1、U N I T E D N AT I O N S C O N F E R E N C E O N T R A D E A N D D E V E L O P M E N T WORLD INVESTMENT REPORT INVESTMENT AND THE DIGITAL ECONOMY 2017 U N I T E D N AT I O N S C O N F E R E N C E O N T R A D E A N D D E V E L O P M E N T WORLD INVESTMENT REPORT2017 New York and Geneva, 2017 INVESTME

2、NT AND THE DIGITAL ECONOMY ii World Investment Report 2017 Investment and the Digital Economy NOTE UNITED NATIONS PUBLICATION Sales No. E.17.II.D.3 ISBN 978-92-1-112911-3 eISBN 978-92-1-060703-2 Copyright United Nations, 2017 All rights reserved Printed at United Nations, Geneva The Division on Inve

3、stment and Enterprise of UNCTAD serves as the focal point for all matters related to foreign direct investment and multinational enterprises in the United Nations System. It builds on more than four decades of experience and international expertise in research and policy analysis on investment and e

4、nterprise development, fosters intergovernmental consensus-building, and provides technical assistance to over 150 countries. The copyright of the material in this publication rests with UNCTAD. It may be freely quoted or reprinted, but acknowledgement is requested, together with a reference to UNCT

5、AD and this Report. A copy of the publication containing the quotation or reprint should be sent to the UNCTAD Secretariat (e-mail: diaeinfounctad.org). iii Preface PREFACE In 2016, global flows of foreign direct investment fell by about 2 per cent, to $1.75 trillion. Investment in developing countr

6、ies declined even more, by 14 per cent, and flows to LDCs and structurally weak economies remain volatile and low. Although UNCTAD predicts a modest recovery of FDI flows in 20172018, they are expected to remain well below their 2007 peak. These developments are troublesome, especially considering t

7、he enormous investment needs associated with the Sustainable Development Goals, detailed in UNCTADs Action Plan for Investment in the SDGs. Progress on sustainable development and lasting peace requires more investment in basic infrastructure, energy, water and sanitation, climate change mitigation,

8、 health and education, as well as investment in productive capacity to generate jobs and income growth. Now more than ever it is important to ensure that the global policy environment remains conducive to investment in sustainable development. UNCTAD plays an important role in this, by providing gui

9、dance on national and international investment policy regimes. Its Investment Policy Framework and Roadmap for Reform of International Investment Agreements have been used by more than 130 countries in formulating a new generation of investment policies. This years World Investment Report builds on

10、that track record and presents policy advice on how to deal with close to 3,000 old-generation investment treaties. A key challenge for policymakers in todays global economy is digital development. The theme chapter of the Report this year shows that the digital economy is having a major impact on g

11、lobal patterns of investment. It provides important insights on the implications of the digital economy for investment policies designed for the analogue era, and suggests how investment policy can support digital development. I commend this Report as an important tool for the international investme

12、nt and development community. Antnio Guterres Secretary-General of the United Nations iv World Investment Report 2017 Investment and the Digital Economy FOREWORD The digital economy is becoming an ever more important part of the global economy. It offers many new opportunities for inclusive and sust

13、ainable development. It also comes with serious policy challenges starting with the need to bridge the digital divide. Both the opportunities and challenges are top policy priorities for developing countries. The digital economy is fundamentally changing the way firms produce and market goods and se

14、rvices across borders. Digital multinationals can communicate with and sell to customers overseas without the need for much physical investment in foreign markets. Their economic impact on host countries is thus more ethereal and less directly visible in productive capacity generation and job creati

15、on. And, today, the digital economy is no longer just about the technology sector and digital firms, it is increasingly about the digitalization of supply chains across all sectors of the global economy. The digital transformation of international production has important implications for investment

16、 promotion and facilitation, and for regulations governing investor behaviour. Rules designed for the physical economy may need to be reviewed in light of new digital business models. Some countries have already taken steps to modernize policies; others face the risk of letting rules become obsolete

17、 or of unintentionally slowing down digital development. Because it is not just about digital multinationals. It is also about developing domestic digital capacities. Many countries around the world have development strategies for the digital economy. Yet most of these strategies fail to adequately

18、address investment issues. And those that do tend to focus exclusively on investment in telecommunication infrastructure. The investment policy dimension of digital development strategies should be broadened to enabling domestic firms to reap the benefits of digitalization and easier access to globa

19、l markets. The World Investment Report 2017 makes a cogent argument for a comprehensive investment policy framework for the digital economy. It demonstrates how aligning investment policies with digital development strategies will play a pivotal role in the gainful integration of developing countrie

20、s into the global economy and in a more inclusive and sustainable globalization in the years to come. This is an indelible contribution to the discourse on how to narrow the digital divide and meet the enormous investment challenges of the 2030 agenda on sustainable development. I commend this repor

21、t to the SDG policy community. Mukhisa Kituyi Secretary-General of UNCTAD v Acknowledgements ACKNOWLEDGEMENTS The World Investment Report 2017 (WIR17) was prepared by a team led by James X. Zhan. The team members included Richard Bolwijn, Bruno Casella, Hamed El- Kady, Kumi Endo, Thomas van Giffen,

22、Michael Hanni, Klmn Kalotay, Joachim Karl, Hee Jae Kim, Ventzislav Kotetzov, Isya Kresnadi, Guoyong Liang, Hafiz Mirza, Shin Ohinata, Diana Rosert, Astrit Sulstarova, Claudia Trentini, Elisabeth Tuerk, Joerg Weber and Kee Hwee Wee. Research support and inputs were provided by Jorun Baumgartner, Lore

23、nzo Formenti, Mark Huber, Malvika Monga and Linli Yu. Contributions were also made by Dafina Atanasova, Charalampos Giannakopoulos, Natalia Guerra, Mathabo Le Roux, Anthony Miller, Abraham Negash, Moritz Obst, Sergey Ripinsky, Jacqueline Salguero Huaman, Ilan Strauss as well as interns Anastasia Bes

24、sonova, Mohamed Mrad Namji and Armando Pascale. Statistical assistance was provided by Bradley Boicourt, Mohamed Chiraz Baly and Lizanne Martinez. The manuscript was edited with the assistance of Caroline Lambert and copy- edited by Lise Lingo. Pablo Cortizo was responsible for the design of charts,

25、 maps and infographics; he and Laurence Duchemin typeset the report. Production of WIR17 was supported by Elisabeth Anodeau-Mareschal, Anne Bouchet, Nathalie Eulaerts, Rosalina Goyena, Peter Navarrette, Sivanla Sikounnavong and Katia Vieu. WIR17 benefited from the advice of Michael Kende. At various

26、 stages of preparation, in particular during the expert meetings organized to discuss drafts, the team received comments and inputs from these experts: Azar Aliyev, Robert Atkinson, Nathalie Bernasconi, Philippa Biggs, Lisa Borgatti, Jansen Calamita, Patrice Chazerand, Silvia Constain, Christopher F

27、oster, Torbjrn Fredriksson, Xiaolan Fu, Ambika Khurana, Markus Krajewski, Simon Lacey, James Lockett, Fernando Loureiro, Erik van der Marel, Makane Mose Mbengue, Teresa Moreira, Jan Mischke, Ghislain Nkeramugaba, Davide Rigo, Cristin Rodrguez Chiffelle, Stephan Schill, Jagjit Singh Srai, Leonard Sti

28、egeler, Alykhan Vira and Eric White. Also acknowledged are comments received from other UNCTAD divisions as part of the internal peer review process, as well as comments from the Office of the Secretary-General. The United Nations Cartographic Section provided advice for the regional maps. Numerous

29、officials of central banks, government agencies, international organizations and non-governmental organizations also contributed to WIR17. In addition, UNCTAD appreciates the support of all the MNE and IPA executives who responded to its 2017 World Investment Prospects and Investment Promotion Agenc

30、ies surveys. The financial support of the Government of Sweden is gratefully acknowledged. vi World Investment Report 2017 Investment and the Digital Economy ABBREVIATIONS ACP African, Caribbean and Pacific Group of States APEC Asia-Pacific Economic Cooperation ASEAN Association of Southeast Asian N

31、ations AU African Union BEPS base erosion and profit shifting BIT bilateral investment treaty BRICS Brazil, Russian Federation, India, China, South Africa CETA Comprehensive Economic and Trade Agreement CFIA Cooperative and Facilitation Investment Agreement CFIUS Committee on Foreign Investment in t

32、he United States CFTA Continental Free Trade Agreement (Africa) CIDS Center for International Dispute Settlement CIS Commonwealth of Independent States CMO contract manufacturing organization COMESA Common Market for Eastern and Southern Africa CSR corporate social responsibility EAC East African Co

33、mmunity ECT Energy Charter Treaty EPA economic partnership agreement ESG environmental, social and governance ETEA economic and trade expansion agreement FET fair and equitable treatment FfD Financing for Development FIE foreign-invested enterprise FTA free trade agreement GVC global value chain IIA

34、 international investment agreement ICSID International Centre for Settlement of Investment Disputes ICTs information and communication technologies IPA investment promotion agency IPFSD Investment Policy Framework for Sustainable Development ISDS investorState dispute settlement ISP internet servic

35、e provider IT information technology ITU International Telecommunication Union IXP internet exchange point LDC least developed country LLDC landlocked developing country M reforming investment dispute settlement; promoting and facilitating investment; ensuring responsible investment; and enhancing s

36、ystemic consistency. Reforming dispute settlement is high on the agenda, with concrete steps undertaken (e.g. reform- oriented clauses in new treaties, work on the establishment of an international investment court), including at the multilateral level. Investment facilitation has become an area of

37、increased interest, and UNCTADs Global Action Menu on Investment Facilitation has obtained strong support from all investment and development stakeholders. Moreover, recent treaties include new language that preserves host States right to regulate or fosters responsible investment. It is time to mov

38、e to phase 2 of IIA reform: modernizing the existing stock of old-generation treaties. Old treaties abound: more than 2,500 IIAs in force today (95 per cent of all treaties in force) were concluded before 2010. Old treaties “bite”: as of end-2016, virtually all known ISDS cases were based on those t

39、reaties. And old treaties perpetuate inconsistencies: their continued existence creates overlaps and fragmentation in treaty relationships and poses interaction challenges. UNCTAD presents and analyses the pros and cons of 10 policy options for phase 2 of IIA reform: (1) jointly interpreting treaty

40、provisions; (2) amending treaty provisions; (3) replacing “outdated” treaties; (4) consolidating the IIA network; (5) managing relationships between coexisting treaties; (6) referencing global standards; (7) engaging multilaterally; (8) abandoning unratified old treaties; (9) terminating existing ol

41、d treaties; and (10) withdrawing from multilateral treaties. Countries can adapt and adopt these options to pursue the reforms set out in the Road Map in line with their policy priorities. Determining which of these 10 policy options is right for a country in a particular situation requires a carefu

42、l and facts-based cost- benefit analysis, while addressing a number of broader challenges. Strategic challenges include preventing “overshooting” of reform, which would deprive the IIA regime of its purpose of protecting and promoting investment. Systemic challenges arise from gaps, overlaps and 79%

43、 21% Restriction/Regulation Liberalization/Promotion National investment policy measures Total IIAs 3,324 37 in 2016 + ISDS cases 62New $1.75 trillion chaper 1-2 chaper 3 chaper 4 Global FDI 2016 Global FDI fows Developed $1 032 bn Developing $646 bn Transition $68 bn 20052016 Cautiously optimistic

44、for 2017 +5% 2%- A growing role of SO-MNEs in the global economy 1 500 State-owned MNEs foreign 86 000 affliates Phase 2 IIA reform options10 1 2 3 4 5 6 7 8 9 10 lost growth momentum UNCTADs NEW Top 100 Digital MNEs Less than of25 Strategies Digital Development % Asset light: 70% sales abroad 40% a

45、ssets abroad Investment cost estimates: More stock exchanges introducing sustainability reporting guidance 20042017 1 32 79% 21% Restriction/Regulation Liberalization/Promotion National investment policy measures Total IIAs 3,324 37 in 2016 + ISDS cases 62New $1.75 trillion chaper 1-2 chaper 3 chape

46、r 4 Global FDI 2016 Global FDI fows Developed $1 032 bn Developing $646 bn Transition $68 bn 20052016 Cautiously optimistic for 2017 +5% 2%- A growing role of SO-MNEs in the global economy 1 500 State-owned MNEs foreign 86 000 affliates Phase 2 IIA reform options10 1 2 3 4 5 6 7 8 9 10 lost growth m

47、omentum UNCTADs NEW Top 100 Digital MNEs Less than of25 Strategies Digital Development % Asset light: 70% sales abroad 40% assets abroad Investment cost estimates: More stock exchanges introducing sustainability reporting guidance 20042017 1 32 xii World Investment Report 2017 Investment and the Dig

48、ital Economy fragmentation that create coherence and consistency problems. Coordination challenges require prioritizing reform actions, finding the right treaty partners to implement them and ensuring coherence between reform efforts at different levels of policymaking. Capacity challenges make it h

49、ard for smaller countries, particularly least developed countries, to address the deficiencies of old-generation IIAs. Comprehensive regime reform would benefit from intensified multilateral backstopping. UNCTAD, through its three pillars of work research and policy analysis, technical assistance and intergovernmental consensus-building can play a key role, as the United Nations focal point for international investment and the international forum for high-level and inclusive discussions on todays multilayered and multifaceted IIA regime. The world is seei