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Published by the United Nations Conference on Trade and Development - UNCTAD

Transnational Corporations and the Internationalization of R&D

World Investment Report 2005 (WIR05) presents the latest trends in foreign direct investment (FDI) and explores the internationalization of research and development by transnational corporations (TNCs) along with the development implications of this phenomenon.
Part One highlights recent global and regional trends in FDI and international production by TNCs. Global FDI flows resumed growth in 2004, but inflows continued to decline in developed countries. This Part documents the fact that developing regions are leading the recovery in FDI flows. It also documents different trends and patterns between developed and developing countries as regards the financing component of FDI (equity investment, reinvested earnings, intra-company loans) as well as the modes of investment (mergers and acquisitions, greenfield FDI).
Part Two assesses the implications of the recent surge in R&D internationalization by TNCs. R&D activities at growing levels of complexity are increasingly being established in selected developing countries. In contrast to past experience, this R&D often goes beyond local market adaptation and involves highly complex activities targeted on global markets. The Report discusses the driving forces behind this trend and considers how host as well as home countries are affected. Finally, the Report analyses the need for active government policies to enhance development benefits from TNCs´ internationalization of R&D. The Report underlines the importance of coherent policies in order to create an environment conducive to fruitful interaction between the R&D activities of TNCs and those of domestic firms and institutions. A final chapter outlines the role of international agreements in this area.
A substantial Statistical Annex is also included, with data on FDI flows and stock for more than 200 economies. The PDF version of WIR05 and the Statistical Annex are available in a CD-ROM.
METHODOLOGICAL NOTES: Definitions and Sources
In addition to the general information on definitions and sources provided in this year´s World Investment Report, more detailed methodological notes for the data on FDI flows and stocks used in the Report - including how they were obtained for each economy - are available in electronic format only.

Preface, Acknowledgements, Table of Contents & Overview
Overview in

Part One
Chapter I
Global Trends: FDI Flows Resume Growth
A. Signs of recovery
B. Policy development
C. Prospects: further FDI growth expected
Chapter II 
Regional Trends: Developing Regions Lead Rise in FDI
A. Developing Countries
B. South-East Europe and CIS: FDI rises for the fourth year in a row
C. Developed countries: uneven performance
Part Two
Introduction and Chapter III 
Innovation, R&D and development
A. Innovation matters for all countries
B. Global R&D trends
C. The innovation capability gap
D. Conclusion
Chapter IV
R&D by TNCs and Developing Countries
A. TNCs are dominant R&D players
B. R&D by TNCs is internationalizing
C. The emergence of developing economies as locations for TNCs´ R&D
D. Features of R&D undertaken in developing, South-East European and CIS markets
E. Developing-country TNCs are also expanding R&D abroad
F. Prospects
Chapter V 
Driver and Determinants
A. What drives the internationalization of R&D
B. Host-country determinants of R&D location
C. How to internationalize R&D
Annex to Chapter V. The rise of chip design in Asia: a case study
Chapter VI
Development Implications
A. New development opportunities in the making
B. Implications for host countries
C. Implications for home countries
D. Conclusions
Chapter VII 
The Role of National Policies
A. Coherent policies and institutions make a difference
B. Strengthening the institutional framework for innovation
C. Promotion of R&D-related FDI
D. Industry-specific policies to enhance the benefits of FDI in R&D
E. The role of home countries
F. Concluding remarks
Chapter VIII 
The International Framework
A. International investment agreements
B. International rules relating to IPRs
C. International cooperation in R&D
Statistical Annex:
Annexes A and B 
Definitions and Sources

TableAI9.- The world's top 100 non-financial TNCs, ranked by foreign assets, 2003
TableAI10.- The top 50 non-financial TNCs from developing economies, ranked by foreign assets, 2003
TableB1.- FDI flows, by region and economy, 2002-2004
TableB2.- FDI inward stock, by region and economy, 1990, 2000, 2004
TableB3.- FDI flows as a percentage of gross fixed capital formation (GFCF), 2002-2004 and FDI stocks as a percentage of gross domestic product (GDP), 1990, 2000, 2004, by region and economy
TableB4.- Cross-border M&As, by region/economy of seller/purchaser, 2002-2004
TableB5.- Cross-border M&As, by sector/industry, 2002-2004
Table I.3.- Selected Indicators of FDI and international production, 1982, 1990, 2003, 2004

References & Selected UNCTAD publications on Transnational Corporations and Foreign Direct Investment
Methodological Notes: Definitions and Sources
(Not contained in the hard copy version of the Report)

Book information:
UN Symbol: UNCTAD/WIR/2005
Sales no.: E.05.II.D.10
Date of publication: 29/09/05
ISBN: 92-1-112667-3
No. of pages: 366
Price: US$ 75 To order: Order form

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