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

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

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., 1994 1995, 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 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Period average 0.939 1.085 1.118 1.063 0.886 0.805 0.804 0.797 0.731 0.683 0.720 0.755 End of period 0.995 1.075 1.135 0.954 0.792 0.734 0.848 0.759 0.679 0.719 0.694 0.748 UNCTAD/WEB/DIAE/IA/2012/8

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... 10 Table 12. FDI stocks in the host economy, by geographical origin... 11 Table 13. FDI stocks in the host economy, by industry and geographical orign... Table 14. FDI stocks abroad, by industry... 12 Table 15. FDI stocks abroad, by geographical destination... 13 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... 14 Table 21. The number of foreign affiliates of home-based TNCs, by geographical location abroad... 15 Table 22. The number of affiliates of foreign TNCs in the host economy, by industry... 16 Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin... 17 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... 18 Table 33. Employment of foreign affiliates of home-based TNCs, by geographical location abroad... 19 Table 34. Employment of affiliates of foreign TNCs in the host economy, by industry... 20 Table 35. Employment of affiliates of foreign TNCs in the host economy, by geographical origin... 21 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... 22 Table 43. Sales of foreign affiliates of home-based TNCs, by geographical location abroad... 23 Table 44. Sales of affiliates of foreign TNCs in the host economy, by industry... 24 Table 45. Sales of affiliates of foreign TNCs in the host economy, by geographical origin... 25 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... 26 1

iii Table of Contents Page Table 50. Value added of affiliates of foreign TNCs in the host economy, by geographical origin... 27 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... 28 Table 60. Exports of affiliates of foreign TNCs in the host economy, by geographical origin... 29 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... 30 Table 87. Largest foreign affiliates of homebased TNCs... 31 Table 88. Largest affiliates of foreign TNCs in the host economy... 32

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 1990. In the period 2007 2010, 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 2007-212 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 2007-01, 2009-04 and 2010-03 taken by the Governor of the Banque de.

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 1995. 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 1994. 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.

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, 2007-2010 (annual average) 41 054 90 878 2. FDI flows as a percentage of GFCF, 2007-2010 (annual average) 10.1 22.4 3. FDI stocks, 2010 754 661 1139 834 2. FDI stocks as a percentage of GDP, 2010 39.1 59.1 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.. 3 297 31 450 Employees (thousands) 939 4 521 Value added.. 69 740.. Sales.. 287 007 960 773 Exports 139 297.. Based on tables 20, 22, 32, 34, 42, 44, 49 and 59. a Data for affiliates of foreign TNCs in refer to 2006.

4 Table 3. FDI flows, by type of investment, 1980 2010 (Millions of euros) Inward Investment Outward Investment Reinvested Reinvested Year Equity earnings Other Total Equity earnings Other Total 1980 1 818-326 2 144 1 694-327 2 021 1981 1 951-59 2 010 3 072-751 3 823 1982 1 650 - - 84 1 566 1 906-1 163 3 069 1983 1 921 - - 26 1 895 1 604-535 2 139 1984 2 941 - - 12 2 929 1 934-899 2 833 1985 2 859-168 3 027 2 132-917 3 049 1986 2 543-359 2 902 4 423-1 100 5 523 1987 3 481-752 4 233 5 895-2 078 7 973 1988 6 110-431 6 541 9 352-2 230 11 582 1989 8 152 2 831 1 721 12 704 15 385 1 199 3 553 20 137 1990 5 798 2 150 5 014 12 962 19 989 943 9 146 30 078 1991 8 437 153 4 456 13 046 15 955 1 004 4 658 21 617 1992 11 491-3 313 6 227 14 405 13 622-727 11 644 24 539 1993 9 923-3 821 8 091 14 193 8 740-889 8 986 16 837 1994 7 779-702 6 105 13 182 8 465 1 240 10 924 20 629 1995 8 998-546 9 562 18 014 6 099-2 328 8 218 11 989 1996 7 797-823 10 152 17 126 11 893 1 067 10 764 23 724 1997 11 576 480 8 569 20 618 16 078 1 668 13 921 31 662 1998 15 228 1 824 10 816 27 864 21 622 4 776 17 324 43 722 1999 18 228 1 788 23 672 43 688 82 363 11 676 25 030 119 069 2000 29 861 2 628 14 455 46 944 151 101 7 800 33 702 192 603 2001 23 086-2 832 36 153 56 407 60 873 444 35 646 96 963 2002 36 026-4 812 20 888 52 102 41 417-9 564 21 743 53 596 2003 15 063-1 920 24 512 37 655 11 777 1 740 33 573 47 090 2004 4 191 4 836 17 196 26 223 25 739 10 500 9 453 45 692 2005 18 411 14 208 35 690 68 309 27 577 21 696 43 183 92 456 2006 21 810 9 456 26 007 57 273 58 318 25 104 4 800 88 222 2007 22 027 10 704 37 572 70 303 56 635 25 358 38 058 120 051 2008 14 998 1 821 26 993 43 817 58 950 7 713 39 187 105 847 2009 15 128 1 282 8 087 24 494 39 153 8 594 26 352 74 107 2010 11 027 12 816 1 764 25 600 20 325 24 096 19 089 63 508 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.

5 Table 4. FDI stocks, by type of investment, 1980 2010 (Millions of euros) Inward Investment Outward Investment Equity and Reinvested Equity and Reinvested Year earnings Other Total earnings Other Total 1980............ 1981............ 1982............ 1983............ 1984............ 1985............ 1986............ 1987...... 37 973 4 939 42 912 1988...... 42 488 6 037 48 525 1989 56 732 4 459 61 191 60 147 7 698 67 845 1990 70 227 6 255 76 482 78 783 9 136 87 919 1991 79 921 7 082 87 003 94 067 10 623 104 690 1992 90 754 16 599 107 353 108 870 22 362 131 232 1993 102 665 18 738 121 403 117 931 24 748 142 679 1994 112 568 20 640 133 208 121 327 27 268 148 595 1995 153 562 23 823 177 385 254 644 29 216 283 860 1996 220 081 31 036 251 117 310 294 42 926 353 220 1997 260 425 37 481 297 906 409 254 54 183 463 437 1998 340 495 48 660 389 155 485 651 70 132 555 783 1999 527 620 66 928 594 548 715 399 87 543 802 942 2000 336 224 83 929 420 153 869 894 125 188 995 082 2001 313 337 122 912 436 249 738 076 167 821 905 897 2002 285 600 135 050 420 650 440 200 168 924 609 124 2003 366 760 150 346 517 106 556 100 193 493 749 593 2004 460 873 176 004 636 877 644 500 202 599 847 099 2005 546 177 207 346 753 519 799 700 244 834 1044 564 2006 610 763 230 010 840 823 978 045 244 291 1222 356 2007 584 500 262 884 847 356 943 200 275 973 1219 213 2008 360 900 289 200 650 039 594 300 316 700 911 022 2009 455 700 296 500 752 199 811 500 341 900 1153 403 2010 450 500 304 200 754 661 770 900 369 000 1139 834 Source : UNCTAD FDI/TNC database, based on data from the Banque de. Note : Equity capital is valued at market value since 1995. Therefore, totals in this table may differ from those shown in tables 11, 12, 14 and 15 which are valued at book value.

6 Table 5. FDI flows in the host economy, by industry, 2000 2010 (Millions of euros) Sector / industry 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Total 46 945 56 406 52 100 37 654 26 134 68 308 57 271 70 300 43 817 24 495 - Primary - 76 25 84 106 560 1 019 2 197 2 719 871 304 - Agriculture, hunting, forestry and fishing - 59 12 33 28 19 27 43 23 11 27 - Mining, quarrying and petroleum - 17 13 51 78 541 992 2 154 2 696 860 277 - Mining and quarrying - 13-7 12 1 56 17-21 166 783 146 - Petroleum - 4 20 39 77 485 975 2 175 2 530 77 131 - Secondary 15 696 11 091 19 973 10 046 9 833 19 610 24 465 20 802 7 047-930 - Food, beverages and tobacco 1 162 636 50 82 2 611 4 958 3 505 4 943 1 541-62 - Textiles, clothing and leather 255 132 146 206 347 527 190 754-5 26 - Wood and wood products 494 1 195 878 615 709 816 227-713 - 466-130 - Publishing and printing - - - - - - - - - - - Coke, petroleum products and nuclear fuel - 696 88-74 25 386 990 328 20 195 464 - Chemicals and chemical products 2 048 2 105 8 465 1 299 1 089 4 997 9 781 6 532 1 044 1 436 - Manufacture of pharmaceuticals 425 370 2 610 806 922 3 213 7 199 3 961 451 48 - Rubber and plastic products 197 619 201 440 230 472 581 341 474-12 - Non-metallic mineral products - - - - - - - - - - - Metal and metal products 131 349 4 451 2 250 1 413 2 415 541 5 614-62 - 1 806 - Machinery and equipment 1 029 199 436 515 648 2 870 2 238 570 217-212 - Electrical and electronic equipment 1 295 1 617 672 1 489-415 1 222 327 916 607-66 - Office, accounting and computing machinery - 82 40 72 94-21 316 199 405-19 50 - Radio, television and communication apparatus 1 377 1 577 600 1 395-529 364-119 665-8 - 5 - Precision instruments 1 277 2 422 330 1 802-166 - 132 908 437-55 - 16 - Motor vehicles and other transport equipment 7 603 1 541 3 254-990 - 2 429-245 - 83 2 216-544 - Motor vehicles, trailers and semi-trailers 328 1 185 1 873 616 917 899-71 - 439 893 60 - Other transport equipment 7 275 356 1 381-616 72-3 330-172 355 1 322-604 - Other manufacturing 890 185 1 157 1 318 1 988 2 906 6 065 1 449 1 260 20 - Tertiary 27 740 46 892 34 256 29 054 16 003 42 770 29 902 49 185 35 401 24 723 - Electricity, gas and water - 382-217 398-131 - 3 143 1 686 1 891 2 422 53 124 - Construction 62 329 716 209 119 677 1 709 279-58 501 - Trade - 121 66 47-509 - 160 1 880 1 303-1 926-109 - 539 - Automotive trade and repair 18 65 408 299-6 256 316-599 - 60-418 - Wholesale trade - 797-123 - 1 000-998 - 1 225 2 058-77 - 127 356-406 - Distributive trade 655 120 638 190 1 069-438 1 057-1 200-404 285 - Hotels and restaurants 6 52 174 104 428 2 221 472 1 172 199 250 - Transport, storage and communications 3 188 5 443-952 1 749 2 925 1 402 5 719-60 - 3 207-1 755 - Transport and storage 304 491 803 993 1 362 1 228 3 010-835 - 709-1 981 - Post and communications 2 886 4 948-1 754 753 1 563 174 2 709 775-2 498 226 - Finance 8 780 5 460 5 276 7 437 6 324 15 897 5 449 17 849 9 373 24 606 - Financial intermediation 7 883 4 330 5 132 7 599 3 693 12 155 5 812 6 266 6 884 19 775 - Insurance and pension funding 525 464-721 - 561 56 2 220 1 172 8 972 1 705 688 - Activities auxiliary to financial intermediation 369 670 859 392 2 574 1 521-1 538 2 605 784 4 144 - Business activities 16 063 35 578 28 406 20 126 6 525 13 907 13 161 13 220 18 337 733 - Real estate 1 620 1 189 1 863 1 662 6 033 10 686 9 130 14 258 3 461 3 392 - Rental activities 612 1 089 15 254-189 643-226 - 899 459 148 - Computer and related activities 1 707 400 2 548 1 204 624 927 1 215 219 5 491 874 - Research and development 116 505 270 164 355 295 149-236 491-23 - Other business activities 12 009 32 396 23 703 16 839-298 1 356 2 893-122 8 435-3 658 - Public administration and defence - - - - 2 979 4 082-732 15 114 10 615 410 - Education 15 1-3 12 97 521 230 48 10 164 - Health and social services 16 24 7-2 24 28 128 350 13 21 - Community, social and personal service activities 104 128 165 58-111 426 369 741 146 156 - Sewage and waste disposal, sanitation activities 58 85 82 27 - - - - 41 45 - Membership Organizations N.E.C. 25 29 23 12 37 35 56 235 9 33 - Recreational, cultural and sporting activities 21 14 60 19-148 391 313 506 96 78 - Other services 1 3 18 6-4 43 203-24 29 53 - Unspecified 3 585-1 602-2 213-1 552-262 4 909 707-2 406 498 398 - Source : UNCTAD FDI/TNC database, based on data from the Banque de.

7 Table 6. FDI flows in the host economy, by geographical origin, 2000 2010 (Millions of euros) Region/economy 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Total world 46 945 56 406 52 100 37 654 26 134 68 308 57 271 70 300 43 817 24 495 25 603 Developed countries 46 934 55 527 51 098 36 296 31 417 65 355 54 455 66 088 43 030 21 018 23 875 Europe 43 535 49 557 40 574 28 235 26 174 57 875 42 271 59 552 36 047 18 302 22 735 European Union 42 984 48 557 39 903 27 031 24 471 54 782 41 121 55 186 31 034 15 342 22 817 Belgium 805 12 665 1 355 9 132 2 452 5 607 4 982 10 501 3 555 6 018 2 197 Cyprus 2 5 44 11 19 38 117 130 75 116 222 Czech Republic 16 56-37 46 78-44 - 30 120 76 442 444 Finland 128 282 348 314 16 113 13-553 206-63 212 Hungary 1 14 46 22 67-36 7 136 108 400-197 Ireland 343 698 208-198 371 4 915 1 410 540 2 370-2 451-1 556 Italy 1 181 765-481 - 105 2 066 1 769 2 209 20-2 850 3 322 1 121 Luxembourg 994 1 872 9 556 6 984 3 995 7 871 6 481 11 092 17 296-1 775 7 134 Netherlands 14 949 9 487-33 3 653-676 8 095 13 538 8 108 3 438 3 367 5 165 Portugal 83 84 44 208 107 77-327 301 338-131 389 Romania 1-1 - 7 48 64 140-147 181 239-165 Spain 934 249 1 438 1 274 3 254 6 529 6 811 4 312-3 335-184 - 636 Sweden 1 312 2 159 758 350 469 286 845-38 455 409-1 203 United Kingdom 16 721 12 544 16 511 3 776 7 780 13 137 4 448 10 945-1 792 4 381 8 630 Other developed Europe 551 1 000 671 1 204 1 703 3 093 1 150 4 366 5 013 2 960-82 Norway 390 449 130 126 64 202 129 999-411 974-203 Switzerland 250 513 497 568 1 265 2 140 1 897 3 329 5 076 1 585-220 North America 3 303 6 522 6 731 7 142 4 523 6 527 10 645 5 225 5 348 1 487 176 Canada 246-25 457 4 302 101 280-21 -2 805 1 386 1 201 846 United States 3 057 6 547 6 274 2 840 4 422 6 247 10 666 8 030 3 962 286-670 Other developed countries 96-552 3 793 919 720 953 1 539 1 311 1 635 1 229 964 Australia - 28 58 89 89 115 399 89 445 350 104-45 Israel 31 6-1 19 32-23 81-68 24 24 152 Japan - 119-304 3 282 562 410 518 866 220 1 011 545-255 Bermuda 213-313 422 243 161 13 512 706 203 538 1 123 Developing economies - 76 685 965 1 205-5 504 2 511 2 522 3 801 719 3 215 876 Africa 268-41 292 106 371-205 707 765 241 354 1 632 Nigeria 112-48 21-20 259-317 122 259-73 10 1 025 South Africa 11 42-3 3 14 3 23 30 7 30 36 Latin America and the Caribbean -1 008 602 110 516 190 1 012 883-343 649-351 151 South and Central America -1 070 292 90-45 8 293 397 292 637-23 64 South America 57 220 81-125 37 44 70 279 314-275 1 Brazil - 4-61 - 94-1 49 43 218 162-160 - 34 Central America -1 127 72 9 80-29 249 327 13 323 252 63 Mexico - 25 49-2 97-19 213 328-90 338 249 65 Caribbean 62 310 20 561 182 719 486-635 - 47-411 89 Bahamas 13 15-1 27 40 31-89 - 8 16 236 Asia 664 122 562 581-6 084 1 702 898 3 291-269 3 150-916 West Asia 373 102 353 424-6 528 935 430 1 489-762 2 537-1 642 Lebanon 31 21 43 34 303 443 20 667-71 - 883-1 277 Saudi Arabia - 20 31 28 32 19 14 60-136 69 83 Turkey 3 9 6-2 10 4-4 1 185-23 36 United Arab Emirates 292 23 117 204 223 368 370 201-1 099 3 249-532 South, East and South-East Asia 291 20 209 157 444 767 468 1 802 493 613 726 China - 2 7 20 12 15 2-386 - 85 72 25 Hong Kong, China - 8 379 40 58 60 667 171 181 325 382 155 India - 2-2 6 13 3-4 145-41 37 15 Indonesia 329-324 10 7 73 31 3 1 15 17-2 Korea, Republic of - 40-28 55 18-4 3 51 91 52 43 59 Malaysia - - 1-6 - 1-3 21 4 90 13-31 30 Singapore - 20 82 50 66 238 10 168 783 237-138 273 Oceania - 2 1 2 19 2 34 88 98 62 9 South-East Europe and CIS 5 43-81 - 2-1 36 109 200 77 35 257 South-East Europe 1-8 - - 1 - - 1 2 1 - - 8 CIS 4 51-81 - 1-1 37 107 199 77 35 249 Russian Federation 1 33-79 3-1 34 64 156 59 76 238 Unspecified 82 151 118 155 222 406 185 211-9 227 595 Source : UNCTAD FDI/TNC database, based on data from the Banque de.

8 Table 8. FDI flows abroad, by industry, 2000 2010 (Millions of euros) Sector / industry 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Total 192 603 96 961 53 588 47 093 45 714 92 450 88 218 120 048 105 847 74 106 - Primary 30 55 346 60 654 5 717 120-71 -2 813 4 215 - Agriculture, hunting, forestry and fishing 24 44 43 43 16 20 27 51 99 35 - Mining, quarrying and petroleum 6 11 303 17 638 5 697 93-122 -2 912 4 180 - Mining and quarrying 11-5 22 2-44 - 15 12-12 29 42 - Petroleum - 5 16 281 15 682 5 712 81-110 -2 941 4 138 - Secondary 19 400 15 229 8 110 11 294 8 249 33 641 32 265 30 342 9 609 1 278 - Food, beverages and tobacco 1 497 62-482 313 1 334 11 002 2 818 10 973 600 412 - Textiles, clothing and leather 96 243 354 168 513 856 642 1 344 161 124 - Wood and wood products 385 737 692 350 572 340 1 111-381 - 197-10 - Publishing and printing - - - - - - - - - - - Coke, petroleum products and nuclear fuel - 815 294 208 278-2 397 877 165 238 11 - Chemicals and chemical products 2 266 2 380 558 3 152 3 344 2 830 6 626 2 827 1 057 497 - Rubber and plastic products 711 1 037-752 104 513 303 936 589 258-183 - Non-metallic mineral products - - - - - - - - - - - Metal and metal products - 35 243 556 214-614 1 841 973 4 729-91 301 - Machinery and equipment 92 613 1 296 317 730 715-707 -2 050 789-220 - Electrical and electronic equipment 1 084-930 376-537 - 856-75 9 685-1 752-108 375 - Office, accounting and computing machinery 758 56 597 400-91 282 669-338 - 8 21 - Radio, television and communication apparatus 326-986 - 221-937 - 765-357 9 016-1 380-72 126 - Precision instruments 3 012 2 124 620-10 - 14 428 911 133 96 176 - Motor vehicles and other transport equipment 6 990 7 238 3 959 3 976 1 887 7 783 3 453-525 3 556-740 - Motor vehicles, trailers and semi-trailers 1 783 2 910 3 167 2 509 4 3 400 2 129-1 121 2 564 533 - Other transport equipment 5 207 4 328 792 1 467 1 883 4 383 1 324 599 992-1 273 - Other manufacturing 4 116 1 177 720 2 963 836 7 220 4 925 14 272 3 266 857 - Tertiary 166 313 79 793 49 681 34 002 24 935 51 452 53 645 89 777 98 572 68 399 - Electricity, gas and water 33 587-270 172-3 716-1 963 13 294 193-1 230 4 343 2 569 - Construction 830 439 603 824 599 513 709 1 070 342 875 - Trade 1 599 8 939 9 463 8 313 9 108 5 725 6 146 1 500 7 410 6 932 - Automotive trade and repair 431 570 727 691 883 169-1 031 839 592 1 536 - Wholesale trade 1 077 6 046 6 572 5 995 4 978 5 634 7 579-3 001 6 188 5 854 - Distributive trade 94 2 323 2 162 1 624 3 243-81 - 400 3 658 629-458 - Hotels and restaurants - 3 59 77 331-259 1 930 492 2 059 252 619 - Transport, storage and communications 55 288-1 879 1 648-1 214 5 331 9 055 1 962 8 491 15 400 1 416 - Transport and storage 707 840 317 702 1 008 1 135 1 690 689 133-155 - Post and communications 54 579-2 715 1 331-1 913 4 326 7 918 273 7 802 15 268 1 571 - Finance 12 290 15 986 16 641 10 345 6 023 13 614 30 203 34 147 25 126 51 624 - Financial intermediation 9 134 13 885 15 573 8 652 5 448 8 309 18 079 31 111 23 770 50 838 - Insurance and pension funding 447 1 318 1 497 1 742 57 1 024 10 702 3 098 941 771 - Activities auxiliary to financial intermediation 2 704 784-433 - 49 516 4 271 1 421-67 415 15 - Business activities 61 484 55 973 20 612 18 965 10 632 9 587 12 869 31 198 35 461 4 534 - Real estate 1 124 385-411 959 1 050 3 550 1 799 15 843 2 699 3 578 - Rental activities - 180-83 116 37 343 401 1 094 28 286 360 - Computer and related activities 798 14 052 2 518 1 074 1 830 1 036 1 927 5 065 765 527 - Research and development 26 39 117 197 7 80 8-316 75 21 - Other business activities 59 720 41 576 18 268 16 701 7 403 4 516 8 027 10 578 31 636 48 - Public administration and defence - - - - - - - 12 964 9 687-752 - Education 10 1 3 5 3 5 353 30 34-25 - Health and social services 9 4 3-3 21 106 151 266 64 92 - Community, social and personal service activities 1 152 451 338 38-4 741-2 729 499 215 436 512 - Sewage and waste disposal, sanitation activitie 375 576 150 203-947 41 788-221 283 - Membership Organizations N.E.C. 10 13 14 15 2 16 59 68 36 41 - Recreational, cultural and sporting activities 767-138 174-180 -3 796-2 786-348 147 179 188 - Other services 12 10 20 35 42 117 30 97 17 3 - Unspecified 6 860 1 884-4 549 1 737 11 876 1 640 2 188-479 214 - Source : UNCTAD FDI/TNC database, based on data from the Banque de.

9 Table 9. FDI flows abroad, by geographical destination, 2000 2010 (Millions of euros) Region/economy 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Total world 192 603 96 961 53 588 47 093 45 714 92 450 88 218 120 048 105 847 74 106 63 507 Developed countries 185 199 87 463 49 066 45 726 42 544 83 420 77 723 107 962 79 996 59 917 54 276 Europe 115 471 67 717 29 151 37 291 42 865 70 869 57 816 94 398 64 889 59 140 53 686 European Union 114 598 66 975 26 538 32 689 39 973 65 123 46 768 93 174 63 403 58 784 44 418 Austria 233 211 274 360 158 608 621-108 1 532-282 349 Belgium 17 234 24 888 6 910-5 510 3 608 13 921 12 988 4 000 43 277 16 380 12 412 Czech Republic 90 1 567 171 453 223 865 237 850 872 1 049 562 Germany 2 585 9 129 5 234 5 645 7 987 3 912 6 867 5 606 1 736 2 455 3 504 Greece 104 99-214 248 159 206 2 383 488-220 1 152 559 Hungary 74 355 169 136 487 322 360 495 930 122 480 Ireland 879 1 881 2 462 2 745 1 251 6 332-1 412 53 145 160 3 539 Italy 3 354 4 159 114 2 309 1 714 4 027 3 594 18 000 1 649 1 899 2 304 Luxembourg 864 440 1 162 2 199 4 979-795 2 718 8 779 17 969 11 173-2 675 Netherlands 17 091 911 1 885 9 527 5 875 11 087 7 780 38 409 7 278 1 992 12 845 Poland 4 378 2 625-398 437 2 477 615 90 1 599 569 1 460 2 553 Romania 125 183 76 163 493-572 402 641 1 096 365 345 Spain 2 003 3 324 2 219 1 566 1 343 7 967-2 397 6 800 324 1 946 693 Sweden 1 145 1 488 769 487 749 798 772-39 3 349 1 407-2 391 United Kingdom 63 442 14 002 4 225 10 840 8 556 10 791 9 597 6 324-17 211 15 777 9 072 Other developed Europe 873 742 2 613 4 602 2 892 5 746 11 048 1 224 1 486 356 9 268 Norway - 342 491 490 150 968 620-119 - 112 1 110 409 299 Switzerland 1 216 169 2 074 4 448 1 910 4 922 10 727 1 070-89 - 248 8 886 North America 67 194 19 532 16 862 6 045-2 546 10 471 18 461 12 145 12 876-525 -1 421 Canada 31 905 284 301 1 035-3 808 574 1 161-7 201-1 461 221-849 United States 35 289 19 248 16 561 5 010 1 262 9 897 17 300 19 346 14 337-746 - 572 Other developed countries 2 534 214 3 053 2 390 2 225 2 080 1 446 1 419 2 231 1 302 2 011 Australia 865 200 209 25 275-1 559 783 1 199 278-185 Israel 31 29 27 136 110 155 177 197 187 109 131 Japan 2 499 191 2 468 2 685 1 816 1 947 675 506 95 1 034 625 Bermuda - 934-271 257-372 26 42 8-82 754-151 1 460 Developing economies 7 294 9 353 4 245 1 035 2 894 8 533 7 615 10 795 21 462 9 685 10 710 Africa 1 493 2 001 909 971 1 084 3 730 2 483 3 400 11 135-2 195 3 843 Latin America and the Caribbean 4 217 5 639 1 345-1 054 372 1 460 2 145 1 698 3 764 8 418 4 063 South and Central America 4 240 5 691 1 041-1 073 351 1 731 2 065 1 530 3 639 4 338 2 970 Brazil 1 925 2 133 1 002-1 231 828 1 140 1 375 1 379 2 364 4 552 3 169 Mexico 401 464 226 188 39 210-178 - 34 423 21 56 Caribbean - 23-52 304 19 21-271 80 168 86 4 052 1 091 Bahamas 57-18 123 6-20 - 17 31 64 7-2 914 British Virgin Islands 38-13 1-6 8-3 36 43 97 4 116 167 Asia 1 584 1 717 1 991 1 111 1 433 3 345 2 958 6 106 6 498 3 432 2 734 West Asia 230 591 476 359 310 918 1 739 1 526 1 875 2 059-863 Qatar - 58-20 37 75 75 75-9 90-35 760-475 Turkey 172 257 147 257 119 321 862 716 511 423 459 United Arab Emirates 81 44 116-85 67 100 229 175 799 28 158 Yemen 15 10 1 5 6 147 258 82 80 862-751 South, East and South-East Asia 1 354 1 126 1 515 752 1 123 2 427 1 219 4 580 4 623 1 373 3 597 China 373 191 598 285 473 678 504 912 1 338 1 307 1 458 Hong Kong, China 213 166 255 171 365 492 623 1 482 827 78 344 India 55 66 127 57 63 186 485 398 471 479 350 Indonesia - 70 43 240-244 168 132 157 159 322-923 - 730 Korea, Republic of 360 184-4 - 13 77 236-68 276 597 196 457 Singapore 308 401 113 688-66 - 99 201 542 953-192 1 683 Thailand - 47-68 221-134 - 132 161 46 134 123 261 150 Oceania - - 4-7 5-2 29-409 65 30 70 South-East Europe and CIS 128 223 400 351 484 1 117 1 953 1 426 4 266 4 759-1 697 South-East Europe 10 41 77 23 30 11 1 097 157 85 85 57 CIS 118 182 323 328 454 1 106 856 1 269 4 181 4 674-1 754 Kazakhstan 35 51 5 122 184 752-777 54 75 4 200-3 299 Russian Federation 103 79 291 178 242 383 987 875 4 437 301 1 235 Unspecified - 18-78 - 123-19 - 208-620 927-135 123-255 218 Source : UNCTAD FDI/TNC database, based on data from the Banque de.

10 Table 11. FDI stocks in the host economy, by industry, 2001 2010 (Millions of euros) Sector / industry 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Total 335 086 367 314 417 753 471 183 532 393 578 674 649 049 693 068 716 248 435 657 Primary 524 739 11 586 11 983 14 163 16 363 17 940 2 636 2 878 2 362 Agriculture, hunting, forestry and fishing 172 335 360 435 418 466 398 475 521 357 Mining, quarrying and petroleum 352 404 11 226 11 548 13 745 15 897 17 542 2 161 2 357 2 005 Mining and quarrying 231 234 426 412 414 1 534 1 727 1 879 1 991 2 000 Petroleum 121 170 10 800 11 136 13 331 14 363 15 815 282 366 5 Secondary 62 937 73 922 132 059 152 091 166 079 186 332 192 870 88 752 65 023 104 876 Food, beverages and tobacco 6 086 5 978 14 876 18 025 19 908 26 760 29 837 7 225 6 169 13 067 Textiles, clothing and leather 728 848 2 116 2 271 2 348 2 760 3 100 1 042 900 342 Wood and wood products 4 362 3 366 5 983 5 772 14 411 9 222 4 913 2 410 2 412 4 407 Publishing and printing - - - - - - - - - - Coke, petroleum products and nuclear fuel 3 197 3 065 3 307 3 305 2 947 2 132 1 146 1 081 731 1 225 Chemicals and chemical products 14 255 20 237 44 069 40 858 47 901 55 533 59 407 34 095 14 279 32 460 Manufacture of pharmaceuticals - - 23 910 20 132 28 117 35 427 39 942 14 832 4 361 25 380 Rubber and plastic products 2 107 2 227 3 459 3 064 3 497 3 857 3 248 3 382 3 639 2 448 Non-metallic mineral products - - - - - - - - - - Metal and metal products 3 313 5 211 6 721 11 925 14 219 13 456 13 400 8 481 6 260 5 784 Machinery and equipment 3 537 4 282 9 018 14 996 14 694 11 929 11 098 4 943 4 347 2 601 Electrical and electronic equipment 4 996 6 495 10 898 12 116 12 047 10 984 8 117 3 940 3 617 4 650 Office, accounting and computing machinery 1 168 1 489 2 994 3 128 3 487 2 792 1 406 161 236 1 453 Precision instruments - - 3 001 2 719 2 522 3 850 2 882 2 477 2 380 2 223 Motor vehicles and other transport equipment 6 662 9 172 17 699 21 786 18 659 17 184 10 364 10 502 11 819 9 098 Motor vehicles, trailers and semi-trailers 4 696 6 346 8 393 11 510 10 520 9 481 8 917 5 037 6 555 7 084 Other transport equipment 1 966 2 826 9 306 10 276 8 139 7 703 1 449 5 465 5 264 2 013 Other manufacturing - - 10 887 15 212 12 886 28 653 45 322 8 885 8 275 26 574 Tertiary 271 625 292 060 273 648 303 321 343 526 364 917 424 682 591 649 637 628 304 622 Electricity, gas and water 2 786 4 063 7 420 5 800 9 377 11 372 11 066 9 315 9 138 2 731 Construction 618 866 937 1 062 1 344 2 630 4 382 3 019 3 505 1 380 Trade 23 152 26 611 44 860 47 134 46 942 53 801 55 524 40 730 40 571 12 903 Automotive trade and repair - - 8 747 6 163 4 789 6 317 5 833 5 044 4 789-593 Wholesale trade - - 31 764 26 573 28 834 30 896 31 161 30 129 29 473 2 692 Distributive trade - - 4 344 14 398 13 310 16 586 18 521 5 557 6 309 10 794 Hotels and restaurants 781 630 1 870 2 001 4 899 4 991 6 714 1 048 1 387 6 006 Transport, storage and communications 9 622 9 629 17 754 22 349 23 094 27 006 25 873 12 854 12 466 12 054 Transport and storage 1 354 2 205 3 304 4 858 5 407 7 476 6 125 5 794 4 683 3 841 Post and communications 6 055 6 436 14 451 17 489 17 687 19 530 19 748 7 060 7 783 8 213 Finance 50 423 55 348 62 488 73 291 82 773 81 825 159 042 291 762 283 352 127 722 Financial intermediation 40 527 46 446 41 776 49 050 54 394 49 954 114 762 268 973 258 281 98 038 Insurance and pension funding 3 052 3 465 12 634 12 577 15 366 16 505 22 713 7 131 7 667 18 138 Activities auxiliary to financial intermediation - - 8 076 11 643 13 012 15 362 21 565 15 657 17 403 11 550 Business activities 172 306 185 180 124 956 139 951 166 189 173 223 119 341 186 868 239 474 129 841 Real estate 33 389 40 531 50 041 60 147 70 820 81 248 93 285 94 439 97 064 98 080 Rental activities - - 3 107 2 778 4 725 4 674 4 182 4 719 18 219 4 486 Computer and related activities 3 007 2 433 6 181 7 118 7 351 6 051 8 670 11 458 11 981 9 641 Research and development 995 1 148 576 1 129 1 315 1 443 1 154 1 352 1 584 1 848 Other business activities 121 082 129 079 65 043 68 775 81 977 79 808 12 050 74 900 110 626 15 786 Public administration and defence - - - - - - 35 869 41 648 42 827 6 720 Education - - 3 686 3 722 3 633 3 844 765 47 233 1 311 Health and social services - - 111 153 142 444 902 217 302 682 Community, social and personal service activities - - 9 061 7 713 4 925 5 550 4 609 4 002 4 215 3 146 Sewage and waste disposal, sanitation activities - - 4 488 2 366 84 103-434 465-129 Membership Organizations N.E.C. - - 26 17 42 54 186 181 190 204 Recreational, cultural and sporting activities - - 4 547 5 330 4 799 5 393 4 423 3 387 3 560 3 071 Other services - - 496 147 177 150 595 139 158 126 Unspecified - 593 460 3 788 8 625 11 062 13 557 10 031 10 719 23 797 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.

11 Table 12. FDI stocks in the host economy, by geographical origin, 2001 2010 (Millions of euros) Region/economy 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Total world 335 086 367 314 417 753 471 183 532 393 578 674 649 049 693 068 716 248 751 518 Developed countries 324 424 354 010 403 679 459 706 516 039 559 760 625 606 667 335 687 124 714 463 Europe 270 205 293 215 332 769 382 673 439 438 476 072 537 800 569 648 590 139 619 916 European Union 247 167 268 692 306 667 349 117 403 858 440 391 497 461 518 716 534 887 561 341 Austria 1 045 980 1 227 1 850 2 154 2 409 2 863 3 417 3 391 3 402 Belgium 43 240 39 789 50 906 54 724 60 152 66 453 80 957 76 409 81 831 80 114 Cyprus 31 73 89 125 166 255 349 425 521 722 Czech Republic 82 48 84 344 316 303 447 469 888 1 545 Finland 2 098 2 439 2 772 2 737 2 771 2 674 1 996 2 698 2 899 3 267 Germany 39 552 46 977 51 247 58 702 59 296 62 246 68 969 67 793 68 205 71 261 Hungary 11 86 77 151 135 209 335 265 602 399 Ireland 3 505 4 701 3 294 5 614 13 188 13 821 14 535 16 362 14 383 14 222 Italy 14 299 15 525 13 519 16 355 24 511 24 026 23 141 20 663 23 788 24 386 Luxembourg 14 588 19 272 27 952 34 965 49 455 55 447 71 988 91 429 90 844 100 056 Netherlands 64 325 63 017 72 224 71 891 75 911 87 122 95 524 111 557 110 909 115 921 Poland 157 281 296 413 517 693 903 2 001 2 370 2 396 Portugal 592 808 1 075 2 546 2 788 2 724 2 985 1 457 1 399 1 743 Romania 21 18 24 96 155 330 159 308 517 363 Spain 5 746 6 023 8 341 13 327 18 128 23 138 27 882 24 227 26 742 26 162 Sweden 4 549 3 706 5 124 4 995 4 582 5 080 4 756 5 860 5 997 5 469 United Kingdom 50 607 60 421 65 481 75 076 84 541 88 625 94 379 87 521 92 579 102 272 Other developed Europe 23 038 24 523 26 102 33 556 35 580 35 681 40 339 50 932 55 252 58 575 Norway 1 756 1 457 1 729 2 163 2 142 1 617 2 746 2 221 3 326 3 425 Switzerland 21 257 22 961 24 242 30 103 31 290 33 407 37 045 48 054 51 088 55 150 North America 48 231 50 794 60 573 63 685 66 507 72 684 76 046 84 770 83 180 83 511 Canada 1 317 1 197 4 592 6 055 5 154 5 934 3 080 4 010 5 135 6 054 United States 46 913 49 596 55 980 57 629 61 353 66 748 72 964 80 760 78 045 77 457 Other developed countries 5 988 10 001 10 337 13 348 10 094 11 004 11 760 12 917 13 805 11 036 Australia 285 261 519 770 1 097 1 105 1 494 1 564 1 667 1 923 Israel 121 100 125 167 157 188 148 216 187 327 Japan 5 311 7 799 8 404 10 964 6 971 7 525 7 456 7 998 8 331 8 650 Bermuda 126 1 745 1 159 1 340 1 797 2 127 2 587 3 030 3 480 - Developing economies 9 115 11 351 12 070 9 960 10 631 12 449 16 446 19 708 22 493 26 984 Africa 955 1 610 1 900 2 199 1 791 2 286 2 853 3 000 3 389 4 930 Morocco 300 313 322 310 318 312 402 188 338 367 Nigeria 114 149 113 349 52 145 351 302 312 1 267 Latin America and the Caribbean 1 355 2 632 2 177 2 570 2 660 2 609 2 986 5 072 4 516 9 394 South and Central America 711 1 532 1 628 1 539 987 1 262 1 416 2 036 2 082 1 848 Argentina 267 183 233 188 23 50 81 106 49 73 Brazil 33 264 294 256 189 266 406 569 457 460 Mexico 92 234 183 216 414 680 505 834 1 066 1 130 Caribbean 644 1 100 549 1 031 1 673 1 347 1 570 3 036 2 434 7 546 Asia 6 782 7 049 7 876 5 091 6 107 7 434 9 948 11 482 14 391 12 660 West Asia 5 563 5 623 6 244 3 154 3 662 4 507 5 620 6 480 8 944 7 036 Lebanon 240 249 333 1 107 1 702 1 679 2 261 2 206 1 207 - Turkey 95 99 99 122 101 621 524 666 626 613 United Arab Emirates 824 664 1 009 1 022 921 1 189 1 247 1 875 5 153 - South, East and South-East Asia 1 219 1 426 1 632 1 937 2 445 2 927 4 328 5 002 5 447 5 624 China 98 125 161 162 132 165 297 244 339 356 Hong Kong, China 573 455 563 587 1 095 1 227 1 381 1 803 2 099 2 168 India 22 57 58 85 91 147 317 297 330 362 Korea, Republic of 53 188 191 141 132 171 223 256 359 429 Singapore 206 269 295 460 489 617 1 395 1 663 1 415 1 688 Oceania 23 60 117 100 73 120 659 154 197 - South-East Europe and CIS 477 509 389 452 479 813 375 496 544 747 South-East Europe - 32 - - - 3 5 7 13 20 CIS 477 477 389 452 479 810 370 489 531 727 Russian Federation 450 430 354 422 448 740 258 276 345 573 Unspecified 1 070 1 444 1 615 1 065 5 244 5 652 6 622 5 529 6 087 9 324 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.

12 Table 14. FDI stocks abroad, by industry, 2001 2010 (Millions of euros) Sector / industry 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Total 577 383 559 102 573 588 620 690 736 239 793 044 889 834 986 645 1062 109 858 217 Primary 6 377 11 139 25 086 25 822 34 167 40 772 41 283 13 541 21 026 36 556 Agriculture, hunting, forestry and fishing 67 108 112 116 146 138 287 328 346 272 Mining, quarrying and petroleum 6 310 11 031 24 974 25 706 34 021 40 634 40 996 13 213 20 680 36 284 Mining and quarrying 54 48 120 142 109 137 134 153 249-28 Petroleum 6 256 10 983 24 854 25 564 33 912 40 497 40 862 13 060 20 431 36 312 Secondary 101 816 85 854 188 947 206 434 248 360 259 054 276 216 109 581 103 554 210 855 Food, beverages and tobacco 7 039 5 734 15 287 19 609 29 886 32 162 42 296 7 039 7 235 25 567 Textiles, clothing and leather 1 140 988 5 722 6 284 7 325 7 979 8 588 1 195 1 313 7 880 Wood and wood products 2 788 3 092 4 124 4 606 6 695 7 160 3 831 2 850 2 753 2 256 Publishing and printing - - - - - - - - - - Coke, petroleum products and nuclear fuel 1 993 1 529 2 030 1 854 2 613 2 064 961 617 500 1 663 Chemicals and chemical products 17 386 13 143 40 579 43 453 50 031 53 293 56 982 27 586 13 221 44 238 Manufacture of pharmaceuticals - - 22 516 22 257 29 217 31 429 34 305 12 483 2 993 31 116 Rubber and plastic products 1 620 617 5 730 6 305 6 885 8 493 7 380 1 932 1 891 7 484 Non-metallic mineral products - - - - - - - - - - Metal and metal products 6 008 3 872 5 446 6 592 9 687 11 162 11 635 6 900 6 585 7 747 Machinery and equipment 5 340 3 088 11 280 14 190 12 859 13 144 13 235 4 725 4 455 16 146 Electrical and electronic equipment 2 787 2 637 22 771 21 389 22 761 25 012 21 087 610 541 8 845 Office, accounting and computing machinery 999 479 2 345 2 178 2 607 2 122 392 87 64 123 Precision instruments - - 6 300 5 967 6 544 7 571 4 818 992 1 589 644 Motor vehicles and other transport equipment 26 101 25 552 38 508 42 723 50 781 46 209 27 859 33 824 42 105 29 519 Motor vehicles, trailers and semi-trailers 18 014 17 563 23 727 26 719 29 536 30 434 23 455 17 717 27 517 24 271 Other transport equipment 8 087 7 989 14 781 16 004 21 245 15 775 4 406 16 108 14 588 5 249 Other manufacturing - - 31 156 33 433 42 280 44 783 77 528 20 455 20 676 58 866 Tertiary 469 176 459 073 359 057 385 372 438 311 483 394 555 904 845 264 921 040 570 018 Electricity, gas and water 30 995 19 591 29 833 30 043 48 239 45 609 49 152 29 584 33 021 69 828 Construction 1 873 2 310 4 487 4 496 3 502 4 172 6 239 5 577 7 196 13 613 Trade 31 497 32 579 52 838 57 921 63 188 61 560 65 795 40 790 49 416 62 419 Automotive trade and repair - - 1 683 2 342 3 445 3 957 4 190 2 247 3 845 2 786 Wholesale trade - - 40 625 27 616 30 667 32 769 28 192 34 405 39 358 27 657 Distributive trade - - 10 525 27 955 29 072 24 831 33 408 4 138 6 213 31 977 Hotels and restaurants 2 120 4 565 7 805 7 366 7 793 7 915 8 204 1 087 4 933 8 593 Transport, storage and communications 12 298 35 502 26 048 31 454 51 305 55 535 49 693 42 967 17 446 38 345 Transport and storage 4 119 4 802 5 301 5 808 7 811 8 619 9 414 7 616 7 578 7 239 Post and communications 5 783 30 070 20 744 25 644 43 494 46 916 40 279 35 351 9 868 31 106 Finance 127 102 117 996 111 404 131 771 144 694 172 758 260 319 514 948 472 770 252 345 Financial intermediation 85 795 77 917 66 253 84 091 91 339 107 069 189 189 487 891 448 480 186 448 Insurance and pension funding 32 793 31 895 37 354 39 904 43 874 50 139 50 663 11 210 12 482 52 696 Activities auxiliary to financial intermediation - - 7 789 7 776 9 475 15 548 20 468 15 847 11 808 13 203 Business activities 250 016 239 855 83 075 86 892 89 664 113 016 89 419 175 960 301 891 99 959 Real estate 7 834 10 216 13 243 15 250 23 268 29 723 42 551 30 581 33 737 32 230 Rental activities - - 1 147 1 299 1 706 2 563 1 710 2 133 8 413 6 942 Computer and related activities 28 759 4 267 9 791 8 159 8 739 10 138 25 091 11 118 10 872 15 900 Research and development 174 721 712 799 1 006 665 375 440 743 372 Other business activities 201 090 216 062 58 179 61 375 54 937 69 921 19 692 131 688 248 126 44 515 Public administration and defence - - - - - - 21 462 30 516 29 999 3 239 Education - - 231 232 181 530 366 182 175 128 Health and social services - - 14 29 136 353 900 427 484 548 Community, social and personal service activities - - 43 192 35 014 29 372 21 675 3 827 3 162 3 638 20 959 Sewage and waste disposal, sanitation activitie - - 18 221 16 260 1 160 1 907-1 668 1 979 1 570 Membership Organizations N.E.C. - - 35 17 27 81 203 323 349 320 Recreational, cultural and sporting activities - - 24 936 18 737 28 185 19 687 3 624 1 171 1 310 19 069 Other services 13 275 6 675 113 136 218 238 528 64 71 42 Unspecified 14 3 036 498 3 062 15 401 9 824 16 431 18 259 16 489 40 788 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.