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Dear Members of the World Investment Network (WIN),

It is my pleasure to share with you the latest issue of UNCTAD's Global 
Investment Trend Monitor which discusses Outward Investments by TNCs in 
2013 and Prospects for 2014-15.

The key message: Investment by South TNCs reached a record level; 
acquiring developed country foreign affiliates located in the developing 
world. 
Investment activity abroad by transnational corporations (TNCs) from 
developing economies continued to grow in 2013, reaching a record level of 
US$460 billion. Together with those from transition economies (US$100 
billion) they now account for 39% of global foreign direct investment 
(FDI) outflows. 
Developed country TNCs' investment was virtually on par with investment 
activity of the previous year  US$858 billion  remaining 55% off their 
peak in 2007. Investments by TNCs from North America slid by 10%, while 
those from Europe gained 10% in 2013.  Japanese investments abroad grew 
for the third successive year to reach a record level, retaining their 
position as the second largest investor in the world. 
Almost half of FDI from developing and transition economy TNCs was in 
equity, while developed country TNCs continued to hold large amounts of 
cash reserves in their foreign affiliates as part of reinvested earnings. 
The latter were at record levels of 67% of total FDI outflows from 
developed countries. 
In 2013, the value of cross-border M&A purchases increased by 5% to US$349 
billion largely owing to increased acquisitions by TNCs from developing 
and transition economies. They captured a 56% share of global cross-border 
M&As. 
More than two-thirds of cross-border M&As by South TNCs were directed to 
developing and transition economies. Half of these were acquisitions of 
foreign affiliates owned by developed country  TNCs. This led to a change 
of ownership of foreign affiliates operating in developing and transition 
economies into the hands of South TNCs. 
UNCTAD estimates that the TNC investment appetite will increase in 2014 
and 2015, encouraged by improving economic prospects, especially in 
developed economies. However, TNCs remain guarded due to the fragility in 
some emerging markets, and to risks related to policy uncertainties and 
regional conflicts. 

For the latest issue of the Global Investment Trends Monitor and the 
UNCTAD Investment Policy Monitor, please click here. For the latest 
publication on UNCTAD's Bilateral FDI Statistics, please click here. 

Please note that the UNCTAD World Investment Forum 2014 will take place in 
the Palais des Nations, Geneva, 13-16 October 2014.   

James Zhan 
Director 
Investment & Enterprise Division 
United Nations Conference on Trade & Development 
Palais des Nations, Geneva 
Tel: +41 22 9175797 
www.unctad.org/diae