UNCTAD’s Investment Policy Framework for Sustainable Development World Development Report 2012 A comment by Bhanupong Nidhiprabha Thammasat University.

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Presentation transcript:

UNCTAD’s Investment Policy Framework for Sustainable Development World Development Report 2012 A comment by Bhanupong Nidhiprabha Thammasat University

FDI Trends and Prospects FDI inflows reached new records in 2011, increased by 26 per cent Particularly in Brunei, Indonesia, Malaysia, and Singapore Share of inflows of Thailand’s FDI: Lost opportunity Implication from macroeconomic perspective: capital flows structure, productivity, poverty reduction, and competitiveness 2

FDI outflows FDI outflows from East Asia dropped by 9 %: Hong Kong and China declined by 15% From South-East Asia rose 36 % Outflows from Indonesia and Thailand surged. Reasons? Implication? 3

UNCTAD’s IPFSD A new generation of national and international investment policy making for inclusive growth and sustainable development 4

On Core Principles It is an excellent policy framework: 11 commandments for FDI and DI Timely launched just in time for a newly opened economy Theory and practice Caveat: Beware of unscrupulous politicians with vested business interests. 5

National Investment Policy Guidelines Integrating investment policy in development strategy: Policy coherence for productive capacity building Attention to investment policy options for the protection of sensitive industries 6

National Investment Policy Guidelines Ensuring investment policy relevance and effectiveness of specific measures quantitative investment impact, FDI Attraction and Contribution Indices SMART goals (specific, measurable, aligned, reachable, and time bounded) 7

How to operationalize SD objectives To attract responsible foreign investment By offering incentives for sustainable-development friendly outward investment and compliance with applicable CRS standards 8

Further comments The role of public investment: Complementary or competitive. Public investment in health and education FDI and Regional integration: AEC 9

Further comments FDI and production network trade FDI and spillovers from linkages to domestic firms FDI and poverty reduction FDI and quality of institutions and governance (crowding out or crowding in) 10