INDEX Note: Page number followed by n refer to endnotes A Accenture SEA Business Expansion Survey, 72 73 Agreement of Movement of Natural Persons, ASEAN, 59 ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), 62, 69 ASEAN-China Free Trade Agreement (ACFTA), 53 54 ASEAN Comprehensive Investment Agreement (ACIA), 57 61, 147, 175 76 complete implementation of, 58 impact of, 171 72 ASEAN s dialogue partners (DPs), 53 ASEAN Economic Community (AEC), 6 8, 47 48, 77, 203, 211 challenges, 72 76 integration impacts. See ASEAN integration impacts investment integration reforms, 56 61 regional economic integration, 49 56 ASEAN Framework Agreement on Services (AFAS), 59 ASEAN Framework of Equitable Economic Development (AFEED), 76 ASEAN Free Trade Agreement (AFTA), 61, 62, 68 ASEAN-India Free Trade Agreement (AIFTA), 62 ASEAN integration impacts, 61 66 investment facilitation, 70 72 regionalization, rise of, 66 70 ASEAN Industrial Cooperation Scheme (AICO), 60 ASEAN Industrial Joint Venture (AIJV), 60 ASEAN Investment Area (AIA), 56 57, 60 ASEAN Investment Forum, 48 ASEAN-Japan Comprehensive Economic Partnership Agreement (AJCEP), 62 ASEAN-Korea Free Trade Agreement (AKFTA), 62 ASEAN Plan of Action on Cooperation and Promotion of FDI and Intra-ASEAN Investment, 60 ASEAN Trade in Goods Agreement (ATIGA), 48 ASEAN Master Plan on Connectivity, 76 Asian Development Bank, 219 Asian Financial Crisis (AFC), 11, 82
228 Index B Batam-Singapore Cable System (BSCS), 145 Bilateral Investment Treaties (BITs), 147 Board of Investment of Thailand (BOI), 157 C Capital Market Master Plan, Malaysia, 41 42 China Go Global strategy (2000), 22, 23 inward and outward FDI in, 22 23 private-owned enterprises (POEs) in, 23 Chinese outward investment, 23 CLMV, 166 67 Committee to Promote Enterprise Overseas, Singapore, 39 corruption, control of, 114 15 cross-border merger and acquisition (M&A), 37 D Dunning, 8 9 E Ease of Doing Business, 70 72 East Asian economy, experience of, 21 26 Economic Development Board (EDB), Singapore, 82 efficiency-seeking FDI, 10, 51 emerging investors, 13, 15 Enterprise Law, 217 F Financial Sector Master Plan, Malaysia, 41 42 firm internationalization, model of, 116 firm-specific advantages, 104 Flying Geese Theory, 153 54 food/food processing industry, in Thailand, 170 71 foreign direct investment horizontal, 108 inward, 30, 79, 128 resource-seeking, 10 vertical, 115 Foreign Investment Law (FIL), 128, 209, 215 Framework for Economic and Social Reforms (FESR), 210 free trade agreement (FTA), 54, 61, 93 G geographical distribution, of outward FDI, 16 18 global economic turbulence, 47 48 global financial crisis (GFC), 36, 43, 106 global value chains (GVCs), 74 75 Go Global strategy, China, 22-23 Go South policy, Taiwan, 21 23 government-linked companies (GLCs), 16, 106 Government of Singapore Investment Corporation (GIC), 37 gravity model, 92 Greenfield projects, 36 38, 137 H Hong Kong experiences in outward FDI, 28 inward and outward FDI in, 23 horizontal foreign direct investment, 108 I Indonesia industrial policy, 132 33 Investment Coordination Board, 147
Index 229 post-asian Financial Crisis, 135 36 OFDI in Singapore, 142 44 Indonesian Business Centre (IBC), 147 Indonesia s outward foreign direct investment, 136 39, 142 44 institutional escape, 144 internalization, theory of, 114 International Direct Investment Programme, 39 International Enterprise Singapore (IE Singapore), 82 International Investment Agreements (IIAs), 147 international offshore financial centres (IOFCs), 106 intra-asean FDI flows, 33 investment abroad, drivers and motivations of, 9 11 investment development path (IDP), 9, 103, 130 39 Investment Guarantee Agreement (IGA), ASEAN, 56 59 investment income repatriation, 110 investment facilitation, 70 72 inward foreign direct investment (IFDI), 30, 79, 128 theoretical and empirical literature on, 88 90 inward-looking policies, 128 K Khazanah Nasional Berhad, 43 Korea experiences, 28 inward and outward FDI in, 22 L Labuan offshore financial centre, 105 least developed country (LDC), 221 least square dummy variables (LSDV), 117, 163 location-specific advantages, 104 M Malaysia drivers of OFDI, 110 21 key players, in region, 40 43 Khazanah Nasional Berhad, 43 labour-intensive economic activities, 112 non-resident controlled companies (NRCCs), 111 OFDI, value of, 13 market openness, 114 market-seeking FDI, 10, 51 merger and acquisition (M&A), 36 37 multinational enterprises (MNEs), 55, 91 Myanmar Citizens Investment Law, 210, 215 Myanmar, foreign direct investment in, 104, 180 agriculture and fisheries, 221 approved investment, 205, 206 ASEAN Economic Community, 211 economic and institutional challenge, 202 energy and mining, 220 Export and Import Law, 209 Foreign Investment Law, 209 Framework for Economic and Social Reforms, 210, 211 hydropower projects, 214 industrial parks and economic zones, 218 institutional and policy issues, 215 manufacturing sectors, 208, 221 market economic system, 208 209 Myanmar Economic Holdings, 207 political and economic reforms, 214, 216 prospects for OFDI, 197 99 sector distribution, 212 13 services sector, 208, 222 23 signing agreements, 207
230 Index special economic zones, 211, 216 tourism and real estate, 223 trade and investment reforms, 215 Myanmar Investment Commission (MIC), 207, 210, 215 N newly industrialized economies (NIEs), 157 non-resident controlled companies (NRCCs), 111 O outward-looking policy, 128 ownership, location and internalization (OLI) advantages of, 8 9 theory, 154 P Perusahaan Gas Negara (PGN), 146 Petroliam Nasional Berhad (PETRONAS), 34 35, 42, 106 Philippines, inward and outward FDI in, 15 private-owned enterprises, in China, 23 Product Life Cycle (PLC) theory, 9 Promoting Vietnam s Investment Abroad, 197 Promotion and Protection of Investment, 56 pull factors, of outward FDI, 111, 154 push factors, of outward FDI, 111, 154 R Regional Comprehensive Economic Partnership (RCEP), 69 regional economic integration, 49 56 regionalization strategy, 91 relative corporate tax rates, 113 14 Regulationist Perspective, 91 resident-controlled companies (RCC), 111 resource-seeking FDI, 10 S sectoral distribution, of intra-asean investment, 18 19 Semen Indonesia, 146 47 Sensitive List (SL), 58 Sime Darby, 42 Singapore, 79 80 data sources and definitions for, 97 98, 100n2 determinants of OFDI, 92 96 Government of Singapore Investment Corporation (GIC), 37 government policy, 80 83 Indonesian in, 142 44 International Enterprise Singapore (IE Singapore), 82 key players in region, 39 40 literature on OFDI, 91 92 and Malaysia, 13 Regionalization strategy, 91 Second Industrial Revolution, 80 81 Second Wing strategy, 91 state-led promotion of, 82 stock, 94 95 theoretical and empirical literature on, 88 90 trends and patterns, 83 88 Singapore Petroleum Company Limited (SPC), 146 socialist-oriented market economy, 182 84 Sovereign Wealth Funds (SWFs), 37, 38
Index 231 special and differential (S&D) treatment, 58 special economic zones (SEZ), 211, 216 State Bank of Vietnam, 187 state-owned enterprises (SOEs), 16 strategic asset-seeking FDI, 10 11 T Taiwan experiences, 28 Go South policy, 21 23 government of, 22 inward and outward FDI in, 21 22 tax haven countries, 114 Telekom Indonesia, 145 Temasek Holdings, 37 Tentative Exclusion List (TEL), 58 Thailand Board of Investment (BOI), 157 economic growth, 152 food/food processing industry, 170 71 impact of ACIA, 171 72 key players, in region, 43 44 outward foreign direct investment trends, 154 59 push factor for, 44 textile and garment industry, 168 70 Thang Long Cement Joint Stock Company (TLCC), 146 Trade Development Board (TDB), 82 Trade-Related Investment Measures (TRIMs), 58 Transgasindo, 146 V vertical foreign direct investment, 115 Vietnam economy, 181 87 enterprises, 187, 195 evolution of, 186 90 geographical distribution of, 195 97 gross domestic product of, 182 investment, 188, 198 laws on OFDI, 186 90 stages of OFDI, 190 92 traditional destinations for, 198 99 traditional markets, 195 Vietnamese National Assembly, 189 W World Trade Organization (WTO), 58