Foreign Direct Investments (FDIs) and Prospective Development in Sri Lanka

8/7/2019 Foreign Direct Investments (FDIs) and Prospective Development in Sri Lanka

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1PPEC140 International BusinessMaster of Business Administration Narodhama Rupasinghe

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Title of Report or Essay: Foreign Direct Investments (FDIs) andProspective Developments in Sri Lanka

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International Business

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Rupasinghe Narodhama

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Foreign Direct Investments (FDIs)

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Foreign Direct Investments (FDIs)

and

Prospective Development in Sri Lanka

By

Narodhama Rupasinghe200909037

International Business

IMPERIAL INSTITUTE OF HIGHER EDUCATION

Validated Centre for

UNIVERSITY OF WALES UK

12.06.2010


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Table of Content

Table of Contents.05

Introduction..............06

Foreign Direct Investments (FDIs)............................................................. 08

Significance of Trade Theory on FDIs....................................................... 11

Importance of Government Policy on FDIs............................................... 13

Strategies of Regions vs Countries..........................................................16

Pros and Cons of FDIs................................................................................. 20

Development Strategies for Sri Lanka with FDIs..................................... 25

Managing Foreign Exchange Risks with FDIs........................................26

Conclusion................................................................................................28

References................................................................................................29

Appendix...................................................................................................31


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Introduction

Ape-man on his long journey in reaching todays sophistication has evolved though times

with unending amount of acquiring and satisfying of growing needs and wants. Beginning

from days in caves to animal hunt, as farmers to merchants, by colonization to

industrialization, and entering into virtual space and outer space, unsatisfying nature and

eagerness towards acquisitions have helped him to evolve into modern complexities.

He would acquire and satisfy his needs and wants through his own toil, exerting superior

force, or by way of exchange. The growth of means of exchange has come through barteror swap of goods and services, to use of gold, precious metals & coins, and arrived at

complex financial tools of virtual money of modern age. Hence, trade is as old as the ape-

mans long journey in time and at the same time has played an integral part in his

transformation over time.

Archaeological findings confirm great civilizations, from prehistoric times to Egyptian or

Mohandedas-Harappa, or our own civilization in Sri Lanka, were based near costal sea-

ports or internal river-ports, as these ports were capable of facilitating flourishing trade

hubs for exchange. However, soon after the renaissance in Europe, particularly with

colonization and imperialism, exertion of superior force and exchange of commodities

grew at an unprecedented level. Since then, the world order has been dominated by the

West, especially in international trade. Hence, most trade theories and tools were

developed by the West for their own prosper.

At the end of their dominance, after centuries on conquered land, they left behind visible

socio-political and economic disparities across the world and continued to dominate world

order by means of financial and trade tools for their advantage. However, recent

developments in Latin America and Asia, especially with the wake of Asian giants from

their long sleep, looks to win back its dominance in tomorrows world order, especially in

international trade and development.

As Asia and Latin America claims this century belongs to them, and to make it a reality,

they would turn-tables on dominant powers, the gurus of modern finance and trade. To do


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so, to oust the incumbents, the very tools, measures, and even new approaches in finance

and trade shall be exercised. And without much argument Foreign Direct Investments

(FDIs) is identified as one of the most powerful tools in the game of international trade and

development.

Assignment Objectives

Hence, this paper sets its objective as to provide an understanding of how the international

market for Foreign Direct Investments (FDIs) operates, the various functionalities and uses

of FDIs by countries as well as multi-national corporations, and how Sri Lanka should

improve on canvassing FDIs for development.

In this purpose an extensive discussion on trade theories and its relevance to FDIs, how

FDIs have been used by different countries and regions to formulate policy, success &

failure and good & bad of FDIs, the risks of managing foreign exchange is carried out.

Essential essences for success through FDIs are presented by citing practices, experiences,

and advice from global champions, including policy adaptations of regions and countries,

decisions made by political and business leaderships, and scholarly arguments off

intellectuals and eminent personalities.

And after years of struggle, Sri Lanka now has a golden opportunity to prosper with a

brighter tomorrow, and to achieve this phenomenon Sri Lanka needs to carefully manage

and attract a stream of rapid inflow of foreign direct investments.


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Main Content

Foreign Direct Investments (FDIs)By definition FDIs means the entering of foreign parties in a particular country with an

investment to either setup new ventures, also known as Greenfield FDIs, (ex AirTel entry

in to local telecom industry) or to be partners of an existing business, also known as joint

ventures, with the intention of manage and/or to partake in the enterprise. These

enterprises could range from production oriented (ex Shell takeover of Colombo Gas

Company), or service oriented (ex Emirates stake in Air Lanka), or a combination (ex NTT

takeover of Sri Lanka Telecom and telephony instruments) or come as Mergers strategicpartnerships or alliances, or Acquisitions as in outright purchase (ex: tourism industry in Sri

Lanka, especially tourist hotels and related services).

Of course, if the interest is purely on financial gains, but not of management or to partake

in enterprise, then such investments could come inform of portfolio investments.

Investments in the share market, bonds or other valuable assets can be classified as

portfolio investments.

Globally, according 2008 World Bank statistics, US shows highest FDI net inflows of

approx. US$320 Bn, and followed by China with net inflows amounting to approx. US$148

Bn. (reference, Table 1). However, China leads, unchanged, the FDI confidence index for

2010 with an index of 1.93, while US has climbed upto no.2 position with an index of 1.93,

replacing India to no.3 with an index of 1.64. (Kearney, 2008)


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(Fig: 1, 2010 FDI Confidence, Index Source: Kearney, 2008)

(Fig: 2, FDI Net Inflows-World, Source: Google)


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(Fig: 3, FDI Net Inflows-RBIJS, Source: Google)

(Fig: 4, FDI Net Inflows-JSMTMPSKS, Source: Google)


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(Fig: 5, FDI Net Inflows-USCRBI, Source: Google)

Significance of Trade Theories on FDIs

There exists numerous theories on international trade, but let us focus on some of the most

important theories relevant to this paper. Below are brief overviews of trade theories with

reference to the publication of International Business by Charles Hill and Arun Jain (Hill,

2009).

Classical theories of trade began with the 1776 publication of The Wealth of Nations by

Adam Smith. The publication finds Smiths theory ofAbsolute Advantage, which speaks of

a countrys advantage in ability to be more efficient in the production of goods than by any

other destination. Thus, to specialize in goods with absolute advantage and to tradeoff those

for goods produced by other countries.

Taking on Smiths argument, David Ricardo publishes Principles of Political Economy in

1817 presenting the theory ofComparative Advantage. In which he explains, it is for the

benefit if a country concentrates more on most efficient products and buy the least efficient

products from outside, even if possessed with an absolute advantage.

Both these theories seem obsolete in application in todays globalized environment.However, the plantation sectors in Sri Lanka, particularly tea-rubber-&-coconut were able


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to attract investments. Tea production in Sri Lanka has an absolute advantage over others,

similar to what US has over wheat. Similarly, due to comparative advantage Sri Lanka

concentrates more on tea as an industry over rice paddy, which is a produce with historical

records of absolute advantage and while still the livelihood of a majority in all corners of

the island. US have the absolute advantage in wheat and coffee over Brazil, but

concentrates on its comparative advantage in wheat over coffee.

Economists of early 20th century Eli Heckscher and Bertil Ohlin brings forth the

Heckscher-Ohlin theory, possibly the first modern theory, which explains the factor of

endowments, meaning the amount of land, labor or capital a nation is gifted with and its

ampleness contributes to reducing cost factors.

Similar to Sri Lankas tea, Argentinas soya production speaks of factors of endowment.

Both countries attracts foreign investments as climatic and soil conditions compliment the

respected industry, and of course, the human resource which has over the years acquired

necessary managerial skills and specialized labor to be cost effective.

The next best theory surfaces during 1970s as economists argue on the New Trade theory,

highlighting two important factors; where economies of scale can deliver variety of goods

and at less cost, and first movers dominate industries where attaining economies of scale

consumes a significant portion of demand.

The success story behind www.bangolre.india is the dual contributory capacity of its

human resource-highly skilled and relatively cheap, which brings economies of scale at less

cost, and with their investments in Bangalore as first movers-Intel, Microsoft, etc continueto dominate globally being innovative and cost competitive.

The latest National Competitive Advantage theory was introduced by Michael Porter in

1990. His theory speaks of four characteristics or the diamond attributes which constitutes

factor endowment, demand condition, relating & supporting industries and firms strategy,

structure & rivalry. And the success of ventures depend on environments which best

complement the diamond attributes.
http://www.bangolre.india/http://www.bangolre.india/http://www.bangolre.india/http://www.bangolre.india/


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The strategy adopted in Chinas costal region was initially to open-up for investment in

part assembly, gradually ingredient suppliers appeared, and eventually it grew increasingly

with investors. Market demand was sustained with low costs in labor and skill, demand &

rivalry was present within the zones as well as outside, supporting industries came and

grew, and strategy in place was successful. Today, this region including Shanghai, Nanjing,

Guangdong, etc, has amassed financial wealth as well as improved on knowledge skills. Its

strong domestic market has sharpened the competitive edge internationally.

Importance of Government Policy on FDIs

The initiating party of a FDI is the Government which invites foreign investments into the

country. This invitation constitutes strategic policy decisions taken by respected

governments towards the development and economic management of that country.

The economic strength and the global standing of a country are important factors which

influence the decision on FDIs as to what kind of investments it should attract. In actuality,

the developed nations attract the highest amount of FDIs when compared against

developing nations. China, considered a developing economy, could be the isolated

disharmony as its growing popularity in recent times has attracted more FDIs than any

other destination.

As for this paper, reasons for invitation of FDIs will be categorized into five main policy

objectives, keeping in mind that the economic factor primarily contributes to the final

decision.

The first three policy objectives are clearly explained by Prof. K. Ohno, professor of

development economics and industrialization at the National Graduate Institute for Policy

Studies in Japan. Such policy is mostly practiced by developing economies;

Each of these theories has a different implication for policy makers. The first

hypothesis says: invest. The second says: improve domestic capability. The third

says: invite as much FDI as possible. (Ohno, 2006) (emphasis by author)


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The remaining two policy objectives focuses on attracting FDIs, thirdly, to sustain

economic power, and, fourthly, to give-in to dominance ofsuperiority.

The first reference is in relations to countries which attract FDIs according to the

availability of capital over labor. Naturally, where theres abundant labor the focus would

be on intensive use of man power, compared to capital abundance focusing more on

intensive use of financial capabilities. Eventually, the accumulation of wealth will change

the overall focus on goods and services produced. This clearly falls in line with the trade

theory presented by Heckscher and Ohlin.

The initial reasons for foreign investments to come inform of apparel industry to Sri Lanka,

Bangladesh, or Kenya were due to cheap labor that was abundant. The same reason is

applicable in the automobile industry investments by Japanese and American car makers

Greenfield startups in Thailand or Mexico. The newly industrialized nations (NIEs), which

consist of Korea, Taiwan, Hong Kong & Singapore, shares the same principle in

developing the electronic industry with foreign investments. The initial attraction was

cheap labor which was capable of providing an edge to succeed in overseas with a

competitive advantage.

A countrys ability to obtain required FDIs to develop know-how, both human and

technological, in producing superior goods and services is referred in the second. The

wealth here is having a learned and trained human resource, including likes of engineers,

managers, etc, and improved infrastructure, including education, IT, R&D, etc, to have the

economic capability of moving ahead or climbing up. Hence, new investments are attracted

to develop and improve high quality products rather than quantity. Clearly markingpossibility of acquiring factor endowments against been gifted, as expressed by Michael

Porter in extension or improvement to Heckscher and Ohlin.

Almost twenty years ago India opened-up for foreign investments, and thankfully has come

a long way as a global giant. And part of the success is due to the investments that came in

the technology industry. Bangalore and other parts of South India became the second

Silicon Valley of the world. While lower expenses were an important contributor, the

success was woven around its much skilled human resource.


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Call centres, BPOs, bio-labs, etc entered the market and introduced new technology and

know-how, which was promptly mastered by the Indians. Soon global giants WNS, Intel,

Microsoft, (IT) Merk, Pfizer, (pharmaceutical) etc, moved part of their core businesses into

India. In order to sustain the progress Indian universities, likes of IIT, IIM, had to cater to

the advancement, and as a result, today, India boasts of its wealth of globally recognized IT

& bio-engineering specialists and top level CEOs & managers.

The third reference is made on situations where a significant number of investments are

targeted by presenting attractive benefits in special environments for enterprises. Here, the

initial focus is neither on attaining financial wealth or developing human resource, but tolocally establish a specialized consortium of specific industry or a connected segment of it,

and eventually, paving the way for developing better competencies and capital acquisitions.

This is an attempt to create the elements highlighted by Michael Porter.

The automobile spares industrys success in Thailand, or as pointed out earlier the coastal

regions of China, have come a long way starting as cheap labor destination for assembling

of parts, and moved onto production of supplementary inputs used for assembly. This

upward movement in vertical integration of supply chain was achieved by acquiring new

technology, management skills, and importantly marketing skills, to outperform

competition with high-quality and low-cost products. And it was mostly possible due to

investments that came in support of providing the auxiliary services, like education,

training, proper infrastructure, IT, etc.

FDIs are invited even to sustain economic power, the fourth use. When countries become

stable, sophisticated, and when domestic enterprises can no longer create new

opportunities, maintain higher wages or bring new advancements, the governments require

new avenues to sustain and improve the socio-economic conditions. Thus, policy decisions

are made to attract FDIs, mostly from leading overseas multinational corporations (MNCs).

Robert Hormats, Under-Secretary for Economic, Energy, and Agricultural Affairs,

addressing the US Council for International Business on Cross-Border Investments in Post-

Recession Worldsaid;


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We will do so in part by sustaining a positive environment for international

investment. The U.S.along with other governmentsneeds to resist

protectionism and economic nationalism. We need to recognize that FDI

contributes enormously to our economic success. And we need to pursue policies

that enhance confidence among investors.

This is a key to expanding our economic recovery and global economic growth. Its

how we create jobs, promote exports, sustain manufacturing and service

capabilities, and develop critical infrastructure in the U.S. (Hormats, 2010)

(emphasis by author)

The fifth category refers to forced decisions made due to big players making use of FDIs as

an instrument to dominate the market place by exerting economic or political pressure

through bilateral or multilateral trade agreements, or by protocols set at global or regional

bodies. This is either to produce low cost goods and services for consumption, to maintain

control over specialized sectors, or simply to bully small, inferior or less developed nations.

As an antidote to the eventuality shown by Raymond Vernons product life-cycle theory, so

to retain dominance by way of capitalizing investments in foreign land.

Under-Secretary Hormats indirectly support this notion, as his comments (or warning) on

protectionism and economic nationalism have much deeper and greater meaning than

what appears on surface. Further, it is an openly known fact how for almost two decades

the Government of Sri Lankan has been pressurized, against her will, by leading fertilizer

corporations, backed by foreign governments and aid agencies, to give-in on the Eppawala

apatite and phosphate mineral deposits for use of two transnational corporations (TNCs).

(Wanigasundara, 1998)

Strategies of Regions vs Countries on FDIs

In analyzing empirical situations it is better to focus on regions than on individual

countries, as it would draw a much clearer picture on explaining the specific strategies

adopted and what similarities and repetitions exists among them.


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As explained in the introduction imperialism, neo-colonialism, and globalization has

created clear economic disparities among countries as well as in regions of the world.

Throughout, Asia for almost five decades unstable governments, arms struggles, and

poverty have been underlining factors. Increasingly in recent times, and at different

sections at a given time, Asia is coming out with development and economic strength.

Much is same for Latin America.

However, the situation in whole of Africa, except for few nations, is rather pathetic. Severe

poverty, political chaos, arm struggles, epidemics have written-off most of its ability to

arise in the present context. Most of the aid for development comes on humanitarian

grounds or with interest to natural resources.

Though, impoverished in political standings, the Middle-East and West Asia has managed

its natural resources to alleviate the socio-economic condition and be recognized in global

forums. While the West and developed nations focus more on sustaining their dominance

and maintain higher standards in socio-economic spheres.

Let us now examine how foreign direct investments have contributed towards changing

socio-economic dynamics in these regions, and thereby in specific countries.

The Asian economic drive has been never better explained with a model developed in

1930s but presented only in 1961-62 by Prof. Kaname Akamatsu, now famously known as

the Flying Geese Pattern of Developmentor simply the Flying Geese Model (FG model).

Of course, over time it has been further expanded with contemporary developments,

according to GRIPS, especially by Dr. Saburo Okita, eminent economist and one-timeForeign Minister of Japan. (GRIPS, 2010).

Dr. Okita explaining the Flying Geese model at the 4th Pacific Economic Cooperation

Council Conference in Seoul, in 1985, said;

In the Pacific region, for example the United States developed first as the lead

country. Beginning in the late 19th century, Japan began to play catch-up

development in the nondurable consumer goods, durable consumer goods, and

capital goods sectors in that order. Now the Asian NICs and the ASEAN countries


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are following in Japan's footsteps Because there is such great variety in the Asian

nations' stages of development, natural resource endowments, and cultural,

religious, and historical heritages, economic integration on the EEC model is

clearly out of the question. Yet it is precisely this diversity that works to facilitate

the FG pattern of shared development as each is able to take advantage of its

distinctiveness to develop with a supportive division of labor. (GRIPS, 2010)

which included presentation of following illustrations;

(Fig. 6, Structural Transformation in East Asia 1, Source: GRIPS)


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(Fig 2, Structural Transformation in East Asia 2, Source: GRIPS)

The FGmodel argues that the Asian economic drive is similar to a flying flock of geese, in

a reverse V (or in >) outline, with one leading the way and others following behind.

Some fall. Some catch-up. This argument is further extended by highlighting the repetitive

trends in the Asian economic drive.

Hence, in a given time frame, depending on where the country, or region, is placed on the

curve (refer; Fig 2, Graph 3: International Division of Labor) only would it develop policy

strategies on economic development. This strategy gets converted into actuality through

essential tools such as FDIs. Thus, Japan lead the way, then came NIEs, then the ASEAN4

(including Malaysia, Thailand, Indonesia, Philippines), then China & Vietnam, and later

South Asia.

The leader starts off with labor intense industries, as it loses competency it moves onto

develop industries of supplementary or ancillary products. The immediate follower then

takes up labor intense industry and by the time it matures, the leader has moved onto the

next tier, producing more skilled products and continues to grow from one tier of industry


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15 times the companys current profits. Marketics accepted and became part of

WNSnow that we are part of a larger company financial compliances has come

inyou are more disciplined in a lot of things. Sales have already been integrated,

HR integration is happening slowly. But again, we also realized that our culture is

vastly different from WNSIt is high end talentWe became rich. I will not deny, it

was part of the motivationNow the company is no longer held at the whims and

fancies of the founders. There is a large board. There is money for investment, we

can recruit ahead of actual requirement. And we have scaled faster, as there is a

captive base of clients to pitch to (Bansal, 2008)

This excerption from Maruwadas experience of how a small town business merging with a

global player speaks the actual pros & cons of Indian experience in FDIs. When Mother

India opened her doors to rest of the world with a broader sense of economic development,

it was the amazing Indian entrepreneurs, those who were deprived of capital, know-how

and competition for time known, prospered most. Dramatic changes were taking place from

grass-root level joints to big time industrialist, from Maruwadas to Mittals, from Deccan

to Hindukush, India prospered as infrastructure developed and the middle-class grew in

wealth. Investments kept coming Indias way, as the perfect combinations to protect infant

and domestic industries of vast India were formulated by the center, at policy makers in

Delhi.

Infosys co-founder Nandan Nilekani in his book Imagining India quotes former Finance

Minister of India Yashwant Sinha saying;

There were nation-wide strikes against my proposal to allow FDI in insurance, but

in the years since we allowed foreign investment, the insurance industry has created

a million new jobs, and the market is filled with more insurance options for the

Indian consumer than ever before. I now ask the people who led those protest-why

did you do it? Dont you see how well the new policies worked?

Former Minister Sinhas statement highlights two important aspects of FDIs. Firstly, the

great success it can bring into the service sector creating more employment, competition


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and variety of choice for consumers. Secondly, the vision and the will required of policy

makers in use of financial instruments for betterment of the majority.

Developed nations like the US immensely benefits from inflow and outflow of FDIs. In

brief, the Under-Secretary Hormats underlines the benefits of inflow FDIs for US as;

Creates New Job, Boosts Wages, FDI Reinvests Profits Back into the U.S.

Economy, Increases U.S. Exports, Strengthens U.S. Manufacturing and Services,

Brings in New Research, Technology, and Skills, Contributes to Rising U.S.

Productivity (Hormats, 2010)

and also highlights National Security as a concern with possible severe impacts- financially

and technologically.

Making a special comment on outward FDIs and sharing research work of Prof. Mathew

Slaughter of Dartmouth, Under-Secretary Hormats confirms;

They provided more than 19 % of U.S. private sector jobs; accounted for nearly a

quarter of Americas GDP; exported nearly half a trillion dollars worth of goods tothe rest of the world; undertook roughly 30 % of all U.S. capital investment; and

performed over 75 % of Research & Development in the U.S. As U.S.-based MNCs

have expanded employment abroad, so too have they expanded employment in

America. Foreign direct investment abroad remains crucial to many U.S.

companies because it is essential to their ability to sustain and expand sales in

foreign markets. For many, access to foreign markets depends on their presence in

those markets. (Hormats, 2010)

This is the same strategy adopted by countries like Japan and Korea at present. This even

more obvious when looking at the success of Japanese and Korean electronic items, such as

televisions, computers, etc. or automobiles in foreign markets, especially with

establishments made in high potential markets, like China or ASEAN.

Let us now look at two cases from Sri Lanka to highlight on less spoken drawbacks of

FDIs. The first, as highlighted before, if Sri Lanka gives-in to the pressure exerted by thetwo MNCs, foreign governments and foreign agencies, the apatite and phosphate mineral


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deposits in Eppawala, with over two-dozen of villages, and over twelve thousand villagers,

with its historical and archeological value, as well as fertile paddy farms which yields

150% more per acreage would have been lost and ended as pit holes, bringing severe social

and ecological losses with only a 10% stake retained with Sri Lanka.

For12,000 members of 2,600 farmer families, the US$425 million mining deal

which the government of Sri Lanka proposes to sign with two multinationals will

spell doom. Under the proposed agreement, the world's largest producer of

fertiliser, IMC Agrico of the USA, and Tomen Corporation of Japan will combine in

a joint venture with the puny local Lanka Phosphate Ltd to exploit the apatite mine

at Eppawala in the Anuradhapura district in the north central

province.(Wanigasundara)

The second, a few years ago, addressing a distinguished gathering of past-pupils of Royal

College1, Colombo, an eminent figure2 in national politics and defence, quivered the

audience with the information that was brought to surface in justifying a nullification of a

lucrative FDIs proposal which came from Singapore.

The proposal was over one-hundred million dollars, to grandly uplift a series of restaurants

of different cuisines in Colombo to provide a world class palatable dining experience for

locals and foreigners in the capital city. When investigated, it was revealed that the

locations of these specific restaurants were not just randomly picked or had any real

authentic value of difference in cuisine, but lied by the side of vehicular routes of VVIPs.

And to add salt, it was further revealed, though the primary investor was Singaporean, the

actual funds came from none other than the terrorist outfit that was attempting to gun-downVVIPs in the City of Colombo.

Hence, national security was at the highest level importance in our country and it was a

major concern in attracting FDIs. This must be just one incident revealed to the public

where as a great amount would have been held back due to sensitivity. (1 author was an

attendee of the event; 2 name with held due to security reasons)


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Development Strategies for Sri Lanka with FDIs

Today, Sri Lanka has the greatest of opportunities since independence to make a paradigm

shift which could make the tomorrows destiny much brighter than in any other era of

history.

However, probably as the only nation in the region, Sri Lanka can positively respond to

three of the main criteria that an investor is most concerned in todays global business.

1. Zero-terrorism; a menace forcefully disrupts human life and material wealth, and

brings unpredictability in any functionality or system has been completely

eradicated.

2. Functional democracy; over the past sixty-years the citizens by exercise of

franchise have elected or defeated representation and policy.

3. Stability; irrespective of politics, almost after two-half decades Sri Lanka has a

stable government to implement important policy for development.

As seen with success of other Asian nations, these are among the first attractive conditions

to an investor to come to Sri Lanka, who in turn expect best returns on investments made

and possibly long term strategic presence in the country. Hence, Sri Lanka in her approach

to catch-up on the development missed and on uplifting the socio-economic condition

should wisely consider in attracting FDIs for best.

As shown by different eras of other developing nations, Sri Lanka cant have vertically

integrated industries from raw material to final assembly. In fact, in todays global context

no-one can or wants to do so. The focus point should be in what industry or sector Sri

Lanka could have the best comparative advantage and start on it. While it is good to

enhance on gifts of Mother Nature, it is even better if it comes at superior value and lowest

cost. Otherwise, to have a competitive edge in the market place it is best such material is

imported from best value destinations. The first category of FDIs makes the best reference.

In some sectors, the initial approach should be even to win low level value additions, and at

the same time to attract local or foreign supplementary input industries and eventually the

know-how will come-in. This refers back to the third category of FDIs explained before.


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HIGHEREDUCATION

It is important that Sri Lanka understands that shift or build-up takes time. Therefore, it is

important to have a suitable order and accurate timing of building up the ancillary

industries and acquiring technical know-how. At the same time providing specialized

environments (or zones) for enterprise, meaning indentifying the correct places capable of

delivering added benefits is important. Such zones would relate to well placed

infrastructure, better skilled human resource, well-organized public sector and with other

relevant institutions in place. The reference is to the second category of FDIs or

Bangalores success story.

Most importantly, Sri Lanka should acquire the correct approach in dealing with the

investors. Sri Lanka has to be cooperative, with integrity intact. Indentify their needs and

requirement, be flexible with policies, and come into clear agreements. Agreed positions or

policies have to be maintained, as interruption could discourage investment. Maintaining a

cooperative atmosphere and with a supportive approach with an investor perspective is

brings ultimate success. Such is the success of ASEAN experience.

In the event of Sri Lanka wanting to canvass FDIs with foreign educational institutes to

setup private universities, similar to how Malaysia succeeded in getting Cambridge

University or Monash University to setup its offshore campuses in Kula-Lumpur, the

success would immensely depend on the incumbent policy makers and approach,

willingness of the investors and economic & socio-political situation in the country.

Managing Foreign Exchange Risks with FDIs

In respect to a single entity, a country or MNC, the type of foreign direct investment will

decide the direction of movement in foreign exchange. When Toyota established its

automobile part manufacturing plant in Thailand, in respect to Thailand it is considered an

inflow of FDI. Similarly Japan would have it registered as an outflow of FDI.

Initially, foreign exchange comes into a country with an inflow of FDI and if its not

earning in the domestic market then it will continue bring-in foreign currency, in terms of

payment made locally (ex: labor, utilities, etc,) and to export services (ex: freight, insuranceetc.). However, this is not the case always.


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HIGHEREDUCATION

Coca-Cola in setting-up its bottle plant in Sri Lanka initially brought-in foreign exchange

into the country. However, since, its operation only targets the domestic market it earns in

local currency. Then, by agreement it can convert a certain proportion of its profit (after

taxes/payments) into foreign currency and is allowed to take it out of the country.

Therefore, be it an inflow or outflow, FDIs immensely contribute to the foreign exchange

deposit of a country. In turn it impacts the BoP, which means both export income and

import expenditure is affected.

In case of a steady inflow of FDIs, as seen in China, over time it could negatively impact

the appreciation of local currency, similar to the fears of Japanese MNCs according to JBIC

survey. When theres a currency appreciation payments increases, meaning labor, utility,

etc. expenses climb high making the investment unprofitable. However, not all countries all

a free-flow of exchange rates, as some countries like China maintains controlled rates,

where as others like Sri Lanka uses financial instruments of Central Bank or Federal

Reserve to buyback or sellback foreign currency to maintain a stable exchange rate.

Most countries use some portion of the inflow of foreign currency to stabilize foreign

exchange rates, but remainder can be either invested to settle development or import

expenditure, or diverted into a foreign investment.

It also important to note that FDIs played an important role to help the countries, especially

Malaysia, which were affected during 90s East-Asian economic crisis. As explained at the

beginning just as FDIs, portfolio investments can bring-in and take-out money from aneconomy, but the efficiency of doing it lies more with the later-portfolio investments.

Making use of this function George Soros pulled-out an enormous amount of foreign

currency leaving out Malaysian economy to cripple. However, as FDIs lack such efficiency

in its function continued to be present with agreed terms and helped the economy to come

out of its cripples.


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HIGHEREDUCATION

Conclusion

The objective of this paper was to provide an understanding of how the internationalmarket for Foreign Direct Investments (FDIs) operates, the various functionalities and uses

of FDIs by countries as well as multi-national corporations, and how Sri Lanka should

improve on canvassing FDIs for development.

In this purpose an extensive discussion on trade theories and its relevance to FDIs, how

FDIs have been used by different countries and regions to formulate policy, success &

failure and good & bad of FDIs, the risks of managing foreign exchange is carried out.

Essential essences for success through FDIs are presented by citing practices, experiences,

and advice from global champions, including policy adaptations of regions and countries,

decisions made by political and business leaderships, and scholarly arguments off

intellectuals and eminent personalities.

And after years of struggle, Sri Lanka now has a golden opportunity to prosper with a

brighter tomorrow, and to achieve this phenomenon Sri Lanka needs to carefully manage

and attract a stream of rapid inflow of foreign direct investments.


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HIGHEREDUCATION

Reference

There are no sources in the current document.

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2010]

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Publishing, London, UK

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Marketplace. 4th.ed.Tata McGraw-Hill, New York, US

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investment-confidence-index.html [retrieved on 05 June 2010]

Knight-John, M. and Athukorala, P. (2002). Assessing Privatization in Sri Lanka:

Distribution and Governance, [Online], available at http://www.cgde

Nilekani, N. (2008). Imagining India: Ideas for the New Century, Penguin Books,

New Delhi, India

Ohno, K. (2006). FDI Strategy, [Online], available at

http://www.grips.ac.jp/teacher/oono/hp/lecture_F/lec06.htm [retrieved on 05 June

2010]


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HIGHEREDUCATION

The World Bank. (2010). Foreign Direct Investment Net Inflows (BoP, Current

US$), [Online], available at

http://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?cid=GPD_5 [retrieved

on 05 June 2010]

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Switzerland

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cn.htm [retrieved on 05 June 2010]
http://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?cid=GPD_5http://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?cid=GPD_5


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HIGHEREDUCATION

Country

name2005 2006 2007 2008

Canada $25,900,779,626 $59,758,934,985 $111,412,000,000 $45,364,145,894Cape Verde $80,440,643 $131,815,478 $191,868,198 $211,318,796

CentralAfricanRepublic

$17,107,000 $18,107,000 $57,000,000 $121,000,000

Chad $612,928,178 $700,000,000 $718,000,000 $834,000,000

Chile $6,983,801,371 $7,298,382,454 $12,577,182,845 $16,786,870,000

China $79,126,731,413 $78,094,665,751 $138,413,000,000 $147,791,000,000

Colombia $10,251,980,000 $6,655,990,000 $9,048,740,000 $10,583,158,849

Comoros $558,644 $576,284 $8,000,000 $8,000,000

Congo, Dem.Rep. of

$-76,030,000.00 $-115,980,000.00 $720,000,000 $1,000,000,000

Congo, Rep. $513,585,519 $1,487,693,084 $2,638,405,260 $2,622,000,000

Costa Rica $861,042,026 $1,469,089,235 $1,896,095,297 $2,021,002,938

Cote d'Ivoire $311,921,178 $318,864,759 $426,777,010 $402,407,068

Croatia $1,788,093,912 $3,456,793,339 $4,986,645,992 $4,797,723,096

Cyprus $1,161,973,511 $1,870,919,582 $2,295,454,940 $3,853,891,559

CzechRepublic

$11,601,978,991 $5,521,761,931 $10,606,063,122 $10,864,340,807

Denmark $12,834,261,392 $2,419,919,718 $11,800,119,616 $3,111,464,238Djibouti $22,203,341 $108,287,709 $195,351,140 $252,997,676

Dominica $19,235,559 $25,907,526 $53,239,830 $52,105,826

DominicanRepublic

$1,122,700,000 $1,528,300,000 $1,578,900,000 $2,884,700,000

Ecuador $493,413,836 $270,719,853 $194,444,527 $993,214,020

Egypt, ArabRep.

$5,375,600,000 $10,042,800,000 $11,578,100,000 $9,494,600,000

El Salvador $511,130,000 $241,100,000 $1,508,340,000 $784,150,000

EquatorialGuinea

Eritrea $-1,040,000.00 $450,000 $-2,820,000.00 $36,000,000

Estonia $2,941,280,720 $1,787,397,399 $2,737,118,963 $1,946,615,297

Ethiopia $265,111,676 $545,257,102 $222,000,573 $108,537,544

Fiji $160,446,957 $415,314,853 $337,040,727 $320,378,050

Finland $4,805,667,329 $7,723,228,863 $12,611,290,247$-7,765,312,571.00

France $84,996,500,408 $71,830,805,232 $105,909,000,000 $100,372,000,000

French

Polynesia$7,818,937 $30,649,551 $58,249,412 $13,884,190

Gabon $242,335,014 $267,805,316 $269,324,270 $20,000,000
http://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2005%20wbapi_data_value%20wbapi_data_value-first&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2005%20wbapi_data_value%20wbapi_data_value-first&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2006%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2006%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2007%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2007%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2008%20wbapi_data_value%20wbapi_data_value-last&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2008%20wbapi_data_value%20wbapi_data_value-last&sort=asc&display=defaulthttp://data.worldbank.org/country/canada?display=defaulthttp://data.worldbank.org/country/canada?display=defaulthttp://data.worldbank.org/country/cape-verde?display=defaulthttp://data.worldbank.org/country/cape-verde?display=defaulthttp://data.worldbank.org/country/central-african-republic?display=defaulthttp://data.worldbank.org/country/central-african-republic?display=defaulthttp://data.worldbank.org/country/central-african-republic?display=defaulthttp://data.worldbank.org/country/central-african-republic?display=defaulthttp://data.worldbank.org/country/chad?display=defaulthttp://data.worldbank.org/country/chad?display=defaulthttp://data.worldbank.org/country/chile?display=defaulthttp://data.worldbank.org/country/chile?display=defaulthttp://data.worldbank.org/country/china?display=defaulthttp://data.worldbank.org/country/china?display=defaulthttp://data.worldbank.org/country/colombia?display=defaulthttp://data.worldbank.org/country/colombia?display=defaulthttp://data.worldbank.org/country/comoros?display=defaulthttp://data.worldbank.org/country/comoros?display=defaulthttp://data.worldbank.org/country/congo-democratic-republic?display=defaulthttp://data.worldbank.org/country/congo-democratic-republic?display=defaulthttp://data.worldbank.org/country/congo-democratic-republic?display=defaulthttp://data.worldbank.org/country/congo-republic?display=defaulthttp://data.worldbank.org/country/congo-republic?display=defaulthttp://data.worldbank.org/country/costa-rica?display=defaulthttp://data.worldbank.org/country/costa-rica?display=defaulthttp://data.worldbank.org/country/cote-divoire?display=defaulthttp://data.worldbank.org/country/cote-divoire?display=defaulthttp://data.worldbank.org/country/croatia?display=defaulthttp://data.worldbank.org/country/croatia?display=defaulthttp://data.worldbank.org/country/cyprus?display=defaulthttp://data.worldbank.org/country/cyprus?display=defaulthttp://data.worldbank.org/country/czech-republic?display=defaulthttp://data.worldbank.org/country/czech-republic?display=defaulthttp://data.worldbank.org/country/czech-republic?display=defaulthttp://data.worldbank.org/country/denmark?display=defaulthttp://data.worldbank.org/country/denmark?display=defaulthttp://data.worldbank.org/country/djibouti?display=defaulthttp://data.worldbank.org/country/djibouti?display=defaulthttp://data.worldbank.org/country/dominica?display=defaulthttp://data.worldbank.org/country/dominica?display=defaulthttp://data.worldbank.org/country/dominican-republic?display=defaulthttp://data.worldbank.org/country/dominican-republic?display=defaulthttp://data.worldbank.org/country/dominican-republic?display=defaulthttp://data.worldbank.org/country/ecuador?display=defaulthttp://data.worldbank.org/country/ecuador?display=defaulthttp://data.worldbank.org/country/egypt-arab-republic?display=defaulthttp://data.worldbank.org/country/egypt-arab-republic?display=defaulthttp://data.worldbank.org/country/egypt-arab-republic?display=defaulthttp://data.worldbank.org/country/el-salvador?display=defaulthttp://data.worldbank.org/country/el-salvador?display=defaulthttp://data.worldbank.org/country/equatorial-guinea?display=defaulthttp://data.worldbank.org/country/equatorial-guinea?display=defaulthttp://data.worldbank.org/country/equatorial-guinea?display=defaulthttp://data.worldbank.org/country/eritrea?display=defaulthttp://data.worldbank.org/country/eritrea?display=defaulthttp://data.worldbank.org/country/estonia?display=defaulthttp://data.worldbank.org/country/estonia?display=defaulthttp://data.worldbank.org/country/ethiopia?display=defaulthttp://data.worldbank.org/country/ethiopia?display=defaulthttp://data.worldbank.org/country/fiji?display=defaulthttp://data.worldbank.org/country/fiji?display=defaulthttp://data.worldbank.org/country/finland?display=defaulthttp://data.worldbank.org/country/finland?display=defaulthttp://data.worldbank.org/country/france?display=defaulthttp://data.worldbank.org/country/france?display=defaulthttp://data.worldbank.org/country/french-polynesia?display=defaulthttp://data.worldbank.org/country/french-polynesia?display=defaulthttp://data.worldbank.org/country/french-polynesia?display=defaulthttp://data.worldbank.org/country/gabon?display=defaulthttp://data.worldbank.org/country/gabon?display=defaulthttp://data.worldbank.org/country/gabon?display=defaulthttp://data.worldbank.org/country/french-polynesia?display=defaulthttp://data.worldbank.org/country/french-polynesia?display=defaulthttp://data.worldbank.org/country/france?display=defaulthttp://data.worldbank.org/country/finland?display=defaulthttp://data.worldbank.org/country/fiji?display=defaulthttp://data.worldbank.org/country/ethiopia?display=defaulthttp://data.worldbank.org/country/estonia?display=defaulthttp://data.worldbank.org/country/eritrea?display=defaulthttp://data.worldbank.org/country/equatorial-guinea?display=defaulthttp://data.worldbank.org/country/equatorial-guinea?display=defaulthttp://data.worldbank.org/country/el-salvador?display=defaulthttp://data.worldbank.org/country/egypt-arab-republic?display=defaulthttp://data.worldbank.org/country/egypt-arab-republic?display=defaulthttp://data.worldbank.org/country/ecuador?display=defaulthttp://data.worldbank.org/country/dominican-republic?display=defaulthttp://data.worldbank.org/country/dominican-republic?display=defaulthttp://data.worldbank.org/country/dominica?display=defaulthttp://data.worldbank.org/country/djibouti?display=defaulthttp://data.worldbank.org/country/denmark?display=defaulthttp://data.worldbank.org/country/czech-republic?display=defaulthttp://data.worldbank.org/country/czech-republic?display=defaulthttp://data.worldbank.org/country/cyprus?display=defaulthttp://data.worldbank.org/country/croatia?display=defaulthttp://data.worldbank.org/country/cote-divoire?display=defaulthttp://data.worldbank.org/country/costa-rica?display=defaulthttp://data.worldbank.org/country/congo-republic?display=defaulthttp://data.worldbank.org/country/congo-democratic-republic?display=defaulthttp://data.worldbank.org/country/congo-democratic-republic?display=defaulthttp://data.worldbank.org/country/comoros?display=defaulthttp://data.worldbank.org/country/colombia?display=defaulthttp://data.worldbank.org/country/china?display=defaulthttp://data.worldbank.org/country/chile?display=defaulthttp://data.worldbank.org/country/chad?display=defaulthttp://data.worldbank.org/country/central-african-republic?display=defaulthttp://data.worldbank.org/country/central-african-republic?display=defaulthttp://data.worldbank.org/country/central-african-republic?display=defaulthttp://data.worldbank.org/country/cape-verde?display=defaulthttp://data.worldbank.org/country/canada?display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2008%20wbapi_data_value%20wbapi_data_value-last&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2007%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2006%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2005%20wbapi_data_value%20wbapi_data_value-first&sort=asc&display=default


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HIGHEREDUCATION

Country

name2005 2006 2007 2008

Gambia, The $51,930,776 $82,069,399 $72,588,860 $72,087,910Georgia $452,752,292 $1,170,077,393 $1,750,242,588 $1,564,030,345

Germany $46,472,855,678 $58,128,532,135 $56,498,128,557 $21,248,195,112

Ghana $144,970,000 $636,010,000 $855,000,000 $2,111,590,000

Greece $657,666,544 $5,400,743,026 $1,958,714,556 $5,303,570,431

Grenada $70,157,130 $89,787,148 $174,243,357 $161,209,241

Guatemala $508,300,000 $591,500,000 $745,000,000 $837,700,000

Guinea $105,000,000 $108,000,000 $385,900,000 $381,880,000

Guinea-

Bissau

$8,692,470 $17,741,781 $19,000,000 $15,000,000

Guyana $76,800,000 $102,400,000 $152,400,000 $168,000,000

Haiti $26,000,000 $160,600,000 $74,500,000 $29,800,000

Honduras $599,757,555 $669,107,261 $929,315,286 $877,009,910

Hong KongSAR, China

$33,617,699,019 $45,053,645,837 $54,365,130,315 $63,004,775,294

Hungary $7,626,151,047 $19,720,837,497 $72,337,318,630 $62,785,804,415

Iceland $3,123,973,353 $4,075,084,021$-1,391,612,659.00

$699,053,150

India $7,606,425,242 $20,335,947,448 $25,127,155,852 $41,168,605,242

Indonesia $8,336,257,208 $4,914,201,435 $6,928,480,000 $9,318,453,650

Iran, IslamicRep. of

$917,889,000 $317,137,000 $1,658,000,000 $1,492,000,000

Iraq $515,300,000 $383,000,000 $971,800,000

Ireland$-30,333,718,208.00

$-881,939,336.10 $24,580,923,953$-19,885,532,489.00

Israel $4,272,000,000 $14,762,400,000 $9,019,800,000 $9,638,200,000

Italy $19,636,818,499 $39,007,009,354 $40,042,891,550 $15,441,759,461

Jamaica $682,480,000 $882,180,000 $866,487,172 $1,436,576,321

Japan $3,213,628,007 $-6,783,580,858.00 $22,180,067,084 $24,551,812,047

Jordan $1,774,047,955 $3,219,322,990 $1,950,353,413 $1,965,822,847

Kazakhstan $1,971,217,630 $6,278,167,960 $11,126,202,079 $14,647,520,460

Kenya $21,211,685 $50,674,725 $729,044,146 $95,585,680

Kiribati

Korea, Rep.of

$6,308,500,000 $3,586,400,000 $1,784,400,000 $2,200,300,000

Kuwait $233,904,110 $121,305,596 $121,387,423 $57,285,621

Kyrgyz

Republic $42,565,333 $182,022,966 $207,919,478 $232,674,034

Lao P.D.R. $27,700,000 $187,400,000 $323,500,000 $228,000,000
http://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2005%20wbapi_data_value%20wbapi_data_value-first&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2005%20wbapi_data_value%20wbapi_data_value-first&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2006%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2006%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2007%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2007%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2008%20wbapi_data_value%20wbapi_data_value-last&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2008%20wbapi_data_value%20wbapi_data_value-last&sort=asc&display=defaulthttp://data.worldbank.org/country/gambia?display=defaulthttp://data.worldbank.org/country/gambia?display=defaulthttp://data.worldbank.org/country/georgia?display=defaulthttp://data.worldbank.org/country/georgia?display=defaulthttp://data.worldbank.org/country/germany?display=defaulthttp://data.worldbank.org/country/germany?display=defaulthttp://data.worldbank.org/country/ghana?display=defaulthttp://data.worldbank.org/country/ghana?display=defaulthttp://data.worldbank.org/country/greece?display=defaulthttp://data.worldbank.org/country/greece?display=defaulthttp://data.worldbank.org/country/grenada?display=defaulthttp://data.worldbank.org/country/grenada?display=defaulthttp://data.worldbank.org/country/guatemala?display=defaulthttp://data.worldbank.org/country/guatemala?display=defaulthttp://data.worldbank.org/country/guinea?display=defaulthttp://data.worldbank.org/country/guinea?display=defaulthttp://data.worldbank.org/country/guinea-bissau?display=defaulthttp://data.worldbank.org/country/guinea-bissau?display=defaulthttp://data.worldbank.org/country/guinea-bissau?display=defaulthttp://data.worldbank.org/country/guyana?display=defaulthttp://data.worldbank.org/country/guyana?display=defaulthttp://data.worldbank.org/country/haiti?display=defaulthttp://data.worldbank.org/country/haiti?display=defaulthttp://data.worldbank.org/country/honduras?display=defaulthttp://data.worldbank.org/country/honduras?display=defaulthttp://data.worldbank.org/country/hong-kong-sar-china?display=defaulthttp://data.worldbank.org/country/hong-kong-sar-china?display=defaulthttp://data.worldbank.org/country/hong-kong-sar-china?display=defaulthttp://data.worldbank.org/country/hungary?display=defaulthttp://data.worldbank.org/country/hungary?display=defaulthttp://data.worldbank.org/country/iceland?display=defaulthttp://data.worldbank.org/country/iceland?display=defaulthttp://data.worldbank.org/country/india?display=defaulthttp://data.worldbank.org/country/india?display=defaulthttp://data.worldbank.org/country/indonesia?display=defaulthttp://data.worldbank.org/country/indonesia?display=defaulthttp://data.worldbank.org/country/iran-islamic-republic?display=defaulthttp://data.worldbank.org/country/iran-islamic-republic?display=defaulthttp://data.worldbank.org/country/iran-islamic-republic?display=defaulthttp://data.worldbank.org/country/iraq?display=defaulthttp://data.worldbank.org/country/iraq?display=defaulthttp://data.worldbank.org/country/ireland?display=defaulthttp://data.worldbank.org/country/ireland?display=defaulthttp://data.worldbank.org/country/israel?display=defaulthttp://data.worldbank.org/country/israel?display=defaulthttp://data.worldbank.org/country/italy?display=defaulthttp://data.worldbank.org/country/italy?display=defaulthttp://data.worldbank.org/country/jamaica?display=defaulthttp://data.worldbank.org/country/jamaica?display=defaulthttp://data.worldbank.org/country/japan?display=defaulthttp://data.worldbank.org/country/japan?display=defaulthttp://data.worldbank.org/country/jordan?display=defaulthttp://data.worldbank.org/country/jordan?display=defaulthttp://data.worldbank.org/country/kazakhstan?display=defaulthttp://data.worldbank.org/country/kazakhstan?display=defaulthttp://data.worldbank.org/country/kenya?display=defaulthttp://data.worldbank.org/country/kenya?display=defaulthttp://data.worldbank.org/country/kiribati?display=defaulthttp://data.worldbank.org/country/kiribati?display=defaulthttp://data.worldbank.org/country/korea-republic?display=defaulthttp://data.worldbank.org/country/korea-republic?display=defaulthttp://data.worldbank.org/country/korea-republic?display=defaulthttp://data.worldbank.org/country/kuwait?display=defaulthttp://data.worldbank.org/country/kuwait?display=defaulthttp://data.worldbank.org/country/kyrgyz-republic?display=defaulthttp://data.worldbank.org/country/kyrgyz-republic?display=defaulthttp://data.worldbank.org/country/kyrgyz-republic?display=defaulthttp://data.worldbank.org/country/lao-pdr?display=defaulthttp://data.worldbank.org/country/lao-pdr?display=defaulthttp://data.worldbank.org/country/lao-pdr?display=defaulthttp://data.worldbank.org/country/kyrgyz-republic?display=defaulthttp://data.worldbank.org/country/kyrgyz-republic?display=defaulthttp://data.worldbank.org/country/kuwait?display=defaulthttp://data.worldbank.org/country/korea-republic?display=defaulthttp://data.worldbank.org/country/korea-republic?display=defaulthttp://data.worldbank.org/country/kiribati?display=defaulthttp://data.worldbank.org/country/kenya?display=defaulthttp://data.worldbank.org/country/kazakhstan?display=defaulthttp://data.worldbank.org/country/jordan?display=defaulthttp://data.worldbank.org/country/japan?display=defaulthttp://data.worldbank.org/country/jamaica?display=defaulthttp://data.worldbank.org/country/italy?display=defaulthttp://data.worldbank.org/country/israel?display=defaulthttp://data.worldbank.org/country/ireland?display=defaulthttp://data.worldbank.org/country/iraq?display=defaulthttp://data.worldbank.org/country/iran-islamic-republic?display=defaulthttp://data.worldbank.org/country/iran-islamic-republic?display=defaulthttp://data.worldbank.org/country/indonesia?display=defaulthttp://data.worldbank.org/country/india?display=defaulthttp://data.worldbank.org/country/iceland?display=defaulthttp://data.worldbank.org/country/hungary?display=defaulthttp://data.worldbank.org/country/hong-kong-sar-china?display=defaulthttp://data.worldbank.org/country/hong-kong-sar-china?display=defaulthttp://data.worldbank.org/country/honduras?display=defaulthttp://data.worldbank.org/country/haiti?display=defaulthttp://data.worldbank.org/country/guyana?display=defaulthttp://data.worldbank.org/country/guinea-bissau?display=defaulthttp://data.worldbank.org/country/guinea-bissau?display=defaulthttp://data.worldbank.org/country/guinea?display=defaulthttp://data.worldbank.org/country/guatemala?display=defaulthttp://data.worldbank.org/country/grenada?display=defaulthttp://data.worldbank.org/country/greece?display=defaulthttp://data.worldbank.org/country/ghana?display=defaulthttp://data.worldbank.org/country/germany?display=defaulthttp://data.worldbank.org/country/georgia?display=defaulthttp://data.worldbank.org/country/gambia?display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2008%20wbapi_data_value%20wbapi_data_value-last&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2007%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2006%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2005%20wbapi_data_value%20wbapi_data_value-first&sort=asc&display=default


34/37



HIGHEREDUCATION

Country

name2005 2006 2007 2008

Latvia $713,500,000 $1,664,200,000 $2,315,600,000 $1,357,400,000Lebanon $2,623,502,612 $2,674,540,000 $2,730,990,000 $3,606,422,491

Lesotho $92,598,454 $113,046,841 $106,000,000 $218,041,082

Liberia $82,802,116 $107,856,734 $131,637,709 $143,818,469

Libya $1,038,000,000 $2,064,000,000 $4,689,000,000 $4,111,300,000

Lithuania $1,031,819,181 $1,840,185,672 $2,017,036,656 $1,769,735,337

Luxembourg $114,066,000,000 $129,879,000,000 $192,865,000,000 $115,778,000,000

Macao SAR,China

$1,766,635,364 $2,643,103,812 $5,035,736,142 $3,402,506,984

Macedonia,FYR $97,004,356 $424,163,280 $319,685,984 $598,469,464

Madagascar $85,444,105 $294,216,496 $777,000,000 $1,477,000,000

Malawi $26,500,000 $29,700,000 $54,637,333 $37,000,000

Malaysia $3,966,012,726 $6,076,119,971 $8,453,767,907 $7,375,907,983

Maldives $9,492,278 $13,868,219 $14,977,676 $15,427,007

Mali $223,803,090 $83,392,283 $72,794,530 $127,000,000

Malta $678,671,265 $1,872,726,209 $943,796,957 $862,758,638

Mauritania $814,100,000 $154,571,180 $152,876,260 $103,000,000

Mauritius $41,776,996 $106,758,059 $340,763,854 $377,724,738

Mexico $21,976,700,000 $19,428,100,000 $27,527,900,000 $22,481,100,000

Moldova $190,700,000 $233,230,000 $539,310,000 $707,570,000

Mongolia $184,600,000 $343,980,000 $360,000,000 $683,000,000

Montenegro $618,334,774 $875,673,042 $939,000,000

Morocco $1,619,752,454 $2,366,000,096 $2,806,642,141 $2,466,288,357

Mozambique $107,853,319 $153,728,085 $427,430,920 $587,066,215

Myanmar $237,242,950 $278,634,107 $258,000,000 $283,000,000

Namibia $166,116,176 $-30,888,306.43 $169,928,495 $535,234,398

Nepal $2,451,785 $-6,647,983.90 $5,741,706 $995,124

NetherlandsAntilles

$73,456,425 $-21,893,854.75 $231,787,710

Netherlands,The

$47,328,382,276 $7,053,993,585 $120,403,000,000$-2,389,298,043.00

NewCaledonia

$-6,738,759.00 $749,088,412 $659,404,436 $1,564,443,431

New Zealand $1,540,704,777 $4,715,405,674 $3,382,542,691 $5,465,510,137

Nicaragua $241,100,000 $286,800,000 $381,700,000 $626,100,000

Niger $43,976,116 $50,544,081 $129,038,778 $147,000,000

Nigeria $4,982,546,589 $8,823,502,346 $6,032,054,729 $3,635,553,931

Norway $5,209,164,506 $6,617,324,032 $3,788,036,560$-1,543,211,905.00
http://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2005%20wbapi_data_value%20wbapi_data_value-first&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2005%20wbapi_data_value%20wbapi_data_value-first&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2006%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2006%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2007%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2007%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2008%20wbapi_data_value%20wbapi_data_value-last&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2008%20wbapi_data_value%20wbapi_data_value-last&sort=asc&display=defaulthttp://data.worldbank.org/country/latvia?display=defaulthttp://data.worldbank.org/country/latvia?display=defaulthttp://data.worldbank.org/country/lebanon?display=defaulthttp://data.worldbank.org/country/lebanon?display=defaulthttp://data.worldbank.org/country/lesotho?display=defaulthttp://data.worldbank.org/country/lesotho?display=defaulthttp://data.worldbank.org/country/liberia?display=defaulthttp://data.worldbank.org/country/liberia?display=defaulthttp://data.worldbank.org/country/libya?display=defaulthttp://data.worldbank.org/country/libya?display=defaulthttp://data.worldbank.org/country/lithuania?display=defaulthttp://data.worldbank.org/country/lithuania?display=defaulthttp://data.worldbank.org/country/luxembourg?display=defaulthttp://data.worldbank.org/country/luxembourg?display=defaulthttp://data.worldbank.org/country/macao-sar-china?display=defaulthttp://data.worldbank.org/country/macao-sar-china?display=defaulthttp://data.worldbank.org/country/macao-sar-china?display=defaulthttp://data.worldbank.org/country/macedonia-fyr?display=defaulthttp://data.worldbank.org/country/macedonia-fyr?display=defaulthttp://data.worldbank.org/country/macedonia-fyr?display=defaulthttp://data.worldbank.org/country/madagascar?display=defaulthttp://data.worldbank.org/country/madagascar?display=defaulthttp://data.worldbank.org/country/malawi?display=defaulthttp://data.worldbank.org/country/malawi?display=defaulthttp://data.worldbank.org/country/malaysia?display=defaulthttp://data.worldbank.org/country/malaysia?display=defaulthttp://data.worldbank.org/country/maldives?display=defaulthttp://data.worldbank.org/country/maldives?display=defaulthttp://data.worldbank.org/country/mali?display=defaulthttp://data.worldbank.org/country/mali?display=defaulthttp://data.worldbank.org/country/malta?display=defaulthttp://data.worldbank.org/country/malta?display=defaulthttp://data.worldbank.org/country/mauritania?display=defaulthttp://data.worldbank.org/country/mauritania?display=defaulthttp://data.worldbank.org/country/mauritius?display=defaulthttp://data.worldbank.org/country/mauritius?display=defaulthttp://data.worldbank.org/country/mexico?display=defaulthttp://data.worldbank.org/country/mexico?display=defaulthttp://data.worldbank.org/country/moldova?display=defaulthttp://data.worldbank.org/country/moldova?display=defaulthttp://data.worldbank.org/country/mongolia?display=defaulthttp://data.worldbank.org/country/mongolia?display=defaulthttp://data.worldbank.org/country/montenegro?display=defaulthttp://data.worldbank.org/country/montenegro?display=defaulthttp://data.worldbank.org/country/morocco?display=defaulthttp://data.worldbank.org/country/morocco?display=defaulthttp://data.worldbank.org/country/mozambique?display=defaulthttp://data.worldbank.org/country/mozambique?display=defaulthttp://data.worldbank.org/country/myanmar?display=defaulthttp://data.worldbank.org/country/myanmar?display=defaulthttp://data.worldbank.org/country/namibia?display=defaulthttp://data.worldbank.org/country/namibia?display=defaulthttp://data.worldbank.org/country/nepal?display=defaulthttp://data.worldbank.org/country/nepal?display=defaulthttp://data.worldbank.org/country/netherlands-antilles?display=defaulthttp://data.worldbank.org/country/netherlands-antilles?display=defaulthttp://data.worldbank.org/country/netherlands-antilles?display=defaulthttp://data.worldbank.org/country/netherlands?display=defaulthttp://data.worldbank.org/country/netherlands?display=defaulthttp://data.worldbank.org/country/netherlands?display=defaulthttp://data.worldbank.org/country/new-caledonia?display=defaulthttp://data.worldbank.org/country/new-caledonia?display=defaulthttp://data.worldbank.org/country/new-caledonia?display=defaulthttp://data.worldbank.org/country/new-zealand?display=defaulthttp://data.worldbank.org/country/new-zealand?display=defaulthttp://data.worldbank.org/country/nicaragua?display=defaulthttp://data.worldbank.org/country/nicaragua?display=defaulthttp://data.worldbank.org/country/niger?display=defaulthttp://data.worldbank.org/country/niger?display=defaulthttp://data.worldbank.org/country/nigeria?display=defaulthttp://data.worldbank.org/country/nigeria?display=defaulthttp://data.worldbank.org/country/norway?display=defaulthttp://data.worldbank.org/country/norway?display=defaulthttp://data.worldbank.org/country/norway?display=defaulthttp://data.worldbank.org/country/nigeria?display=defaulthttp://data.worldbank.org/country/niger?display=defaulthttp://data.worldbank.org/country/nicaragua?display=defaulthttp://data.worldbank.org/country/new-zealand?display=defaulthttp://data.worldbank.org/country/new-caledonia?display=defaulthttp://data.worldbank.org/country/new-caledonia?display=defaulthttp://data.worldbank.org/country/netherlands?display=defaulthttp://data.worldbank.org/country/netherlands?display=defaulthttp://data.worldbank.org/country/netherlands-antilles?display=defaulthttp://data.worldbank.org/country/netherlands-antilles?display=defaulthttp://data.worldbank.org/country/nepal?display=defaulthttp://data.worldbank.org/country/namibia?display=defaulthttp://data.worldbank.org/country/myanmar?display=defaulthttp://data.worldbank.org/country/mozambique?display=defaulthttp://data.worldbank.org/country/morocco?display=defaulthttp://data.worldbank.org/country/montenegro?display=defaulthttp://data.worldbank.org/country/mongolia?display=defaulthttp://data.worldbank.org/country/moldova?display=defaulthttp://data.worldbank.org/country/mexico?display=defaulthttp://data.worldbank.org/country/mauritius?display=defaulthttp://data.worldbank.org/country/mauritania?display=defaulthttp://data.worldbank.org/country/malta?display=defaulthttp://data.worldbank.org/country/mali?display=defaulthttp://data.worldbank.org/country/maldives?display=defaulthttp://data.worldbank.org/country/malaysia?display=defaulthttp://data.worldbank.org/country/malawi?display=defaulthttp://data.worldbank.org/country/madagascar?display=defaulthttp://data.worldbank.org/country/macedonia-fyr?display=defaulthttp://data.worldbank.org/country/macedonia-fyr?display=defaulthttp://data.worldbank.org/country/macao-sar-china?display=defaulthttp://data.worldbank.org/country/macao-sar-china?display=defaulthttp://data.worldbank.org/country/luxembourg?display=defaulthttp://data.worldbank.org/country/lithuania?display=defaulthttp://data.worldbank.org/country/libya?display=defaulthttp://data.worldbank.org/country/liberia?display=defaulthttp://data.worldbank.org/country/lesotho?display=defaulthttp://data.worldbank.org/country/lebanon?display=defaulthttp://data.worldbank.org/country/latvia?display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2008%20wbapi_data_value%20wbapi_data_value-last&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2007%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2006%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2005%20wbapi_data_value%20wbapi_data_value-first&sort=asc&display=default


35/37



HIGHEREDUCATION

Country

name2005 2006 2007 2008

Oman $1,538,361,508 $1,688,166,450 $3,124,577,373 $2,927,698,309Pakistan $2,201,000,000 $4,273,000,000 $5,590,000,000 $5,438,000,000

Panama $917,600,000 $2,557,100,000 $1,776,500,000 $2,401,700,000

Papua NewGuinea

$33,591,775 $-6,870,086.66 $95,772,843 $-30,000,000.00

Paraguay $53,500,000 $173,300,000 $185,400,000 $319,700,000

Peru $2,578,719,365 $3,466,531,061 $5,342,558,945 $4,079,203,670

Philippines $1,854,000,000 $2,921,000,000 $2,916,000,000 $1,403,000,000

Poland $10,309,000,000 $19,876,000,000 $23,651,000,000 $14,849,000,000

Portugal $4,058,705,051 $10,968,638,910 $2,969,925,827 $3,575,253,075Romania $6,482,160,000 $11,393,430,000 $9,925,000,000 $13,883,000,000

RussianFederation

$12,885,807,500 $29,701,427,100 $55,073,197,800 $72,884,546,000

Rwanda $8,030,000 $11,233,067 $67,142,879 $103,350,000

Samoa $-2,983,210.57 $20,666,910 $2,486,607 $6,000,000

Sao Tomeand Principe

$15,672,638 $37,508,187 $35,306,324 $33,000,000

Saudi Arabia $12,106,749,694 $18,317,489,987 $24,334,889,927 $22,486,400,000

Senegal $44,588,475 $220,319,715 $297,427,248 $706,000,000

Serbia $1,608,638,000 $4,499,418,531 $3,447,783,517 $2,991,842,335

Seychelles $85,879,603 $145,815,248 $249,308,779 $364,000,000

Sierra Leone $83,182,315 $58,768,035 $96,577,832 $-3,415,214.44

Singapore $14,374,210,488 $27,680,267,685 $31,550,426,260 $22,724,496,461

SlovakRepublic

$2,411,132,115 $4,166,967,138 $3,363,351,115 $3,230,821,705

Slovenia $540,400,000 $649,332,359 $1,531,374,684 $1,917,297,969

SolomonIslands

$18,580,467 $18,621,546 $67,000,000 $76,000,000

Somalia $24,000,000 $96,000,000 $141,000,000 $87,000,000South Africa $6,522,098,178 $-183,628,426.10 $5,736,933,181 $9,644,834,927

Spain $24,572,631,558 $31,171,775,211 $71,497,621,690 $71,206,928,807

Sri Lanka $272,400,000 $479,700,000 $603,000,000 $752,200,000

St. Kitts andNevis

$92,994,489 $110,415,630 $157,513,456 $87,659,575

St. Lucia $78,233,430 $233,934,815 $253,372,556 $104,749,415

St. Vincentand theGrenadines

$40,087,315 $109,112,344 $109,825,707 $119,313,335

Sudan $2,304,640,000 $3,534,080,000 $2,425,590,000 $2,600,500,000

Suriname $27,900,000 $-163,400,000.00 $-246,700,000.00 $-233,600,000.00
http://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2005%20wbapi_data_value%20wbapi_data_value-first&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2005%20wbapi_data_value%20wbapi_data_value-first&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2006%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2006%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2007%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2007%20wbapi_data_value&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2008%20wbapi_data_value%20wbapi_data_value-last&sort=asc&display=defaulthttp://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD/countries/latest?order=wbapi_data_value_2008%20wbapi_data_value%20wbapi_data_

Documents

Foreign Direct Investments (FDIs) and Prospective Development in Sri Lanka