Global Players from Emerging Markets: Strengthening ... - Unctad

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80 Outward Foreign Direct Investment by Small and Medium-sized Enterprises from India Caves, R.E. (1971). “International Corporations: The Industrial Economics of Foreign Investment,” Economica, 38, pp. 1-27. Dunning, J. H. (1986). “The investment development cycle and Third World multinationals”, in Khan (ed.) Multinationals from the South, St. Martins Press: New York, pp. 15-47. Dunning, J. H. and Narula, R. (1996). ‘The investment development path revisited: Some emerging issues’, in Dunning and Narula (eds.), Foreign Direct Investment and Governments, London: Routledge, pp. 1-41. ESCAP/UNCTC (1985). Transnational Corporations From Developing Asian Economies, Bangkok: Joint ESCAP/CTC Unit on Transnational Corporations, 1985. Kumar, K. and M. McLeod (1981). (eds.) Multinationals from Developing Countries, Lexington Books: Lexington, Mass: D. C. Heath. Lall, S. (1983). (ed.) The New Multinationals: The Spread of Third World Enterprises, John Wiley & Sons New York. Lall, S. (1996). “The investment development path: Some conclusions”, in Dunning and Narula (eds.), References Foreign Direct Investment and Governments, London: Routledge, pp. 423-441. Pradhan, J. P. (2004). “The Determinants of Outward Foreign Direct Investment: A Firm-level Analysis of Indian Manufacturing”, Oxford Development Studies, 32(4), pp. 619-639. Pradhan, J. P. (2005). “Outward Foreign Direct Investment from India: Recent Trends and Patterns”, GIDR Working Paper, No. 153, February. Pradhan, J. P. and Vinoj Abraham (2005). “Overseas Mergers and Acquisitions by Indian Enterprises: Patterns and Motivations”, Indian Journal of Economics, vol. LXXXV, no. 338, pp. 365-386. Tolentino, Paz Estrella E. (1993). Technological Innovation and Third World Multinationals, London and New York: Routledge. UNCTAD (1998). The Handbook on Foreign Direct Investment by Small and Medium-sized Enterprises: Lessons from Asia, Sales No. E.98.II.D.4, United Nations Publications, Geneva. Wells, L. T. Jr. (1983). Third World Multinationals: The Rise of Foreign Investment from Developing Countries, MIT Press: Cambridge, Mass.
A. Introduction This paper examines Malaysian investment abroad with emphasis on SMEs. It assesses the drivers, motivations, obstacles, and the regulatory framework relating to the internationalization of Malaysian enterprises through OFDI. It also highlights how OFDI has helped increase the competitiveness of selected Malaysian enterprises. B. OFDI from Malaysia: Trends and development Malaysia is a growing source of FDI for other developing countries. Its OFDI stock rose from $2.7 billion in 1990 to $29.7 billion in 2003 (table 1). The country’s annual average OFDI flows increased steadily in 1980-1989, 1990-1994 and 1995-1999. However, annual average OFDI flows dropped to $1.4 CHAPTER VII OUTWARD FOREIGN DIRECT INVESTMENT BY ENTERPRISES FROM MALAYSIA* Table 1. Malaysia: OFDI flows and stock, 1980-2003 OFDI Stock (US$ billion) CHAPTER VI 81 billion in 2000-2003 due to the impact of the 1997 Asian financial crisis, the slower pace of economic growth in Malaysia and corporate consolidation. OFDI stock as a percentage of Gross Domestic Product rose from 6.1 in 1990 to 28.8 per cent in 2003, indicating the increased internationalization of Malaysian economy. Large Malaysian enterprises such as Kulim, Kumpulan Guthrie, Sime Darby, UEM, Amsteel Corporation, Genting, Hume Industries, Telekom Malaysia, Malaysian Airline and Malaysian International Shipping Corporation have significant presence overseas (Annex table 1). They were among UNCTAD’s top 50 TNCs from developing countries and most of them were government linked companies (GLCs) (UNCTAD 1999, 2001, 2004). Examples of Malaysian SMEs investing abroad include Top Glove, Ingress Corporation and Munchy Food Industries. Geographical distribution. The largest share of Malaysian OFDI flows goes to other developing 1980 1990 1995 2000 2003 0.2 2.7 11.0 21.3 29.7 OFDI flows (annual average) (US$ billion) 1980-1989 1990-1994 1995-1999 2000-2003 0.2 0.8 2.2 1.4 – OFDI stock as a percentage of gross domestic product 0.8 6.1 n.a. 23.6 28.8 Source: UNCTAD, World Investment Report 2004. ____________ * This paper was prepared by Zainal Aznam Yusof, Working Group, National Economic Action Council (NEAC), Malaysia. 81
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