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Chapter 15: South–South Foreign Direct Investment: Key Role of Institutions and Future Prospects
15 South–South foreign direct investment: key role of institutions and future prospects Axèle Giroud, Hafiz Mirza and Kee Hwee Wee 15.1 INTRODUCTION Foreign direct investment (FDI) from developing countries has raised much academic interest in the early 2000s (for instance see, among others, Special Issues from the Journal of International Business Studies 38 (4), 2007; the Journal of International Management 13 (3), 2007; the Multinational Business Review 17 (2), 2009; the Journal of International Management 16 (2), 2010; the Management International Review forthcoming). It can be put forward that the novelty has become the norm (The Economist 20 January 2011). This is reflected by the continuous rise during the 1990s and 2000s of FDI flows from emerging countries, which in comparison with world FDI flows have reached a record level of $296 billion in 2008, while outward FDI from South-East Europe and the Commonwealth of Independent States (CIS) more than doubled in the late 2000s to reach $60 billion in 2008 (UNCTAD 2010). Undoubtedly, the rise in business of transnational corporations (TNCs) activity from ‘what is traditionally considered the periphery of global commerce is shaping the structure of international business’ (Gammeltoft et al. 2010). This claim is understandable considering the fact that the developingcountry share of outward FDI stocks nearly doubled in the 1990s, rising among 8 per cent of the world total in 1990 to 14.2 per cent by 2000, and maintaining this level with 14.1 per cent in 2009. FDI from emerging countries started to rise...
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