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FDI in small accession countries: the Baltic states

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  • Hunya, Gabor

    ()
    (Vienna Institute for International Economic Studies)

Abstract

Analysing the evolution and determinants of foreign direct investment (FDI) in Estonia, Latvia and Lithuania, this paper argues that sound economic policies have created an environment conducive for FDI. Overall, FDI has contributed to economic growth in the Baltic economies, having financed around one-fifth of fixed investment. However, their small size makes the Baltic countries relatively less attractive for market-seeking FDI in manufacturing. Moreover, at the outset of transition, their economies were dominated by relatively uncompetitive low-technology industries, which made them less interesting for manufacturing-based export-oriented FDI. Thus, FDI largely went to relatively low-technology sectors, such as wood processing and food, and it has not helped radically transform the structure of the manufacturing sector. A major part of FDI went into services, including banking and telecommunication, contributing to increasing efficiency in the whole economy.

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Bibliographic Info

Paper provided by European Investment Bank, Economics Department in its series EIB Papers with number 9/2004.

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Length: 24 pages
Date of creation: 18 Jun 2004
Date of revision:
Handle: RePEc:ris:eibpap:2004_009

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Related research

Keywords: Estonia; Latvia; Lithuania; Baltic states; Foreign direct investment;

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  1. Kevin H. Zhang & James R. Markusen, 1997. "Vertical Multinationals and Host-Country Characteristics," NBER Working Papers 6203, National Bureau of Economic Research, Inc.
  2. Urmas Varblane & Tonu Roolaht & Ele Reiljan & Rein Juriado, 2001. "Estonian Outward Foreign Direct Investments," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 9, Faculty of Economics and Business Administration, University of Tartu (Estonia).
  3. Rajneesh Narula & John Dunning, 2000. "Industrial Development, Globalization and Multinational Enterprises: New Realities for Developing Countries," Oxford Development Studies, Taylor & Francis Journals, vol. 28(2), pages 141-167.
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Cited by:
  1. World Bank, 2005. "Lithuania : Investment Climate Assessment," World Bank Other Operational Studies 8568, The World Bank.

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