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an countries received comparatively little FDI. Sub-

Saharan Africa has received 6% of world FDI in 1980 but its share has since

Decreased to 0.5% in 2000 and 2.2% at present. This in part reflects that large

Countries attract a lot of FDI since these economies also have the largest markets. In

Fact, controlling for market size, the inward stock as a per cent of GDP is 34% in sub-

Saharan Africa, 28% in developing countries, and 21% in developed countries

(UNCTAD, 2005). Several Asian countries (though not the continent as a whole) have

Been able to attract an even large value of inward FDI compared to their market size,

Reflecting their relative success in attracting FDI for export markets (in contrast the

High value of FDI recorded in Latin America previously).

Outward FDI from developing countries has risen sharply over the past two decades

And a half from negligible amounts (Lall, 1983; Kumar, 1995; Page 1998; Aykut and

Ratha, 2003, and UNCTAD, 2004a). Most FDI has been by Asian firms establishing

Footholds in other Asian countries but there has also been investment in developed

Countries such as the EU. China is now a major investor in Africa, and India is the

Sixth largest investor in the UK. Total investment by developing countries began to

Rise from about 4% before the 1990s to 6% by 1990, and after a peak in the 1990s before the Asian crisis, has remained around 6–7% of the total. South–South flows are estimated (as a residual, and noting challenges regarding data and methodology) to have risen from 5% in

1994 to 30% in 2000 of the total FDI inflows to developing countries, see Aykut and

Ratha (2003). The composition of FDI flows has shifted markedly over time. In 1914, 70% of US

FDI in developing countries was in agriculture, mining or petroleum; 26% was in

Services; and just 1% in manufacturing. In 1998 these figures were 14%, 59% and

27% respectively (Twomey 2000, Table 3.14, p. 55). There has thus been a marked

Change from natural resources FDI towards knowledge-intensive activities. Table 3

Shows that the inward stock was already skewed towards manufacturing and services

In 1990, but increasingly so towards services in the past 15 years in both developed

And developing countries. Countries such as India have been able to attract increasing

Amounts of FDI in high value-added services, though other developing countries

(Ghana, South Africa, Mauritius, Caribbean countries), have also attracted FDI in

Contact centres.

Table1 Inward stock, by sector, 1990–2003

(US dollar millions)

1990 2003

developed

developing

world

Developed

developing

world

Primary

145404

24727

170131

428831

143993

594321

Manufacturing

595142

150410

745552

2081645

779112

2876102

Services
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