TABLE OF CONTENTS V TABLE OF CONTENTS Page PREfACE ACKNOWLEDGEMENTS. OVERVIEW.... PART ONE ANOTHER YEAR OF FDI GROWTH CHAPTER I.GLOBAL TRENDS:RISING FDI INFLOWS 3 A.OVERALL TRENDS AND DEVELOPMENTS IN FDI 3 1.endand characteristics vival of FDI in natural resources Trends in international production. 10 Some issues concerning FDI statistics:what is behind the numbers? 10 A new wave of cross-border M&As... b.Cross-border M&As versus greenfield FDI An emerging trend:the rise in FDI by collective investment funds. 4.FDI performance and potential. .21 B.POLICY DEVELOPMENTS ... .23 icy changes 26 b.Systemic issues in international investment rule-making.. .27 C.THE LARGEST TNCS. .30 1 The world's 100 largest TNCs. .30 The top 100 INCs rom developing economies tionality of to 15 4 5 The world's 50 largest financial TNCs 34 D.PROSPECTS.. 36 NOTES .37 CHAPTER II.REGIONAL TRENDS:FDI GROWS IN MOST REGIONS....... 39 INTRODUCTION. .39 A.DEVELOPING COUNTRIES. 40 1.Africa .40 a.Geograp ical trend OwaFD"n2h20godiypmnces 41 44 b.Sectoral trends:FDI up in the primary sector.TABLE OF CONTENTS v
 

 Page PREFACE ................................................................................................................ iii ACKNOWLEDGEMENTS........................................................................................ iv OVERVIEW ........................................................................................................... xvii
     CHAPTER I. GLOBAL TRENDS: RISING FDI INFLOWS ...................................... 3 A. OVERALL TRENDS AND DEVELOPMENTS IN FDI .................................................................. 3 1. Trends, patterns and characteristics ................................................................................................. 3 a. Global FDI ................................................................................................................................. 3 b. Sectoral analysis: revival of FDI in natural resources ........................................................... 7 c. Trends in international production ......................................................................................... 10 2. Some issues concerning FDI statistics: what is behind the numbers? ....................................... 10 3. A new wave of cross-border M&As............................................................................................... 13 a. Recent trends ........................................................................................................................... 13 b. Cross-border M&As versus greenfield FDI .......................................................................... 15 c. An emerging trend: the rise in FDI by collective investment funds .................................. 16 4. FDI performance and potential....................................................................................................... 21 B. POLICY DEVELOPMENTS .............................................................................................................. 23 1. National policy changes .................................................................................................................. 23 2. Recent developments in international investment arrangements ................................................ 26 a. The IIA network continues to expand.................................................................................... 26 b. Systemic issues in international investment rule-making .................................................... 27 C. THE LARGEST TNCS ........................................................................................................................ 30 1. The world’s 100 largest TNCs........................................................................................................ 30 2. The top 100 TNCs from developing economies ........................................................................... 31 3. Transnationality of top TNCs ......................................................................................................... 32 4. TNCs’ most-favoured locations...................................................................................................... 34 5. The world’s 50 largest financial TNCs .......................................................................................... 34 D. PROSPECTS.......................................................................................................................................... 36 NOTES .................................................................................................................................................................. 37 CHAPTER II. REGIONAL TRENDS: FDI GROWS IN MOST REGIONS............. 39 INTRODUCTION ........................................................................................................................................ 39 A. DEVELOPING COUNTRIES............................................................................................................. 40 1. Africa ................................................................................................................................................ 40 a. Geographical trends ................................................................................................................ 41 (i) Growth driven by high commodity prices .................................................................... 41 (ii) Outward FDI: down in 2005 ......................................................................................... 44 b. Sectoral trends: FDI up in the primary sector....................................................................... 45