 989. 6 400. 1 7. 0 243. 0 13. 6 16. 4 119. 9 61. 6 11. 5 3. 1 9. 3 0. 3 68. 2 27. 6 0. 5 16. 7 0. 9 1. 1 8. 3 4. 2 0. 8 0. 2 0. 6 0. 0 2011 1 694. 4 1 237. 5 383. 8 3. 5 239. 9 15. 2 25. 4 99. 7 73. 1 9. 2 3. 3 6. 5 0. 6 73. 0 22. 6 0. 2 14. 2 0. 9 1. 5 5. 9 4. 3 0. 5 0. 2 0. 4 0. 0 Source: UNCTAD, FDI/TNC database (www. unctad. org/fdistatistics). a Without double counting. CHAPTER II Regional Trends in FDI 39 1. Africa A. REGIONAL TRENDS Fig. FID ows – Africa Figure A.FDI flows, top 5 host and home economies, 2010–2011 (Billions of dollars) (Host) Nigeria South Africa Ghana Angola Table A. Distribution of FDI flows among economies, by range,a 2011 Range Above $3. 0 billion $2. 0 to $2. 9 billion Inflows Outflows Nigeria, South Africa .. and Ghana Congo, Algeria, Morocco, .. Mozambique, Zambia Sudan, Chad, Democratic $1. 0 to Republic of the Congo, Guinea, Angola, Zambia $1. 9 billion Tunisia, United Republic of Tanzania, Niger Madagascar, Namibia, Uganda, $0. 5 to Equatorial Guinea, Gabon, Egypt, Algeria $0. billion Botswana, Liberia Zimbabwe, Cameroon, Cote d'Ivoire, Kenya, Senegal, $0. 1 to Mauritius, Ethiopia, Mali, Liberia, Morocco, Libya $0. 4 billion Seychelles, Benin, Central African Republic, Rwanda, Somalia Swaziland, Cape Verde, Djibouti, Democratic Republic of the Congo, Mauritius, Malawi, Togo, Lesotho, Sierra Gabon, Sudan, Senegal, Niger, Tunisia, Togo, Leone, Mauritania, Gambia, Zimbabwe, Kenya, Cote d'Ivoire, Seychelles, Below Guinea-Bissau, Eritrea, Sao Ghana, Guinea, Swaziland, Mauritania, Burkina $0. billion Tome and Principe, Burkina Faso, Botswana, Benin, Mali, Guinea-Bissau, Faso, Comoros, Burundi, Egypt, Sao Tome and Principe, Cape Verde, Namib ia, Angola Mozambique, Cameroon, South Africa, Nigeria a Economies are listed according to the magnitude of their FDI flows. (Home) Zambia Egypt Congo Algeria Algeria 2011 2010 Liberia 0. 0 0. 2 0. 4 0. 6 0. 8 1. 0 2011 2010 1. 2 1. 4 1. 6 0. 0 1. 0 2. 0 3. 0 4. 0 5. 0 6. 0 7. 0 8. 0 9. 0 10. 0 Fig.B – Africa FDI in ows Figure B. FDI inflows, 2005–2011 (Billions of dollars) West Africa Fig. C – Africa FDI out ows Figure C. FDI outflows, 2005–2011 (Billions of dollars) 10 8 6 4 2 0 – 2 Central Africa Southern Africa East Africa North Africa 2005 2006 2007 70 60 50 40 30 20 10 0 Central Africa Southern Africa North Africa East Africa West Africa 2008 2009 2010 2011 2005 3. 1 2006 2. 5 2007 2. 6 2008 3. 2 2009 4. 4 2010 3. 3 2011 2. 8 Share in world total – 4 0. 2 . 6 0. 4 0. 4 0. 3 0. 5 0. 2 Table B. Cross-border M&As by industry, 2010–2011 (Millions of dollars) Sector/industry Total Primary Mining, quarrying and petroleum Manufacturing Food, beverages and tobacco Chemicals and chemical products Metals and metal products Electrical and electronic equipment Services Trade Transport, storage and communications Finance Business services Table C. Cross-border M&As by region/country, 2010–2011 (Millions of dollars) Region/countryWorld Developed economies European Union United States Japan Other developed countries Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbean Transition economies 4 812 – 22 – 22 4 393 15 810 441 – 181 – 10 674 37 8 072 6 722 1 838 1 931 3 199 – 246 1 048 365 499 10 922 – 10 653 – 84 51 Sales 2010 2011 8 072 2 516 2 516 303 263 5 32 -9 5 253 84 1 912 134 2 994 7 205 1 664 1 595 1 922 1 026 155 286 470 3 619 2 161 489 910 149 Purchases 2010 2011 3 309 – 28 – 28 404 2 – 15 2 933 – 49 2 547 436 Sales 2010 2011 205 4 308 2 528 1 408 649 – 278 2 865 408 1 679 318 464 -5 – 130 Purchases 2010 2011 3 309 1 371 1 240 45 86 1 550 365 257 38 965 – 75 388 4 812 4 265 1 987 41 2 236 547 408 – 78 217 – Table D. Greenfield FDI projects by industry, 2010–2011 (Millions of dollars) Sector/industry Total Primary Mining, quarrying and petroleum Manufacturing Food, beverages and tobacco Coke, petroleum and nuclear fuel Metals and metal products Motor vehicles and other transport equipment Services Electricity, gas and water Construction Transport, storage and communications Business services Africa as destination Africa as investorsTable E. Greenfield FDI projects by region/country, 2010–2011 (Millions of dollars) Partner region/economy World Developed economies European Union United States Japan Other developed countries Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbean Transition economies Africa as destination 88 918 20 237 20 237 39 506 1 888 23 235 2 093 2 568 29 175 5 432 7 630 6 381 5 429 2010 82 315 22 824 22 824 31 205 5 185 9 793 5 185 3 118 28 286 10 477 3 303 5 345 5 619 2011 6 662 1 246 1 246 7 506 175 5 684 429 99 7 910 899 2 627 1 274 2010 16 551 4 640 4 640 4 798 628 2 212 9 7 113 1 441 1 223 68 2 282 2011 88 918 48 554 32 095 5 507 473 10 479 37 752 12 226 9 929 4 890 9 897 809 2 612 2010 82 315 38 939 23 633 6 627 1 299 7 380 42 649 10 368 12 357 11 113 7 038 1 774 727 2011 Africa as investors 16 662 1 192 373 49 769 15 462 12 226 141 75 2 517 503 8 2010 16 551 487 182 259 45 16 064 10 368 400 980 150 1 167 – 2011 40 World Investment Report 2012: Towards a New Generation of Investment PoliciesContinued fall in FDI inflows to Africa but some cause for optimism. FDI flows to Africa were at $42. 7 billion in 2011, marking a third successive year of decline, although the decline is marginal (figure B). Both cross-border mergers and acquisitions (M&As) (tables B and C) and greenfield investments by foreign transna tional corporations (TNCs) (tables D and E) decreased. In terms of share in global FDI flows, the continent’s position diminished from 3. 3 per cent in 2010 to 2. 8 per cent in 2011 (figure B).FDI to Africa from developed countries fell sharply, leaving developing and transition economies to increase their share in inward FDI to the continent (in the case of greenfield investment projects, from 45 per cent in 2010 to 53 per cent in 2011; table E). However, this picture of an overall declining trend in FDI does not reflect the situation across all parts of the continent. The negative growth for the continent as a whole was driven in large part by reduced flows to North Africa caused by political unrest and by a small number of other exceptions to a generally more positive trend.Inflows to sub-Saharan Africa1 recovered from $29. 5 billion in 2010 to $36. 9 billion in 2011, a level comparable with the peak in 2008 ($37. 3 billion). North Africa has traditionally been the recipie nt of about one third of inward FDI to the continent. Inflows in 2011 halved, to $7. 69 billion, and those to the two major recipient countries, Egypt and Libya, were negligible. Outward FDI from North Africa also fell sharply in 2011 to $1. 75 billion, compared with $4. 85 billion in 2010. These figures are in stark contrast with the peak of 2008 when the outward FDI of North African ountries reached $8. 75 billion. Flows to West Africa were destined primarily for Ghana and Nigeria, which together accounted for some three quarters of the subregion’s inflows. Guinea emerged with one of the strongest gains in FDI growth in 2011, a trend that is likely to continue in the next few years in view of the $6 billion that State-owned China Power Investment Corporation plans to invest in bauxite and alumina projects. Overall, inward FDI flows to West Africa expanded by 36 per cent, to $16. 1 billion.The bulk of FDI in Central Africa goes to three commodity-rich countries: the primaril y oil-exporting Congo and Equatorial Guinea and the mineralexporting Democratic Republic of the Congo. Although inward FDI flows to Congo grew strongly in 2011, weak inflows to the Democratic Republic of the Congo affected the region as a whole and resulted in inward investment flows to Central Africa falling by 10. 2 per cent overall to $8. 53 billion. Inward FDI to Southern Africa, recovered from a 78 per cent decline in 2010, more than doubling its total to $6. 37 billion.This reversal was precipitated primarily by the sharp rebound of flows to South Africa, the region’s largest FDI recipient. Inflows to Angola, however, declined by over $2 billion. East Africa, with historically the lowest FDI inflows in sub-Saharan Africa, reversed the downward trend of 2009–2010 to reach $3. 96 billion, a level just 5 per cent below the peak of 2008. As most countries in this subregion have not been considered rich in natural resources, they have not traditionally attracted large investments into exportoriented production in the primary sector, except in agriculture.However, the discovery of gas fields is likely to change this pattern significantly. New oil- and gas-producing countries are emerging as major recipients of FDI. Oil production in subSaharan Africa has been dominated by the two principal producer countries, Angola and Nigeria. Nigeria was Africa’s largest recipient of FDI flows ($8. 92 billion) in 2011, accounting for over one fifth of all flows to the continent. In gross terms, Angola attracted FDI inflows worth $10. 5 billion, although in net terms, divestments and repatriated income left its inflows at -$5. 9 billion. Aside from these major oil-producing countries, investors are looking farther afield in search of oil and gas reserves. Ghana, in particular, benefited from FDI in the newly developed Jubilee oil field, where commercial production started in December 2010. Elsewhere, Tullow Oil (United Kingdom) announced its plan to inve st $2. 0 billion to establish an oil refinery in Uganda. Noble Energy (United States) also announced plans to invest $1. 6 billion to set up production wells and a processing platform in Equatorial Guinea.Inward FDI flows to Uganda and Equatorial Guinea were $792 million and $737 million respectively in 2011, but announced greenfield projects show future investments of $6. 1 billion in Uganda and $4. 8 billion in Equatorial Guinea, indicating strong FDI growth in these countries. CHAPTER II Regional Trends in FDI 41 If oil reserves off the Atlantic coast of Africa have drawn significant FDI to that region, natural gas reserves in East Africa, especially the offshore fields of Mozambique and the United Republic of Tanzania, hold equal promise. In 2011, inflows of FDI to Mozambique doubled from the previous year, to $2. 9 billion. New discoveries of large-scale gas reserves continue to be made in 2012. Development of gas fields and the liquefied natural gas (LNG) industry will require huge upfront investments and presents considerable technological challenges. FDI is certain to play a large role in developing this industry in the region, as exemplified by the plans announced by Eni (Italy) to invest $50 billion to develop the gas fields recently discovered in Mozambique. Sectoral shift emerging, especially towards services. The limited volume of FDI to Africa tends to make inflows vary widely from year to year.Nevertheless, viewed over a longer time period, a discernible sectoral shift is taking place in FDI to Africa. Data on greenfield projects by three-year periods show that, contrary to popular perceptions, the relative importance of the primary sector is declining, although the total value of projects is holding steady (figure II. 1). The data on projects in services in the period 2006–2008 are inflated by the announcements of no fewer than 13 construction projects worth more than $3 billion each, which take many years to complete. Still, a general a scendancy of the services sector is clear.Aside from the construction industry, projects are drawn into industries such as electric, gas and water distribution, and transport, storage and communications in the services sector and industries such as coke, petroleum products and nuclear fuel in the manufacturing sector. This shift is more about diversification of naturalresource-related activities than a decline of the extractive industry. Many of the projects in manufacturing and services are premised on the availability of natural resources or play a supporting role for the extractive industry.Such projects include a $15 billion project by Western Goldfields (Canada) to construct a coal-fired power station in Nigeria and an $8 billion project by Klesch & Company (United Kingdom) to build an oil refinery in Libya, both announced in 2008. Better prospects for 2012. The region’s prospects for FDI in 2012 are promising, as strong economic growth, ongoing economic reforms and high commodity prices have improved investor perceptions of the continent. Relatively high profitability of FDI in the continent is another factor.Data on the profitability of United States FDI (FDI income as a share of FDI stock) show a 20 per cent return in Africa in 2010, compared with 14 per cent in Latin America and the Caribbean and 15 per cent in Asia (United States Department of Commerce, 2011: 51). In addition to traditional patterns of FDI to the extractive industries, the emergence of a middle class is fostering the growth of FDI in services such as banking, retail and telecommunications. UNCTAD’s forecast of FDI inflows also points to this pattern (figure I. 10).It is especially likely if investor confidence begins to return to North Africa and compensates for the recent declines in this region. Figure II. 1. Value of greenfield investments in Africa, by sector, 2003–2011 (Billions of dollars) 500 450 400 350 300 250 200 150 100 50 0 Services Manufacturing Prim ary 2003–2005 2006–2008 2009–2011 Source: UNCTAD, based on data from Financial Times Ltd, fDi Markets (www. fDimarkets. com). 42 World Investment Report 2012: Towards a New Generation of Investment Policies Fig. FID ows – Africa 2. East and South-East Asia Table A. Distribution of FDI flows among economies, by range,a 2011 RangeAbove $50 billion $10 to $49 billion Inflows China, Hong Kong (China), Singapore Outflows Hong Kong (China), China Fig. FID ows – East and South-East Asia Figure A. FDI flows, top 5 host and home economies, 2010–2011 (Billions of dollars) (Host) (Home) China Hong Kong, China China Indonesia, Malaysia Singapore, Republic of Korea, Malaysia, Taiwan Province of China, Thailand Indonesia, Viet Nam Hong Kong, China Singapore Viet Nam, Thailand, Mongolia, $1. 0 to $9. 9 Republic of Korea, Macao (China), billion Philippines, Brunei Darussalam $0. 1 to $0. 9 Cambodia, Myanmar, Lao People's billion Democratic Republic Below $0 . billion a Singapore Republic of Korea Malaysia 0 20 40 60 80 .. Mongolia, Macao (China), Cambodia, Brunei Darussalam, Philippines, Lao People's Democratic Republic Indonesia Democratic People's Republic of Korea, Timor-Leste, Taiwan Province of China Malaysia 0 20 40 60 80 2011 2010 100 120 140 2011 2010 100 120 Economies are listed according to the magnitude of their FDI flows. Fig. B – East & South-East Asia FDI in ows Figure B. FDI inflows, 2005–2011 (Billions of dollars) Fig. C – East & South-East Asia FDI out ows Figure C. FDI outflows, 2005–2011 (Billions of dollars) 240 200 160 120 80 40 South-East Asia East Asia 20 280 240 200 160 120 80 40 0 South-East Asia East Asia 2005 16. 3 2006 13. 4 2007 12. 0 2008 13. 2 2009 17. 2 2010 22. 5 2011 22. 0 Share in world total 0 2005 2006 2007 2008 2009 2010 2011 7. 9 8. 1 7. 9 8. 4 15. 0 16. 7 14. 2 Table B. Cross-border M by industry, 2010–2011 (Millions of dollars) Sector/industry Total Primary Min ing, quarrying and petroleum Manufacturing Food, beverages and tobacco Chemicals and chemical products Electrical and electronic equipment Precision instruments Services Electricity, gas and water Trade Finance Business servicesTable C. Cross-border M by region/country, 2010–2011 (Millions of dollars) Region/country World Developed economies European Union United States Japan Other developed countries Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbean Transition economies 26 417 – 427 – 607 11 423 2 383 1 796 864 78 15 421 796 194 952 5 642 Sales 2010 2011 32 715 5 214 4 780 10 253 3 078 1 159 3 279 806 17 248 2 280 1 704 6 484 4 365 67 609 18 844 18 932 6 994 3 714 2 396 – 331 3 41 771 1 345 1 912 33 111 – 483Purchases 2010 2011 67 966 19 301 19 695 12 609 961 6 596 1 794 684 36 056 3 855 1 752 31 215 – 1 273 26 417 7 439 1 288 673 3 229 2 249 18 087 257 18 870 1 201 – 2 320 79 à ¢â‚¬â€œ Sales 2010 2011 32 715 15 007 4 548 2 086 6 760 1 613 15 346 – 78 12 968 539 1 758 159 1 531 67 609 34 985 17 977 4 849 647 11 511 32 604 499 18 870 – 1 731 127 14 664 20 Purchases 2010 2011 67 966 45 773 13 906 12 369 1 084 18 414 21 814 1 679 12 968 – 2 417 253 9 311 379 Table D. Greenfield FDI projects by industry, 2010–2011 (Millions of dollars) Sector/industryTotal Primary Mining, quarrying and petroleum Manufacturing Chemicals and chemical products Metals and metal products Electrical and electronic equipment Motor vehicles and other transport equipment Services Construction Transport, storage and communications Finance Business services Table E. Greenfield FDI projects by region/country, 2010–2011 (Millions of dollars) 2011 Partner region/economy World Developed economies European Union United States Japan Other developed countries Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbe an Transition economiesEast and South-East Asia as destination 213 770 3 658 3 647 129 489 16 410 14 856 34 930 28 559 80 623 4 601 13 226 15 900 13 471 2010 206 924 4 444 4 444 131 800 25 582 16 735 21 578 17 921 70 681 7 021 19 141 16 451 10 255 2011 East and South-East Asia as investors 143 094 4 262 4 262 104 303 7 980 16 028 26 528 10 523 34 530 5 030 5 943 4 777 4 200 2010 East and South-East Asia as destination 213 770 136 798 44 341 44 237 36 353 11 866 71 324 141 63 779 1 955 2 910 2 531 5 648 East and South-East 125 466 5 158 5 158 85 119 6 480 24 522 11 376 9 084 35 189 3 840 6 745 5 250 1 682 2010 06 924 133 339 57 936 33 515 30 198 11 690 72 353 400 56 138 10 973 3 965 675 1 232 2011 Asia as investors 143 094 32 559 5 567 8 093 362 18 537 105 283 9 929 63 779 18 556 2 541 9 556 5 253 2010 125 466 16 470 7 123 5 961 510 2 877 102 434 12 357 56 138 19 050 5 930 8 950 6 563 2011 CHAPTER II Regional Trends in FDI 43 South-East Asia is catching up. Registering a 14 per cent increase, total FDI inflows to East and SouthEast Asia amounted to $336 billion in 2011 (figure B). The region accounted for 22 per cent of total global FDI flows, up from about 12 per cent before the global financial crisis.FDI inflows reached new records in both subregions, as well as in the major economies, such as China; Hong Kong, China; Singapore and Indonesia (figure A). South-East Asia continued to outperform East Asia in FDI growth. Inflows to the former reached $117 billion, up 26 per cent, compared with $219 billion, up 9 per cent, in the latter, narrowing the gap between the two subregions (figure B, annex table I. 1). Among the economies of the Association of Southeast Asian Nations (ASEAN), four – Brunei Darussalam, Indonesia, Malaysia and Singapore – saw a considerable rise in their FDI inflows.The performance of the relatively low-income countries, namely Cambodia, the Lao People’s Democratic Republic and Myanmar was generally good as well, thoug h Viet Nam declined slightly. Although natural disaster in Thailand disrupted production by foreign affiliates in the country, particularly in the automobile and electronic industries, and exposed a weakness of the current supply-chain management systems, FDI inflows to the country remained at a high level of nearly $10 billion, only marginally lower than that of 2010.Overall, as East Asian countries, particularly China, have continued to experience rising wages and production costs, the relative competitiveness of ASEAN in manufacturing has been enhanced. Accordingly, some foreign affiliates in China’s coastal regions are relocating to South-East Asia,2 while others are moving their production facilities to inland China. The performance of East Asian economies showed a mixed picture. FDI flows to China reached a historically high level of $124 billion in 2011. The second largest recipient in the subregion, Hong Kong, China, saw its inflows increase to $83 billion (figure A), a historic high as well.By contrast, inflows to the Republic of Korea and Taiwan Province of China declined to $4. 7 billion and -$2 billion, respectively. Japan gains ground as investor in the region. Partly as a result of the significant appreciation of the Japanese yen in 2011, TNCs from Japan have strengthened their efforts in investing abroad (section A. 7), particularly in low-cost production locations in South-East Asia. For instance, in 2011, attracted by low labour costs and good growth prospects, Japanese companies pledged to invest about $1. 8 billion in Viet Nam. In China, FDI from Japan rose from $4 billion (4 per cent of total inflows) in 2010 to $6 billion (9 per cent of total inflows) in 2011. In Mongolia, large projects in extractive industries, including the Tavan Tolgoi coal mine, are being implemented or negotiated, some with Japanese investors. In addition, negotiation of the Economic Partnership Agreement with Japan may bring in more FDI to Mongolia. Owing to the worsening sovereign debt crisis and related liquidity problems at home, TNCs from Europe have slowed their pace of expansion in East and South-East Asia since late 2011.In particular, some European banks have undertaken divestments from the region, selling their Asian operations to regional players, a trend which may continue this year with banks such as HSBC and Royal Bank of Scotland selling assets in Hong Kong, China; Thailand; and Malaysia. The actions of TNCs from the United States were mixed: some in industries such as home appliances have been relocating production facilities to their home countries,4 while others in industries such as automotives have continued to expand in Asia. 5 Greenfield investment dominates, but M are on the rise.Greenfield investment is the dominant mode of entry in East and South-East Asia, although the total amount of investment decreased slightly in 2011 to about $207 billion. In contrast, cross-border M sales in the region increased by about 2 4 per cent to $33 billion, driven by a surge in South-East Asia, where total M sales more than doubled, reaching $20 billion. Sales in East Asia dropped by one fourth, with a rise in M in China (up 77 per cent to $11 billion) cancelled out by a fall in those in Hong Kong, China (down 92 per cent to $1 billion).In manufacturing, the major industries in which greenfield investment took place were chemical products, electronics, automotive and metal and metal products in that order, while those most targeted for cross-border M were electronics and food and beverages. M sales also increased 44 World Investment Report 2012: Towards a New Generation of Investment Policies in services, contributing to a longer-term shift. In China, for example, FDI flows to services surpassed those to manufacturing for the first time as the result of a rise in flows to non-financial services and a slowdown of flows to manufacturing.FDI in finance is expected to grow as the country continues to open its fin ancial markets,6 and as foreign banks, including HSBC (United Kingdom) and Citigroup (United States), expand their presence through both M and organic growth. 7 Outward FDI: East Asia slows down while SouthEast Asia sets a new record. FDI outflows from East and South-East Asia as a whole remained more or less stable after the significant increase in 2010 (figure C). FDI outflows from East Asia dropped by 9 per cent to $180 billion, the first decline since 2005, while those from South-East Asia rose 36 per cent to $60 billion, a record high.FDI outflows from Hong Kong, China, the region’s financial centre and largest source of FDI, declined in 2011 by 14. 5 per cent to $82 billion, but increased in the last quarter of the year. FDI outflows from China dropped by 5. 4 per cent to $65 billion. In contrast, outflows from Singapore, the leading source of FDI in South-East Asia, registered a 19 per cent growth, reaching $25 billion. Outflows from Thailand and Indonesia surged, reac hing $11 billion and $8 billion. The boom was driven mainly by cross-border M in the case of Thailand and by greenfield investments in the case of Indonesia.Diverging patterns in overseas M. TNCs from East and South-East Asia continued to expand globally by actively acquiring overseas assets. Their M purchases worldwide amounted to $68 billion in 2011, marginally higher than the previous record set in 2010. Their cross-border M activities demonstrated diverging trends: total purchases in developed countries increased by 31 per cent to $46 billion, while those in developing countries declined by 33 per cent to $22 billion (table C).The rise in their M in developed countries as a whole was driven mainly by increases in Australia (up 20 per cent to $8 billion), Canada (up 99 per cent to $9 billion) and the United States (up 155 per cent to $12 billion), while the value of total purchases in Europe decreased by 8 per cent to $17 billion. The rise in M purchases in the developed world co rresponded to an increase in M in manufacturing, to $13 billion (table B). Greenfield investment by TNCs from East and South-East Asia dropped, in both number and value (tables D and E).The number of recorded greenfield projects undertaken by firms based in East and South-East Asia was about 1,200. The value of investments dropped by 12 per cent to about $125 billion. In manufacturing, East and South-East Asian TNCs in industries such as metals and metal products as well as food and beverages have been investing more frequently through greenfield investment. In services, companies from East Asia in particular continued to be active players in the M markets in both developed and developing countries. Short-term prospects: slowing growth.FDI growth in the region has slowed since late 2011 because of growing uncertainties in the global economy. FDI to manufacturing stagnated in China, but the country is increasingly attracting market-seeking FDI, especially in services. According to th e annual World Investment Prospects Survey (WIPS) undertaken by UNCTAD this year, China continues to be the most favoured destination of FDI inflows. FDI prospects in South-East Asia remain promising, as the rankings of ASEAN economies, such as Indonesia and Thailand, have risen markedly in the survey. CHAPTER II Regional Trends in FDI 5 3. South Asia Table A. Distribution of FDI flows among economies, by range,a 2011 Range Above $10 billion $1. 0 to $9. 9 billion $0. 1 to $0. 9 billion Below $0. 1 billion a Figure A. FDI flows, top 5 host and home economies, 2010–2011 Fig. FID ows – dollars) (Billions of South Asia (Host) India Iran, Islamic Republic of Pakistan India Iran, Islamic Republic of Pakistan Inflows India India Outflows (Home) Islamic Republic of Iran, Pakistan, Bangladesh .. Sri Lanka, Maldives Islamic Republic of Iran Nepal, Afghanistan, Bhutan Pakistan, Sri Lanka, Bangladesh Bangladesh Sri LankaEconomies are listed according to the magnitude of their FDI flows. Sri Lanka 2011 2010 0 5 10 15 20 25 30 35 Bangladesh 2011 2010 0 3 6 9 12 15 Fig. B – South Asia FDI in ows Figure B. FDI inflows, 2005–2011 (Billions of dollars) 60 50 40 30 10 20 10 0 2005 1. 5 2006 1. 9 2007 1. 8 2008 3. 0 2009 3. 5 2010 2. 4 2011 2. 6 Share in world total 5 0 2005 0. 4 25 20 15 Fig. C – South Asia FDI in ows Figure C. FDI outflows, 2005–2011 (Billions of dollars) 2006 1. 0 2007 0. 9 2008 1. 0 2009 1. 4 2010 0. 9 2011 0. 9 Table B. Cross-border M by industry, 2010–2011 (Millions of dollars) Sector/industryTotal Primary Mining, quarrying and petroleum Manufacturing Wood and wood products Chemicals and chemical products Non-metallic mineral products Motor vehicles and other transport equipment Services Electricity, gas and water Trade Finance Business services Table C. Cross-border M by region/country, 2010–2011 (Millions of dollars) Region/country World Developed economies European Union United States Japan Other d eveloped countries Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbean Transition economies Sales 2010 2011 569 18 18 5 960 4 194 3 4 – 409 53 275 – 602 12 875 8 997 8 997 1 940 435 85 152 977 1 937 310 341 701 291 26 682 5 240 5 240 2 499 174 393 – 14 18 943 95 29 5 745 424 Purchases 2010 2011 6 078 111 111 1 489 6 1 370 24 470 4 478 1 636 1 461 96 5 569 7 439 153 5 319 1 372 596 – 1 910 38 – 1 731 342 177 – 735 – Sales 2010 2011 12 875 14 870 12 450 1 576 986 – 142 – 2 017 217 – 2 417 46 133 3 – 26 682 7 836 971 3 343 3 522 18 823 10 922 1 201 342 898 5 460 24 Purchases 2010 2011 6 078 5 239 1 094 23 40 4 082 1 083 318 539 46 180 – 245 Table D. Greenfield FDI projects by industry, 2010–2011 (Millions of dollars) Sector/industryTotal Primary Mining, quarrying and petroleum Manufacturing Chemicals and chemical products Metals and metal prod ucts Machinery and equipment Motor vehicles and other transport equipment Services Construction Transport, storage and communications Finance Business services Table E. Greenfield FDI projects by region/country, 2010–2011 (Millions of dollars) 2011 Partner region/economy World Developed economies European Union United States Japan Other developed countries Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbean Transition economies South Asia as destination 2 899 1 080 1 080 43 943 4 224 13 635 2 809 9 483 17 876 1 554 4 554 2 108 2 722 2010 68 019 47 649 4 567 19 223 3 157 11 466 20 369 2 640 3 675 2 552 5 879 2011 20 777 679 679 12 446 3 905 3 740 404 2 349 7 653 511 501 1 823 1 785 2010 South Asia as investors South Asia as destination 62 899 38 423 18 858 11 169 6 258 2 138 23 900 75 18 556 2 177 2 266 826 576 35 593 4 165 4 165 19 435 1 370 8 287 132 2 628 11 993 776 345 1 710 3 228 2010 68 019 41 532 16 008 14 024 8 366 3 135 26 097 980 19 050 1 910 4 093 64 389 2011 20 777 6 368 3 619 728 8 2 012 13 341 4 890 1 955 2 177 3 752 566 1 069 2010South Asia as investors 35 593 4 503 2 512 1 497 8 485 30 266 11 113 10 973 1 910 5 672 598 824 2011 46 World Investment Report 2012: Towards a New Generation of Investment Policies FDI inflows to South Asia have turned around. Inflows rose by 23 per cent to $39 billion in 2011 (2. 6 per cent of global FDI flows) after a slide in 2009–2010 (figure B). The recovery derived mainly from the inflows of $32 billion to India, the dominant FDI recipient in South Asia. Inflows to the Islamic Republic of Iran and Pakistan, recipients of the second and third largest FDI flows, amounted to $4. 2 billion and $1. billion (figure A). Bangladesh has also emerged as an important recipient, with inflows increasing to a record high of $1. 1 billion. In 2011, about 145 cross-border M and 1,045 greenfield FDI projects by foreign TNCs were recorded in South Asia (annex table s I. 4 and I. 9). Cross-border M rose by about 131 per cent in value, and the total reached $13 billion (tables B and C), surpassing the previous record set in 2008. The significant increase was driven mainly by a number of large transactions in extractive industries undertaken by acquirers from the European Union (EU), as well as from developing Asia.By contrast, cross-border M sales in manufacturing declined by about two thirds, to a level below $2 billion (table B). Sales in services amounted to $2 billion as well but were still much below the annual amounts during 2006–2009. Within manufacturing, the automotive industry ($1 billion) was the main target of investors, while in services, finance ($700 million) was the main target. FDI outflows from South Asia picked up as well. In 2011, outflows from the region rose by 12 per cent to $15 billion, after a decline of three years. Outflows from India, the dominant source of FDI from the region, increased from $13. 2 billion in 2010 to $14. billion in 2011 (figure A). However, Indian TNCs became less active in acquiring overseas assets. The amount of total cross-border M purchases decreased significantly in all three sectors: from $5. 2 billion to $111 million in the primary sector, from $2. 5 billion to $1. 5 billion in manufacturing, and from $19. 0 billion to $4. 5 billion in services. The drop was compensated largely by a rise in overseas greenfield projects, particularly in extractive industries, metal and metal products, and business services (table D). Indian companies in information technology services have long been active players in global markets.In recent years, firms in service industries such as banking and food services have also become increasingly active in overseas markets, particularly in developed countries and especially in the United Kingdom. In early 2012, the State Bank of India started offering mortgages in the United Kingdom. India Hospitality Corp. acquired Adelie Food Holding, b ased in the United Kingdom, for $350 million, to capture growth opportunities in the Indian fast food market. Cautiously optimistic prospects. Countries in the region face various challenges, which need to be tackled in order to build an attractive investment climate for enhancing development.Recent developments have highlighted new opportunities (box II. 1). The growth of inflows so far appears likely to keep its momentum in 2012. As economic growth in India has slowed, however, concerns have arisen about short-term prospects for FDI inflows to South Asia. Whether countries in the region can overcome old challenges and grasp new opportunities to attract investment will depend to a large extent on Governments’ efforts to further open their economies and deepen regional economic integration.CHAPTER II Regional Trends in FDI 47 Box II. 1. Attracting investment for development: old challenges and new opportunities for South Asia South Asian countries face different challenges in building a conducive business environment and an attractive investment climate, which are crucial for promoting economic development. These challenges include, for instance, stabilization in Afghanistan, security concerns in the Islamic Republic of Iran and Pakistan, and macroeconomic as well as political issues in India.Two issues stand out as major concerns: political risks and obstacles at the country level and weak integration processes at the regional level. At the country level, high political risks and obstacles have been an important factor deterring FDI inflows. Countries in the region rank high in the country risk guides of political-risk assessment services, and political restrictions on both FDI and business links between countries in the region have long existed. This has deterred FDI inflows and negatively affected the countries’ FDI performance. However, recent developments have highlighted new opportunities.For instance, the political relationship between Ind ia and Pakistan, the two major economies on the subcontinent, has been moving towards greater cooperation, with Pakistan granting India most-favoured-nation status in November 2011 and India recently announcing that it will allow FDI from Pakistan. In Afghanistan, some FDI has started to flow into extractive industries. At the regional level, progress in economic integration (with the South Asian Association for Regional Cooperation as the key architect) has been slow, and the trade barriers between neighbouring countries in the region are among the highest in the world.South Asia is perhaps one of the least integrated developing regions: intraregional trade accounts for about 2 per cent of total gross domestic product (GDP), compared with more than 20 per cent in East Asia. In addition, investment issues have not yet been included in the regional integration process. As a result, the region has not been able to realize its potential for attracting FDI inflows, especially in promoti ng intraregional FDI flows. In 2011, intraregional greenfield investment accounted for merely 3 per cent of the regional total, compared with 27 per cent in East and South-East Asia.Nevertheless, high economic growth in major economies in the subregion has created a momentum for regional integration in recent years, and South Asian countries have increasingly realized that regional integration can help them improve the climate for investment and business. The inclusion of an investment agenda in the regional integration process and in particular the creation of a regional investment area can play an important role in this regard. Source: UNCTAD and UNESCAP. 48 World Investment Report 2012: Towards a New Generation of Investment Policies 4. West AsiaTable A. Distribution of FDI flows among economies, by range,a 2011 Range Above $10 billion Inflows Saudi Arabia, Turkey .. Outflows Figure A. FDI flows, top 5 host and home economies, 2010–2011 Fig. FID ows – West Asia (Bil lions of dollars) (Host) (Home) Saudi Arabia Turkey United Arab Emirates Lebanon Kuwait $5. 0 to $9. 9 billion United Arab Emirates Kuwait, Qatar Qatar $1. 0 to $4. 9 billion Lebanon, Iraq, Jordan, Syrian Arab Republic Saudi Arabia, Turkey, United Arab Emirates Lebanon, Bahrain, Oman, Iraq, Yemen, Jordan, Syrian Arab Republic, Palestinian TerritorySaudi Arabia Turkey United Arab Emirates 30 0 1 2 3 4 5 6 Below $1. 0 billion a Oman, Bahrain, Kuwait, Palestinian Territory, Qatar, Yemen Iraq 0 5 10 15 20 2011 2010 25 2011 2010 7 8 9 10 Economies are listed according to the magnitude of their FDI flows. Fig. B – West Asia FDI in ows Figure B. FDI inflows, 2005–2011 (Billions of dollars) Fig. C – West Asia FDI out ows Figure C. FDI outflows, 2005–2011 (Billions of dollars) 100 90 80 70 60 50 40 30 20 10 0 2005 4. 5 2006 4. 6 2007 4. 0 2008 5. 1 2009 5. 5 2010 4. 4 2011 3. 2 Share in world total Other West Asia Gulf Cooperation Council (GCC) Turkey 0 40 30 20 1 0 0 2005 1. 4 2006 1. 6 2007 1. 5 2008 1. 9 2009 1. 5 Other West Asia Gulf Cooperation Council (GCC) Turkey 2010 1. 1 2011 1. 5 Table B. Cross-border M by industry, 2010–2011 (Millions of dollars) Sector/industry Total Primary Mining, quarrying and petroleum Manufacturing Wood and wood products Chemicals and chemical products Metals and metal products Machinery and equipment Services Electricity, gas and water Transport, storage and communications Finance Business services Table C. Cross-border M by region/country, 2010–2011 (Millions of dollars) Region/countryWorld Developed economies European Union United States Japan Other developed countries Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbean Transition economies Sales 2010 2011 4 887 170 170 2 416 10 19 410 2 301 – 59 100 1 611 172 9 713 2 730 2 682 665 37 180 174 310 6 317 555 338 4 128 895 – 15 278 1 484 1 484 18 16 – 19 – 16 780 4 00 – 10 721 – 4 163 281 Purchases 2010 2011 6 136 37 37 780 – 89 -2 3 5 319 190 – 2 568 7 954 314 Sales 2010 2011 4 887 2 257 1 472 112 343 331 2 062 965 127 898 72 21 9 713 8 222 9 412 – 1 579 33 356 1 187 253 916 18 5 15 278 – 2 555 – 683 – 2 333 461 – 12 724 – 10 653 – 2 320 177 72 – Purchases 2010 2011 6 136 2 599 5 083 – 1 110 – 1 374 3 420 464 1 758 133 916 147 117 Table D. Greenfield FDI projects by industry, 2010–2011 (Millions of dollars) Sector/industry Total Primary Mining, quarrying and petroleum Manufacturing Food, beverages and tobacco Coke, petroleum and nuclear fuel Chemicals and chemical products Metals and metal products Services Electricity, gas and water Construction Hotels and restaurants Business services Table E. Greenfield FDI projects by region/country, 2010–2011 (Millions of dollars) 2011 Partner region/economyWorld Developed economies European Un ion United States Japan Other developed countries Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbean Transition economies West Asia as destination 60 011 1 631 1 631 23 395 1 443 1 165 8 977 3 155 34 985 6 004 11 231 5 431 3 976 2010 69 151 915 915 39 640 3 783 4 472 13 877 8 260 28 595 6 744 6 620 4 686 3 199 2011 West Asia as investors 37 190 7 538 1 110 2 122 1 771 737 29 652 570 13 630 2 921 4 805 2010 West Asia as destination 60 011 36 532 23 370 8 219 1 162 3 782 21 726 2 517 2 541 3 752 12 403 513 1 753 4 194 503 503 19 444 2 414 7 633 3 372 3 088 24 247 2 611 12 603 1 920 921 2010 69 151 38 990 14 911 18 121 2 896 3 062 29 466 150 5 930 5 672 17 535 178 695 2011 West Asia as investors 37 190 3 769 3 454 123 192 28 313 9 897 2 910 2 266 12 403 836 5 108 2010 44 194 9 687 7 481 1 937 269 33 371 7 038 3 965 4 093 17 535 699 1 135 2011 CHAPTER II Regional Trends in FDI 49 Inflows to West Asia declined for a third year. They decreased by 16 per cent to $49 billion in 2011, affected by both the continuing political instability and the deterioration of global economic prospects in the second half of 2011.The level is the lowest since 2005 – when FDI flows stood at about $44 billion – and far below the record high of about $92 billion registered in 2008 (figure B). Gulf Cooperation Council (GCC) countries are still recovering from the suspension or cancellation of large-scale projects in previous years. They registered a drop of 35 per cent in FDI inflows, which brought their share in the region’s total from 69 per cent in 2010 to 53 per cent in 2011. Saudi Arabia – the region’s biggest recipient – saw a 42 per cent fall in 2011 to $16 billion, which largely explains the overall decline.FDI flows to Oman and Qatar also decreased – reaching negative values in the latter – but those to Bahrain, Kuwait and the United Arab Emirates rebounded from relative ly low values (figure A and annex table I. 1). Some of the big and expensive projects that had prospered in these countries during the precrisis period had to be suspended or cancelled when project finance dried up in the wake of the global financial crisis. After a period of calm and consolidation, projects started slowly coming back on line in 2010 but soon faced delays caused by the Arab uprising across the region during 2011, and by new uncertainties about global economic rospects. Some big projects with strong sponsors have managed to secure financing, sometimes with greater use of export credit agencies, in particular from Japan and the Republic of Korea, and highly liquid regional bank lenders. 8 As of October 2011, the cancelled or suspended construction projects in the Middle East and North African market were estimated at $1. 74 trillion, with $958 billion in the United Arab Emirates alone and $354 billion in Saudi Arabia. Construction was one of the most important areas f or investment to have emerged in the last oil boom, and the pace of its activity is among the key indicators of investment behaviour in housing, tourism, infrastructure, refineries, petrochemicals and real estate, where foreign investment prospered during the boom years. Strong recovery of FDI into Turkey. Turkey stood as an exception to regional trends, with inflows registering a 76 per cent increase to $16 billion (figure A), maintaining the country’s position as the region’s second largest FDI recipient and increasing its share in the region’s total from 16 to 33 per cent.The increase in inflows was mainly the result of a more than three-fold increase in crossborder M sales (annex table I. 3), with two big deals making up most of the total. 10 In addition, Turkey’s FDI promotion policy has been shifting towards a more sector-specific approach, aiming directly at high value added, high-tech and exportoriented projects. Investments in automotive and petr ochemical industries have been designated primary objectives by the Investment Support and Promotion Agency, and the mining sector will soon be added as well. 1 Political and social unrest has halted FDI to nonGCC Arab countries. Flows to this group of countries – which represented 14 per cent of the region’s total – declined by 26 per cent in 2011 to $7 billion. Spreading political and social unrest has halted FDI inflows in the Syrian Arab Republic and Yemen. Flows to Lebanon were affected by the slowdown in the real estate sector – the most important recipient of FDI – as a consequence of adverse spillovers of both the global financial crisis and the regional unrest. Increased oil revenues helped boost FDI outflows.FDI outflows from West Asia rebounded by 54 per cent in 2011 after bottoming out at a five-year low in 2010 (figure C). The rise in oil prices since the end of 2010 made more funds available for outward FDI from the GCC countries. In addition to these countries – the region’s main outward-investing economies – Turkey registered a 68 per cent increase in outward FDI flows. This is reflected in the recovery of both cross-border M purchases and greenfield projects abroad by Turkish investors, with a strong shift of greenfield FDI projects from developed and transition economies to neighbouring developing regions and countries.FDI prospects are still negative for inward FDI to the region. UNCTAD projects that FDI inflows will continue declining in 2012, judging by preliminary data on cross-border M sales and greenfield investment for the first five months of 2012, as 50 World Investment Report 2012: Towards a New Generation of Investment Policies uncertainties at the global and regional levels are likely to cause foreign investors to remain cautious about their investment plans in the region. In the longer term, however, the concentration of oil wealth in the region and the strategic need to urt her reduce economic dependence on the oil and gas sectors through economic diversification will create additional business opportunities, and revive the region’s attractiveness for foreign investors (see box II. 2). Box II. 2. Economic diversification and FDI in the GCC countries Economic diversification has recently taken high political priority in West Asia, as the lack of job prospects for a rapidly growing, educated and young population was a key trigger of political unrest. The oil-rich countries saw in the surge of oil prices in the early 2000s an opportunity for change.In 2001, the six GCC members signed an economic agreement aiming to boost their diversification efforts by encouraging the private sector, including foreign investors, to play a more active role and implementing liberalization measures to this end. The new policy framework opened a wider range of activities to FDI. Together with new opportunities offered by the surge in oil revenues, this has increased a nnual inflows from a relatively modest $1 billion on average during 1990– 2000 to $28 billion during 2001–2011, eaching a record $60 billion in 2008, and targeting mainly services. Stock data from three countries show that in 2010, services accounted for 59 per cent of inward FDI, manufacturing for 27 per cent and the primary sector – mainly the oil and gas upstream industry where restrictions on FDI participation remain – for 14 per cent (box figure II. 2. 1). Services was also dominant in greenfield FDI projects, attracting 51 per cent of estimated investments during 2003–2011; 44 per cent targeted manufacturing and 5 per cent went to the primary sector. Box figure II. . 1. Accumulated inward FDI stock in Oman, Qatar and Saudi Arabia, a by sector, 2010 Primary 14 % Business activities 19 % Chemicals 11 % Manufacturing Re ning 7 % Other 9 % Construction 14 % Finance 9% Services 59 % Transport, storage and communications 6% Trade 3% Electricity, ga s and water 3% Other services 3% Source: UNCTAD, FDI/TNC database (www. unctad. org/fdistatistics). a These three countries accounted for 69 per cent of GCC countries’ inward FDI stocks in 2010. Sectoral data for Bahrain, Kuwait and the United Arab Emirates are not available.Active industrial policies have targeted FDI in specific activities, using oil revenues to establish projects and encouraging foreign investors to participate – for example, in petrochemicals and petroleum refining, and the building of economic zones and new cities. /†¦ CHAPTER II Regional Trends in FDI 51 Box II. 2. Economic diversification and FDI in the GCC countries (concluded) The soaring oil prices and increasing refining margins in the 2000s encouraged Gulf countries to establish refinery/ petrochemical complexes to produce products with higher value added.They also opened the door wider to international oil companies, as providers of technologies and market experience. Several projects have been built or are under way, through joint ventures or non-equity agreements with foreign TNCs. Several are hosted in Saudi Arabia, such as Petro Rabigh (with Sumitomo Chemical (Japan)), Al Jubail (with Total (France)), and Fujian (with ExxonMobil (United States) and Sinopec (China)), among others. Similar projects also took place in the United Arab Emirates, Qatar and Oman.Building economic zones and cities has generally consisted of providing advanced information and communications technology, infrastructure and services to attract leading tenants to help establish new, globally competitive industries, especially service-based ones. More than 55 such cities or zones have been established or are under way, generally targeting knowledge-intensive industries. GCC countries clearly experienced higher growth in their non-oil sectors during the 2000s (IMF, 2011), and the shift in their FDI policy allowed foreign direct investors to participate.Progress in equal treatment of GCC-co untry citizens – in freedom of movement, work, residence, economic engagement, capital movement and real estate ownership – has spurred intra-GCC FDI, which has helped develop services activities. Despite this progress, hydrocarbons still dominate real GDP and export revenues, and the expansion of the non-oil sectors has not meant a decline in dependence on oil. a High growth rates in non-oil activities have created relatively few job opportunities for national workforce to assuage the high unemployment rates and reliance on government posts. This might indicate a mismatch between career aspirations and available opportunities, on the one hand, and between the skills required by the private sector and those available in the workforce, on the other. This introduces the risk of the consolidation of a dual system, where modern enclaves with expatriate management and workforces are disconnected from the skills of the national workforce which relies mostly on government job s. GCC countries face common challenges.The scale of diversification plans will require both private and public funding, as well as cooperation and coordination between public and private sectors, which will continue to provide investment opportunities for TNCs. Source: UNCTAD. a Oil revenues represented 60–88 per cent on average of government revenues during 2005–2009, and its share in export revenues was 76–95 per cent in 2008, except in the United Arab Emirates, where it was 43 per cent (Samba, 2010). b In 2008, national unemployment was estimated at close to 13 per cent in Saudi Arabia, 14 per cent in the United Arab Emirates and 15 per cent in both Bahrain and Oman.The majority of those employed worked in government; 88 per cent of nationals in Qatar, 86 per cent in Kuwait, 72 per cent in Saudi Arabia and 47 per cent in Oman. In 2007–2008, the share of migrants in total employment was estimated at 74 per cent in Bahrain, 77 per cent in Oman, 92 per c ent in Qatar and 87 per cent in Saudi Arabia (Baldwin-Edwards, 2011). 52 World Investment Report 2012: Towards a New Generation of Investment Policies 5. Latin America and the Caribbean Table A. Distribution of FDI flows among economies, by range,a 2011 Range Above $10 billion $5. 0 to $9. 9 billion $1. to $4. 9 billion Figure A. FDI flows, topFig. FID and home economies, 2010–2011 5 host ows – LAC (Billions of dollars) (Host) British Virgin Islands Chile Inflows Brazil, British Virgin Islands, Mexico, Chile, Colombia Peru, Cayman Islands, Argentina, Bolivarian Republic of Venezuela Outflows British Virgin Islands, Chile Mexico, Colombia Brazil British Virgin Islands Mexico (Home) Panama, Dominican Republic, Uruguay, Costa Rica, Bahamas, Cayman Islands, Panama, Argentina Honduras, Guatemala, Nicaragua Plurinational State of Bolivia, Trinidad, Tobago, Ecuador, Aruba, El Salvador, $0. to Bahamas, Bolivarian Republic of Barbados, Paraguay, Jamaica, Haiti, $0. 9 billion Ve nezuela, Peru Guyana, Saint Kitts, Nevis, Saint Vincent and the Grenadines, Cuba Jamaica, Costa Rica, Ecuador, Turks and Caicos Islands, Belize, Guatemala, Nicaragua, Curacao, Saint Lucia, Curacao, Antigua Less than Turks and Caicos Islands, Aruba, and Barbuda, Grenada, Dominica, $0. 1 billion Belize, Sint Maarten, Honduras, Anguilla, Montserrat, Sint Maarten, Suriname, Uruguay, Dominican Suriname Republic, Barbados, Brazil a Economies are listed according to the magnitude of their FDI flows. Mexico Chile Colombia Cayman Islands 70 0 10 20 30 40Colombia 0 10 20 30 40 2011 2010 50 60 2011 2010 50 60 70 Fig. B – LAC FDI in ows Figure B. FDI inflows, 2005–2011 (Billions of dollars) 220 200 180 160 140 120 100 80 60 40 20 0 Fig. C – LAC FDI out ows Figure C. FDI outflows, 2005–2011 (Billions of dollars) 120 100 80 60 40 20 0 2005 Share in world total 5. 0 2006 5. 6 2007 3. 6 2008 4. 9 2009 4. 6 2010 8. 3 2011 5. 9 Caribbean Central America South America Carib bean Central America South America 2005 8. 0 2006 6. 7 2007 8. 7 2008 11. 7 2009 12. 5 2010 14. 3 2011 14. 2 Table B. Cross-border M by industry, 2010–2011 (Millions of dollars) Sector/industryTotal Primary Mining, quarrying and petroleum Manufacturing Food, beverages and tobacco Textiles, clothing and leather Wood and wood products Electrical and electronic equipment Services Construction Transport, storage and communications Business services Community, social and personal service activities Table C. Cross-border M by region/country, 2010–2011 (Millions of dollars) Region/country World Developed economies European Union United States Japan Other developed countries Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbean Transition economies 8 414 12 376 11 898 7 398 5 878 50 84 1 742 8 640 18 2 409 2 438 217 Sales 2010 2011 20 689 6 409 6 249 2 766 7 638 119 216 683 11 514 1 417 3 523 1 415 2 565 15 831 2 077 1 981 4 700 2 825 – 598 69 9 055 49 263 1 070 1 220 Purchases 2010 2011 18 659 – 650 – 745 6 035 2 213 425 122 16 13 274 826 6 123 – 272 4 28 414 2 744 – 285 – 395 4 907 – 1 483 24 741 – 75 14 664 5 460 4 692 -3 Sales 2010 2011 20 689 908 – 12 191 – 3 497 10 946 5 649 17 585 9 311 180 147 7 983 2 119 15 831 12 036 2 905 4 719 125 4 287 3 951 – 84 79 – 735 4 692 – 156 Purchases 2010 2011 8 659 9 173 1 752 5 402 2 019 8 157 -5 159 3 18 7 983 1 329 Table D. Greenfield FDI projects by industry, 2010–2011 (Millions of dollars) Sector/industry Total Primary Mining, quarrying and petroleum Manufacturing Food, beverages and tobacco Rubber and plastic products Metals and metal products Motor vehicles and other transport equipment Services Electricity, gas and water Transport, storage and communications Finance Business services Table E. Greenfield FDI projects by region/country, 2010–2011 (Millio ns of dollars) 20 655 2 300 2 300 7 674 1 197 170 1 769 250 10 681 156 3 678 1 290 5 117LAC as destination 120 113 17 234 17 234 68 900 6 258 4 541 20 242 14 774 33 979 9 518 9 916 2 892 7 291 2010 138 680 21 481 21 446 59 166 10 632 3 424 15 233 15 977 58 034 11 989 20 643 2 786 20 557 2011 LAC as investors 21 754 7 429 7 418 8 373 2 038 3 050 678 360 5 952 1 688 1 424 1 392 410 2010 2011 Partner region/economy World Developed economies European Union United States Japan Other developed countries Developing economies Africa East and South-East Asia South Asia West Asia Latin America and the Caribbean Transition economies LAC as destination 20 113 94 771 50 871 21 217 6 585 16 098 23 324 503 9 556 566 836 11 864 2 018 2010 138 680 112 431 57 462 29 109 9 945 15 915 25 880 1 167 8 950 598 699 14 466 370 2011 LAC as investors 21 754 5 200 1 132 566 46 3 456 16 544 809 2 531 826 513 11 864 10 2010 20 655 3 499 1 319 2 038 93 49 17 156 1 774 675 64 178 14 466 – 2011 CHAPTER II Re gional Trends in FDI 53 South America is the main driver of FDI growth to the region. FDI flows to Latin America and the Caribbean increased by 16 per cent to a record $217 billion in 2011, driven mainly by increasing inflows to South America (up 34 per cent).Inflows to Central America and the Caribbean, excluding offshore financial centres, increased by 4 per cent, while those to the offshore financial centres registered a 4 per cent decrease. The high growth of FDI in South America was mainly due to its expanding consumer markets, high growth rates and natural-resource endowment. In 2011 Brazil remained by far the largest FDI target, with inflows increasing by 37 per cent to $67 billion – 55 per cent of the total in South America and 31 per cent of the total in the region.The size of Brazil’s domestic market explains its attractiveness, as does its strategic position in South America, which brings within easy reach other emerging and fast-growing markets, such as Arg entina, Chile, Colombia and Peru. Another important driver for FDI growth to South America has been the relatively high rate of return on investments in the region. Since 2003, South American countries have witnessed significant growth of income on FDI: from an annual average of $11 billion during 1994–2002, equivalent to 0. 84 per cent of the subregion’s GDP, to an annual average of $60 billion during 2003–2011, equivalent to 2. 4 per cent of GDP. In 2011, FDI income increased another 17 per cent, reaching $95 billion. 12 The rise in FDI income during the 2000s, in parallel with the increase in FDI stock (a nine-fold increase between 1994 and 2011) and share in GDP (from 11 to 28 per cent share in current GDP), was in part driven by increased investment in extractive industries, which have enjoyed high profitability and have attracted a significant part of FDI inflows since the commodity price boom. For example, in Chile this industry accounted for 43 per cent of