United Nations Conference on Trade And Development INVESTMENT COUNTRY PROFILES. FRANCE February 2012

Transcription

1 United Nations Conference on Trade And Development INVESTMENT COUNTRY PROFILES FRANCE February 2012

2 i NOTE The Division on Investment and Enterprise of UNCTAD is a global centre of excellence, dealing with issues related to investment and enterprise development in the United Nations System. It builds on three and a half decades of experience and international expertise in research and policy analysis, intergovernmental consensus building, and provides technical assistance to developing countries. The terms country/economy as used in this investment country profile also refer, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgment about the stage of development reached by a particular country or area in the development process. The major country groupings used in this investment country profile follow the classification of the United Nations Statistical Office. These are: Developed countries: the member countries of the OECD (other than Chile, Mexico, the Republic of Korea and Turkey), plus the new European Union member countries which are not OECD members (Bulgaria, Cyprus, Latvia, Lithuania, Malta, and Romania), plus Andorra, Liechtenstein, Monaco and San Marino. Transition economies: South-East Europe and the Commonwealth of Independent States. Developing economies: in general all economies not specified above. For statistical purposes, the data for China do not include those for Hong Kong Special Administrative Region (Hong Kong SAR), Macao Special Administrative Region (Macao SAR) and Taiwan Province of China. Reference to companies and their activities should not be construed as an endorsement by UNCTAD of those companies or their activities. The boundaries and names shown and designations used on the maps presented in this publication do not imply official endorsement or acceptance by the United Nations. The following symbols have been used in the tables: Two dots (..) indicate that data are not available or are not separately reported. Rows in tables have been omitted in those cases where no data are available for any of the elements in the row; A dash ( ) indicates that the item is equal to zero or its value is negligible; A blank in a table indicates that the item is not applicable, unless otherwise indicated; A slash (/) between dates representing years, e.g., 1994/95, indicates a financial year; Use of an en dash ( ) between dates representing years, e.g., , signifies the full period involved, including the beginning and end years; Reference to dollars ($) means United States dollars, unless otherwise indicated; Annual rates of growth or change, unless otherwise stated, refer to annual compound rates; Details and percentages in tables do not necessarily add up to totals because of rounding. Only tables shaded in the Table of Contents are available in this investment country profile. The material contained in this study may be freely quoted with appropriate acknowledgement. Exchange rates, Euro per US dollar Period average End of period UNCTAD/WEB/DIAE/IA/2012/8

3 ii Table of Contents Page Highlights... A. Definitions and sources of data... B. Statistics on FDI and the operations of TNCs (shaded rows show available tables) 1 3 Table 1. Summary of FDI... 3 Table 2. Summary of international production... 3 Table 3. FDI flows, by type of investment... 4 Table 4. FDI stocks, by type of investment... 5 Table 5. FDI flows in the host economy, by industry... 6 Table 6. FDI flows in the host economy, by geographical origin... 7 Table 7. FDI flows in the host economy, by industry and geographical orign... Table 8. FDI flows abroad, by industry... 8 Table 9. FDI flows abroad, by geographical destination... 9 Table 10. FDI flows abroad, by industry and geographical destination... Table 11. FDI stocks in the host economy, by industry Table 12. FDI stocks in the host economy, by geographical origin Table 13. FDI stocks in the host economy, by industry and geographical orign... Table 14. FDI stocks abroad, by industry Table 15. FDI stocks abroad, by geographical destination Table 16. FDI stocks abroad, by industry and geographical destination... Table 19. The number of home-based TNCs, by industry in the home economy... Table 20. The number of foreign affiliates of home-based TNCs, by industry abroad Table 21. The number of foreign affiliates of home-based TNCs, by geographical location abroad Table 22. The number of affiliates of foreign TNCs in the host economy, by industry Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin Table 26. Assets of home-based TNCs, by industry in the home economy... Table 27. Assets of foreign affiliates of home-based TNCs, by industry abroad... Table 28. Assets of foreign affiliates of home-based TNCs, by geographical location abroad... Table 29. Assets of affiliates of foreign TNCs in the host economy, by industry... Table 30. Assets of affiliates of foreign TNCs in the host economy, by geographical origin... Table 31. Employment of home-based TNCs, by industry in the home economy... Table 32. Employment of foreign affiliates of home-based TNCs, by industry abroad Table 33. Employment of foreign affiliates of home-based TNCs, by geographical location abroad Table 34. Employment of affiliates of foreign TNCs in the host economy, by industry Table 35. Employment of affiliates of foreign TNCs in the host economy, by geographical origin Table 36. Wages and salaries of home-based TNCs, by industry in the home economy... Table 37. Wages and salaries of foreign affiliates of home-based TNCs, by industry abroad... Table 38. Wages and salaries of foreign affiliates of home-based TNCs, by geographical location abroad... Table 39. Wages and salaries of affiliates of foreign TNCs in the host economy, by industry... Table 40. Wages and salaries of affiliates of foreign TNCs in the host economy, by geographical origin... Table 41. Sales of home-based TNCs, by industry in the home economy... Table 42. Sales of foreign affiliates of home-based TNCs, by industry abroad Table 43. Sales of foreign affiliates of home-based TNCs, by geographical location abroad Table 44. Sales of affiliates of foreign TNCs in the host economy, by industry Table 45. Sales of affiliates of foreign TNCs in the host economy, by geographical origin Table 46. Value added of home-based TNCs, by industry in the home economy... Table 47. Value added of foreign affiliates of home-based TNCs, by industry abroad... Table 48. Value added of foreign affiliates of home-based TNCs, by geographical location abroad... Table 49. Value added of affiliates of foreign TNCs in the host economy, by industry

4 iii Table of Contents Page Table 50. Value added of affiliates of foreign TNCs in the host economy, by geographical origin Table 51. Profits of home-based TNCs, by industry in the home economy... Table 52. Profits of foreign affiliates of home-based TNCs, by industry abroad... Table 53. Profits of foreign affiliates of home-based TNCs, by geographical location abroad... Table 54. Profits of affiliates of foreign TNCs in the host economy, by industry... Table 55. Profits of affiliates of foreign TNCs in the host economy, by geographical origin... Table 56. Exports of home-based TNCs, by industry in the home economy... Table 57. Exports of foreign affiliates of home-based TNCs, by industry abroad... Table 58. Exports of foreign affiliates of home-based TNCs, by geographical location abroad... Table 59. Exports of affiliates of foreign TNCs in the host economy, by industry Table 60. Exports of affiliates of foreign TNCs in the host economy, by geographical origin Table 61. Imports of home-based TNCs, by industry in the home economy... Table 62. Imports of foreign affiliates of home-based TNCs, by industry abroad... Table 63. Imports of foreign affiliates of home-based TNCs, by geographical location abroad... Table 64. Imports of affiliates of foreign TNCs in the host economy, by industry... Table 65. Imports of affiliates of foreign TNCs in the host economy, by geographical origin... Table 66. R&D of home-based TNCs, by industry in the home economy... Table 67. R&D of foreign affiliates of home-based TNCs, by industry abroad... Table 68. R&D of foreign affiliates of home-based TNCs, by geographical location abroad... Table 69. R&D of affiliates of foreign TNCs in the host economy, by industry... Table 70. R&D of affiliates of foreign TNCs in the host economy, by geographical origin... Table 71. Employment in R&D of home-based TNCs, by industry in the home economy... Table 72. Employment in R&D of foreign affiliates of home-based TNCs, by industry abroad... Table 73. Employment in R&D of foreign affiliates of home-based TNCs, by geographical location abroad... Table 74. Employment in R&D of affiliates of foreign TNCs in the host economy, by industry... Table 75. Employment in R&D of affiliates of foreign TNCs in the host economy, by geographical origin... Table 76. Royalty receipts of home-based TNCs, by industry in the home economy... Table 77. Royalty receipts of foreign affiliates of home-based TNCs, by industry abroad... Table 78. Royalty receipts of foreign affiliates of home-based TNCs, by geographical location abroad... Table 79. Royalty receipts of affiliates of foreign TNCs in the host economy, by industry... Table 80. Royalty receipts of affiliates of foreign TNCs in the host economy, by geographical origin... Table 81. Royalty payments of home-based TNCs, by industry in the home economy... Table 82. Royalty payments of foreign affiliates of home-based TNCs, by industry abroad... Table 83. Royalty payments of foreign affiliates of home-based TNCs, by geographical location abroad... Table 84. Royalty payments of affiliates of foreign TNCs in the host economy, by industry... Table 85. Royalty payments of affiliates of foreign TNCs in the host economy, by geographical origin... Table 86. Largest home-based TNCs Table 87. Largest foreign affiliates of homebased TNCs Table 88. Largest affiliates of foreign TNCs in the host economy... 32

5 1 Highlights In 2010, the outward stock of foreign direct investment (FDI) from stood at 1.14 trillion ($1.52 trillion) compared to an inward stock of 755 billion ($1.01 trillion). In the context of the European Union (EU), the size of both inward and outward FDI stocks of is largely in line with the size of its economy, which is one of the important FDI determinants: in 2010, while accounted for 16 per cent of the EU s GDP, its shares of outward and inward stocks in the EU s totals were 17 per cent and 15 per cent, respectively. FDI outflows exceeded inward flows in all but one year (1995) since In the period , the annual average of FDI outflows ( 91 billion or $127 billion) was more than twice the average for FDI inflows ( 41 billion or $57 billion). s outward FDI is regionally concentrated. The countries of the EU are host to 63 per cent of s outward stock, although the single largest recipient country is the United States followed by Belgium, the Netherlands and the United Kingdom. Outside the developed countries, Brazil, China and Morocco are the major recipients of FDI from. On the inward side, the four largest sources of FDI the Netherlands, the United Kingdom, Luxembourg and Belgium account for over half of inward FDI stock in. Outside the EU, the United States and Switzerland rank as the fifth and seventh largest sources of FDI to. The sectoral composition of the inward and outward stocks is similar. In both cases, over two thirds of the stock is in the services sector and just under a quarter is in manufacturing. Foreign affiliates in employed 939,000 people in 2006, generated sales of 287 billon ($360 billion) and exports of 139 billion ($175 billion). In 2009, the foreign affiliates of French transnational corporations employed 4.5 million people abroad and had sales of 961 billion ($1,335 billion). A. Definitions and sources of data Data on foreign direct investment (FDI) are compiled by the Banque de, the central bank of, for balance of payments (BOP) and international investment position (IIP) purposes. Data on FDI flows are released monthly on the Banque de website, about 40 to 45 days after the reference month. Data on flows and stocks of FDI with a breakdown by country/region and by industry/sector are published annually on the Banque de website and in the Statistical Annex to the Rapport Annuel La Balance des paiements et la position extérieure de la (Annual Report s balance of payments and international investment position), with a time lag of six months. Regarding FDI stocks, in the first annual report published after the reference year, data are only preliminary estimates; they become more reliable 18 months after the reference year. The compilation of BOP and IIP data by the Banque de is based on the following laws and regulations: the French law n from 20 February 2007; the Regulation (EC) No 184/2005 of the European Parliament and of the Council of 12 January 2005; the European Central Bank (ECB) Guideline of 16 July 2004 on the statistical reporting requirements of the ECB and the amending ECB Guideline of 31 May 2007; the decisions , and taken by the Governor of the Banque de.

6 2 FDI data are compiled in line with the internationally recommended standards. Direct investment refers to investment that adds to, deducts from, or acquires a lasting interest in an enterprise operating in an economy other than that of the investor. The investor's purpose is to have an effective voice in the management of the enterprise, which is interpreted as holding 10 per cent or more of the issued voting share capital or equivalent. Data cover equity, reinvested earnings, short- and long-term intra-company loans. Trade credits between affiliates are not included in FDI statistics, but in statistics on Other Investment. The directional principle is applied. Data on FDI flows (equity capital and other capital) are reported monthly to the Banque de by about 450 direct reporting companies and 40 banks and other financial intermediaries (for their own transactions only). The Caisse des dépôts et consignations, a State-owned body, reports monthly to the Banque de the real estate transactions between residents and non-residents. The Banque de also collects quarterly data on other forms of capital stock of about 800 resident companies. Flows are derived from stocks. On a case-by-case basis, Banque de collects data by companies involved in FDI transactions. The geographical breakdown of FDI inflows and outflows is based on the residence country of the immediate counterpart. Data are reported with a sectoral breakdown following the NACE (Statistical Classification of Economic Activities in the European Community) Rev.2 and reflect the activities of the resident enterprise, both for FDI inflows and outflows. Inward and outward stock data are collected through annual surveys. The survey on inward stock comprises all foreign affiliates in, while information on the ownership of foreign affiliates is derived from various sources, within and outside the Banque de. The survey on outward stock covers French TNCs with assets of at least 5 millions. Stock data are collected at book values and are released at book value and at market values. But the latter are only available as aggregate totals. Indirect participation by a French investor in an affiliate abroad or by a foreign investor in an affiliate in are not covered. The breakdown by economic activity follows NACE Rev. 2 and reflects the activity of the foreign affiliate in (inward) and the economic activity of the French parent (outward). The breakdown by region and country relates to the immediate counterpart. The Banque de publishes aggregated annual data on FDI flows and stocks based on the present international methodological standard (fifth edition of the IMF's Balance of Payments Manual) for the most recent period beginning in Detailed sectoral and geographical data on flows and stocks are available from 1999 onwards, but they are based on the more comprehensive new international methodology (extended directional principle complying with the sixth edition of the IMF's Balance of Payments Manual published in 2008). Data on the operations of the affiliates of foreign TNCs in as well as the operations of French affiliates abroad are collected by the 's National Institute of Statistics and Economic Studies (Institut National de la Statistique et des Études Économiques: INSEE) and by the Banque de for the banking industry. Only majority-owned foreign affiliates are included. Data are collected since the reporting year The compilation of operations data of foreign affiliates in is based on the balance sheets of about 25,000 firms. The variables covered are sales, employment, value added, imports and exports. The breakdown by economic activity follows NACE Rev. 1 and reflects the activity of the foreign affiliate in (inward) and the economic activity of the French parent (outward). The breakdown by geographical origin reflects the immediate counterpart.

7 3 B. Statistics on FDI and the operations of TNCs Table 1. Summary of FDI (Millions of euros and percentage) Variable Inward Outward 1. FDI flows, (annual average) FDI flows as a percentage of GFCF, (annual average) FDI stocks, FDI stocks as a percentage of GDP, Source : Based on tables 3, 4 and UNCTAD, FDI/TNC database. Table 2. Summary of international production, 2009 a Variable (Millions of euros and number) Home-based TNCs (Parent) Affiliates of foreign TNCs in Foreign affiliates of French TNCs abroad Number Employees (thousands) Value added Sales Exports Based on tables 20, 22, 32, 34, 42, 44, 49 and 59. a Data for affiliates of foreign TNCs in refer to 2006.

8 4 Table 3. FDI flows, by type of investment, (Millions of euros) Inward Investment Outward Investment Reinvested Reinvested Year Equity earnings Other Total Equity earnings Other Total Source : UNCTAD FDI/TNC database, based on data from the Banque de. Note : Totals in this table may differ from those shown in tables 5, 6, 8 and 9 due to differing data publication/last revision schedules.

9 5 Table 4. FDI stocks, by type of investment, (Millions of euros) Inward Investment Outward Investment Equity and Reinvested Equity and Reinvested Year earnings Other Total earnings Other Total Source : UNCTAD FDI/TNC database, based on data from the Banque de. Note : Equity capital is valued at market value since Therefore, totals in this table may differ from those shown in tables 11, 12, 14 and 15 which are valued at book value.

10 6 Table 5. FDI flows in the host economy, by industry, (Millions of euros) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Mining, quarrying and petroleum Mining and quarrying Petroleum Secondary Food, beverages and tobacco Textiles, clothing and leather Wood and wood products Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Manufacture of pharmaceuticals Rubber and plastic products Non-metallic mineral products Metal and metal products Machinery and equipment Electrical and electronic equipment Office, accounting and computing machinery Radio, television and communication apparatus Precision instruments Motor vehicles and other transport equipment Motor vehicles, trailers and semi-trailers Other transport equipment Other manufacturing Tertiary Electricity, gas and water Construction Trade Automotive trade and repair Wholesale trade Distributive trade Hotels and restaurants Transport, storage and communications Transport and storage Post and communications Finance Financial intermediation Insurance and pension funding Activities auxiliary to financial intermediation Business activities Real estate Rental activities Computer and related activities Research and development Other business activities Public administration and defence Education Health and social services Community, social and personal service activities Sewage and waste disposal, sanitation activities Membership Organizations N.E.C Recreational, cultural and sporting activities Other services Unspecified Source : UNCTAD FDI/TNC database, based on data from the Banque de.

11 7 Table 6. FDI flows in the host economy, by geographical origin, (Millions of euros) Region/economy Total world Developed countries Europe European Union Belgium Cyprus Czech Republic Finland Hungary Ireland Italy Luxembourg Netherlands Portugal Romania Spain Sweden United Kingdom Other developed Europe Norway Switzerland North America Canada United States Other developed countries Australia Israel Japan Bermuda Developing economies Africa Nigeria South Africa Latin America and the Caribbean South and Central America South America Brazil Central America Mexico Caribbean Bahamas Asia West Asia Lebanon Saudi Arabia Turkey United Arab Emirates South, East and South-East Asia China Hong Kong, China India Indonesia Korea, Republic of Malaysia Singapore Oceania South-East Europe and CIS South-East Europe CIS Russian Federation Unspecified Source : UNCTAD FDI/TNC database, based on data from the Banque de.

12 8 Table 8. FDI flows abroad, by industry, (Millions of euros) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Mining, quarrying and petroleum Mining and quarrying Petroleum Secondary Food, beverages and tobacco Textiles, clothing and leather Wood and wood products Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Rubber and plastic products Non-metallic mineral products Metal and metal products Machinery and equipment Electrical and electronic equipment Office, accounting and computing machinery Radio, television and communication apparatus Precision instruments Motor vehicles and other transport equipment Motor vehicles, trailers and semi-trailers Other transport equipment Other manufacturing Tertiary Electricity, gas and water Construction Trade Automotive trade and repair Wholesale trade Distributive trade Hotels and restaurants Transport, storage and communications Transport and storage Post and communications Finance Financial intermediation Insurance and pension funding Activities auxiliary to financial intermediation Business activities Real estate Rental activities Computer and related activities Research and development Other business activities Public administration and defence Education Health and social services Community, social and personal service activities Sewage and waste disposal, sanitation activitie Membership Organizations N.E.C Recreational, cultural and sporting activities Other services Unspecified Source : UNCTAD FDI/TNC database, based on data from the Banque de.

13 9 Table 9. FDI flows abroad, by geographical destination, (Millions of euros) Region/economy Total world Developed countries Europe European Union Austria Belgium Czech Republic Germany Greece Hungary Ireland Italy Luxembourg Netherlands Poland Romania Spain Sweden United Kingdom Other developed Europe Norway Switzerland North America Canada United States Other developed countries Australia Israel Japan Bermuda Developing economies Africa Latin America and the Caribbean South and Central America Brazil Mexico Caribbean Bahamas British Virgin Islands Asia West Asia Qatar Turkey United Arab Emirates Yemen South, East and South-East Asia China Hong Kong, China India Indonesia Korea, Republic of Singapore Thailand Oceania South-East Europe and CIS South-East Europe CIS Kazakhstan Russian Federation Unspecified Source : UNCTAD FDI/TNC database, based on data from the Banque de.

14 10 Table 11. FDI stocks in the host economy, by industry, (Millions of euros) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Mining, quarrying and petroleum Mining and quarrying Petroleum Secondary Food, beverages and tobacco Textiles, clothing and leather Wood and wood products Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Manufacture of pharmaceuticals Rubber and plastic products Non-metallic mineral products Metal and metal products Machinery and equipment Electrical and electronic equipment Office, accounting and computing machinery Precision instruments Motor vehicles and other transport equipment Motor vehicles, trailers and semi-trailers Other transport equipment Other manufacturing Tertiary Electricity, gas and water Construction Trade Automotive trade and repair Wholesale trade Distributive trade Hotels and restaurants Transport, storage and communications Transport and storage Post and communications Finance Financial intermediation Insurance and pension funding Activities auxiliary to financial intermediation Business activities Real estate Rental activities Computer and related activities Research and development Other business activities Public administration and defence Education Health and social services Community, social and personal service activities Sewage and waste disposal, sanitation activities Membership Organizations N.E.C Recreational, cultural and sporting activities Other services Unspecified Source : UNCTAD FDI/TNC database based on data from the Banque de. Notes: Direct investment positions are valued at book value and therefore differ from data shown in table 4.

15 11 Table 12. FDI stocks in the host economy, by geographical origin, (Millions of euros) Region/economy Total world Developed countries Europe European Union Austria Belgium Cyprus Czech Republic Finland Germany Hungary Ireland Italy Luxembourg Netherlands Poland Portugal Romania Spain Sweden United Kingdom Other developed Europe Norway Switzerland North America Canada United States Other developed countries Australia Israel Japan Bermuda Developing economies Africa Morocco Nigeria Latin America and the Caribbean South and Central America Argentina Brazil Mexico Caribbean Asia West Asia Lebanon Turkey United Arab Emirates South, East and South-East Asia China Hong Kong, China India Korea, Republic of Singapore Oceania South-East Europe and CIS South-East Europe CIS Russian Federation Unspecified Source : UNCTAD FDI/TNC database based on data from the Banque de. Notes: Direct investment positions are valued at book value and therefore differ from data shown in table 4.

16 12 Table 14. FDI stocks abroad, by industry, (Millions of euros) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Mining, quarrying and petroleum Mining and quarrying Petroleum Secondary Food, beverages and tobacco Textiles, clothing and leather Wood and wood products Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Manufacture of pharmaceuticals Rubber and plastic products Non-metallic mineral products Metal and metal products Machinery and equipment Electrical and electronic equipment Office, accounting and computing machinery Precision instruments Motor vehicles and other transport equipment Motor vehicles, trailers and semi-trailers Other transport equipment Other manufacturing Tertiary Electricity, gas and water Construction Trade Automotive trade and repair Wholesale trade Distributive trade Hotels and restaurants Transport, storage and communications Transport and storage Post and communications Finance Financial intermediation Insurance and pension funding Activities auxiliary to financial intermediation Business activities Real estate Rental activities Computer and related activities Research and development Other business activities Public administration and defence Education Health and social services Community, social and personal service activities Sewage and waste disposal, sanitation activitie Membership Organizations N.E.C Recreational, cultural and sporting activities Other services Unspecified Source : UNCTAD FDI/TNC database based on data from the Banque de. Notes: Direct investment positions are valued at book value and therefore differ from data shown in table 4.