DUBLIN — Ireland’s small businesses were hit hard by the coronavirus pandemic while sectors dominated by foreign investors grew, according to official estimates. The Central Statistics Office reported on Thursday that gross value added in “non-MNE [multinational enterprise] dominated sectors” decreased by 19.8 per cent in the second quarter. The CSO estimated that the “foreign-owned MNE dominated sector increased by 1.1 per cent over the same period.” The state-funded Economic and Social Research Institute (ESRI) described Ireland’s experience in lockdown as “a tale of two economies.” This “duality in performance” is down to “a concentration of Irish exports in lockdown-resistant sectors” such as computer services and pharmaceuticals.
KUALA LUMPUR — Despite more than a year of tit-for-tat tariffs in the US-China trade war and anxiety about its cost to the world economy, foreign direct investment into Southeast Asia continued to grow strongly last year, even as global levels flatlined. Newly-published estimates from the United Nations Conference on Trade and Development (UNCTAD) suggest that, out of a global FDI spend of US $1.39 trillion in 2019, member-states of the Association of Southeast Asian Nations received $177 billion, breaking the region’s 2018 record of $155 billion. While Southeast Asia’s 2019 total was substantially less than European Union’s $305 billion or the United States’ $251 billion, its inward FDI is increasing while the EU’s dropped 15% and the US’s stayed the much the same.
JAKARTA — While global foreign direct investment (FDI) dipped in 2018 for a third consecutive year, Asia bucked the global trend with rises nearly across the board, including record inflows to Southeast Asia’s booming economies. New United Nations Conference on Trade and Development (UNCTAD) data released today (June 12) shows total worldwide FDI fell 13% to US$1.3 trillion in 2018, as global economic uncertainties grew over the US and China’s increasingly antagonistic trade and investment policies, particularly in strategic sectors such as digital and mobile technology. But “developing Asia”, a region encompassing most of the continent aside from wealthy countries such as Japan, saw a 4% rise in foreign direct investment to $512 billion, representing 39% of the global total, according to UNCTAD’s 2018 World Investment Report.
JAKARTA — Southeast Asia is bucking the global trend of falling direct foreign investment, as the low-cost fast-growing region solidifies its position as an attractive location for multinationals. James Dyson’s recent decision to relocate the headquarters of his eponymous technology business to Singapore is not about Brexit, the company said. Rather, the British tycoon said he is looking to a region that continues to exhibit solid growth — “future proofing” as his chief executive termed it. The move follows an October announcement that Dyson — famous for its vacuum cleaners — will make electric vehicles in Singapore, citing the city-state’s proximity to “high-growth markets” in emerging Asia, where annual gross domestic product could grow by 6.1% between now and 2023, according to the Organization for Economic Cooperation and Development. Asia received a third of global investment in 2018 and accounted for nearly all the year’s investment growth, according to the United Nations Conference on Trade and Development. This is despite global foreign direct investment (FDI) declining 19% in 2018. Japanese retailer Aeon opened a second large mall in Cambodia in June as part of its regional expansion plans, which this year will include new shopping centers in Hanoi and Bogor, Indonesia. “As for South East countries, generally speaking, they have been showing rapid economic growth and will keep their pace in future, too,” an Aeon Asia spokesperson said.
JAKARTA — Myanmar attracted the most foreign direct investment of any of the world’s so-called “least developed countries” in 2017, even as the nation’s reputation plummeted over its forced expulsion of tens of thousands of Rohingya Muslims. The $4.3 billion worth of realized FDI that went into the resource-rich Southeast Asian country put it on top of the global economy’s bottom division of 47 nations, according to a report by the United Nations Conference on Trade and Development. Myanmar edged out second-place Ethiopia, with Asian neighbors Cambodia and Bangladesh taking third and fifth spots. Even so the nations remain far behind Association of Southeast Asian Nations peers such as Indonesia and Vietnam.