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The impact of foreign direct investment on post-war South African economic developmentCooper, John Howard January 1992 (has links)
Bibliography: leaves 305-324. / The thesis examines the theory of the determinants and welfare impact of foreign direct investment on host countries, concluding that resource transfer effects are not necessarily beneficial in certain circumstances. The distribution and penetration of foreign direct investment in the South African economy is analysed in the context of the debate about dependency and the role of technology in economic development. It is concluded that given the small amounts of fixed capital actually transferred to South Africa and the negative basic transfer which has occurred since the war, the role of technology in the economic development of South Africa has been crucial. It is argued that despite the relatively low level of foreign direct investment penetration in south Africa, efforts to reduce this penetration are hampered by continuing high dependence on foreign technology, which reflects the ~ay in which the international technology market works. The conclusion is that this dependence can only be reduced by assimilating and copying foreign technology, which should, if necessary, be purchased separately from capital, especially if foreign investors are reluctant to risk fixed investment in the New South Africa. The statistical sources used are official South African Reserve Bank figures for capital flows and stocks, a data base constructed by the author from the Bureau of Market Research's unpublished industrial register and the results of a questionnaire administered to a stratified random sample of local and foreign manufacturing firms in South Africa.
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Should South Africa have an FDI policy? : a critical analysis of South Africa's current policy stanceCohen, Richard January 1998 (has links)
A Dissertation Submitted to the Faculty of Commerce University of the Witwatersrand
for the Degree of Master of Commerce / The purpose of this paper is to provide a critical assessment of the Foreign Direct
Investment (FDI) policy stance in South Africa. We analyse whether investment
incentives will be effective in increasing FOI inflows and look at the importance of the
behaviour of transnational corporations (TNCs) in determining the impact of FDI on the
host. This analysis allows us to determine the appropriate objective of FDI policy,
namely channelling TNC behaviour' such that they generate the desired benefits for the
host-This raises the question of how such behaviour may be channelled in practice.
Using the framework of information economics, we identify the nature of the difficulties
with which policy makers must deal in designing behavioural incentives. Although this
does not lead us directly to policy prescriptions, when augmented with practical
considerations, it provides us with a basis for analysing whether FDI policy (as distinct
from industrial policy) is called for by isolating one instance in which a differentiated
approach. would be likely to increase the efficacy of policy, we show that there is good
reason to suspect that the absence of a distinct FDI policy in South Africa may be suboptimal. / AC2017
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Rationalization of government structures concerned with foreign direct investment policy in South AfricaMoeti, Kabelo Boikutso. January 2005 (has links)
Thesis (D. Admin.(Public administration))-University of Pretoria, 2005. / Abstract in English. Includes bibliographical references. Available on the Internet via the World Wide Web.
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Offshore investments from a South African resident's perspectiveGrant, David Ronald 03 1900 (has links)
Assignment (MComm)--University of Stellenbosch, 2003. / ENGLISH ABSTRACT: The offshore investment industry has shown tremendous growth (R92,7 billion
invested in offshore unit trusts and mutual funds) since the Minister of Finance
took the bold step (1 July 1997) availing South African (SA) residents the
opportunity to invest offshore. Currently, SA residents, subject to certain criteria,
are allowed to invest R750 000 offshore. The primary objective of this assignment
is to provide a general overview of offshore investments from a SA resident's
perspective. Foreign investment policies as they relate to local residents are
reviewed. Investment maxims, truisms and theory are introduced to provide a
theoretical framework to accommodate future chapters. The question regarding
why South Africans should invest offshore is answered by firstly identifying specific
risks that are unique to this country, its people and businesses and, secondly, by
looking at market risk. Conclusive empirical evidence states that offshore
diversification reduces portfolio risks and enhances returns. Offshore investments,
their related costs/fees, investment strategies as well as regulations that offshore
investors must adhere to, are also discussed. The most important obstacles to
investing offshore, namely the home bias phenomenon and currency or exchange
rate risk, are placed in perspective. Important tax implications for investing
offshore are also briefly mentioned. In the final chapter conclusions and
recommendations are made. / AFRIKAANSE OPSOMMING: Die buitelandse beleggingsindustrie het merkwaardig gegroei (R92,7 biljoen is
tans in buitelandse effektetrusts en onderlinge fondse belê) sedert die Minister van
Finansies die dapper stap geneem het (1 Julie 1997) om Suid-Afrikaanse (SA)
burgers die geleentheid te bied om in die buiteland te kan belê. Huidiglik kan SA
burgers, onderworpe aan sekere kriteria, tot R750 000 in die buiteland belê. Die
primêre doelwit van hierdie werkstuk is om 'n oorsig vanuit die SA burger se
perspektief voor te lê. Buitelandse beleggingsbeleide, asook hoe hulle SA burgers
beïnvloed is in oënskou geneem. Beleggingsgrondstellings, -waarhede en -
teorieë, is bespreek om 'n teoretiese agtergrond te verskaf vir latere hoofstukke.
Die vraag waarom Suid-Afrikaners in die buiteland moet belê, word beantwoord
deur eerstens, spesifieke risiko's wat uniek is aan ons land, sy mense en
besighede, te identifiseer, en tweedens, om na markrisiko's te kyk. Konklusiewe
empiriese navorsing bewys dat buitelandse beleggings die risiko's van portefeuljes
verlaag en opbrengste verhoog. Buitelandse beleggings, hul verwante koste/fooie,
beleggingstrategieë, asook regulasies waaraan buitelandse beleggings moet
voldoen, is bespreek. Die belangrikste struikelblokke vir belegging in die buiteland,
bekend as die sogenaamde "home bias"-verskynsel en val uta- of
wisselkoersrisiko's, is in perspektief gestel. Belangrike belastingsimplikasies vir
buitelandse beleggings word ook kortliks genoem. In die finale hoofstuk word
gevolgtrekkings en aanbevelings gemaak.
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The effects of mergers and acquisitions on investment returns: cases of Massmart and SABMillerMohapi, Doreen Sefalwana January 2017 (has links)
Thesis (M.M. (Finance & Investment)--University of the Witwatersrand, Faculty of Commerce, Law and Management, Wits Business School, 2017 / This study investigates the effects of M&A to investment returns in South Africa. The value of M&A executed in emerging economies (EM) is around $129 billion (The United Nations Conference on Trade and Development (UNCTAD), 2014) and this figure is projected to double in the next ten years bringing positive economic development in EM. In light of this perspective, there is renewed interest in understanding the economics of M&A in developing countries. Our aim was to assess the extent of mergers and acquisition on shareholder returns in South Africa using a case study approach. A case study approach was adopted in order to analyse the impact of specific events on shareholder value by date. Two prominent mergers involving acquiring companies from Developed Markets (DM) were selected namely AB Inbev (Belgium) and Walmart (US). As anticipated, the results show that each merger update announcement had an impact on the share price of the target based on the type of announcement. Positive news increased the share price and bad news adversely impacted the share price. Post the merger, Massmart’s headcount increased and profitability decreased. The same could not be measured for SABMiller as the company has been delisted. / MT2017
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Attracting foreign direct investment in Africa : South Africa and Nigeria : a comparative studyKruger, L. S. 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2005. / ENGLISH ABSTRACT: Foreign direct investment is generally welcomed and sought after by developing
countries such as South Africa and seen as an important vehicle to raise capital and
promote growth. This h as also been recognised by the South A frican government
that indicated that foreign direct investment (FDI) has been identified as a
requirement in their fight against poverty and to fuel development.
South Africa, unfortunately has not been able to attract significant and sustainable
amounts of FDI and has been identified by Unctad World Investment Report (2004:
14) as a country that is performing under its potential in attracting FDI. Other
countries in Africa like Nigeria seem to be able to consistently attract more FDI while
they are less competitive and politically less stable than South Africa.
This study seeks to explore the reasons for this disparity in FDI flows with special
reference toN igeria a nd South Africa, to assess t he difference inc ompetitiveness
between the two countries, to asses the impact of this on FDI flows and to analyse
and compare the reasons for FDI in South Africa and Nigeria utilising certain Unctad
and WAIPA criteria.
The conclusion is that multinational companies are profit seeking and that they will
take on considerable risk (such as political instability for example) if the returns are
high enough. Nigeria is attracting mostly resource-seeking FDI to its rich oil sector
through multinational oil companies that have the technology and capability to extract
the oil economically. This is happening regardless of the fact that the country's
infrastructure and institutions are weak, widespread violence and political instability is
at the order of the day, Nigeria has a small economy (and hence a small market) and
is plagued by high levels of corruption.
South Africa in contrast, while also having natural resources has attracted mainly
market-seeking FDI. The South African markets however are not particularly big
when compared to other first world countries and these FDI flows are not sustainable.
South Africa would need to concentrate on becoming more efficient if it wants to
attract more FDI but will be competing with other countries like Malaysia, India and
Eastern Europe in the process that proves to be a challenge currently. / AFRIKAANSE OPSOMMING: Ontwikkelende lande soos Suid-Afrika verwelkom en soek oor die algemeen direkte
buitelandse belegging en dit word beskou as 'n belangrike manier om kapitaal te
bekom en groei te bevorder. Hierdie beskouing word ook gehandhaaf deur die Suid-
Afrikaanse regering wat aangedui het dat direkte buitelandse belegging identifiseer is
as 'n vereiste vir die stryd teen armoede en om ontwikkeling te bevorder.
Ongelukkig het Suid-Afrika nog nie daarin geslaag om beduidende en
standhoudende hoeveelhede direkte buitelandse belegging te lok nie en is deur die
Unctad World Investment Report (2004:14) identifiseer as 'n land wat onderpresteer
met betrekking tot sy vermoë om direkte buitelandse belegging te lok. Ander lande in
Afrika, soos Nigerië, blyk in staat te wees om deurlopend meer direkte buitelandse
belegging te lok, terwyl hulle minder kompeterend en polities minder stabiel is as
Suid-Afrika.
Die doel van hierdie studie is om die redes vir hierdie ongelykheid in die vloei van
direkte buitelandse belegging te ondersoek met spesifieke verwysing na Nigerië en
Suid-Afrika, om die verskille in kompeterendheid tussen die twee lande te oorweeg,
om die impak hiervan op die vloei van direkte buitelandse belegging te ondersoek en
om die redes vir direkte buitelandse belegging in Suid-Afrika en Nigerië te analiseer
en te vergelyk met behulp van sekere van die Unctad en WAIPA kriteria.
Die slotsom is dat multinasionale maatskappye winste najaag en dat hulle
aansienlike risiko's sal neem (bv. politiese onstabiliteit), as die opbrengste hoog
genoeg is. Nigerië lok meestal hulpbron-gedrewe direkte buitelandse belegging na sy
ryk oliesektor deur internasionale oliemaatskappye wat beskik oor die tegnologie en
kapasiteit om die olie ekonomies te ontgin. Dit gebeur ongeag die feit dat die land se
infrastruktuur en organisasies swak is, wydverspreide geweld voorkom, politieke
onstabiliteit aan die orde van die dag is, Nigerië 'n klein ekonomie (en dus 'n klein
mark) het en geteister word deur hoë vlakke van korrupsie.
In teenstelling hiermee het Suid-Afrika, wat ook oor natuurlike hulpbronne beskik,
hoofsaaklik mark-gedrewe direkte buitelandse belegging gelok. Die Suid-Afrikaanse
markte is egter nie eintlik groot nie as dit vergelyk word met ander eerstewêreldlande
nie en hierdie vloei van direkte buitelandse belegging is nie volhoubaar nie. Suid-Afrika sal daarop moet konsentreer om meer effektief te word as hy meer direkte
buitelandse belegging wil lok, maar sal moet meeding met ander lande soos
Maleisië, Indië en Oos-Europa in 'n proses wat tans 'n uitdaging blyk te wees.
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The potential for FDI: Malaysia and South Africa : a comparative studyMichau, Jarrett 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2005. / ENGLISH ABSTRACT:
Please refer to fulltext for abstract / AFRIKAANSE OPSOMMING:
Buitelandse Direkte Investering (BDI) kan 'n beduidende rol in die ontwikkelingsproses
van 'n land speel. Vir hierdie rede is gasheerlande begerig om investering te lok en wel
vir die voordele wat dit bring. Meeste ontwikkelende lande promoveer hulleself vir
hierdie doel. Voorbeelde hiervan is die liberalisering van wetgewing en regulasies om
dit vir BDI aantreklik te maak soos die verskaffing van waarborge oor die repatriasie
van winste en die skep van meganismes vir die beslegting van investeringsgeskille. Dit
lei egter nie outomaties tot verhoogde investering nie.
Oor die afgelope 10 jaar het die VN se Konferensie vir Handel en Ontwikkeling
(VNKHO) byvoorbeeld bevind dat Suid-Afrika se beleggingspotensiaal nie ten volle
benut word nie. Die doel van hierdie studie is om uit te vind wat die redes hiervoor is.
Oënskynlik beskik Suid-Afrika oor alle vereistes: 'n stabiele ekonomie en politieke
sisteem en 'n goeie beleggingsklimaat. Ten einde die probleem beter te verstaan, is 'n
vergelykende BDI studie met Maleisië onderneem wat veel meer suksesvol was. 'n
Vergelykende metodologie is ontwerp wat gebaseer is op kriteria van die VNKHO se
World Investment Reports en die World Association of Investment Promotion Agency
(WAIPA). Beleide, vergelykende mededingendheid, handelsooreenkomste en
belastingaansporings is ook by die vergelykings ingesluit. Dit is spesifiek gedoen omdat
die kwessie van belastingaansporings 'n kontroversiële saak is. Lok dit regtig
beleggings? Is daar dalk ander kostes hieraan verbonde?
Die vergelykende metodologie het nuttige insigte opgelewer, ook hoekom BDI nie altyd
plaasvind nie. Daar is vier faktore wat Suid-Afrika benadeel: arbeidshulpbronne,
beperkte plaaslike en streeksmarkte in Afrika, politieke en ekonomiese onsekerheid, en
yslike maatskaplike probleme met armoede en vigs. Daar mag egter ook ander faktore
wees waarom spesifieke transnasionale korporasies nie belê nie. Dit is bevind dat die
SA regering méér kan doen om aktiewe BDI te bevorder, selfs met gerigte aansporings.
Dit is van die grootste verskille met Maleisië.
Hierdie studie het ook bevind dat vergelykende metodologieë meer kan doen om van
groot maatskappye te verneem waarom beleggingsbesluit geneem, of nie geneem
word nie. Die volgende drie leemtes kan ook uitgewys word: wat is die spesifieke impak wat BDI op die Suid-Afrikaanse ekonomie het? Dis onseker. Wat beplan die regering
ten opsigte van BDI strategieë en aansporings? Geen nuwe beleide is die afgelope jare
geformuleer nie. Laastens, behoort soortgelyke tersaaklike inligting in aanbevelings
bevat te word wat Suid-Afrika se BDI prestasie verhoog.
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Is competitiveness a prerequisite for FDI? : South Africa & Brazil comparedVenter, Gideon Jordaan 03 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: The relationship between competitiveness and FDI inflow was investigated in this study. South
Africa needs FDI to stimulate the economy with the ultimate goal of reducing unemployment
and improving the quality of life of the population. Substantial FDI inflow was expected after
the peaceful transition to a multi-party democracy in 1994.
The data of the IMD World Competitiveness Yearbook (WCY) was used to measure
competitiveness. The UN Human Development Index was used to determine the progress of
human development. The annual World Investment Report published by UNCTAD was used to
determine a framework of the determinants for FDI. The determinant framework as proposed by
UNCTAD was used to evaluate the extent and importance of each determinant for FDI. This
included the FDI policy framework, business facilitation measures and economic determinants
(Market seeking, Resource seeking and Efficiency seeking).
The competitiveness of South Africa was evaluated using the IMD WCY measurement. The
IMD ranking of South Africa declined after 1994 and then stabilised. The trend of the UN HDI
was detailed and the negative effect of HIV/AIDS on life expectancy could clearly be identified.
The examination of the FDI inflow to South Africa during the period 1994 to 2000 showed that
it did not reach anticipated levels. No correlation between competitiveness and FDI inflow could be found for South Africa.
Brazil was selected as a benchmark for South Africa due to its similar social, political and
economical structure. Brazil succeeded in attracting substantial FDI inflows after 1994 when its
economy was stabilised. Brazil's ranking in the IMD WCY improved during the period from
1994 to 2000. The UN HDI rating for Brazil has improved throughout the past 25 years.
HIV/AIDS has no effect on the forecasted national life expectancy figures due to the low
infection rate in Brazil. A strong correlation between competitiveness and FDI inflow was found
for Brazil. As the competitiveness ranking improved, the FDI inflow into Brazil increased and
Vice versa.
South Africa and Brazil were compared according to the relative strength of determinants to
attract FDI, the strength of each competitiveness indicator and overall competitiveness ranking.
South Africa compared very well with Brazil in terms of the FDI policy framework as well as the FDI business facilitation measures. In terms of efficiency seeking FDI, South Africa
exceeded Brazil in the strength of its productivity and physical infrastructure, although Brazil
was superior in skill level and scientific knowledge of the population. Resource seeking
determinants are not strong in both countries. Brazil has an advantage over South Africa in that
its population of 160 million is attractive for market seeking FDI.
When the FDI inflow per capita was compared between South Africa and Brazil, the poor
performance of South Africa was evident. Brazil also outperformed South Africa in terms of the
IMD World Competitiveness Yearbook ranking. The IMD uses empirical data as well as data
collected through surveys of business people in the ranking process. The survey data capture the
perceptions of a country held by potential investors. Often perceptions override empirical data
during the investment decision.
The reason for South Africa's poor FDI inflow performance during the period 1994 to 2000 is
difficult to resolve. The benchmarking with Brazil showed that the strength of the determinants
(excluding market seeking) was on par with Brazil.
The conclusion was made that the importance of various FDI determinants varies between
regions of the world. Investment decisions involving Africa are made differently than in for
example South America. UNCTAD data showed that resource seeking (oil & petroleum) FDI
determinants with a high reward ratio was the only reaIly strong attraction for investment in Africa. The negative perceptions of Africa including civil unrest, famine and economic
instability continue to influence the FDI inflow to South Africa. Although efficiency seeking
together with a FDI policy framework and business facilitation measures attract FDI to a country
in South America (Brazil), it is not sufficient to attract FDI to a country in southern Africa
(South Africa).
South Africa must change the international perceptions of the continent by creating a positive
investment climate throughout Africa through strong, responsible leadership. The government
must expand the knowledge and skill level of the population beyond basic education to enable
them to participate in the international information and technology marketplace. Huge
investments are required to create a culture of learning and self improvement in the population
of South Africa. A high level of skills and knowledge will attract efficiency seeking FDI. / AFRIKAANSE OPSOMMING: Die doelwit van hierdie studie is om die verhouding tussen die internationale mededingendheid
van 'n land en direkte buitelandse investering in die land te ondersoek. Suid-Afrika benodig
direkte buitelandse investering om die ekonomie te stimuleer met die doel om werkloosheid te
verminder en die lewenstandaard van die bevolking te verhoog. Na die demokratiese verkiesing
van 1994 en die vreedsame oorgang tot 'n veelparty regering was daar groot verwagtinge van
substansiële buitelandse investering.
Die data van die IMD se World Competitiveness Yearbook (WCY) is gebruik om
mededingendheid te evalueer. Die Verenigde Nasies se Human Development Index (HDI) is
gebruik om die vordering van menslike ontwikkeling te bepaal. Die World Investment Report
(WIR) van UNCTAD se raamwerk van determinante vir direkte buitelandse investering is
gebruik om die omvang en belangrikheid van elke determinant te bepaal. Die UNCTAD
raamwerk sluit die buitelandse investeringsbeleid, die besigheidsfasiliteringsmaatstawwe en
ekonomiese determinante (markgedrewe, natuurlike brongedrewe en effektiwiteitgedrewe ) in.
Die mededingendheid van Suid-Afrika is geëvalueer op grond van die IMD WCY proses. Die
Suid-Afrikaanse posisie op die IMD ranglys het na 1994 verswak, maar daarna gestabiliseer. Die
negatiewe effek van MIV/VIGS op die lewensverwagting van die bevolking is duidelik sigbaar
in die tendens van die Verenigde Nasies se HDI vir Suid-Afrika. Die direkte buitelandse
investeringsinvloei (1994 - 2000) na Suid-Afrika het nie aan die verwagtinge voldoen nie. Daar
kon geen korrelasie tussen mededingendheid en buitelandse investering vir Suid-Afrika gevind
word nie.
Brasilië is geselekteer as 'n maatstaf vir Suid-Afrika as gevolg van die sosiale, politieke en
ekonomiese oorenkomste tussen die lande. Brasilië het daarin geslaag om grootskaalse
buitelandse investering te lok nadat sy ekonomie in 1994 gestabiliseer het. Brasilië se posisie op
die IMD ranglys het gedurende die periode 1994 tot 2000 verbeter. Die Verenigde Nasies se
HDI syfer vir Brasilië het verbeter gedurende die afgelope 25 jaar. Aangesien die MIV/VIGS
besmettingsyfer baie laag is in Brasilië, het dit geen effek op die lewensverwaging van die
bevolking nie. 'n Sterk korrelasie is gevind tussen mededingendheid en buitelandse
investeringsinvloei na Brasilië. Soos Brasilië se posisie op die IMD se mededingendheidsranglys
verbeter het, het buitelandse investering terselftertyd toegeneem en vice versa. Suid-Afrika en Brasilië is vergelyk in terme van die relatiewe sterktes van die determinante om
buitelandse investering te trek, die sterkte van elke mededingendheidsindikator en algehele
posisie op die IMD se mededingendheidsranglys. Suid-Afrika het baie goed vergelyk met
Brasilië in terme van die direkte buitelandse investeringsbeleidsraamwerk asook die
besigheidsinvestering en fasiliteringsmaatstawwe. In terme van effektiwiteitsgedrewe direkte
buitelandse investering, het Suid-Afrika vir Brasilië geklop op die vlak van werkerproduktiwiteit
asook die beskikbare infrastruktuur. Determinante vir natuurlike hulpbrongedrewe direkte
buitelandse investering is nie sterk in enige van die twee lande nie. Brasilië het die verdere
voordeel dat sy bevolking van 160 miljoen markgedrewe direkte buitelandse investering lok.
Die vergelyking van direkte buitelandse investering për kapita tussen Suid-Afrika en Brasilië het
getoon dat Suid-Afrika in hierdie opsig swak gevaar het. Brasilië het ook beter gevaar in terme
van die IMD se mededingendheids ranglys. Die IMD gebruik empiriese data sowel as data van
meningsopnames van sakeleiers. Die meningsopname data weerspieël die persepsie van
sakeleiers oor 'n land. Dikwels kan persepsies deurslaggewend wees tydens die keuse van 'n
belegging.
Die rede vir Suid-Afrika se lae buitelandse beleggingsinvloei tydens 1994 tot 2000 is moeilik
om te bepaal. Die vergelyking van Suid-Afrika met Brasilië het getoon dat die meederheid
determinate van Suid-Afrika op standaard is.
Die gevolgtrekking is gemaak dat die belangrikheid van determinante vir buitelandse investering
tussen lande verskil. Beleggingsbesluite vir Afrika word anders gemaak as byvoorbeeld in Suid-
Amerika. UNCTAD toon aan dat natuurlike hulpbroninvestering (olie en petroleum) met 'n hoë
winsverhouding, die enigste sterk determinant vir belegging in Afrika is. Die negatiewe
persepsies oor Afrika (onluste, hongersnood en ekonomiese onstabiliteit) beïnvloed steeds die
invloei van buitelandse belegging na Suid-Afrika. Alhoewel doeltreffenheidsgedrewe
buitelandse investering saam met 'n investeringsbeleidsraamwerk en
besigheidsfasiliteringsmaatstawwe voldoende is om buitelande beleggings te lok na 'n land in
Suid-Amerika (Brasilië), is dit nie die geval vir 'n land in Suider-Afrika (Suid-Afrika) nie. Suid-Afrika moet die internasionale beeld van die Afrika kontinent verander deur 'n positiewe
beleggingsklimaat dwarsdeur Afrika te skep. Dit kan bewerkstellig word deur sterk,
verantwoordelike leierskap in Afrika deur Suid-Afrika. Omdat basiese opleiding onvoldoende is,
moet die regering die kennis en vlak van vaardighede van die bevolking uitbrei. Dit sal die
bevolking in staat stel om deel te neem aan die internasionale mark vir informasie en tegnologie.
Groot beleggings is nodig om 'n kultuur van kundigheid en selfverbetering onder die bevolking
van Suid-Afrika te vestig. 'n Hoë vlak van vaardighede en kennis sal doeltreffendheidsgedrewe
buitelandse investering na Suid-Afrika lok.
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Analysis of trends and key determinants of foreign direct investment (FDI) inflow into South AfricaHlongwana, Innocent Sthembiso 04 1900 (has links)
Thesis (MDF)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: The traction of Foreign Direct Investment (FDI) has been viewed as a viable strategy for growing the economy and for solving such challenges as unemployment, the acquire skills and technology transfer. Many developing economies have implemented a number of macro-economic policies with the aim of boosting their economies. South Africa has, similarly, implemented a range of policies – including incentives aimed at attracting FDI. This study analyses the inward trends of FDI for South Africa and the key determinants of FDI. The study uses as variables annual key economic indicators such as gross domestic product (GDP), government size (GOVSIZ), export/import trade, the exchange rate, inflation and the interest rate, for the period 1970 to 2013.
The study reviews global FDI trends and their geographic distribution as well as FDI trends in Africa and in key sectors, including FDI trends and FDI policy in South Africa. The literature review analyses the fundamental theories of international trade and foreign investment. A number of empirical researches indicate that factors such as skilled labour, infrastructure, financial development, political stability, market size, natural resources and better economic management (comparatively speaking) are key determinants for FDI. Following the theoretical review, the formulation of an empirical model to estimate the empirical determinants of South African FDI is discussed. The use of Johansen cointegration and the vector error correction model (VECM) framework is described. The discussion of cointegration analysis includes the use of impulse response and decomposition analysis to establish the long- and short-run determinants of FDI in South Africa.
The results from the trend analysis showed that South Africa is still performing poorly in terms of receiving FDI when compared to other developing countries in regions such as Latin America and South Asia. The information and communications technology (ICT) and financial services sector are currently the major recipient of FDI, followed by manufacturing and mining. The USA, followed by the UK, are the primary sources of FDI in South Africa. The empirical results showed that FDI, GDP, GOVSIZ, trade, inflation, exchange and return on credit were long-run determinants. The VECM results revealed that GDP, GOVSIZ, trade openness and return on credit tend to have a positive impact on FDI, whereas the exchange rate and inflation have a negative impact on it.
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The effect of foreign direct investment on inequality : the case of South AfricaMsweli, Pumela 04 1900 (has links)
Thesis (MDF)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: This work empirically examines South African data covering the years 1956-2011 to look into the relationship between FDI and inequality. By investigating how FDI is linked to inequality, policy makers would be better poised to develop policies that optimise on the benefits of FDI without the dampening effect of inequality. The benefits of FDI, particularly to the South African economy, are that it provides capital to finance investment by bridging the savings gap in the country. In addition to that, FDI facilitates transfer of technology and managerial skills from the source country. Moreover, FDI has a positive impact on balance of payment not only because of the impact capital inflow has on balance of payment, but because FDI also promotes exports of the country to world markets. Empirical evidence presented in literature suggests that the FDI-inequality relationship is complex. In some locations, for example in the US, Latin America and in some developing countries, FDI tends to raise income inequality. In other locations evidence is inconclusive.
The results of this study showed that there is a negative relationship between inequality and foreign direct investment for the period examined in the study. This finding is not consistent with the a priori expectation that foreign direct investment increases inequality. Contrary to what has been predicted, the findings show that foreign direct investment is likely to reduce inequality. The findings also show that there is a statistically significant and positive relationship between GDP and inequality.
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