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NotiCen: Central American & Caribbean Affairs
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REGION FAILS TO ATTRACT HIGH QUALITY FOREIGN INVESTMENT.
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Article Excerpt
The UN's Economic Commission for Latin America and the Caribbean (ECLAC) published the region's foreign direct investment (FDI) figures for 2006 in May, showing that, while the numbers are up in absolute terms, they are down by world standards and that, while some sectors are profiting handsomely by capital inflows, the poor are seeing little or no benefit. The neoliberal idea that foreign investment will lift the region out of poverty finds no confirmation in these statistics, but the numbers do reveal some of the fault lines in the theory.
Panama and Costa Rica topped the list of FDI recipients on the isthmus, seeing inflows of US$2.6 billion and US$1.4 billion, respectively. The largest share of investment to Panama came by way of British bank HSBC's purchase of local bank Grupo Banistmo. At US$1.77 billion it was the largest foreign investment deal ever...
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