DUBLIN — Ireland’s investment promotion agency warned on Wednesday of a “very challenging” two years for the country’s economy if the coronavirus pandemic leads to investment plummeting along predicted lines. Though Ireland is a hub for US businesses operating in the European Union, a looming plunge in global foreign direct investment (FDI) will leave ireland facing “heightened competition,” according to state body IDA Ireland. The United Nations Conference on Trade and Development warned in June of a 40 per cent drop in worldwide FDI due to the pandemic. “We will have to fight harder than ever before for new investment projects,” said Leo Varadkar, Minister for Enterprise, Trade and Employment.
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.