Dear Members of the World Investment Network, 

It is my pleasure to share with you eight new Investment Country Profiles: 
Argentina, Turkey, Italy, Greece, France, Ukraine, Tunisia and South 
Africa. Let me present some highlights from these profiles:

Argentina has attracted significant amounts of FDI since the economic 
liberalization and FDI facilitation policies implemented in the early 
1990s. In the 1990-2000 period, FDI was fuelled by investments mainly in 
oil and gas and service industries, driven by the opening up of large 
sectors to foreign ownership and by a vast privatization programme. From 
2004, following three years of decline due to the country's economic and 
financial crisis, FDI flows resumed their growth mainly due to increasing 
share of reinvested earnings.

After a period of sluggish growth lasting until 2000,Turkey has 
experienced a substantial increase in both inward and outward FDI. Its 
inward FDI stock increased from $20 billion in 2001 to $186 billion in 
2010 ? a volume equivalent to one quarter of the country's GDP. FDI 
inflows reached an annual average of $15 billion during 2005-2010 from $2 
billion through 2000-2004. The recent surge in FDI inflows is due to 
privatizations in sectors such as energy, telecommunications and banking 
and to the strong growth of the economy.

Italy's stock of outward FDI reached half a trillion dollar in 2010, while 
its inward stock attained $332 billion. However, compared to most of the 
other major EU countries, Italy is underperforming in its FDI attraction 
related to the size of its economy: while Italy accounted for 13 per cent 
of the EU?s GDP in 2010, its outward stock was 5.3 per cent and its inward 
stock was 4.9 per cent of the EU?s totals.

Greece has attracted a relatively small amount of FDI compared to other 
countries in EU. In 2010, its share in the EU?s FDI stock was less than 
0.5 per cent. Greece?s inward FDI stock exceeded its outward stock 
throughout the last decade, but in 2009 and 2010, its outward stock 
overtook inward stock due to the decline in the market value of assets in 

FDI outward stock from France reached $1.5 trillion compared to an inward 
stock of $1 trillion. In the context of EU, the size of both inward and 
outward FDI stocks of France is largely in line with the size of its 
economy, which is one of the important FDI determinants: in 2010, while 
France 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, 

Despite its sizable relatively large market, Ukraine's performance in 
attracting FDI has been below its potential. In 2010 its inward FDI stock 
reached $58 billion ? a volume equivalent to 42 percent of the GDP, lower 
than other neighbouring countries. The FDI outward stock of the country 
also remained modest ? $8 billion. During the financial and economic 
crisis, FDI inflows dropped to roughly $5 billion in 2009 as Ukraine was 
one of the countries worst hit by the crisis. In 2010, however, FDI flows 
rose to $6.5 billion, though short of the record level of 2008. 

Tunisia's inward FDI stock in 2010 reached $30 billion, an amount 
equivalent to 78 per cent of its GDP. Like other countries in Africa, FDI 
inflows to Tunisia have been on a downward trend since 2008. The primary 
sector accounted for the bulk of inward FDI flows in Tunisia with 
petroleum industry alone accounting for over 60 per cent of the total 
inflows in 2010. 

In 2010, South Africa?s inward FDI stock reached $153 billion ? a volume 
equivalent to 42 per cent of its GDP. After reaching a peak $9 billion in 
2008 driven by the resource boom, FDI inflows declined to $5.4 billion and 
$1.3 billion respectively in 2009 and 2010. FDI inflows to South Africa 
have traditionally been volatile, mainly due to the high share of mergers 
and acquisitions in inward investment, often including mega deals. 

Investment Country Profiles, which we publish regularly, are aimed at 
policymakers, researchers, intergovernmental and non-governmental 
organizations and decision makers in the private sector, who need 
up-to-date information on the patterns and trends of FDI and TNC activity 
at the country level. The next Investment Country Profiles will include 
Chile, Croatia, Jordan, Mexico, Oman, Portugal, Republic of Korea, Saudi 
Arabia and Sweden. 

Best regards, 

James X. Zhan 
Investment & Enterprise Division 
United Nations Conference on Trade & Development 
Palais des Nations, Geneva 
Tel: +41 22 9175797 


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