By Urata Kimura Yu
Constructing nations in East Asia recorded striking financial development until eventually the Asian monetary drawback erupted in mid-1997. even supposing numerous international locations skilled devastating setbacks, such a lot of them recovered to accomplish moderate premiums of monetary progress over the following couple of years. Sound macroeconomic administration, export-oriented guidelines, and the supply of expert and low-wage labour are one of the elements that contributed to the swift financial development earlier than the predicament and the restoration thereafter. particularly noteworthy during this regard is the function performed via overseas direct funding (FDI). This entire publication identifies the criteria that contributed to the growth of FDI inflows in East Asia and the standards that enabled recipient nations to make use of FDI successfully. It contains targeted case reviews on China, South Korea, Taiwan, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. additionally incorporated is a comparative examine of making an investment agencies centered within the usa, Japan and Hong Kong. The authors finish that social balance, transparent and powerful coverage implementation and company governance are all key components in reaping monetary luck from FDI.
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Extra resources for Multinationals and Economic Growth in East Asia: Foreign Direct Investment, Corporate Strategies and National Economic Development (Routledge International Business in Asia Series)
It is important to note, however, that FDI inflows to Hong Kong may be overestimated. This is because a substantial portion of them were reinvested in China. A large increase in 2000 was due to a single large investment in the telecommunication sector worth $23 billion (United Nations 2001, 25). Singapore, which kept pace with Hong Kong until the outbreak of the financial crisis, experienced a decline in FDI inflows after 1997, although it regained its attractiveness quickly. Korea recorded a substantial increase in FDI inflows in 1998 that can be largely attributable to the Korean government’s drastic liberalization of FDI policies to deal with the negative impacts of the crisis.
MNCs are attracted to locations where competitive supporting industries exist. Host countries benefit not only from FDI but also from the technology spillover from foreign MNCs to local firms. Limited success in acquisition of technology in many East Asian developing countries is largely attributable to a lack of linkage between MNCs and local firms. The incentive for foreign MNCs to source parts and components through imports diminishes when there is a well-developed and competitive local supporting industry.
Free trade agreements (FTAs) are a traditional framework for promoting free trade among member countries. However, recent FTAs go beyond free trade, and some have arrangements for free FDI. For example, the North American Free Trade Agreement (NAFTA) has agreements on MFN (mostfavored-nations) and national treatment for foreign firms, and a mechanism for dispute settlement. The newly enacted FTA between Japan and Singapore has various components that promote free FDI including national treatment of foreign companies, protection of investors, and abolition of performance requirements.
Multinationals and Economic Growth in East Asia: Foreign Direct Investment, Corporate Strategies and National Economic Development (Routledge International Business in Asia Series) by Urata Kimura Yu