Sex, Nudity, Violence in Modern Era Music Essay

Sex, Nudity, Violence in Modern Era Music - Essay Example The musicians seethe with anger, remember they're frustrating lives before they had a breakthrough and so on. Despite their frustrating pasts which manifest themselves in their lyrics most of these bands have lived a commercial success through their bands and have entered the well-known world of fame and fortune. At the same time, the money and publicity brought with them sex scandals, drug addiction, and public disorder. Few postmodern bands have been prudent with their fame and fortune but the music world is full of sad tragedies like Kurt Cobain’s unfortunate suicide. In this vein, my research will explore to what extent are Rap and Grunge bands a victim of drug effects themselves other than the alleged promotion of a culture of sex nudity violence and culture.The methodology of my work pertains to a few anonymous interviews with representatives of two local bands which play successfully at a nearby club. Their phenomenal success and popularity inspired me to explore their perspectives on the postmodern era. The aim of this literature review is to discuss the issues and bands which will be discussed in the interviews in advance. The literature review was prepared after to interviews to become an aid to the understanding of the musician's concerns and perspectives. Post-modernism has cut off the present from all futures. The daily media add to this by cutting off the past. Which means that critical opinion is often orphaned in the present?† John Berger (English Painter, b.1926) This section addresses the definitional and historical premises behind postmodernism and its influence on modern music media. Visionaries like C. Wright Mills (1959) were looking ahead when they described the post-modern period as one where there would be a growth of the tertiary sector and the services industry would boom in the era of multinationals and a rise in capitalism.  

Information Systems Ethics in Triad Coursework Example | Topics and Well Written Essays - 1250 words

Information Systems Ethics in Triad - Coursework Example These States, respectively, were: The USA, The Sultanate of Oman and South Korea. Clarification of cultural norms is proposed so as to promote effective cross-cultural communication among the regions. Ethics in USA. Dominated by universal Business ethics and are thus able to intermingle with the ethical norms elsewhere. Ethics in Oman. The ethical values of all Arab nations lie primarily upon the principles of Islam. Islam coins the word ‘Akhlaq’ to represent ethics. The ethical values othe f Oman are thus based upon those prescribed by the religion of Islam. Their compatibility with ethical values in the rest of the triad countries is fluent as the Islamic ethics are no different. Ethics in South Korea. The Korean Cultural preferences benefit Organizations over individuals. Perfectly compatible with global ethical norms, the Korean ethics emphasize upon the building up of relationships and organizational harmony. In order to determine the ethical fronts affecting the In formation Systems a number of variables are chosen. ... The analysis was done by deploying the statistical test or ANOVA was used to compare the obtained results. The non-cultural variables like age, gender etcetera affecting the responses they were put through multiple regression tests. For this purpose, the cultural variable was recorded into three dummy variables for each of the triad countries. Findings Targeting the factors that are affecting the IS usability and are similar and different in the three selected countries ethically obtained responses. Banker’s responses were the dependent variables while culture was the independent variable. Demographics of the 520 respondents are stated next: Since the questionnaire was divided into three sections namely the employees using employers IS resources for their personal use during work, employees using employer’s IS resources for their personal use after work and employers deploying observation upon employees restricting their activities to office work only. Conclusions The c ultural variable was indeed seen as a strong factor that affected the responses of the respondents. It was observed that the three countries had a number of similarities in their ethical values. However, it was observed that there were certain disagreements as well and it was sought that negotiations and accommodations would be planned so as to minimize those differences and introduce an eventual universal code of ethics for the usability of Information Systems worldwide. ROLE OF RESEARCH METHODS IN COMPUTING Research possesses integral importance in any field of life. With respect to computer science, the domain of research becomes even more important. This is owing to the fact that computing devices have become inevitable for the human race.  

Whether An Entrepreneur Is Born Or Made Business Essay

Whether An Entrepreneur Is Born Or Made Business Essay Entrepreneur is an individual who, operate, takes risks of a business. Which means the process of running a business by their own. Due to economic crisis through out the world these days , most of the countries are encouraging people to be and entrepreneurial which leads to increase in the jobs for the people and increase the economy of the country. People become entrepreneurs by themself to start a business when they are controlled by many factors around them. Some people want to leave their jobs and start own business and few people want to earn money sitting at home. May be some people look for the needs for a market and to meet those needs they start their own business by supplying products for the market. If they successed in this process this makes them successful entrepreneur. This paper will discuss whether an entrepreneur is born or made by analyzing the factors such as entrepreneur characteritics, roles of an entrepreneur and can an entrepreneur be taught History Who is an entrepreneur Entrepreneur is an individual or group of individuals who identify the business opportunity then try to reach the business goal or create business value through providing an innovative solution for business difficulties and also realize and accept the risks involved in the business (Wickham, 2006). Entrepreneur came from small business, now a days small business have changed the market significantly and plays an important role in the economy the example is the country like North America which has more than 50% of small business (Shinnar et al, 2009). An entrepreneur is one who creates a job, changes the market trend and identifies the business opportunities, enterpreneur are so deducated which puts their ideas into work, entrepreneur adds on extra knowledge and skills to attract the investors, partners and creditors (Hofstand, 2006). Function of an entrepreneur Entrepreneur can be described as a small business owner from an economic propective which states that, these small business forms a structure. This structure plays an important role in the economic development which improves the living and working condition (Cf. Schumacher 1973; Birch 1981; Piore and Sabel 1984). And the characteristics function of an entrepreneur can be reflected in a creative response to the changing condition as a result the new ways of development comes in existence by the entrepreneur (Schumpeter, 1947) therefore , the function of an entrepreneur is to improve the economy by doing business in an innovative way. The main tasks of an entrepreneur is to recognize the business opportunity, start of their own business, gathering funds for the start of business, advertising the business in the market, analyzing the risk and providing leadership (Wickham, 2006). Defination of entrepreneur Bolton and Thompson (2000) have defined the entrepreneur as a person who creates and innovates a recognised value of something around the perceived opportunities. Some people still chase for an opportunities to create something after they have reached a position and live a life of luxury, they cannot stop themsleves because of there natural behaviour. The recognised value can be either Economic, Social or Aesthetic capital. Entrepreneurs can be found in large corporations such as private or public sectors Social entrepreneurs have an impact on communities or community welfare for example such as double bottom welfare businesses through a social attribute or grant -dependent community initiatives. where as Aesthetic entrepreneurs deals with developments in art, music and architecture. For example they might see themselves as first and best artists, designers or architects which makes them different from others and in this process they become wealthy. Bolton and Thompson (2003) have offered a framework to difine a entrepreneur depending upon six characters they are Focus, Advantage, Creativity, Ego-inner and outer, Team, Social Focus covers target focus, time focus and action focus which provides an evidence of urgency by an entrepreneur to get on with things. Creativity involves ideas and opportunities. Advantage differentiates betweeen the value created and added. Ego has six components split into inner and outer ego the inner ego includes motivation, self-assurance and dedication. The outer ego includes responsibility, accountability and an ability to deal with set backs. Team is a distinct feature that manipulate the characteristics of focus, advantage and creativity. Social influence the nature of the business whether it is a profit or non profit business and it also effects the culture and style of an organisation in which way the employees are treated. Characteristics of an entrepreneur Education Education is an important character of an entrepreneur. Education gives an individual a lot of support and knowledge to be an entrepreneur For example, the majority of engineers worked for state governments where they were valued for technical skills but now many engineers are starting up small companies which they can develop by their own skills (Shinnar et al, 2009). Previous work experience Any individual who starts up a new business, they have a previous work experience whether they worked as managers or any other managerial positions. Moreover, any individual who has an experience can start up a new business. In addition to this, who worked abroad will have a tendency to export if once they start the business at local level. The 75% of an individual who had an experience of working as any type of managerial positions would have a tendency to become an entrepreneur (Kinsella et al, 1993). Family background If any of the parents are self-employed i.e. who have their own businesses, this increases the tendency to keep a new venture creation. And if one or both parents are self-employed, they can expose the skills, attitudes, values to their children and this will direct them to become an entrepreneur. The future entrepreneurs can take their parents as a role model; this would be no matter whether they are successful or unsuccessful. a research done by OFarrell'(1986) showed that 46% percent of the new firm founders had fathers who were self-employed at a time when 26 percent of the population was self-employed.(OGorman Cunningham,1997) Those new firms does not include the inheritance Economics change: Economics change may trigger the wave or fashion that being entrepreneurial. After the economic reform issued in 1978 (planning market to free market), most of people in Africa started their own business lead to the huge change in areas of traditional industry business. (Kanungo, 1998) For example, papermaking industry. And the people in Asia are also encouraged to start there business. Tey are few european countries effected more due to a poor natural climate; therefore the government encourages people to start their own business. It also can be interpreted as a creative response to the change condition ( Schumpeter 1947). Culture difference Culture affect plays a very important character of being an entrepreneurial in which some culture entrepreneurship is a very norm behavior. For example, the Amish is a religious group which now residence in Ohio and Pennsylvania. The culture of the group decides that they do not work with the people that do not share the same tradition, rather to make a choice of working for companies; they prefer to be self-employed or work amongst themselves. (Kanungo, 1998) It can show that when culture value or the belief of life take an important role of decision making, which makes an individual to start his own business. Previous work experience Any individual who starts up a new business, they have a previous work experience whether they worked as managers or any other managerial positions. Moreover, any individual who has an experience can start up a new business. In addition to this, who worked abroad will have a tendency to export if once they start the business at local level. The 75% of an individual who had an experience of working as any type of managerial positions would have a tendency to become an entrepreneur (Kinsella et al, 1993). Birth in a family In a family, children who are first born in a family have more chances to take an entrepreneur carrier. The reason is that because they get more attention and encouragement from their parents. The survey done by Hisrich, involving over 400 female entrepreneurs found that 50% were first born. Gender differences Every human being thinks differently according to their mental and physical abilitys. The male and female conceiving and using their mind would be different in their behaviours and their attitudes and their personal background. In addition to this, the tendency to become an entrepreneur would be high in males when compare to females. Females have low aggressiveness to start up a business rather than males (Al-Harby et al, 2009). Roles of an individual to be an entrepreneur Innovativeness Innovation is one of the important character of an entrepreneur which includes creating of new products or new quality, creating new methods of production to get into the market or to create a new organisation or structure in business. A successful innovation demands a will which is, it demands the leader of the innovation (Hansemark, 1998). Innovativeness is a behavior of a person which characterizes the difference between entrepreneurship and entrepreneurial orientation (Entrialgo et al., 2000). Innovation is a systematic search for opportunities in new market,produts or ideas (Cromie, 2000; Utsch and Rauch, 2000). Need for achievement The theory of McClelland (1961) on the need for achievement is one of the most applied theories on entrepreneurship which suggest that, the need for achievement forces the person to struggle for the success (Sagie and Elizur, 1999). A person who as a strong need for achievement can solve problems themselves, set targets and achieve the targets by their own efforts and they also deliver high performance in achieveing the tasks and innovative in doing things (Littunen, 2000; Utsch and Rauch, 2000). Locus of control Locus of control is also an important character which is related to a individual as whether he or she can handle the events in life (Leone and Burns, 2000). An individual with external locus of control belive beyond the circumstances like luck and fate, where as individual with internal locus of control belives in personal control events and effects in lives (Koh, 1996; Riipinen, 1994; Hansemark, 1998). For an individual to become a entrepeneur he should have a internal locus of control. Risk taking tendency Risk taking tendency refers to an individual who can handle or avoid the risks in a situations when needed. An enterpreneur is associated with risk, Chantilon (1755) report suggest that the main factor of differentiating entrepreneurs from a employed workers was a dout and risk involved by the former (Entrialgo et al., 2000; Thomas and Mueller, 2000). The difference between the manager and the entrepreneur in a business activities are entrepreneur personally takes all the risks an profits involved in the business howevery an individual who is in uncertain environment causes risks related to financial well-being,career opportunities, family relations and emotional state (Erdem, 2001; Brockhaus, 1980; Littunen, 2000). Tolerance for ambiguity Uncertainty occurs when there is an insufficient data. An individual should respond positively to ambiguous situations. People with low level of tolerence for ambiguity find uncertain and unstructured situation more complicated. Entrepreneurail managers are belived to tolerate ambiguity better than the conservative mangers in the organisations because entrepreneurail managers face a less structured , more uncertain set of possibilities and bear the whole responsibilities for decision making (Entrialgo et al., 2000). Self confidence An individual should have a self confidence because they work on complete demanding tasks Cromie (2000) suggest that self confidence is an outcome of an entrepreneurship an entrepreneur demonstrates a higher degree of self confidence when compared to others (Koh, 1996; Robinson et al., 1991). Positive motions Many researches suggested that feelings and activeness of personality are motive forces for all human creations. The positive motions affect the variables called feelings and emotions which is a link between them and they are analysed in different environments. The positive motion indicates the positive feeling which promotes creativity. Creativity Creativity performs a link between positive motion and innovation and also performs a link between creativity and starting up a new venture. Creativity is considered as one of the most important factors for creation of new venture which is created by individuals and called as entrepreneurs. It includes the outcomes generated by creativity. Many business ideas are generated by creativity but the creation should be in such a way that they are commercially feasible to implement the ideas into real world (Baron et al, 2009). There are few factors influencing the creation of new ventures. The factors are as follows (Tidd et al, 2005). Understanding the opportunity Entrepreneur is one who explores for changes, responds to it and searches for an opportunity. The opportunity describes the area of need or challenge on which the problems should be focused. And problems should generate answers to bring the key information and feelings etc. (Bessant et al, 2007). Community culture The community culture itself tells about how entrepreneurship is influenced. The cultural differences show the base of different levels of entrepreneurship. The culture community gives the status to those who are entrepreneurial (Berger, 1992). Technology and markets A technical standard is ordered by a legislative body and measure the rule which is enforced by an authority or by a committee or by a market. Entrepreneur controls the standards for a specification like micro computer interfaces. The standards explain the private and public conditions. When a standard is coming out into public view, government control the standards like metre length etc. Market will change the trade as slowly improves the business with the standard technology used by entrepreneur. This focuses on the private gain rather the public gain (Berger, 1983). Can entrepreneurship be taught? Education of entrepreneurship has a positive correlation. (Mancuso Mascolo, 1987) therefore, nowadays more and more course are to design for entrepreneurship education, and to identify whether the content taught in school has a positive correspondence with the practice of an entrepreneur, Bush, Edelman and Manolova conducted the research which show that only nearly half of the start-up activities were discussed in the teaching content. It implies that there are still some areas have not taken into accounts for its lack of teaching experience or lack of the full research on the relation between entrepreneur and teaching context. Not only the skills of the activities such theories involved in start-up enterprise can be taught in the context (Bush Edelman Manolova, 2008) but also students needs to be trained in practical study. Especially to the student with engineering background, since most of them may not passion for a theoretical practice based course, it is important to enable them with the theory to the real practice, working with different people generate more new ideas and being creative. (Ulijn, Aaltio, Menzel,2007). Conculsion The above discussion tells about that there is no exact definition of the entrepreneur. And also identifies that there is no exact proof of entrepreneur is born or made. Entrepreneurs are made with specified characteristics like education influences to be an entrepreneur but also born with specified background or followed by hereditary business. But above literature suggests that entrepreneurs are made, they are not born. A success in entrepreneur achieves with combination of characteristics and roles . Few researchers identified that entrepreneurs are born and not made. The research findings may differ from one person to another but some researchers also specified that entrepreneurs are made and not born. Bolton, W.K. and Thompson, J.L. (2000), Entrepreneurs: Talent, Temperament, Technique, Butterworth Heinemann, Oxford. Bolton, W.K. and Thompson, J.L. (2003), The Entrepreneur in Focus: Achieve your potential, Thomson, London.

Style Essay -- Style Personality Individuality Papers

Style I often wonder what style is, and how does a person know when they are in possession of it. Style is one of the many things that seem to change form day to day for me, and I'm never sure where it might lead me. I think we all have our own style, but how can we get away from having the same style that other people have? When I look through magazines, all I read is the same thing over and over, in a little different style, or voice. Then, when I look out the window, I see people dressed in about the same fashions. These fashions may change from group to group, and age to age, but the idea of having ones own style seems to be hard to find. I think the only place where a person can have their own style is the home. But then we could fall victim to the Crate & Barrel style. For those who don't know, Crate & Barrel is a furniture store for people who like to copy the unique style of one another. So where this leads me is to the idea that the only real place where people can create their ow n style is in themselves. I think the best place to see a persons individual style is in school. I remember when I was in school, I would dress similar to the people that I hung around with. But the person that I was and am today is nothing like the friends that I had and still have. I think when a person is able to find out how they are, and what they want a personal style emerges, and the best thing about this is that we can alter it and change things as we see fit. You're probably wondering, "How do I know when I need to change my style?". The only thing that I can say is this, you'll know when it is time to change. I know that when I get a certain feeling inside, I know that I have to change something so that I can feel better about ... ...les, and we shouldn't be afraid to show them off to the people around us. How cares if we dress a little different. We are expressing our own individualities through the clothes we wear, and if other people don't like it, tuff noogies. Whoever, I think the only time we should be concerned about what others are wearing is when their style is a threat to our lives, or the life of the person wearing the garment. This concept could also be used in the other topics I wrote about in this essay. Unless there is harm to the individual, or individuals around them, we as a society shouldn't be to concerned about the styles of others. Usually these wild styles are a fads, and people will grow out of them. I know that I was able to grow out of many wild styles that my parents weren't sure if I would come out of or not. So if I was able to overcome these styles, others will to.

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

Sex Online

This lecture is really an intro to the course. It defines the act of sex as the â€Å"exchanging of genetic data by two organisms for procreation. † This lecture also challenges our ways of thinking about sex as more than Just an act of procreation, but also as an act with social, political, mental, and personal complications. From strictly an evolutionary perspective, the goal of our genes Is to have as many babies as possible, through the act of sex.This lecture tells us sex has never Just been about babies (although they do allow for a kind of immortality and free labor) but also has o do with culture. Lecture 2- Fertility Tech This lecture begins to transcend Into the discussion of sex and technology. Technology comes from the Greek word techno, which means â€Å"Knowledge around a way of doing something. † This lecture also discusses the early forms of sex tech, specifically fertility control through herbs, abstinence through calendar manipulation (also known as th e rhythm method introduced by SST.Augustine, 4th Century), and acupuncture. This lecture also discusses the economic effects on fertility, such as the requirement of money to support a child. Culture was fluid and open. Homosexual relationships with young boys were considered fine in Greg Lecture 3- Why do we do It? This lecture clarifies the argument, that even In ancient times sex was not always for procreation. Early times were less hung up on sex. After human environments began to become heavily agricultural, sex did undergo a change that saw sex as something that should be controlled, or even saved for marriage.Still, sex in ancient times was still used much like it Is today, for pleasure. Condoms made of animal bladders, women using preemptively forms of lipstick, and all types of masturbation and roof sex demonstrate that In regards to the act of sex Itself, not much has changed. Sex in modern and ancient times was/is performed for pleasure, for ritualistic cultural purposes, for money, power, and even in situations where it was/is forced. Lecture 4- The Classical World This lecture discusses sex In the classical world. It talks about sex In ancient viewed abroad.Sexual practices across these different places were not shared, especially the tech that was used for sex. For example, in 800-B. C China, sex manuals were popular for men AND women, yet, in Greece sex was considered a more male entered-power act, in which the penetrator had the power. In Iran, sex was more strictly controlled, versus India and China where the sexual CE, as young boys didn't yet have the â€Å"power. † Lecture 5- World religions and Sex Religions that came out of the Classical Period, sought to control sex.Into the Middle Ages, the main religions all agreed sex needed to be controlled, and saved for marriage (save the Hindus, they didn't have the same kind of restrictions). Paul really started the move towards Church control of Sex (1st Corinthians), but his views were s kewed by a belief Armageddon was coming within a few years. The Christian churches' belief in sexual control stems from Chrism's obvious display of a lack of sexuality (some argue Christ had kids. In other religions such as Buddhism, monks also abstained from sex( before priests did).When settlers came to the New World, they viewed Native American men as feminine and weak for their dress and homosexual acceptance, and the women as objects of great sexual passion for their open sexuality. Yet, before world religions became overarching, religion and sex was intermixed ( in Hellenic Greece, Syria and Babylon, India, and Nepal, temple prostitutes were used). Even cults (such as the Oneida Commune) sex was controlled with communal control over fertility and children, yet, sex was free and open. So, is religion considered a technology? The answer is basically, yes.Lecture 6- Pre-Electric Erotic Communication Tech This lecture discusses sex technology, the earliest of which was used for co mmunication purposes(cave paintings). Some of the earliest cave paintings depicted sex! Along with paintings, devices such as the Venus(clay statue emphasizing big boobs and vulva) and even ancient dildos display sex tech and communication is as old as humanity itself. This lecture really pushes the point that every technology (paintings, stone mastery) was eventually put towards some sexual use, even ask years ago. First uses of any medium, are often erotic.This is displayed by sexual magazines made of papyrus in ancient Turin, Chinese art, and Japanese Shunts. Early erotic messages in Bibles (known as â€Å"Books of ours†) also demonstrate that as early as printing and engraving processes were created, they were used to create erotica. Lecture 7- Mass Sex Tech With the creation of printing presses and engraving machines came social change. Due to the high cost of owning a book, early erotic books and porn pieces were only for the wealthy and elite. Some art pieces, (specifi cally by Marquis De Side) were â€Å"art. The use of sexual art was also used for comedy (Romans thought huge penises were hilarious). Like any technology, when it was first created it was expensive. Yet, as things like printing and photography ( the first Polaroid camera) pornography began to become cheaper and easiest to create. At first, porn was thought only appropriate for wealthy men, as it might corrupt the poorer lower classes, yet, as cameras and elm became cheaper, porn began to drive the tech market. Many argue the Polaroid camera and VS. were huge successes because of the want to make pornography in a discreet, private settings.Lecture 8- PEP Networks Mass communication in regards to sex started simply as person-to-person communication. Love letters were probably the earliest forms of sexual PEP communication, followed by personal nude photos, and phone sex. Once operators were removed from phone lines, it became possible for people to have private phone sex. With phone sex, came the centralization of phone sex though sex lines. The dead of this lecture is to establish the idea that phone-sex, and virtual sex happen in a space where both participants aren't. Out of the PEP networks, would eventually spawn the porn industry as we know today. Y. At this time, internet downloads took forever, which is why the classic â€Å"Porno Movie† took hold. These were typically well funded films that created â€Å"stars† who appeared in more than one video. Yet, the internet began to change all of this in the ass's, as download times began to be reduced, and videos and images could be shared via the web. From videotape, porn moved to DVD, then finally to digital online). Lecture 9- The Industry The sass really started pornography as an industry, not Just a private PEP network. With technology advancing in forms of film, VS., and cameras, porn also advanced as an industry.With movies like â€Å"Deep Throat† porn began to become commonplace i n the theater, and would eventually move even into hotel rooms (pay- per-view). With more premiership, Porn began to make more money, became mass produced. Currently, the porn industry is struggling due to technological advances on the web. How do sex online differ from prostitution? Is it the same? Lecture 10- The Sex-Tech Nexus This lecture is a summary of what we Just learned. It asks us to re-think the outcomes, and what counts as sex are difficult to measure and vary.Module 1 Readings: 1 . Coppersmith: Pornography and the Internet Two main arguments -In the last 2 decades consumers of porn have accelerated the diffusion of new communication technologies like the VS. & CD-Room by becoming early buyers and users, thereby providing a profitable market for newly introduced services – Waves of new communication technologies have affected porn in ways as revolutionary as any other area of society The article focuses on the idea of the â€Å"demagnification of orangeroot' by r educing entry and transaction costs.Porn has served as an agent of change for both innovation and quest for profits. Video porn provided customers with a product to Justify acquiring costly equipment (VS.) and accelerated the diffusion of new technology without shaping it. Cyberspace attracted users to browse the internet and increased their knowledge of the system. Porn products have shaped computer technology by pushing the technological and commercial envelope. 2.Hughes: The Internet and Sex Industries From the introduction video, when thinking about the arguments made by Hughes, e able to take a stance and have information that would reinforce her arguments, or counter (thinking this could be a potential essay/short answer question Just throwing it out there) 3. Wallace: Greek Kings of Smut At first the invention of the internet was great to the porn industry, but as the years have went by, it has become detrimental. Now, there are not as many people buying porn because so many websites give you access to free porn these days.These amateur sites that offer free porn are even pirating from professional sites, and it is hard for them to stop this from happening because it occurs so often. . Dibbled: A rape in cyberspace The discussion of a textual rape that took place on a early form on an online community called Lampoon. A character named Bindle (SP? ) virtually raped 2 other characters in an open living room space. Brought about questions of Just because this took place online, do it dismiss the crime committed against the avatars.The Lampoon community was brought together to discuss Just that, and what the punishment should be for the rape in cyberspace, which was a proposed â€Å"toadying† or banishing that character. Also discussed about individuals real connections with setting proportions. Ultimately, the community came together to form a type of government to deal with such issues, and the resulting punishment for Bindle was toadying. 5. Avide r: Waller: A Freudian Analysis of Setting Fantasy is not only an imitation of one's relationship with reality, but it is also a different relationship to a world that's entirely different.Setting becomes an alternate reality. 6. Ross: Typing, Doing, and Being The increasing salience of sexuality on the internet, whether cyberspace or use of the internet to make sexual contacts, has focused interest n how internet-mediated sexuality informs social theory. This article reviews social theory and sexuality in relation to the internet, with specific reference to the development of intimacy, the association of texts with sexual scripts, the emergence of accessibility as a sexual space midway between fantasy and action, and the question of boundaries and the location of the person in sexual interaction.Also, the supplanting of the real by the symbolic, the internet as a sexual marketplace, its important role in creating sexual communities, particularly where sexual behavior or density is s tigmatize, its impact as a new arena for sexual experience and experimentation, and its impact in shaping sexual culture and sexual- TTY are noted. Finally, the importance of the internet as a medium for the exploration of human sexuality and as an opportunity to illuminate previously challenging areas of sexual research is discussed.Quiz 1 Questions and Answers Question: Giddiness argues that all but one of the following have led to new reflexivity and plasticity of our sexual identities? Which of these influences was NOT included in Giddiness' ideas? Answer: The Internet. Which of these does Ross argue lead to the success of cyberspace on the internet, but the ultimate demise of phone sex, despite the similarities between the two. Text allows you to distance yourself more from your statements about preferences or desires when compared with voice.Which of the following does Ross suggest may be possible effects of sex online? Answers: Cyberspace becomes a new niche of sexual behavio r. There is an expansion of sexual possibilities and partners made available to users. People will feel freer to experiment with alternative sexual experiences in a stigma- ere environment and learn more about themselves. The borders of where we consider ourselves and our bodies may change in unpredictable ways. At least two of our readings this module suggest that the internet provides a space for consequence free exploration of identity.Mr.. Bungle also made this claim. How does Dibbled Judge his comment? He suggests that the â€Å"it's only play† excuse is available only to newbie's and sociopaths. Others come to have a closer connection to their online personae. The New York Magazine article suggests that the online adult industry is hurting. What do most in the industry attribute this to? Tube sites and amateur. Module 2- This lecture is an intro about specific parts of pornography. Specifically, rule 34-if it exists there is porn about it.The idea behind Rule 34 is abou t community, meaning if someone likes a weird porn, odds are there are others that like it too(even if those numbers are small). Within this intro, is also an intro for the topics of future lectures in regards to extreme porn, horror porn, rape porn, snuff and the large variety of different pornographers. Lecture 2- Manipulating Intimacy This lecture starts the discussion about intimacy, and its relation to sex. Sex is arguably the most intimate a human can be with another person, yet online sex manipulates this intimacy.Eric Gong in her book, A Fear of Flying, discusses the idea of the Zippers buck, a pure buck that has no power game, nothing is taken or given, there is no humiliation, and there is nothing to prove. However, the Zippers buck according to Gong is as rare as a unicorn, and begs the question, does it even exist? Sex without intimacy is the main idea of this lecture, and whether or not it's even possible. Things like swingers clubs, bathhouses (1 5th century) and anony mous sex presented early forms of sex without intimacy, or â€Å"baggage† so to speak.While detached sex is not a product of the internet, it has become a cultural part of it. In terms of anonymous sex, there is not much social consequences as identity remains hidden, whereas actual-biological sex comes with the possibility of disease and such. The internet and things like phone sex allow for users to take on an identity, partake in sexual activity, and leave, whereas an online performer is not anonymous. In summary, the complexity of online sex is tied to identity, and anonymity. Lecture 3- Texts Is text interactive? Yes.In the early days of the internet when images were not possible, text was the main way of communication sexual speak. Coatrooms known as MUD'S and Moon's, allowed for people to gather in basic chat rooms and talk. These talks could often become sexual in nature, especially with questions like SSL (age, sex, location). Texts is also seen in romance novels for example, and even in sexual fan- fiction known as Slash. Virtual engagement programs like Cork and Elise created bots that could talk, which was then turned into a sexual chatterbox.These early MUD'S and bots paved the way for online sexual communities, Lecture 4- Pictures Online From text, came the first online pictures created using text. Images of a nude picture would be created using type writer, and when connected to a computer, could be shown to others around the web. FTP (file transfer protocol) allowed users to share a file on an FTP server. Users were then able to download and share various images, some scanned from magazines and even some slash fiction. These early FTP servers created early marketplaces for porn, and early porn sharing services (think Egan taking pictures directly for web consumption.But how did people find these sites? The answer was early search engines. Search engines like Google rose to prominence for their ability to cut through massive amounts of po rn related searches on the early internet and show users only subjects they wanted to search for. Tags, (thumbnail gallery post) were sort of online magazines, that websites tried to trick Search Engines and users to clicking on, driving traffic to early web pages. Lecture 5- Video Due to the slow download speed of videos, it took a while for videos to hit the internet.Yet, with the increase of bandwidth, small-stamp size videos eventually made their way onto the net. Early programs for video feed (Consume) allowed users to see one another, in slow frame-by-frame speed. With the explosion of the internet in 95†², early WebMD sites like Jenny Cam took off, drawing viewers and eventually money from complete strangers. What started with porn images, moved to videos in the late ass's as file compression, and the web itself advanced. Lecture 6- Mobile The idea of mobile pornography was not very popular early on.Yet, the mobile phone itself also grew as a result of pornography. Cell phones started with phone sex, and then grew to locative technology (tinder, grind etc). Cell phones allowed social life and internet life to mix, and at the same time created a mobile, private sexual place for people to explore. The gradual growth of mobile technology allowed for connections to be made that were sexual in nature. The main point of this lecture is that phones mixed online sexuality, and social culture. Lecture 7- Community Module 2 Readings: 1 .Fiddle: Indentured Servitude (Gizmo Article)- This article discusses chemicals and how some can make tons of money, and how there make little to no money. It's easy to get into this industry if you own a computer and are willing to show off your body to anyone willing to pay. Websites like Embraces make it easy for the people who own them to launder money because nobody actually knows where the money goes because it's hard to track it. 2. Passion: Labors of Love, Network This article talks about the transformation of porn onl ine. There were sex wars in the feminists have said porn identifies women as being subjected to violence.Moral conservatives says it is faith and morally decaying in any social or cultural value. Network refers to pornographers specific to online platforms and networks. This article talks about two very different forms of new porn and amateurism; network and porn on the net. Network refers to a more grassroots pornography movement in â€Å"which online technologies restructure the pornographic, porn on the net refers to the recycling of the same old pornographic images and texts from print media, video, and film on the internet† – Porn on the net also can include â€Å"gone' porn.Alt porn & mature porno are submerges of network: both â€Å"shift roles of porn consumers and producers within the framework of Web 2. † An example of ALT Porn is Suicide Girls. ALT is normally â€Å"soft-core† porn; typically included with â€Å"exhibition of non-standard sub culture styles† It is considered the answer against mainstream porn; not Just in esthetics but in the business model used. 3. Rookie: Beyond Key Parties and Wife Swapping 4.Rubber: Getting Started with Sex in Second-Life – This article talks about the gaming website called Second-Life. It is a virtual world in which people can meet anonymously and have cyberspace with each other. Cyberspace can be 100% text based or you can use avatars that you create perform the sex acts.. Members can become anyone they want, selecting enhanced, or different body parts, clothes, hairstyles, and personalities that they wish they had, or simply play with an alter-ego.Members navigate the site much like a game, but this is in order to meet different members. Once you meet and chat with another member, you can engage in virtual sex with that member, and they rarely say no. Second Life sex is a combination of the visual and the verbal. Players strip their avatars down to their cyber skin, u se pose balls (those floating orbs placed in romantic areas throughout he virtual world) to animate them into various sex acts, and keep up with the whole thing in IM.There's even a third option: climbable body parts attached to the avatars. These nipples, slits, penises, etc. Can be â€Å"touched† Just by clicking on them. Since the parts monitor the avatar's â€Å"arousal,† avatars can even orgasm this way. 5. Sutherland: Journalist or Panderer? This article talks about the online threat of websites used by minors. In the article the boy Justine Berry who was 13 at the time when got his first WebMD in which he was lured by sexual predators into striping, touching himself while they watched.