World investment report 2015 (unctad)

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U N I T E D N A T I O N S C O N F E R E N C E O N T R A D E A N D D E V E L O P M E N T
WORLD
INVESTMENT
REPORT
REFORMING ...

U N I T E D N A T I O N S C O N F E R E N C E O N T R A D E A N D D E V E L O P M E N T
WORLD
INVESTMENT
REPORT2015
NewYor...

World Investment Report 2015: Reforming International Investment Governanceii
UNITED NATIONS PUBLICATION
Sales No. E.15.II...

iii
BAN Ki-moon
Secretary-General of the United Nations
PREFACE
This year’s World Investment Report, the 25th in the serie...

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World Investment Report 2015: Reforming International Investment Governanceiv
ACKNOWLEDGEMENTS
The World Investment Report...

v
TABLE OF CONTENTS
PREFACE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...

World Investment Report 2015: Reforming International Investment Governancevi
CHAPTER III. RECENT POLICY DEVELOPMENTS AND ...

vii
D. TAX AND INVESTMENT POLICYMAKING: A PROPOSAL
FOR GREATER COHERENCE . . . . . . . . . . . . . . . . . . . . . . . . ....

World Investment Report 2015: Reforming International Investment Governanceviii
ABBREVIATIONS
ADR alternative dispute reso...

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KEY MESSAGES ix
KEY MESSAGES
GLOBAL INVESTMENT TRENDS
Global FDI inflows declined in 2014. Global foreign direct investmen...

World Investment Report 2015: Reforming International Investment Governancex
REGIONAL INVESTMENT TRENDS
FDI inflows to Afr...

KEY MESSAGES xi
INVESTMENT POLICY TRENDS
Countries’ investment policy measures continue to be geared predominantly towards...

World Investment Report 2015: Reforming International Investment Governancexii
system; (iii) promoting and facilitating in...

KEY MESSAGES xiii
INTERNATIONAL TAX AND INVESTMENT POLICY COHERENCE
Intense debate and concrete policy work is ongoing in ...

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World Investment Report 2015: Reforming International Investment Governancexiv
Tax avoidance practices by MNEs lead to a s...

Global
Investment Trends
C H A P T E R I

World Investment Report 2015: Reforming International Investment Governance2
A. CURRENT TRENDS
Global foreign direct inves...

CHAPTER I Global Investment Trends 3
In 2014, many countries adopted new guidelines for the compilation of FDI data, on th...

World Investment Report 2015: Reforming International Investment Governance4
Structurally weak, vulnerable and small econo...

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CHAPTER I Global Investment Trends 5
FDI inflows: top 20 host
economies, 2013 and 2014
(Billions of dollars)
Figure I.3.
D...

World Investment Report 2015: Reforming International Investment Governance6
53
52
30
28
28
21
14
11
673
133
169
252
345
3...

CHAPTER I Global Investment Trends 7
Equity outflows Reinvested earnings Other capital (intracompany loans)
Figure I.6. FD...

World Investment Report 2015: Reforming International Investment Governance8
c. Intensity index and South–South FDI
South–...

CHAPTER I Global Investment Trends 9
TableI.2.RelativebilateralFDIintensityofselectedmajordevelopinghomeeconomies,2012
Hom...

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World Investment Report 2015: Reforming International Investment Governance10
43
4 4
5
13
14
9
7
Figure I.9. FDI stock by ...

CHAPTER I Global Investment Trends 11
(figure I.11) and the highest value since 2008. This value
was split almost equally ...

World Investment Report 2015: Reforming International Investment Governance12
As a consequence, developing economies have
...

CHAPTER I Global Investment Trends 13
reflects an analogous trend in the distribution of global
GDP, but it is also the re...

World Investment Report 2015: Reforming International Investment Governance14
Developed and developing economies display
o...

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CHAPTER I Global Investment Trends 15
in other developed regions and in developing ones.
With $67 billion under management...

World Investment Report 2015: Reforming International Investment Governance16
0
5
10
15
20
25
30
35
40
1995 1996 1997 1998...

CHAPTER I Global Investment Trends 17
c. State-owned MNEs
Internationalization of SO-MNEs continued in 2014
but it is slow...

World Investment Report 2015: Reforming International Investment Governance18
Despite the uncertainty of global economic
r...

CHAPTER I Global Investment Trends 19
The largest MNEs maintained high cash
balances. The 100 largest MNEs registered a
ma...

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World Investment Report 2015: Reforming International Investment Governance20
capital expenditures and acquisitions. Takin...

CHAPTER I Global Investment Trends 21
Global FDI flows are expected to reach $1.4 trillion
in 2015 − an 11 per cent rise. ...

World Investment Report 2015: Reforming International Investment Governance22
FDI inflows to developing countries will con...

CHAPTER I Global Investment Trends 23
Figure I.22. Factors influencing future global FDI activity (Per cent of all executi...

World Investment Report 2015: Reforming International Investment Governance24
14
14
21
20
16
10
16
18 43 25
32 37 17
5 56 ...

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CHAPTER I Global Investment Trends 25
countries expect foreign inflows to target business
services,machinery,transportandt...

World Investment Report 2015: Reforming International Investment Governance26
Figure I.27.
IPAs’ selection of the most
pro...

CHAPTER I Global Investment Trends 27
Notes
1
There are some differences in value between global FDI inflows
and global FD...

Regional
Investment Trends
C H A P T E R II

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World Investment Report 2015: Reforming International Investment Governance30
Global foreign direct investment (FDI) inflo...

CHAPTER II Regional Investment Trends 31
transition economies fell by 31 per cent to $63 billion
as natural-resources-base...

A. REGIONAL TRENDS
Congo
$5.5 bn
+88.8%
Nigeria
$4.7 bn
-16.3%
South Africa
$5.7 bn
-31.2%
Mozambique
$4.9 bn
-20.6%
Egypt...

HIGHLIGHTS
2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014
0
15
30
45
60
75
-4
-2
0
2
4
6
8
10
12
14...

World Investment Report 2015: Reforming International Investment Governance34
FDI inflows to Africa remained flat at $54 b...

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CHAPTER II Regional Investment Trends 35
Qatar National Bank, the Gulf’s largest lender, which
paid $500 million to become...

World Investment Report 2015: Reforming International Investment Governance36
Services FDI, at 61 per cent of Morocco’s in...

CHAPTER II Regional Investment Trends 37
$34 billion. Although FDI accounts for a small portion of
total infrastructure fi...

World Investment Report 2015: Reforming International Investment Governance38
trade. UNCTAD7
identified more than 500 Afri...

Hong Kong, China
$103.3 bn
+39%
Singapore
$67.5 bn
+4.2%
Thailand
$12.6 bn
-10.3%
Indonesia
$22.6 bn
+20%
China
$128.5 bn
...

Table C.
Cross-border M&As by industry,
2013–2014 (Millions of dollars)
Table D.
Cross-border M&As by region/country,
2013...

CHAPTER II Regional Investment Trends 41
Despite the slowdown in economic growth in East and
South-East Asia, FDI inflows ...

World Investment Report 2015: Reforming International Investment Governance42
those countries increased, including for lar...

CHAPTER II Regional Investment Trends 43
among countries within the region, there are significant
gaps in the level of inf...

World Investment Report 2015: Reforming International Investment Governance44
generation projects in Myanmar and Viet Nam ...

CHAPTER II Regional Investment Trends 45
in 2014 were intraregional, including the largest deal,
the acquisition of electr...

India
$34.4 bn
+22%
Islamic
Rep. of Iran
$2.1 bn
-31%
Pakistan
$1.7 bn
+31%
Sri Lanka
$0.9 bn
+1.3%
Bangladesh
$1.5 bn
-4....

Table D.
Cross-border M&As by region/country,
2013–2014 (Millions of dollars)
Region/country
Sales Purchases
2013 2014 201...

World Investment Report 2015: Reforming International Investment Governance48
Inflows to South Asia rose to $41 billion in...

CHAPTER II Regional Investment Trends 49
investment from India and United States were also
recorded in Sri Lanka in 2014.1...

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In the “Make in India” initiative, the gover...

CHAPTER II Regional Investment Trends 51
Figure II.6. India: Major industrial clusters in the automotive industry
Himachal...

Flows, by range
Above $10 bn
$1.0 to $9.9 bn
$0.1 to $0.9 bn
Below $0.1 bn
Kuwait
Qatar
Turkey
United Arab Emirates
Saudi ...

Region/country
Sales Purchases
2013 2014 2013 2014
World 2 055 2 729 8 077 10 705
Developed economies 181 1 738 2 739 3 94...

World Investment Report 2015: Reforming International Investment Governance54
FDI flows to West Asia maintained their down...

CHAPTER II Regional Investment Trends 55
of total GFCF to GDP rising from 21.9 per cent in
2003–2008 to 22.3 per cent in 2...

World Investment Report 2015: Reforming International Investment Governance56
contracts awarded in 2013 (the latest availa...

CHAPTER II Regional Investment Trends 57
cancellation of their planned $6.5 billion Al Karaana
petrochemicals joint ventur...

Brazil
$62.5 bn
-2.3%
Mexico
$22.8 bn
-48.9%
Chile
$22.9 bn
+38.4%
Colombia
$16.1 bn
-0.9%
Peru
$7.6 bn
-18.2%
Chile
Mexic...

Region/country
Sales Purchases
2013 2014 2013 2014
World 34 797 25 457 16 239 8 440
Developed economies 19 678 17 949 5 11...

World Investment Report 2015: Reforming International Investment Governance60
FDI flows to Latin America and the Caribbean...

CHAPTER II Regional Investment Trends 61
increased by 32 per cent to $20 billion in 2014 (half
of which was directed to of...

World Investment Report 2015: Reforming International Investment Governance62
closed to private capital. Finally, efficien...

CHAPTER II Regional Investment Trends 63
Latin America and the Caribbean South America Central America and the Caribbean
H...

World Investment Report 2015: Reforming International Investment Governance64
2003–2004 (mainly because of the high prices...

Russian Fed.
Kazakhstan
Azerbaijan
Georgia
Serbia
-35%$56.4
$3.6
$2.2
$0.4
$0.2
+59%
+48%
+8.2%
+68%
Flows, by range
Above...

Region/country
Sales Purchases
2013 2014 2013 2014
World -3 820 4 220 3 054 1 831
Developed economies -7 191 1 536 1 682 -...

CHAPTER II Regional Investment Trends 67
FDI inflows of the transition economies of South-East
Europe, the Commonwealth of...

World Investment Report 2015: Reforming International Investment Governance68
the Tula region with an estimated value of $...

CHAPTER II Regional Investment Trends 69
the foreign exchange market more volatile and caused
a significant depreciation o...

World Investment Report 2015: Reforming International Investment Governance70
most severe and direct consequences of a Rus...

United States
$92.4 bn
-60%
Canada
$53.9 bn
-23.7%
Netherlands
$30.3 bn
-5.6%
United
Kingdom
$72.2 bn
+51.5%
Australia
$51...

Region/country
Sales Purchases
2013 2014 2013 2014
World 237 516 274 549 178 870 228 389
Developed economies 165 726 201 1...

CHAPTER II Regional Investment Trends 73
FDI inflows to developed countries contracted for the
third successive year, fall...

World Investment Report 2015: Reforming International Investment Governance74
2013 to $15 billion), the combined effect le...

CHAPTER II Regional Investment Trends 75
Intra-firm trade of United States MNEs (i.e. trade
between a parent company and f...

World Investment Report 2015: Reforming International Investment Governance76
Box II.4. Why is United States outward FDI s...

CHAPTER II Regional Investment Trends 77
grew substantially (figure II.16). In 2014, Japanese
auto manufacturers’ overseas...

Angola
Togo
Dem. Rep.
of Congo
Burkina
Faso
Yemen
-65%$2.1
$0.5
$0.3
$0.07
$0.06
..
-14%
+1%
+1.3%
Flows, by range
Above $...

Region/country
Sales Purchases
2013 2014 2013 2014
World 26 3 734 2 23
Developed economies -4 020 -1 201 2 25
European Uni...

World Investment Report 2015: Reforming International Investment Governance80
FDI flows to LDCs rose by 4 per cent to $23 ...

CHAPTER II Regional Investment Trends 81
clothing and leather, 20 announced projects, with a
combined value of over $2 bil...

World Investment Report 2015: Reforming International Investment Governance82
FDI trends in LDCs since the Monterrey
Confe...

CHAPTER II Regional Investment Trends 83
Strengthening public-private infrastructure
development efforts. Poor physical in...

World Investment Report 2015: Reforming International Investment Governance84
LDCs. A new wave of reforms should attempt
t...

Azerbaijan
$4.4 bn
+68.3%
Zambia
$2.5 bn
+37%
Ethiopia
$1.2 bn
+26%
Kazakhstan
$9.6 bn
-6.4%
Turkmenistan
$3.2 bn
+2.8%
Ka...

Region/country
Sales Purchases
2013 2014 2013 2014
World 258 -1 062 6 270
Developed economies 99 -2 456 2 14
Luxembourg 20...

CHAPTER II Regional Investment Trends 87
FDI flows to the landlocked developing countries
(LLDCs) fell by 3 per cent to $2...

World Investment Report 2015: Reforming International Investment Governance88
25 of the 32 LLDCs reveal that, as of 2012, ...

CHAPTER II Regional Investment Trends 89
Figure II.21.
LLDCs: FDI inflows and their
share in world and developing-
country...

World Investment Report 2015: Reforming International Investment Governance90
further enhance the competitiveness of this ...

Flows, by range
Above $1 bn
$500 to $999 mn
$100 to $499 mn
$50 to $99 mn
Below $50 mn
Outflows: top 5 home economies
(Mil...

Region/country
Sales Purchases
2013 2014 2013 2014
World -596 1 503 -294 2 065
Developed economies -604 74 -333 1 149
Euro...

CHAPTER II Regional Investment Trends 93
FDI flows to small island developing States (SIDS)
increased by 22 per cent to $6...

World Investment Report 2015: Reforming International Investment Governance94
Nevertheless, FDI stock in SIDS as a group t...

CHAPTER II Regional Investment Trends 95
high vulnerability to natural disasters affect the nature
and the scope of econom...

World Investment Report 2015: Reforming International Investment Governance96
Notes
1
The other five are mobilizing domest...

CHAPTER II Regional Investment Trends 97
25
Intel’s operations in Costa Rica are worth about $2 billion
a year, making up ...

World Investment Report 2015: Reforming International Investment Governance98
2010–2012, LDCs are classified into six cate...

CHAPTER II Regional Investment Trends 99
Kuznetsov (2012). “Inward FDI in Russia and its policy context, 2012”, Columbia F...

Recent Policy
Developments
and Key Issues
C H A P T E R III

World Investment Report 2015: Reforming International Investment Governance102
1. Overall trends
Countries’ investment pol...

CHAPTER III Recent policy developments and key issues 103
Vehicles Automotive Investment Scheme, providing
a non-taxable c...

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ceiling for foreign investment in insurance...

CHAPTER III Recent policy developments and key issues 105
d. Developments regarding investment
for sustainable development...

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B. INTERNATIONAL INVESTMENT POLICIES
1. Tre...

CHAPTER III Recent policy developments and key issues 107
EU–Ukraine Association Agreement fall in the
category of agreeme...

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Council adopted the resolution (by majority...

CHAPTER III Recent policy developments and key issues 109
arbitral tribunals, (iii) the review of ISDS decisions
by an app...

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initiated the termination of its BITs, whil...

CHAPTER III Recent policy developments and key issues 111
treatment, prohibition of performance requirements,
and prohibit...

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attractiveness as an investment destination...

CHAPTER III Recent policy developments and key issues 113
Policy Objectives
Selected aspects of IIAs
Sustainabledevelopmen...

World Investment Report 2015: Reforming International Investment Governance114
which developed-country investors – in
part...

CHAPTER III Recent policy developments and key issues 115
the supply of electricity, gas and water, port
modernization, an...

World Investment Report 2015: Reforming International Investment Governance116
award – by far – in the history of investme...

CHAPTER III Recent policy developments and key issues 117
IIAs a mechanism to do so. Specifically, and in
the absence of r...

World Investment Report 2015: Reforming International Investment Governance118
REFERENCES
Bundesministerium für Wirtschaft...

Reforming
the International
Investment Regime:
An Action Menu
C H A P T E R I V

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Growing unease with the current functioning...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 121
A. SIX DECADES OF IIA RULE MAKING AND LESSONS...

World Investment Report 2015: Reforming International Investment Governance122
between foreign investors and their host co...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 123
In addition, in the early 1970s, a second att...

World Investment Report 2015: Reforming International Investment Governance124
further enhancing investment protection by ...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 125
multilateral investment rules, leaving region...

World Investment Report 2015: Reforming International Investment Governance126
The language used in IIAs has generated una...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 127
B. STRATEGIC APPROACH AND POLICY OPTIONS
and ...

World Investment Report 2015: Reforming International Investment Governance128
investment activity, is visible in the over...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 129
a. Design criteria and strategic choices
UNCT...

World Investment Report 2015: Reforming International Investment Governance130
not permitted before the IIA has reached a ...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 131
“treaty shopping” and “cherry-picking” and th...

World Investment Report 2015: Reforming International Investment Governance132
fragmentation and systemic incoherence and ...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 133
Adding a clause can promote responsible inves...

World Investment Report 2015: Reforming International Investment Governance134
Calibrating provisions. Calibrating provisi...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 135
(e.g. when establishing a mechanism charged w...

World Investment Report 2015: Reforming International Investment Governance136
Standards of treatment
MFN
The MFN clause i...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 137
A second option is to specify that MFN treatm...

World Investment Report 2015: Reforming International Investment Governance138
(e.g. the challenged conduct will need to b...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 139
regulations that have had a negative effect o...

World Investment Report 2015: Reforming International Investment Governance140
All of the above variations give guidance t...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 141
must be “necessary” to achieve the policy obj...

World Investment Report 2015: Reforming International Investment Governance142
The first set of options relates to the typ...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 143
environment, cultural heritage), and that the...

World Investment Report 2015: Reforming International Investment Governance144
an investor after it initiates a formal arb...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 145
connected to the investment’s fair market val...

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Box IV.2. Facts and figures (as of end 2014...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 147
of options for improving investment dispute s...

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modifications are to (i) enhance the legiti...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 149
3. Using filters for channelling sensitive ca...

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They can be combined with the above-mention...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 151
Further, proceedings at an appellate stage wo...

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- Providing for institutional State-State m...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 153
2. Replacing ISDS with State-State dispute
se...

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Given that there are so far only four known...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 155
be looked at in isolation, but only together ...

World Investment Report 2015: Reforming International Investment Governance156
countries’ regulatory regimes and investmen...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 157
plan (e.g. on green investment, promotion of ...

World Investment Report 2015: Reforming International Investment Governance158
Ensuring responsible investment has several...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 159
wide recognition of investors’ responsibility...

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A fourth option is to establish cooperation...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 161
a combination of individual, bilateral, regio...

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If the States that are parties to these for...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 163
A final type of interaction arises with respe...

World Investment Report 2015: Reforming International Investment Governance164
Description
1. Harness IIAs
for sustainable...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 165
In other words, IIA reform needs to be accomp...

World Investment Report 2015: Reforming International Investment Governance166
international obligations). Such an assessm...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 167
foreign investors are examples in point. Thir...

World Investment Report 2015: Reforming International Investment Governance168
promoting systemic consistency – would dese...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 169
building can aim to develop a common understa...

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example of the Convention on Transparency i...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 171
CONCLUSION
The IIA universe is at a crossroad...

World Investment Report 2015: Reforming International Investment Governance172
REFERENCES
APEC and UNCTAD (2012). Internat...

CHAPTER IV Reforming the International Investment Regime: An Action Menu 173
UNCTAD (2012a). “Investment Policy Framework ...

C H A P T E R V
International
Tax and Investment
Policy Coherence

World Investment Report 2015: Reforming International Investment Governance176
INTRODUCTION: THE TAX AND INVESTMENT POLICY...

CHAPTER V International Tax and Investment Policy Coherence 177
Box V.1. Tax as a determinant of FDI: what role does tax p...

World Investment Report 2015: Reforming International Investment Governance178
have to bear in mind the first and most imp...

CHAPTER V International Tax and Investment Policy Coherence 179
A. MNEs AS A SOURCE OF GOVERNMENT REVENUES FOR DEVELOPMENT...

World Investment Report 2015: Reforming International Investment Governance180
government revenues as a share of GDP, a ke...

CHAPTER V International Tax and Investment Policy Coherence 181
Average Natural resources endowmentFDI penetration
-
21%
2...

World Investment Report 2015: Reforming International Investment Governance182
institutional structures and collection cap...

CHAPTER V International Tax and Investment Policy Coherence 183
Key patterns in the composition of government revenues
rel...

World Investment Report 2015: Reforming International Investment Governance184
2. The contribution of MNEs to government
r...

CHAPTER V International Tax and Investment Policy Coherence 185
only corporate income taxes but also payroll taxes
and soc...

World Investment Report 2015: Reforming International Investment Governance186
Box V.2. Limitations, alternative assumptio...

CHAPTER V International Tax and Investment Policy Coherence 187
Sources: UNCTAD estimates, based on the ICTD Government Re...

World Investment Report 2015: Reforming International Investment Governance188
B. AN INVESTMENT PERSPECTIVE ON INTERNATION...

CHAPTER V International Tax and Investment Policy Coherence 189
(ii) lack of effective exchange of information; (iii) lack...

World Investment Report 2015: Reforming International Investment Governance190
to letterbox companies, legal constructions...

CHAPTER V International Tax and Investment Policy Coherence 191
Source: UNCTAD FDI database; national statistics; UNCTAD e...

World Investment Report 2015: Reforming International Investment Governance192
Enabling factor Specific levers
Tax rate di...

CHAPTER V International Tax and Investment Policy Coherence 193
Source: United States Bureau of Economic Analysis (BEA); U...

World Investment Report 2015: Reforming International Investment Governance194
It should be noted that, although intangibl...

CHAPTER V International Tax and Investment Policy Coherence 195
consists of a main tax avoidance lever (transfer pricing
m...

World Investment Report 2015: Reforming International Investment Governance196
From an investment perspective, this archet...

CHAPTER V International Tax and Investment Policy Coherence 197
Archetype 1: Intangible based transfer
pricing schemes
Arc...

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C. MNE TAX AVOIDANCE AND DEVELOPING COUNTRI...

CHAPTER V International Tax and Investment Policy Coherence 199
The share of investment in Africa from offshore hubs, at
2...

World Investment Report 2015: Reforming International Investment Governance200
2. Tax revenue losses for developing
econom...

CHAPTER V International Tax and Investment Policy Coherence 201
two formulations of the dependent variable (total rate of
...

World Investment Report 2015: Reforming International Investment Governance202
Parent A
FA in country B
(offshore)
FA in c...

CHAPTER V International Tax and Investment Policy Coherence 203
In addition, losses caused by MNE tax avoidance
practices ...

World Investment Report 2015: Reforming International Investment Governance204
BEPS project is not driven by revenue consi...

CHAPTER V International Tax and Investment Policy Coherence 205
have become, in the current environment, standard
and wide...

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Higher transaction costs and higher taxes o...

CHAPTER V International Tax and Investment Policy Coherence 207
1. Tolerance or facilitation of tax avoidance
should not b...

World Investment Report 2015: Reforming International Investment Governance208
Policy measures to tackle international tax...

CHAPTER V International Tax and Investment Policy Coherence 209
applications, considering their negative side-effects
and ...

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to specific provisions in DTTs. At the subs...

CHAPTER V International Tax and Investment Policy Coherence 211
Box V.5. IIAs and DTTs
International investment agreements...

World Investment Report 2015: Reforming International Investment Governance212
Box V.5. IIAs and DTTs (concluded)
Both the...

CHAPTER V International Tax and Investment Policy Coherence 213
EPILOGUE
REFORMING INTERNATIONAL INVESTMENT GOVERNANCE
Inv...

World Investment Report 2015: Reforming International Investment Governance214
Notes
1
The term “investment” in this chapt...

CHAPTER V International Tax and Investment Policy Coherence 215
24
Existing studies tend to capture the effect of tax comp...

World Investment Report 2015: Reforming International Investment Governance216
REFERENCES
ActionAid (2013). “How tax haven...

CHAPTER V International Tax and Investment Policy Coherence 217
Eden, L. (2014). “The arm’s length standard: making it wor...

World Investment Report 2015: Reforming International Investment Governance218
OECD (2013a). Addressing Base Erosion and P...

ANNEX TABLES A1
ANNEX TABLES
Table 1. FDI flows, by region and economy, 2009−2014 . . . . . . . . . . . . . . . . . . . . ...

World Investment Report 2015: Reforming International Investment GovernanceA2
List of annex tables available on the UNCTAD...

ANNEX TABLES A3
Annex table 1. FDI flows, by region and economy, 2009–2014 (Millions of dollars)
FDI inflows FDI outflows
...

World Investment Report 2015: Reforming International Investment GovernanceA4
Annex table 1. FDI flows, by region and econ...

ANNEX TABLES A5
Annex table 1. FDI flows, by region and economy, 2009–2014 (continued)
FDI inflows FDI outflows
Region/eco...

World Investment Report 2015: Reforming International Investment GovernanceA6
Annex table 1. FDI flows, by region and econ...

ANNEX TABLES A7
Annex table 2. FDI stock, by region and economy, 1990, 2000, 2014 (Millions of dollars)
FDI inward stock F...

World Investment Report 2015: Reforming International Investment GovernanceA8
Annex table 2. FDI stock, by region and econ...

ANNEX TABLES A9
Annex table 2. FDI stock, by region and economy, 1990, 2000, 2014 (Millions of dollars)
FDI inward stock F...

World Investment Report 2015: Reforming International Investment GovernanceA10
Annex table 2. FDI stock, by region and eco...

ANNEX TABLES A11
Annex table 3. Value of cross-border M&As, by region/economy of seller/purchaser, 2008–2014 (Millions of ...

World Investment Report 2015: Reforming International Investment GovernanceA12
Annex table 3. Value of cross-border M&As, ...

ANNEX TABLES A13
Annex table 3. Value of cross-border M&As, by region/economy of seller/purchaser, 2008–2014 (concluded)
N...

World Investment Report 2015: Reforming International Investment GovernanceA14
Annextable4.Valueofcross-borderM&As,bysecto...

ANNEX TABLES A15
Annextable5.Cross-borderM&Adealsworthover$3billioncompletedin2014
Rank
Value
($billion)
AcquiredcompanyHo...

World Investment Report 2015: Reforming International Investment GovernanceA16
Annex table 6. Value of announced greenfiel...

ANNEX TABLES A17
Annex table 6. Value of announced greenfield FDI projects, by source/destination, 2008–2014 (continued)
W...

World Investment Report 2015: Reforming International Investment GovernanceA18
Annex table 6. Value of announced greenfiel...

ANNEX TABLES
WORLD INVESTMENT REPORT
PAST ISSUES
WIR 2014: Investing in the SDGs: An Action Plan
WIR 2013: Global Value Ch...

World Investment Report 2015: Reforming International Investment Governance
SELECTED UNCTAD PUBLICATION SERIES
ON TNCs AND...

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