世界银行：2022年投资促进机构报告

PublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorized

STATEOFINVESTMENTPROMOTIONAGENCIES

EvidencefromWAIPA-WBG’sJointGlobalSurvey

Part1

FirstPillarforEffective

Corporatestrategic

InvTeastbmleeonftCPornotmenottsion-

PlanningandSector

Prioritization

Acknowledgments VI

AbbreviationsandAcronyms VIII

ExecutiveSummary X

SurveyOverview XIV

SurveyMethodology XVI

SurveyDesign XVII

SampleRepresentation XVII

PART1:FIRSTPILLARFOREFFECTIVEINVESTMENTPROMOTION:CORPORATE

STRATEGICPLANNINGANDSECTORPRIORITIZATION

StrategicIntegrationandEffectiveFeedbackLoops

1

InvestmentPromotionStrategy

1

SectorPrioritization

1

NumberofSectors

1

TopPrioritySectors

1

EmergingPrioritySectors

3

DecliningSectors

4

SourcesforSectorTargeting

4

ResourceAllocationforPrioritySectors

6

ClientSelection

6

Non-EquityModesofInvestment

7

PART2:SECONDPILLARFOREFFECTIVEINVESTMENTPROMOTION:INSTITUTIONAL

FRAMEWORK

InstitutionalStructure

9

ReportingLines

10

Mandates

10

BoardofDirectors

12

ResponsibilitiesoftheBoard

13

TABLEOFCONTENTS|I

Staff

14

StaffComposition

14

StaffQualificationsandSalaries

14

OverseasandRegionalIPARepresentationandSubnationalIPAs

16

OverseasRepresentatives

16

RegionalIPAOffices

17

SubnationalIPAs

17

FinancialResources

18

BudgetSourcesandSize

18

BudgetAllocation

19

InstitutionalCoordinationMechanisms

20

PART3:THIRDPILLARFOREFFECTIVEINVESTMENTPROMOTION:INVESTOR

SERVICES

ServicingInvestorsAcrosstheInvestmentLifeCycle

23

WBGComprehensiveInvestorServicesFramework

23

EvaluationofInvestors

25

ManagingtheRelationshipwiththeInvestor

25

CommunicationsandSocialMedia

27

Databases

28

GrievanceManagement

29

MonitoringInvestmentPromotionFunction

29

MeasuringImpact

30

PART4:CHALLENGESANDCHANGES

32

CurrentPictureofFDIandHowTraditionalPatternsareChanging

33

ChallengesandChangesinInvestmentPromotion

33

PotentialReforms

35

Conclusions

36

II|STATEOFINVESTMENTPROMOTIONAGENCIES

TABLEOFCONTENTS|III

Addendum

38

InvestmentPromotionAgencies’ResponsetotheCovid-19Pandemic:Evidencefrom

WBGAndWaipaRapidSurveys

39

Rationale

39

Methodologies

39

Findings

39

Conclusion

44

References

46

Annex

50

AnalysisofIPACharacteristicsSurveys

51

ListofBoxes

Box1.1:SDGsInfluenceIPAs’SectorTargeting

2

Box4.1:ChangesinInvestmentPromotionasPerceivedbyIPAs,byRanking

ofMentions

34

ListofDashboards

Dashboard1.1:Top5PrioritySectorsbyIPAsperIncomeGroup

4

Dashboard2.1:IPAs’OrganizationalStructurebeforeandafterReorganization

9

Dashboard2.2:BoardofDirectorsanditsStructure

13

Dashboard2.3:BudgetDedicatedOnlytoInvestmentPromotionandFDI

19

Dashboard3.1:IPAs’SystemsandCRMSoftware

26

Dashboard3.2:ResourcesDedicatedtoSocialMediain2018

28

Dashboard3.3:SizeandContentofIPAs’Databases

28

Dashboard3.4:AnalysisandEvaluationsofIPAs’Activities(part1)

30

Dashboard3.5:AnalysisandEvaluationsofIPAs’Activities(part2)

31

ListofFigures

Figure0.1:MostIPAsComefromHigh-IncomeCountriesinEuropeand

CentralAsia XVI

Figure1.1:MajorityofIPAsHaveaWritten,MultiyearStrategy

1

Figure1.2:IPAsHaveTooManyPrioritySectors

2

FigureB.1.1:HowSDGsInfluenceIPAs’Strategies

2

Figure1.3:EmergingPrioritySectorsareBasedonHigh-Value-AddedActivities

3

Figure1.4:SectorsDiscardedbyIPAs

4

Figure1.5:SourcesthatInformtheIPAStrategy

5

Figure1.6:MethodsforImplementingInvestmentPromotionPlans

5

Figure1.7:ResourceAllocationforPrioritySectors

6

Figure1.8:IPAs’ClientSelectionforServices

6

Figure1.9:DistributionofIPAResources

7

Figure1.10:NEMsTargetedbyIPAs

7

Figure2.1:OrganizationalStructuresofIPAs

9

Figure2.2:IPAs’ReportingLines

10

Figure2.3:IPAsStillHaveaMyriadofMandates

11

Figure2.4:MandatesPerformedbyIPAs

11

Figure2.5:CorrelationofNumberofMandatesandGDPperCapita

12

Figure2.6:ResponsibilitiesofIPABoards

13

Figure2.7:IPAs’StaffComposition

15

Figure2.8:IPAs’StaffQualifications

15

Figure2.9:IPAs’StaffWage

16

Figure2.10:IPARepresentationAbroad

16

Figure2.11:RegionalIPAs’Offices

17

Figure2.12:DoCountriesHaveSubnationalIPAs?

17

Figure2.13:CooperationbetweenNationalIPAsandSubnationalIPAs

17

Figure2.14:PercentageofIPAsperIPAs’BudgetSource

18

Figure2.15:DistributionofIPAs’TotalBudgetSize

18

Figure2.16:DistributionofIPAs’PromotionBudget

20

Figure2.17:UseandRatingofCoordinationMechanismsAmongInvestmentEntities

intheLocation

20

Figure2.18:MainObstaclesHinderingtheQualityofInvestmentEntities’

Coordination

21

IV|STATEOFINVESTMENTPROMOTIONAGENCIES

TABLEOFCONTENTS|V

Figure3.1:CriteriaIPAsUsetoEvaluateInvestors

26

Figure3.2:IPAsUsingGrievanceManagementSystems

29

Figure3.3:MethodsIPAsUsetoGatherandReportInvestorComplaints

29

Figure3.4:KeyPerformanceIndicatorsUsedbyIPAs

30

Figure3.5:QuantifyingBenefitsandCostsofIPAs’Work

31

Figure4.1:IssuesAffectingIPA’sEffectivePerformance

33

Figure4.2:PerformanceChallengesFacingIPAsinDevelopedandDeveloping

Countries

34

Figure4.3:ReformsIndicatedbyIPAstoImprovetheAttractionandRetentionof

InvestmentsinTheirCountries

35

ListofTables

Table0.1:GeographicalDistributionofRespondents XVI

Table0.2:IncomeDistributionofRespondents XVII

Table1.1:Top15PrioritySectorsasDesignatedbyIPAs

3

Table2.1:NumberofMandatesbyCountryIncomeGroup

12

Table2.2:AverageNumberofIPAs’TechnicalStaff

14

Table2.3:IPAs’TotalBudgetSizebyIncomeGroups

19

Table3.1:IPAServicesProvidedasperWBGCISF

24

Table3.2:TopInvestorServicesProvidedbyIPAsin2018

24

Table3.3:MostEffectiveSocialMediaforIPAs’CoreActivities

27

TableA.1:COVID-19ImpactonInvestors,asReportedbyIPAs

40

TableA.2:COVID-19NegativeImpactonSectors,asReportedbyIPAs

41

TableA.3:TopMeasuresImplementedbyIPAstoCounterCOVID-19Impact

onInvestors

43

Part1

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CCoorrppoorraatteessttrraatteeggiicc

Acknowledgments

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T

heresearchandwritingofthisreportweredonebyAlexSanchiz,InvestmentPolicyandPromotionConsultant,WorldBankGroup(WBG),andAhmedOmic,ResearchAnalyst,WorldAssociationofInvestmentPromotionAgencies(WAIPA).TheresearchandreportwereledbyArmandoHeilbron,WBGSeniorPrivateSpecialistandInvestmentPromotionWorkstreamLeader,andAndreasHora,WAIPACoordinator.

TheteamwouldliketothankIvanAntonNimac,WBGInvestmentPolicyandPromotionGlobalLead,andBostjanSkalar,WAIPAExecutiveDirector,fortheirsubstantivesupporttothiswork.TheteamisgratefultoAbhishekSaurav,WBGSeniorEconomistforhistechnicalcontributions,andtointernalandexternalreviewerswhoprovidedthoughtfulinsightsandguidance,includingIvanNimac,PeterKusek,WBGSeniorEconomist,AbhishekSaurav,PaulLewis,formerScottishDevelopmentInternational(SDI)ManagingDirector,andAdrianBlanco,SeniorEconomistandHeadofDepartmentattheSpanishInstituteforForeignTradeandInvestment(ICEX).

Theteamisalsogratefultoexternalreviewerstothesurveyinstrumentusedtoconductthisresearch,includingAnnaNovik,SarahBauerle,GeoffGertz,andBenKett.

AspecialthankyougoestoSaraProehlandMarcyGessel,PublicationsProfessionalsLLP,forediting,andtoAichinJonesandFPSforprovidingdesign,layout,andproductionservices.

Theteamacknowledgesthemanyformalandinformalcontributionsofindividuals,groups,andorganizationsthatrespondedtothesurveyorprovidedmeaningfulcommentsandinputstoenablethesuccessfulpublicationofthisreport.Keepinginmindthesecontributions,theteamapologizesifithasinadvertentlyomittedformallyacknowledginganysuchvaluablecontributions.

Toadvancethefieldofinvestmentpromotion,theWBGandWAIPAformalizedtheircollaborationandengagedinjointInvestmentPromotionAgency(IPA)researchandrelatedinitiatives.Thisreportisaproductofsuchcollaboration.Anyuse,copy,display,distributionorpublicationofallorpartofitshallgivetheexpressreferencetoit1andthepreviousauthorisationsofWBGandWAIPAshallbegranted.

TheWorldAssociationofInvestmentPromotionAgencies(WAIPA)isaninternationalnon-governmentalorganizationestablishedin1995undertheauspicesoftheUnitedNationsConferenceonTradeandDevelopment(UNCTAD)thatactsasaforumtopromoteanddevelopunderstandingamongstinvestmentpromotionagencies(IPAs),providingthemwithtechnicalassistanceandcapacitybuilding,andencouragingnetworkingandexchangeofbestpracticesininvestmentpromotion.

TheWorldBankGroup(WBG)comprisesfivecomplementaryinstitutionsmanagedbytheirmembercountries.Thegroupprovidesfinancialresources,knowledgeandinnovativesolutionstosupportdevelopment,endextremepoverty,andpromotesharedprosperityindevelopingcountriesaroundtheworld.Tosolvetoday’sdevelopmentchallenges,theWBGworkswithbothpublicandprivatesectors.IPAsarekeyinstitutionsthatconnectbothandcancontributetodevelopment.

1Sanchiz,Alex,andAhmedOmic.2020.StateofInvestmentPromotionAgencies:EvidencefromWAIPA-WBG’sJointGlobalSurvey.Washington,DC:WorldBank.Geneva:WAIPA(WorldAssociationofInvestmentPromotionAgencies).

ACKNOWLEDGMENTS|VII

Part1

FirstPillarforEffective

InvestmentPromotion-

Corporatestrategic

andAcronyms

Abbreviations

PlanningandSector

Prioritization

ABBREVIATIONSANDACRONYMS|IX

AI

artificialintelligence

CISF

comprehensiveinvestorservicesframework

CRM

customerrelationshipmanagement

FDI

foreigndirectinvestment

IIS

investorinformationsystem

IPAs

investmentpromotionagencies

IRMS

investor-relationshipmanagementsystem

IT

informationtechnology

KPIs

keyperformanceindicators

NDPs

NationalDevelopmentPlans

NEMs

non-equitymodes

SDGs

SustainableDevelopmentGoals

SOPs

standardoperatingprocedures

US$

UnitedStatesdollar

WAIPA

WorldAssociationofInvestmentPromotionAgencies

WBG

WorldBankGroup

Corporatestrategic

Part1

FirstPillarforEffective

InvestmentPromotion-

ExecutiveSummary

PlanningandSector

Prioritization

EXECUTIVESUMMARY|XI

R

ealizingtheimportanceofoverseasinvestments,governmentsaroundtheworldhaveestablishedinvestmentpromotionagencies(IPAs)toattractandfacilitateinvestmentintheircountries.2Today,IPAsareanindispensablepartofmostcountries’developmentstrategiesandfrequently,theyarethefirstentitycontactedbyforeigninvestors,givingthemamainroleintheoverallsiteselectionprocess.SeveralresearchershaveaddressedtheimportanceandeffectivenessofIPAs(CharltonandDavis2007;HardingandJavorcik2011;HardingandJavorcik2013;Lim2008,2018;MorissetandAndrews-Johnson2004;WellsandWint1990;WorldBank2020c).

Thisreportdescribestheresultsofthe2020Globalstrategicalignmentanditsfocusoninvestment

InvestmentPromotionAgenciesSurvey,whichwaspromotionmandatesandstrategicsegments,ideally

jointlycarriedoutbytheWorldBankGroup(WBG)shouldbedevelopedbeforetheestablishmentofthe

andtheWorldAssociationofInvestmentPromotionagency;however,therealityisthatthemajorityof

Agencies(WAIPA).ItprovidestheinvestmentIPAsdevelopitafterestablishment.Eitherway,a

promotioncommunitywithanextensiveoverviewofIPAs’maincharacteristics,investorserviceofferings,challenges,andupcomingopportunitiesintheinvestmentpromotionfield.Thereportisdescriptiveinnature(other,moreanalyticalpiecesareexpectedinthenearfuture)anditisstructuredaroundthenovelWBGframeworkforinvestmentpromotion(Heilbron,forthcoming;WorldBank2020c),whichincludesthefollowingcorepillars:

•Corporatestrategicplanningandsectorprioritization

•Institutionalframework

•Investorservices3

Ninety-oneIPAsfromvariousregionsandincomegroupsparticipatedinthesurveybetweenJulyandDecember2019.Keyfindingsaresummarizedbelow.

CorporateStrategicPlanningandSectorPrioritization

TobuildaneffectiveIPA,anentitymustdevelopastrategythatoutlinesthemainsharedobjectivesforforeigndirectinvestment(FDI)attractionandretentionandthatoutlineshowtoachievethoseobjectives.Thestrategy,whichsharpensanentity’s

multiyearstrategyisanIPA’sroadmapforattainingitsgoalsandobjectives.Accordingtothesurvey,70percentofIPAshaveamultiyearstrategywhile24percentofthemdonot.Furthermore,thereareencouragingindicationsthatIPAs’strategiesareinfluencedbytheSustainableDevelopmentGoals(SDGs),mostlywhenidentifyingprioritysectorsandactivities.

GiventhefiercecompetitionforFDI,itisalsokeytostrategicallytargetthesectorsthataremostbeneficialtothehosteconomyandthatareattractivetoforeigninvestors.Sectortargetingisonepartofsuccessfulinvestmentpromotion.ExistingresearchshowsthatsectortargetingresultsinhigherFDIinflows(HardingandJavorcik2011).However,IPAstendtohavealargenumberofprioritysectors:accordingtothesurveyfindings,anIPAhas11prioritysectorsonaverage.ThemostpopularsectorstargetedbyIPAsarerenewableenergy(68percentofIPAs)andinformationtechnology(IT)services(62percentofIPAs).Targetsectorsaremainlyselectedonthebasisofanationaldevelopmentplanorasimilarhigh-levelpolicydocument(81percent)oronthebasisofcomprehensiveresearchonglobaldemandandFDIemergingtrends(49percent).

2ThisreportreferstoIPAsasinstitutionsthatincludeaninvestmentpromotionfunctionormandate(coveringbothdedicatedagenciesaswellasunitsthatdosowithinlargerinstitutions,suchaseconomicdevelopmentboards).

3Formoredetails,seeHeilbron(forthcoming),HeilbronandWhyte(2019),andHeilbronandAranda-Larrey(2020).

InstitutionalFramework

TheinstitutionalframeworkofanIPAshouldensureinstitutionalandfinancialautonomy;operationalindependence;coordinationwithkeyregulatoryagenciesatthenationalandlocallevels,aswellaswithprivatesectororganizations;anditshouldprovideadegreeofflexibilitytoadjustitsinternalstructureandresources(Heilbron,forthcoming;HeilbronandWhyte2019;MorissetandAndrews-Johnson2004;WorldBank2020c).ThesurveyrevealsthatIPAshavedifferentorganizationalstructures,reportinglines,andmandates.Forthemostpart,IPAsareeithersemiautonomouspublicbodies(37percent),subunitsofministry(26percent),orautonomouspublicagencies(18percent)thatreportdirectlytotheministryofindustryorcommerce(32percent).Furthermore,theyoftenhaveseveralmandatesthatgobeyondinvestmentpromotion.AnaverageIPAhaseightmandates,butabouthalfofallagencies(53percent)havebetweensixand10mandates.

IPAsvarysignificantlyregardingtheirfinancialandhumanresources.FinancialflexibilitygreatlyinfluencesmanyaspectsofIPAsincludingthequantityandqualityofstaff,therangeofperformedactivities,andtheexistenceofoverseasandregionaloffices.SurveyresultsshowthatalmostallIPAsarefinancedthroughgovernments’publicfunds,andthat34percenthaveabudgetbelowUS$2million.Regardingthebudgetforpromotionmandate,thebiggestportionofthisbudgetisallocatedtoinvestmentgeneration,andthesmallestportionisallocatedtopolicyadvocacy,despiteitsimportanceinshapingabetterinvestmentclimate.WhenitcomestoIPAs’staff,onaverageanIPAhas161full-timeemployees,including129technicalstaff—ofwhich61(or47percent)arewomen—butonlyafewofthosetechnicalstaffarededicatedtoinvestmentorFDIpromotion.Onaverage,38staffworksolelyoninvestmentpromotion,while13workexclusivelyonFDI.Ofthetotalnumber

oftechnicalstaffworkingonlyoninvestmentpromotionandFDI,onaverage19(50percent)andseven(53percent)arewomen,respectively.

InvestorServices

IPAsareserviceprovidersthatplayanimportantroleinmeetinggovernmentobjectivesforattracting,establishing,retaining,expanding,andlinkingproductiveprivateinvestment.Therefore,itisnecessarythattheyofferhigh-qualityandrelevantservicestoforeigninvestorsindifferentstagesoftheirinvestmentcycle(HeilbronandAranda-Larrey2020).

Thefirsttwostagesoftheinvestmentlifecyclearetheattractionstageandtheentryandestablishmentstage.SurveyresultsshowthatIPAsarefocusedmoreontheprovisionofservicesattheattractionstageversustheentryandestablishmentstage.ThemostcommonservicesthatIPAsprovidetoinvestorsarebusinesseventsandconferencesabroad(orwithinthecountry)topromoteprioritysectors(93percent)duringtheattractionstage;guidanceongovernmentstructureandregulatoryandnonregulatoryaspectsforbusinessstart-up(77percent)attheentryandestablishmentstage;communicationwithinvestorstogatherinformationaboutgrievancesrelatedtogovernmentconduct,andtheprovisionoftailoredresponsestoquestionsaskedbyinvestors(65percent)duringthethirdstage,retentionandexpansion;andthefacilitationandcoordinationofinitiativesandeventsthatprovidenetworkingopportunitiesinthelocalecosystem(64percent)atthelinkagesandspillovers,thelaststageoftheinvestmentlifecycle.

Inaddition,IPAsevaluateinvestorspriortoprovidinganyservicesorgrants.Theevaluationismainlybasedontheinvestor’spotentialpositiveinfluenceontheeconomy(jobcreation,exports,training,linkages,provisionofbasicservicesorinfrastructure,etc.)andontheinvestor’snegativeenvironmentaland/orsocialimpacts.

XII|STATEOFINVESTMENTPROMOTIONAGENCIES

EXECUTIVESUMMARY|XIII

Withtherightinformation,anIPAcanprovidequalityservicesandmanagerelationshipswithinvestors.Therefore,IPAsneedtohaveawell-developedinformationmanagementsystem(OrtegaandGriffin2011).IPAneedsthefollowingthreeinternalsystemstomanageinformationandserviceinvestors:aninvestorinformationsystem(IIS),aninvestor-relationshipmanagementsystem(IRMS)thatisbuiltoncustomerrelationshipmanagement(CRM)software,andstandardoperatingprocedures(SOPs).Thesurveyrevealsthat62percentofIPAshaveaCRM,68percenthaveSOPs,and43percenthaveasharedinformationsysteminplace.Inaddition,IPAsusesocialmediatopromotetheirservicesandestablishcommunicationwiththeirtargetaudiences.SurveyresultsrevealthatIPAsallocatefinancialandhumanresourcesforthatpurpose:83percentofIPAsdedicateuptotwofull-timeemployeestomanagetheirsocialmediaactivities,andannualexpendituresonsocialmediavary.Forexample,44percentofIPAsdedicateuptoUS$10,000annuallyonsocialmedia,while23percentspendmorethanUS$100,000annually.

ChallengesandChangesin

InvestmentPromotion

TheFDIlandscapeischanging.In2019,globalFDIinflowsrosemodestlytoUS$1.54trillion,whichwasa3percentincreasefromthepreviousyear(UNCTAD2020);however,severalforecastsindicatethatFDIflowswillplummetin2020becauseofCOVID-19.Also,competitionamongcountriestoattractandretainFDIisincreasing,

andtheemergenceofnewtechnologiesanddigitalizationischangingthewayinternationalbusinessisconducted.Forexample,today,toreachglobalmarketsrequireslessofaninvestmentinheavyassets.Internationalproductiontendstobebasedmoreonintangibles,thatis,royaltiesandlicensingfees,andlightformsofassets(UNCTAD2019).Inaddition,recentunilateraltradepoliciesandmorerestrictiverulesonFDIhaveincreasedtheuncertaintyinglobalmarkets.ItislikelythatallofthesefactorswillnegativelyaffectglobalFDIflows.ThenegativeFDItrendisanimportantconcernforIPAsbecauseoverseasinvestmentsareanessentialelementincountries’effortstostimulateandenhanceeconomicdevelopment.

Inaddition,thesefactorsarebringingnewchangesandchallengesthatIPAswillneedtoaddress.ThestudyrevealsthatthemostcommonchangesanticipatedbyIPAsaretheimpactofdigitalizationandtechnologydisruptions(56percent),changesinthemarkets(30percent),newinvestmentpromotionmethods(23percent),policyandregulatorychanges(18percent),andglobalandtradeuncertainty(11percent).4ThemainchallengesthatIPAsfacearerelatedtobudgetaryissuesandfinanciallimitations,thecapacityoftheirstaff,andbureaucraticandproceduralissues.Inthesurvey,IPAswereaskedtoidentifythemainreformsthattheywouldliketoseeintheneartermtoimprovetheattractionandretentionofinvestmentsintheircountries—thereformsidentifiedincludedbetterinstitutionalcoordination(59percent),followedbybetterstrategicalignment(44percent),andmorestreamlinedregulations(43percent).

4COVID-19wasnotanissueatthetimeofthesurvey,whichranfromJulytoDecember2019.

Part1

FirstPillarforEffective

Corporatestrategic

InveSsutrmveeyntOPvreormvieowtion-

PlanningandSector

Prioritization

I

nvestmentpromotionagencies(IPAs)interactdirectlywithinvestorsandtheyserveasanintermediariesbetweenforeigninvestorsandthegovernment.Inmanydevelopingcountries,foreigndirectinvestment(FDI)providestheprincipallinktohighlyskilledjobs,innovation,accesstomajormarkets,andother

importantpositivespillovers.

TheWorldBankGroup(WBG)andtheWorldAssociationofInvestmentPromotionAgencies(WAIPA)conductedasurveyfromJulytoDecember2019tocapturetheinnovativeapproachesofinvestmentpromotion;togaugewhereimprovementscanbemade;andtounderstandthetrends,challenges,andopportunitiesthatIPAsfacetoday.

ThereportusesthesurveyresultstopresentanoverviewofIPAs’maincharacteristicsandtheinvestorservicesthattheyprovide.ItisstructuredaroundthenovelWBGframeworkforinvestmentpromotion,whichincludesthefollowingcorepillars(Heilbron,forthcoming;WorldBank2020c):

•Corporateplanningandsectorprioritization:

Improvingstrategicfoc