1、THE fDi REPORT 2023Global greenfield investment trendsfDi Markets is the most comprehensive service tracking crossborder greenfield investment across all countries and sectors worldwide.This service can be used to:Identify target investors for your key markets Profile companies within your target se

2、ctors Receive early warning indicators that a company may be expanding internationally Understand the key FDI trends in markets and sectors Develop your investment promotion strategy using real time dataMake smart decisions on crossborder investment For a free demonstration of our tools,contact us o

3、n+44(0)20 7775 6667 or at fDiI A FREE DEMO3FDI becomes mirror of fraying global orderThe fDi Report 2023 provides a unique glimpse into the fraying global order.Based on data from fDi Markets,the proprietary database of fDi Intelligence that tracks crossborder greenfield investment,the report takes

4、readers on a unique journey through the paradigm shift that the Ukraine war has accelerated.The wave of mega investment projects that has been mounting in the US,and to a lesser extent in Europe,is the most glaring effect of that shift.Since the start of the Covid-19 pandemic,Western policy-makers h

5、ave felt increasingly anxious about the overdependence of their economies on China for critical technologies and minerals.When Russia invaded Ukraine on February 24,2022,they stepped up efforts to design industrial policies aligned with the resulting,increasingly fractious geopolitical order.Lured b

6、y the generous incentives promised by the likes of the US Inflation Reduction Act and the EU Green Deal Industrial Plan,multinational enterprises have committed billions of dollars to relocating parts of their production base.Economies of scale and automation are inevitable components of their calcu

7、lus.They are costly decisions,however,that call for major upfront investment.Never before have we witnessed such a high number of projects worth more than one billion dollars(see page 1213).Provided the majority of these projects live up to expectations certainly not a foregone conclusion other comp

8、anies in their value chain will follow suit,giving new impetus to the reshoring wave.The Ukraine war has also shored up investment in energy Distributed renewable energy generation is a less conspicuous,but equally disrupting phenomenon.So-called prosumers individuals that engage with the power grid

9、 as both producers and consumers have been installing decentralised renewable energy systems(mostly solar)at unprecedented speed in places like China and Brazil.Electric mobility is another major corollary of the energy transition.E-mobility technologies have become particularly strategic and a main

10、 target of Western industrial policies.Inevitably,investment into the production of electric vehicles and batteries has been another tremendous driver of FDI in 2022(see page 1617).However,the challenge to source the critical minerals needed to power up these technologies remains cumbersome.The mini

11、ng sector has yet to match the levels of capital investment we tracked in the e-mobility value chain(see page 2425).The fDi Report started out as a reference tool for tracking the behaviour and investment decisions of multinational corporations.It has now grown and evolved to gauge the shifting sand

12、s of geopolitics and this feeds into said decisions.In these uncertain times,the fDi Report 2023,and its data,have never been more valuable.security activities.Western oil and gas firms scrambled to add new assets to their portfolio and plug the hole left by unsustainable Russian supplies.After year

13、s of flagging investment levels,activity in the oil and gas sector bounced back and found its way back into the top 10 biggest recipients of global foreign investment(see page 2021).Energy security has added a new meaning to the energy transition too.Through its lens,investments in hydrocarbons and

14、renewable energy no longer look exclusive,but complementary.As major economic blocs harbour ambitions to decarbonise their economies,they need renewable energy to clean up their energy matrix,along with a stable,diversified supply of hydrocarbons to secure a transition that will take decades.In this

15、 perspective,governments will have to crowd in any available energy resource.While oil and gas investment has bounced back,foreign direct investment(FDI)in renewable energy has never been higher(see page 67).Jacopo Dettoni is the editor of fDi Intelligence,the Financial Times specialist unit dedicat

16、ed to foreign direct investmentInvestments in hydrocarbons and renewable energy no longer look exclusiveTHE fDi REPORT 2023 EDITORS COMMENT4THE fDi REPORT 2023 GLOBAL OVERVIEWInternational investors announced more than 16,000 foreign direct investment(FDI)projects in 2022,according to fDi Markets,th

17、e greenfield investment monitor of the Financial Times.These projects represent an estimated value of$1.155tn,with more than 2.2 million jobs being created.The pace of FDI in 2022 shows signs of ongoing recovery following the shock effect of the Covid-19 pandemic,with the number of projects increasi

18、ng 16%and the pledged capital investment rising by 64%from 2021.Last year was one characterised by FDI mega projects,with a record number of projects worth at least$1bn of capital investments.A total of 159 such projects(including estimates)were announced in 2022 the highest level in the past decade

19、.The US was the top destination country for the number of FDI mega projects as the country attracted a high number of large-scale investment projects in semiconductors and batteries.However,it was Egypt that ranked as the largest destination for mega projects by amount of capital investment thanks t

20、o a handful of large-scale projects in green hydrogen.In addition to this,the US was the top source of outbound FDI in 2022,with$207.2bn recorded across 3647 projects.At a regional level,western Europe attracted the highest number of FDI projects in 2022,at 5250.In terms of capital investment,both w

21、estern Europe and Asia-Pacific attracted around$279bn,with the latter taking first place by just$229.9m.Key trends For a fourth year running,the renewable energy sector has attracted the highest total capital investment globally.Inbound FDI for China declined further in 2022.Compared to 2019,the num

22、ber of projects into China last year were down 60%and capital investment was down 68%.Following Russias invasion of Ukraine in early 2022,the number of announced FDI projects into Russia plummeted to only 13.Global overviewSource:fDi Markets *Includes estimates*by capital investmentGlobal overview20

23、22 FDI snapshot$1.155tn*Total capital investmentTop source countryUS*2,277,002*Total jobs createdTop destination countryUS*Top sectorRenewableenergy*Total Projects16,040IN 2022.15.7%In 2022,the number of FDI projects rebounded by 15.7%from 2021.16,040Foreign investors announced a total of 16,040 for

24、eign direct investment projects during 2022.2,277,002Announced FDI projects created more than 2.2 million jobs.The big numbersWestern Europeattracted the highest number of FDI projects in 2022,with 5250 announcements recorded.Asia-Pacificwas the top destination region for FDI in 2022,when measured b

25、y capital investment.The region attracted$279.7bn worth of capital investment inflows last year.The United Statesretained its spot as the leading destination country,attracting$158.1bn of FDI in 2022,an increase of 73%from 2021.5THE fDi REPORT 2023 GLOBAL OVERVIEW6THE fDi REPORT 2023 SECTOR ANALYSIS

26、In 2022,capital investment in the renewable energy sector reached its highest ever value since records began in 2003.For a fourth year in a row,the sector has attracted the highest total capital investment globally,with a value of$343.6bn across 527 projects cementing its position above coal,oil and

27、 gas which was last top in 2018.Capital investment in renewables saw a 158%increase over the past year.At 30%,it was the only sector to take more than a 10%market share.It is also leading in absolute terms,as the sector attracted$210bn more than the previous year.Several mega investments(projects wo

28、rth more than$1bn)contributed to the sectors strong performance.Egypt was able to secure 19 such investments from companies establishing green hydrogen developments,mostly in its Suez Canal Economic Zone.The coal,oil and gas sector ranked in second place,with a total estimated capital investment of$

29、104.8bn in 2022.While this represents a 538%increase over the previous year,2021 was a record low for the sector and the renewed investment is more of a return to form for coal,oil and gas projects,with 2022 capital investment totalling 85%of the 2019 value.The energy crisis caused by the war in Ukr

30、aine and Western sanctions strongly contributed to this increase,as countries particularly European nations,previously heavily dependent on Russian oil and gas sought to diversify the origin of their fossil fuels.The semiconductors sector was the third-most capital-intensive sector,with an estimated

31、$91.6bn invested across 139 projects in 2022.Notably,last year saw a record amount of capital invested in the semiconductors sector,8%more than 2021 and almost nine times the amount invested in 2019,highlighting the race to secure critical supply chains since the onset of the Covid-19 pandemic.Risin

32、g geopolitical tensions between the US and China,as well as supply chain fragility made companies and countries rethink their investment strategies in this sector,shifting towards a more localised approach.The software and IT services sector saw nearly 290,000 more jobs created in 2022 than in 2021,

33、marking a 108%increase.The 41%year-on-year increase in the number of announced foreign direct investment(FDI)projects in the sector means that one in every four projects announced in 2022 was in software&IT services.The sector attracted around$69bn in capital 81%more than in 2021 and 76%more than in

34、 2019.Following a period of strong growth between 2019 and 2021,capital investment in the communications sector decreased by more than one fifth to$53.5bn in 2022.The number of announced FDI projects dropped by 24%to 656 as the sudden pandemic-fuelled demand for IT infrastructure development seems t

35、o have waned.The metals sector attracted$55bn in 2022.This 210%increase on 2021 is the third-largest percentage increase in absolute terms,after the renewable energy and coal,oil and gas sectors.The rebound of global manufacturing as well as the metal sectors centrality for other sectors,such as the

36、 renewable energy sector and cathode manufacturing for batteries,made 2022 a strong year for metals.The electronic components sector has also witnessed a sharp increase in capital investment since 2019.A total 476 projects at a value of$69.7bn were announced in 2022 6%of all capital invested in 2022

37、 and more than double the$32.3bn invested in 2019.Investment in the batteries subsector,a vital component of electric vehicles supporting the energy transition,accounted for more than 78%of capital investment in the sector in 2022.As global air travel rebounded as the Covid-19 pandemic subsided,capi

38、tal invested in the aerospace sector witnessed the fourth-largest increase in 2022 of around 154%,to reach a value of nearly$6bn.Meanwhile the hotels and tourism sector saw a 34%rise in project numbers over the past year,although capital investment in the sector was almost unchanged in 2022.The sect

39、or remains well behind its 2019 figures,with project numbers down 70%,capital invested down 84%and job creation down 74%.Finally,capital investment in the real estate sector has increased by 28%and remains$2.2bn short of the pre-pandemic level of 2019.Residential and commercial building construction

40、 made up the bulk of capital investment in the sector and surpassed their pre-pandemic levels of 2019,increasing by 48%and 5%respectively.However,capital investment in the industrial building construction subsector has decreasing by 41%over the past year,following a 2021 surge fuelled by an e-commer

41、ce boom.The 2022 investment matrix7THE fDi REPORT 2023 SECTOR ANALYSISHydrogen and emerging cleantech$175.2bnWind electric power$111.3bnSolar electric power$42.9bnBiomasspower$11.4bnMarine electric power$2.3bnOil&gas extraction$79.8bnPetroleumrefineries$7.4bnNatural,liquefied andcompressed gas$6.3bn

42、Fossil fuelelectric power$5.7bnOther petroleum&coal products$1.7bnNuclear electricpower generation$1.5bnSemiconductors&other electronic components$91.6bnBatteries$54.3bnAll otherelectricalequipment&components$8.5bnAudio&videoequipment(Electroniccomponents)$4.4bnSoftwarepublishers,exceptvideogames$25

43、.9bnCustom computerprogrammingservices$23.4bnOther(Software&IT services)$8.1bnInternetpublishing&broadcasting&web search$6.8bnVideo games,applicationsand digitalcontent$3.7bnResidentialbuildingconstruction$27.4bnCommercial&institutionalbuildingconstruction$22bnIndustrialbuildingconstruction$13bnReal

44、 estate services$1bnFreight/DistributionServices$32.8bnWarehousing&storage$8.5bnAir transportation$5.3bnPipelinetransportationof crude oil$3.5bnOther(Transportation&Warehousing)$1.8bnWatertransportation$1.4bnRail transportation$0.7bnIron&steel mills&ferroalloy$16.7bnNonferrousmetalproduction&process

45、ing$8.2bnSteel products$7.3bnCopper,nickel,lead,&zinc mining$6bnAlumina&aluminiumproduction andprocessing$4.9bnOtherfabricatedmetalproducts$3.3bnIron ore mining$2.2bnOther metal ore mining$2bnGold ore&silverore mining$1.8bnData processing,hosting,&relatedservices$42.2bnCommunicationsequipment$4bnMot

46、ion picture&sound recordingindustries$2.3bnAutomobiles$30bnLight trucks&utility vehicles$2.3bnHeavy duty trucks$1.8bnRENEWABLE ENERGYCOAL,OIL&GASSEMICONDUCTORSELECTRONIC COMPONENTSSOFTWARE&IT SERVICESREAL ESTATETRANSPORTATIONMETALSCOMMUNICATIONSAUTOMOTIVE OEMTOP 10 SECTORS IN 2022 BY CAPITAL INVESTM

47、ENT(US$BN)*Source:fDi Markets Note:Includes estimatesGovernments and investors are responding to the global sustainability imperative.Governments increasingly see support for climate investment as not only necessary to reducing carbon emissions,but also to catalyse a new wave of economic develop-men

48、t.This blurring of climate change goals and economic development goals has sparked global competition for climate invest-ment,and accusations of beggar-thy-neigh-bour and mercantilist policies between the major trading blocs.In 2005,less than 2%of global greenfield foreign direct investement(FDI)was

49、 in activi-ties related to climate change and the envi-ronment(climate FDI).By 2018,climate FDI had grown considerably,but still accounted for only 12%of global FDI.Since 2020,there has been explosive growth in climate FDI;almost 40%(39.4%)of all global capital invest-ment in greenfield FDI projects

50、 in 2022 was climate FDI,with total investment approach-ing close to$500bn.The location of climate FDI has been very concentrated.Over the two-year period from 2021/22,the top 15 countries attracted more than three-quarters of climate FDI(see chart 1).In 2022,investment became even more concentrated

51、 with the top five countries attracting 65%of global FDI.Of the top 15 countries,37%of FDI from 2021/22 went to emerging markets and 63%to developed economies,although more than half of the countries in the top 15 were emerg-ing markets.Increasing competition for investment The greenfield FDI number

52、s belie major differ-ences in the composition of climate FDI that the top countries are attracting and the level of competition between countries for differ-ent parts of the value chain.Chart 2 shows the breakdown of climate FDI in the leading recipients between renewable energy FDI(primarily solar

53、and wind energy,and hydrogen facilities)and all other climate FDI(primarily manufacturing supply chains).In many of the leading destinations for climate FDI,this is almost entirely based on attracting the electricity generation and hydrogen facilities.These types of invest-ment are less competitive

54、across countries(although there is competition for financial capital)being primarily based on the invest-ment projects ready to offer(IPROs)in each country,such as solar and wind auctions.By contrast,Hungary,China,Canada,Mexico and the US are by far the most special-ised countries in non-electricity

55、 generating climate FDI,especially in the manufacturing supply chain.These FDI projects are much more contestable as companies establish global or regional export platforms,and there is much more competition for these mobile investments.Governments have been providing invest-ment incentives for deca

56、des.These subsidies have generally been aligned with the sector and locations priorities and reflect the level of competition to win investments.There is generally less competition to win renewable energy projects focused on electricity genera-tion as they are more supply driven.The competition is m

57、ore about which countries and states can offer a good pipeline of invest-able IPROs for investors.However,given the 8THE fDi REPORT 2023 SECTORSGlobal competition for climate investment heats upHenry LoewendahlCEO,Wavteq GroupCHART 1:GREENFIELD CLIMATE FDI BY TOP 10 DESTINATION COUNTRIES,2021/22Sour

58、ce:fDi Markets Note:Includes estimatesEgyptUKUnited StatesAustraliaSpainItalyBrazilVietnamMoroccoHungaryOthers1101048245382617161513191Capital investment($bn)Market share%16.73%15.90%12.45%6.79%5.82%3.90%2.61%2.41%2.25%2.02%29.13%9THE fDi REPORT 2023 SECTORSglobal imperative to reduce carbon emissio

59、ns reflected in national targets,renewable energy projects are heavily subsidised in many countries.There is more competition for FDI for manufacturing projects in the climate FDI supply chains,such as the production of cleantech equipment.While these projects tend to gravitate close to the renewabl

60、e energy electricity generation projects(espe-cially in the wind sector,given the costs of moving large and bulky wind blades,turbines and towers),these projects often receive high subsidies due to the competition to attract global value chains and the large economic development impact these investm

61、ents can be high.According to data from IncentivesFlow,between January and March 2023,the average incentive awarded per job created in three countries(Canada,Spain and the US)that are successfully competing for renewable energy investments and related global value chains was very similar,at around$6

62、0,000 per job far higher than the average incentives awarded in most other sectors.As a percent-age of capital investment,governments in Canada and Spain awarded incentives around 20%of capital investment compared to less than 10%in the US.Mobilising climate FDI:subsidies are not enough The US Infla

63、tion Reduction Act(IRA),and EU and Chinese subsidy programmes that provide tens of billions of dollars for climate related investments are game-changers in accelerat-ing climate FDI and the associated economic development from increased investment.While China and the US are being accused of using be

64、ggar-thy-neighbour policies through unfairly subsidising cleantech indus-tries and thereby shifting investment and global value chains to their countries,there is a much bigger picture that is slowing down carbon emissions and reducing the pace of climate change.Arguably,the subsidies war over clean

65、 FDI is a race to the top rather than a race to the bottom,and the US administra-tion is right in that the EU should offer match-ing subsidies rather than complain about the IRA diverting investment the EU passed its Chips Act on April 19.What the world needs is much more climate FDI.When we look ba

66、ck at the IRA decades from now,we will not see it as unfair trade policy,but a pivotal moment in increas-ing government commitment across the developed world to finance climate FDI and help to slow down the pace of climate change.While the subsidy programmes are welcome news to accelerate climate FD

67、I in the three regions of the world that are responsi-ble for the vast majority of carbon emissions US,Europe and China they are not enough.The regulatory environment has not caught up with the change in policy targets and supporting subsidy frameworks,which is resulting in huge delays for investors

68、 being able to implement their climate FDI projects.At the same time,trade frictions with China have created supply chain bottlenecks.In the US,it can take more than four years to get a renewable energy project hooked up to the grid and there are delays of more than a year for vital components from

69、China.In both the EU and UK,it is taking up to four years to get planning consent for renewable energy projects.The EU does plans to reduce this to two years and the UK to one year.The Energy Transitions Commission esti-mates that the world could miss out on up to 3500 terawatt hours of clean electr

70、icity gener-ation from wind and solar in 2030(a shortfall of more than 20%)if key barriers to wind and solar deployment are not addressed.Governments must prioritise renewable energy projects,streamline permit approvals and enable key components to be imported,or the realisation of renewable energy

71、capac-ity will be too low to hit carbon targets and provide the green energy that electric vehi-cles,batteries,wind and solar components,and hydrogen production need.The challenges to attract and implement climate FDI are further accentuated in devel-oping countries,who not only often lack the zoned

72、 sites and electricity infrastructure to fast-track investment,but also cannot subsi-dise investors as in developed economies.Far more support is also needed for developing countries to attract climate FDI.There is global competition for climate FDI,which is ratcheting up the subsidies being offered

73、 to companies.This is accelerat-ing climate FDI and if governments can make the regulatory changes needed so projects can be implemented much faster,it is still possible for FDI to make a major contribution to slowing down the pace of climate change while at the same time delivering substantial econ

74、omic development benefits.CHART 2:PROPORTION OF CLIMATE FDI 2021/22 THAT IS RENEWABLE ENERGY VERSUS OTHER ACTIVITIES 100%80%60%40%20%0%HungaryChinaCanadaMexicoUSBrazilGlobalSpainIndiaIndonesiaVietnamUKMoroccoAustraliaEgyptItaly Other clean tech Renewable energySource:fDi Markets Note:Includes estima

75、tes10Asia-PacificKey trends in 2022 include:Foreign direct investment(FDI)into the Asia-Pacific(APAC)region grew in 2022,with the region seeing a 65%increase in capital expenditure from 2021,reaching$279.7bn.In the same period,the number of announced FDI projects increased by more than a third to 34

76、75.India was the most attractive destination country in the region by a significant margin,experiencing a 126%increase in the number of announced FDI projects compared to 2021.A total of 994 India-bound projects were recorded in 2022 45%higher than its pre-pandemic performance in 2019.Capital expend

77、iture into India also increased from$16.1bn in 2021 to$75.8bn in 2022,accounting for 27%of the total recorded investment in the APAC region.Major projects into the country included Hon Hai Precision Industrys semiconductor and display complex in the state of Gujarat,India($19.5bn)and Petronass renew

78、able hydrogen energy plant in Mangalore,India($3.8bn).Inbound FDI for China declined further in 2022,with decreases in the number of announced FDI projects numbers(24%),capital expenditure(44%)and job creation(59%).Compared to 2019,the number of projects into China last year was down 60%and capital

79、investment was down 68%.The Philippines experienced the second largest growth among the top 10 destination countries for FDI in APAC by project numbers from 2021 to 2022,second only to India.Project numbers into the Philippines increased by 122%from 2021 to 2022.This strong performance returned the

80、country to its pre-pandemic FDI levels.THE fDi REPORT 2023 ASIA PACIFICSource:fDi MarketsCHINA-24.3%SINGAPOREPHILIPPINESAUSTRALIAHONG KONGMALAYSIAJAPANPERCENTAGE CHANGE ON 2022 BY PROJECT NUMBERSFDI INTO ASIA-PACIFIC BY PROJECT NUMBERS 2022Table 1CountryProjectsIndia994Australia420Singapore384China3

81、14Japan194Vietnam175Malaysia143Philippines131South Korea98Hong Kong98Others524Total3475Source:fDi MarketsVIETNAMSOUTH KOREAINDIA125.9%31.7%9.7%11.5%11.4%45.8%26.6%4.3%122%11THE fDi REPORT 2023 ASIA PACIFICRecent major projectsSouth Korea-based POSCO is to establish a$28bn green hydrogen manufacturin

82、g facility in Australia by 2040.This is part of the companys plans to invest a total of$40bn in Australia with partners by 2040.Within this,$12bn is to be invested in green steel production.UK-based Vedanta Resources and Taiwan-based Hon Hai Precision Industry will invest Rs1.54tn($18.72bn)to build

83、a 63:73 semiconductor and display production complex in the state of Gujarat,India,by 2024.US-based AES Corporation is planning to build a$12bn offshore wind farm off the coast of Binh Thuan province,Vietnam.It is expected to have a capacity of four gigawatts and would potentially double the country

84、s wind power capacity.Bin Zayed International,a subsidiary of UAE-based conglomerate Bin Zayed Group,is to invest$9.6bn to develop its Langkasuka mixed-development in Malaysia.The 2000-acre development will comprise a golf course,villa resort homes,a shopping mall,bazaar,five-star hotel and luxury c

85、ondominiums and is being developed in a 30:70 joint venture with Widad Business Group.FDI OUT OF ASIA-PACIFIC BY CAPITAL INVESTMENT 2022FDI OUT OF ASIA-PACIFIC BY PROJECT NUMBERS 2022Table 2Table 3CountryOutbound$bnSouth Korea75.69Japan43.14India42.00Taiwan40.78China40.10Australia31.75Singapore16.97

86、Hong Kong6.87Vietnam4.68Malaysia4.30Others7.03Total313.31Source:fDi Markets Note:Includes estimatesCountryOutbound projectsIndia490Japan414China371Singapore348Australia330South Korea197Hong Kong158New Zealand51Taiwan47Vietnam28Others158Total2592Source:fDi MarketsChart 1FDI INTO ASIA-PACIFIC BY CAPIT

87、AL INVESTMENT 2022Source:fDi Markets Note:Includes estimatesIndiaAustraliaVietnamMalaysiaChinaSingaporeSouth KoreaThailandTurkmenistanIndonesiaOthers75.8068.6625.8116.6816.5015.7813.018.267.786.9824.47Capital investment($bn)Asia-Pacific market share%27.10%24.55%9.23%5.96%5.90%5.64%4.65%2.95%2.78%2.5

88、0%8.74%KEY TRENDIndia was the most attractive destination country in the region by a significant margin,experiencing a 126%increase in the number of announced FDI projects compared to 2021.An impressive 159 large foreign direct invest-ment(FDI)projects worth at least$1bn were announced globally in 2

89、022,fDi Markets cross-border investment data shows.This is a record-breaking number of mega projects,as they are known.While they represent less than 1%of the 16,000 FDI projects announced worldwide in 2022,they make up for half of the$1tn in capital pledges announced by foreign inves-tors last year

90、,signalling a greater concentra-tion of global FDI in the hands of a limited number of large multinational enterprises(MNEs)with deep pockets and cross-border operations.The US was a major hotspot for mega investment projects last year.Data from fDi Markets shows that the country attracted approxima

91、tely 14%of the mega projects last year 22 deals valued at an estimated$88bn in capital investment.Factoring in fDi Markets figures for inter-state investment,the USs overall number of mega projects grows to 39,and adds$74.5bn in capital investment.A perceived outlier in the data appears as Egypt ran

92、ked as the worlds top destination for mega projects in terms of capital investment in 2022.The country attracted more than$96.8bn in such projects last year,which is close to three times that of its previous record($34.9bn in 2016).Meanwhile,by number of FDI projects,it grew from an average of 3.5 m

93、ega projects per year between 2013 and 2021 to 19 mega investments in 2022,ranking Egypt second only to the US.The renewable energy industry accounted for the largest share(35%)of mega projects in 2022 as the sector witnessed unprecedented year-over-year growth.Renewables also received huge capital

94、pledges in green hydro-gen and wind energy.Amid higher energy prices and supply constraints after Russias war in Ukraine,the number of mega invest-ments in coal,oil and gas grew from four in 2021 to 21 in 2022.Meanwhile,electronic components(includ-ing battery manufacturing);metals(including cathode

95、 material production);automotive original equipment manufacturing(including electric vehicle production);and semiconduc-tors accounted for close to a third of announced mega projects.Subsidy raceThere are multiple factors that contribute to the growing wave of mega projects seen by major world econo

96、mies in 2022.Capital avail-ability is clearly one of them.Although central banks abruptly raised interest rates in 2022,the cost of capital was still historically low in the first half of the year,giving MNEs and their financiers plenty of room to carry out interna-tional expansions.The availability

97、 of private funding,coupled with soaring public support for investment in strategic industries,has triggered an interna-tional subsidies race.The Covid-19 pandemic has accelerated the trend of Western governments bringing back industrial policies to reshore production in strategic sectors,build resi

98、lience and create new jobs.The US has been particularly assertive in introducing new economic policies of the likes of the Chips Act and the Inflation Reduction Act,which put billions of dollars worth of incentives on the table for investors in semiconductors and energy-transition technologies.Facin

99、g the daunting prospect of losing competitiveness,the EU scrambled to intro-duce its own incentives-heavy industrial poli-cies,such as the Green Deal Industrial Plan.Governments across the globe,from Japan and South Korea to India and Mexico have all approved similar plans,effectively triggering a s

100、ubsidy race to the bottom that has upended the financials of reshoring or nearshoring proj-ects that would have been financially unviable only a few years ago.However,such plans have drawn their fair share of criticism.The Inflation Reduction Act has come under fire from several EU officials as it a

101、llegedly disadvantages Europes value proposition and lures more investors to the US in key sectors such as electric vehicles and green hydrogen production.“The EU and US should work together to ensure that our respective incentive programmes are fair and mutually reinforcing and thus drive the green

102、 transition,”Arianna Podesta,the coordinating spokesperson for the EU Commission on economic affairs,tells fDi Intelligence.12THE fDi REPORT 2023 SECTORSThe mounting mega projects wave Jonathan Wildsmith Production manager,fDi MarketsInvestment incentives have become embedded within the lifecycle of

103、 investment projects13THE fDi REPORT 2023 SECTORSInvestment incentives have become embedded within the lifecycle of investment projects as companies increasingly rely on public funds to support mega-projects.Among others,US-based chip producer Intel has seen its Magdeburg mega-fab in Germany delayed

104、,a part of the companys 80bn investment programme in the EU,due to subsidy negotiations off the back of the energy price crisis in Europe.IncentivesFlow,a recently acquired fDi Intelligence database tracking financial incentives awarded to companies for foreign and domestic investment projects,track

105、ed more than 3400 deals last year worldwide,worth approximately$405bn in capital investment with incentives valued at$44.5bn.While the number of deals fell by 98%from 2021 to 2022,capital investment and incentives grew by 29%and 44%respec-tively in the same period,which highlights a more concentrate

106、d market powered by a wave of large-scale projects.More than two-thirds of incentives were announced in the US last year,which was up marginally from 64%in 2021 and 62%in 2020.Hyundai Motor Companys$5.5bn electric vehicle manufacturing plant in Savannah,Georgia received the largest foreign deal wort

107、h$1.8bn while Micron Technology,a semicon-ductor manufacturer,was awarded the largest domestic deal valued at$5.8bn.Green hydrogen boomThe spectacular rise of green hydrogen as a possible key piece in the transition to greener economies also takes credit as a major factor contributing to the mega pr

108、oject wave of 2022.Of the 159 FDI mega projects tracked last year,more than 59%were in green hydrogen production,as well as the manufacturing of electronic components and semiconductors.Total announced greenfield FDI in green hydrogen production stood at 58,for an overall value$153.9bn last year its

109、 highest ever level and approximately four times larger than the$35.9bn tracked in 2021,according to fDi Markets data.More than 90%of capital invested in green hydrogen projects can be attributed to mega-projects.Given that utility-scale,commercially viable green hydrogen technology has yet to prove

110、 the concept,there remains some scepti-cism around green hydrogen and its use cases.The majority of these larger,capital-intensive announcements will spread the capital expen-diture over the next decade,whereas fDi Markets allocates the full investment amount at the time of announcement by the compa

111、ny.This methodology has been used consistently across the 20 year life-span of the fDi Markets database to remove variations in the data.As previously mentioned,Egypts stagger-ing FDI performance in 2022 can be attributed to a host of mega projects.This influx in capital is directly related to 17 gr

112、een hydrogen proj-ects,accounting for 97%of Egypts total inbound capital investment in 2022.In particu-lar,India-based solar energy company Acme Groups$13bn,2.2 billion tonnes per annum green hydrogen plant in Ain Sokhna,part of the Suez Canal Special Economic Zone,as well as Australian mining giant

113、 Fortescues green energy arm Fortescue Future Industries(FFI)which has pledged up to$10bn until 2030.The states contribution to FFIs plans ranges between$500m and$630m.The wave of mega projects has another distinctive feature:it is powered mostly by large MNEs,which inevitably have more resources to

114、 allocate to such endeavours than small and medium-sized enterprises and have the soft and hard infrastructure in place to pull them off.Overall,MNEs made up 54%of capital expenditure in mega-projects and 62%of mega FDI project numbers.Since the pandemic,these larger MNEs have tightened their grip o

115、n global FDI flows,controlling a larger proportion of FDI.So far,they have talked the talk by announcing bold plans the world over.Now is the time for them to walk the walk.2013201420152016201720182019202020212022 Renewable energy Electronic components Automotive OEM Coal,oil&gas Metals Semiconducto

116、rs Other150100500Number of FDI projectsSource:fDi MarketsTHE MOUNTING MEGA PROJECTS WAVE:THE NUMBER OF ANNOUNCED FDI PROJECTS WORTH AT LEAST$1BN BY SECTOR,2013-2022FRANCEBELGIUMPORTUGAL-35.5%GERMANYSPAINPOLANDTURKEYIRELANDSource:fDi MarketsNote:Data on Germany is incompletePERCENTAGE CHANGE ON 2022

117、BY PROJECT NUMBERS14EuropeKey trends in 2022 include:The number of foreign direct investment(FDI)projects into Europe remained stable in 2022,seeing a rise of less than 1%.The region also saw a 22%increase in capital investment to$341.6bn between 2021 and 2022.Europe experienced a 4%decrease in job

118、creation in the same year.Capital investment and job creation in western Europe saw increases of 32%and 7.4%respectively from 2021 to 2022,reaching a value of$279.5bn and more than 383,000 jobs created.Project numbers into the region remained stable,with a 1.3%decrease from the previous year,as 5250

119、 investments were recorded in 2022.Emerging Europes proportion of inbound FDI projects(relative to western Europe)increased marginally,from 22%in 2021 to 23%in 2022.Despite this,the value of capital investment and job creation fell by 7.7%and 18%respectively.The UK was the leading destination countr

120、y in Europe,attracting 1119 announced FDI projects worth an estimated$101.2bn.The renewable energy market made up$72.5bn of the total investment,with the sector accounting for 13 out of 15 mega investments(projects worth more than$1bn)into the country with a surge following ScotWind,a leasing round

121、that enabled developers to bid for blocks of Scotlands seabed to use for commercial-scale offshore wind projects.THE fDi REPORT 2023 EUROPEFDI INTO EUROPE BY PROJECT NUMBERS 2022Table 115.1%16%1.6%3.3%2.5%79.1%22.9%NETHERLANDS2.7%UK13%CountryProjectsUK1119Germany820Spain702France536Poland493Netherla

122、nds306Ireland305Belgium252Turkey252Portugal240Others1812Total6837Source:fDi Markets15THE fDi REPORT 2023 EUROPERecent major projectsChina-based Contemporary Amperex Technology(CATL),which develops lithium-ion batteries for electric vehicles(EVs)and energy storage systems,has announced that it will i

123、nvest 7.34bn to build a 100 gigawatt hour(GWh)battery plant in Debrecen,Hungary.Covering an area of 2.21 million square metres in the Southern Industrial Park of Debrecen,the plant will supply both cells and modules to automakers in Europe.Sweden-based Northvolt is to build its new 60GWh lithium-ion

124、 battery manufacturing plant in Heide,Germany.The 4bn gigafactory,Northvolt Drei,is to employ 3000 people and will produce its first batteries for EVs in late 2025,serving markets in Europe.France-based TotalEnergies,an international energy conglomerate,has announced it will partner with locally-bas

125、ed Green Investment Group and RIDG to develop a 2GW offshore wind farm project in Scotland.The project is located 30km off the west coast of Orkney and is expected to be operational by 2030.The development will see an investment of more than 4bn and is expected to deliver energy to a hydrogen produc

126、tion facility in Orkney.FDI OUT OF EUROPE BY CAPITAL INVESTMENT 2022FDI OUT OF EUROPE BY PROJECT NUMBERS 2022Table 2Table 3CountryOutbound$bnUK91.13France76.87Germany62.43Italy31.53Denmark24.71Netherlands24.46Spain23.93Switzerland20.49Portugal16.83Luxembourg15.24Others83.25Total470.89Source:fDi Mark

127、ets Note:Includes estimatesCountryOutbound projectsUK1874Germany1177France895Switzerland672Netherlands514Spain364Sweden333Italy281Denmark262Belgium233Others1558Total8163Source:fDi MarketsChart 1FDI INTO EUROPE BY CAPITAL INVESTMENT 2022Source:fDi Markets Note:Includes estimatesUKSpainIrelandItalyGer

128、manyFrancePolandHungaryNetherlandsRomaniaOthers101.2142.3825.1824.0721.6718.8817.3412.378.828.4161.21Capital investment($bn)Europe market share%29.64%12.41%7.37%7.05%6.34%5.53%5.08%3.62%2.58%2.46%17.92%KEY TREND$101.2bnThe UK was the leading destination country in Europe,attracting 1119 announced FD

129、I projects worth an estimated$101.2bn.Replace illustration Over the course of 2021,annual sales of elec-tric vehicles(EVs)doubled to a new record of 6.6 million.While just 120,000 EVs were sold worldwide in 2012,more than 120,000 EVs were sold each week in 2021 according to the International Energy

130、Agency.Cross-border investment monitor fDi Markets has recorded a marked increase in the number of announced foreign direct invest-ment(FDI)projects in the EV business.Despite a lull in investments during the first year of the Covid-19 pandemic,investment into these technologies have continued to in

131、crease since 2016,both in terms of project number and value.A total 281 FDI projects were recorded in 2022 with a cumulative value of$93.7bn more than 1.5 times higher than in 2021 and nearly three times the capital investment announced in 2019.Manufacturing projects accounted for 96%of the capital

132、investment and 54%of the announced FDI projects in 2022.Some 45 announcements were made in research and development activities,at a total investment of$2.1bn.Within that,several mega investments(those worth$1bn or more)were announced.Tesla Motors was by far the most active inves-tor in the area,with

133、 59 FDI projects announced since 2016,including three big-ticket overseas gigafactories:Shanghai,Brandenburg and Monterrey.While 2021 was a peak for Tesla,other automotive firms both established and start-up companies announced their high-est number of EV projects during 2022.Vietnams new EV firm Vi

134、ngroup announced more than$4.5bn in FDI projects in 2022 and traditional automakers such as Volkswagen,Daimler,BMW,Hyundai and Ford ramped up investments in EVs with a combined$25.1bn invested in 2022 alone.As the cost of fuel continues to rise and the price gap between EVs and conventional cars dec

135、reases,EVs and hybrid vehicles are becoming an increasingly attractive choice for consumers.However,there are several factors that are throttling uptake,including primarily their range.For EVs to be embraced in any significant way,the issue of how far they can travel between charges requires urgent

136、investment and innovation.While the range of these vehicles is increasing,wider access to charging points is needed to make charging EVs as easy as refu-elling internal combustion vehicles.McKinsey estimates that the EU 27 will need at least 3.4 million operational public charging points by 2030 to

137、reach the target of becoming carbon-neutral by 2050 and to meet antici-pated public demand.Alongside this,exten-sive energy grid upgrades will be required to distribute power to these new points.In all,McKinsey estimates this build-out of EV-charging infrastructure will cost more than 240bn by 2030.

138、Access to critical materials poses a riskBattery innovations have driven up the aver-age range of EVs from 127km in 2010 to 349km in 2021,according to IAE data.Despite the battery supply chain being fraught with critical material insecurity,suppliers appear to be making strategic early investments t

139、o ensure new factories are at nameplate capac-ity in time to meet the moment.fDi Markets has recorded an equally steep 16THE fDi REPORT 2023 SECTORSElectric vehicle FDI acceleratesA total of 281 FDI projects were recorded in 2022 with a cumulative value of$93.7bnGeraldine EwingHead,fDi Markets17THE

140、fDi REPORT 2023 SECTORSincrease in the number of FDI projects tagged as part of the battery supply chain since 2016,as manufacturers are investing with future EV requirements in mind.When looking at only those projects serving the transport equip-ment cluster,we can see that investments totalling an

141、 estimated$79.3bn were announced in 2022,compared to just$22.1bn in 2019.This boost in capital investment was supported by mega investments in the batter-ies subsector;however,the volume of projects announced in the sector in 2022 also increased by 48%to 157 announcements.Because an EV battery can a

142、ccount for as much as 40%of the cars cost and because the leading five battery makers hold an estimated 80%of the global market share according to Goldman Sachs research,battery supply chain constraints appear to have the most potential to slow growth in EV uptake as pricing power has shifted to the

143、 battery makers and limits profitability for automakers.Investment outlookThere is an uncertain outlook for EVs in the near-term,but companies appear undeterred and continue to invest in electrification,spurred on by mounting incentives and policy support from the Inflation Reduction Act in the US t

144、o the EUs Green Deal Industrial Plan.This pressure has brought about advances in electrifying light commercial vehicles(LCVs)fleets globally.LCVs are particularly ripe for investment as many are used for urban deliv-ery and since LCV fleets are driven intensively,often operate on predictable routes

145、and can be charged at commercial depots.Electric medium-and heavy-duty truck sales totalled more than 14,200 in 2021,which represents less than 0.3%of the total number of registrations for such vehicles worldwide and as such,this segment has growth potential particularly in the electric bus space.Th

146、e EUs Clean Vehicles Directive has led to national targets to transition to public procure-ment of only zero-emission buses,and this will no doubt increase uptake.fDi Markets investor signals database,which monitors early indications by compa-nies considering future investment in foreign markets,has

147、 recorded notable announce-ments from firms aiming to tap this potential in 2022.In the LCV space,Saic Maxus Automotive,announced an ambitious strategy aiming to become the largest supplier in Europe,while UK-based truck firm Teeva Motors raised$54m to fund its North American and European expansion

148、plan.Supporting technologies are also in receipt of funding for the implementation of existing technologies.Germany-based Chargd,an EV charging plat-form that connects vehicles of any type and chargers,and US-based Loop Global,a charging infrastructure company,each announced funding and access to ne

149、w resources in 2022.The climate for EVs is not without its chal-lenges;however,there are no signs that demand from consumers will wane,and strong support exists from governmental organisa-tions,so it is likely that investments in this space will continue to grow.Implications of the Inflation Reducti

150、on Act in the US as well as similar policies across the world do leave ques-tions on how countries will compete for the market share in this lucrative industry.FDI IN ELECTRIC MOBILITY ACCELERATES:FDI PROJECTS UNDER THE ELECTRIC VEHICLES TAG BETWEEN 2016 AND 2022BATTERY SUPPLY CHAIN FOR EVS IN GROWT

151、H:FDI PROJECTS TAGGED BATTERY SUPPLY CHAIN IN THE TRANSPORT EQUIPMENT CLUSTER 2016-2022Source:fDi Markets *Includes estimates EV Projects EV CapexSource:fDi Markets *Includes estimates EV Projects EV Capex2022202120202019201820172016Year0100908070605040302010Capital Investment(US$bn)*300200100806028

152、0260240220180160140120No.of FDI Projects7.412.430.131.622.637.293.72022202120202019201820172016Year0908070605040302010Capital Investment(US$bn)*1009080706050403020160150140130120110No.of FDI Projects2.15.315.622.116.830.579.3CALIFORNIANEW YORKONTARIOTEXASNORTH CAROLINA-32.9%FLORIDAGEORGIA43.5%37.1%2

153、0.9%28.3%0.00%13.2%17.3%27.7%14.3%ILLINOISQUEBECMASSACHUSETTS18THE fDi REPORT 2023 NORTH AMERICANorth AmericaKey trends in 2022 include:In 2022 the total number of foreign direct investment(FDI)projects into North America rose to 2330 an increase of 19%and 26%compared to 2021 and 2020,respectively.T

154、he region also witnessed a 59%increase in capital investment from 2019 figures,reaching$178.1bn in 2022.Additionally,inbound projects supported the creation of more than 241,100 jobs,the largest figure for the region since records began in 2003.The US retained its position as the top destination cou

155、ntry in North America,in terms of project numbers,capital investment and job creation.The US received an estimated$158.1bn in inbound capital investment an increase of 73%compared to 2021 and an increase of 59%from 2019 suggesting a strong bounce back from the pandemic lows.The USs strong capital in

156、vestment increase last year can be traced back to a substantial increase in the average project size in terms of capital investment.The average capital investment per project rose to$80.4m in 2022.This is in comparison to an average project investment of$51.5m in 2019 and$56.8m in 2021,demonstrating

157、 a higher yield of investment per project in 2022.The increase is largely explained by the 22 mega-investment projects(projects worth more than$1bn)announced in the country.The amount of FDI into Canada has remained steady throughout 2022.The country saw a 2.6%increase in the number of projects comp

158、ared to 2021.The amount of capital investment into Canada was just shy of$20bn in 2022;while this represents a 4.6%decrease from 2021,capital investment into Canada saw double-digit growth between 2019 and 2021.FDI INTO NORTH AMERICA BY PROJECT NUMBERS 2022Table 1PERCENTAGE CHANGE ON 2022 BY PROJECT

159、 NUMBERSSource:fDi MarketsStateProjectsNew York231Texas229California197Ontario175Florida155Massachusetts77North Carolina68Illinois64Georgia63Quebec53Others1018Total2330Source:fDi Markets19THE fDi REPORT 2023 NORTH AMERICARecent major projectsTaiwan-based Taiwan Semiconductor Manufacturing is to esta

160、blish a second semiconductor manufacturing plant in the US state of Arizona.In 2020,the company committed$12bn to a chip plant in Arizona which is set to open in 2024.In November 2022,it announced plans for a second site that will manufacture more advanced three nanometre chips,starting in 2026.The

161、overall investment for both sites is$40bn.South Korea-based Hyundai Motor has announced that it plans to open an electric vehicle and battery manufacturing facility in the US state of Georgia.The company will invest$5.5bn in the Hyundai Motor Group Metaplant America which is expected to create 8100

162、new jobs.Shell,a subsidiary of Netherlands-based Royal Dutch Shell,has partnered with Norway-based Equinor to develop the Sparta project in the US Gulf of Mexico.The deep-water oil field development project is expected to garner an investment of close to$4.3bn.Panasonic Energy,a provider of battery

163、technology-based products and solutions which operates as a subsidiary of Japan-based industry conglomerate Panasonic,is to build a$4bn battery plant in the US.FDI OUT OF NORTH AMERICA BY CAPITAL INVESTMENT 2022FDI OUT OF NORTH AMERICA BY PROJECT NUMBERS 2022Table 2Table 3CountryOutbound$bnCaliforni

164、a47.35Texas35.08Washington22.70New York22.04Ontario16.44Virginia16.20Massachusetts6.99British Columbia6.75Pennsylvania6.23Connecticut6.07Others48.79Total234.64Source:fDi Markets Note:Includes estimatesCountryOutbound projectsCalifornia988New York573Texas259Ontario226Massachusetts222Washington173Illi

165、nois172Florida142New Jersey120Quebec110Others1117Total4102Source:fDi MarketsChart 1FDI INTO NORTH AMERICA BY CAPITAL INVESTMENT 2022Source:fDi Markets Note:Includes estimatesArizonaGeorgiaTexasOntarioCaliforniaNorth CarolinaOhioTennesseeMichiganKansasOthers31.9316.2615.9611.868.516.236.025.335.184.5

166、766.26Capital investment($bn)North America market share%17.93%9.13%8.96%6.66%4.78%3.50%3.38%2.99%2.91%2.56%37.20%KEY TRENDThe US retained its position as the top destination country in North America,in terms of project numbers,capital investment and job creation.The Ukraine war sent shockwaves throu

167、gh the global energy market.As Russia weap-onised its gas supplies to Europe,Western governments abruptly woke up to the risk of depending on Russian imports for their domestic energy security.Western oil majors were also caught in the crossfire,after sink-ing dozens of billions of dollars into the

168、development of Russian oil and gas reserves.The fate of those assets still hangs in the balance as the war continues and divestment mechanics remain uncertain.What is certain is the swift mobilisation of capital and resources to plug the hole left by demised Russian ventures,and serve the new geopo-

169、litical mantra of pivoting energy supplies away from Russia.After years of subdued activity,cross-bor-der investment into new coal,oil and gas ventures spiked.The sector ranked second globally by capital investment in 2022,with an estimated$104.8bn of projects announced.Capital investment growth fro

170、m 2021 was also the highest of any sector,as fDi Markets noted a 538%increase.Additionally,project growth was the second-highest of any sector,with a 67%increase recorded.This growth follows a record low performance between 2020 and 2021,despite the 2022 energy crisis.The conflict in Ukraine is a ma

171、jor part of the transforming global energy map.As recorded by fDi Markets,eastern Europes share of coal,oil and gas capital investment fell by almost 44%between 2021 and 2022.Other regions benefited strongly from this:Qatar,for example,attracted its highest level of coal,oil and gas foreign direct i

172、nvestment(FDI)since 2009,drawing in more than$28bn.This makes the Middle East the top destination region for coal,oil and gas FDI in 2022,when measured by estimated capital investment.Qatars inflows are attributable to projects like the Ras Laffan liquified natu-ral gas site,in which France-based To

173、tal Energies is investing$3.5bn.The develop-ment forms part of the companys efforts to compensate for its withdrawal from Ukraine following the invasion.Jim Burkhard,head of research for oil markets,energy and mobility at S&P Global Commodity Insights,says that,as a result of the war,a“true global m

174、arket doesnt exist anymore”.The US has been pivotal in creating this redefined global market,which exported a record 11.1 million barrels of crude oil and refined products per day during the third week of February 2023 more than the total output of either Saudi Arabia or Russia,and up from nine mill

175、ion barrels per day at the same point in 2022.Santos,an Australia-based oil and gas producer,announced plans in August 2022 to develop the Pikka oil project on the North Slope in the US state of Alaska.The$2.6bn joint venture,which seeks to create more than 500 jobs,forms part of a company plan to d

176、iversify oil sources away from Russia,in light of the war.Elsewhere in the US,Shell announced the$4.3bn Sparta project in the Gulf of Mexico,obtaining the project rights in June 2022.Shell,which generated its highest profits in 15 years in 2022,devoted more than$13bn of capital investment to coal,oi

177、l and gas FDI ventures globally during 2022,the highest invested sectorally by the company since 2018.The US ranked second globally in 2022 for its attraction of coal,oil and gas projects,and came third for related capital investment flows,with inbound ventures worth an esti-mated$11.2bn.Although th

178、e levels of capital investment fall well short of those obtained in 2019,when more than$23bn was invested,it was still the second-strongest year for the US coal,oil and gas market since 2011.This market forms a major part of the North America region,which increased its global share of coal,oil and g

179、as capital investment by almost 10%between 2021 and 2022,the third-highest share obtained since 2013.In comparison,renewables FDI into the US fell to its lowest level since 2017,as the number of projects dropped from 58 to 44 between 2021 and 2022.Capital investment also levelled down,to an estimate

180、d$8.1bn the lowest recorded by fDi Markets since 2018.Other players are adopting significant roles in redrawing the global energy map.For exam-ple,Guyana emerged as an alternative energy 20THE fDi REPORT 2023 ENERGY INVESTMENT MAPUkraine war redraws energy investment map Joshua Crawford,Production m

181、anager,fDi MarketsAfter years of subdued activity,cross-borderinvestment into new coal,oil and gas ventures spiked21THE fDi REPORT 2023 ENERGY INVESTMENT MAPsupplier during 2022 in light of the Ukraine conflict,increasing its oil exports by 164%.The country also attracted more than$13bn of capital i

182、nvestment from US-based Exxon Mobil in 2022,with the announcements of the Yellowtail joint venture and Uaru ultra-deepwa-ter oilfield.Guyana is receptive to these energy invest-ments.President Bharrat Jagdeo says the country is in a“mad rush”,trying to diversify its oil supply and secure new sources

183、 of reve-nue within this window.The auctioning of new offshore exploration blocks is set to keep driv-ing the local market,attracting potential inves-tors like Shell,Petrobras and Chevron.Among other motivations,it is hoped the introduction of new players will lessen the dominance of Exxon Mobil-led

184、 consortiums and diversify the investment field.Guyana is one of the stand-outs of the Latin America and Caribbean region,which increased its market share of coal,oil and gas capital investment by more than 7%between 2021 and 2022,with the region receiving almost one-quarter of global investment flo

185、ws.Last year,in large part due to the Ukraine conflict,was marred with unpredictability across global sectors.Despite this,the coal,oil and gas FDI industry achieved growth,with other world regions benefiting from eastern Europes demise.The growth of the industry in 2022,the scale of sectoral invest

186、ments,and the regulatory environments of major econo-mies on a redrawn map,like the US,in addition to smaller players like Guyana,suggest coal,oil and gas FDI will continue to perform strongly,regardless of renewable energy developments and global events.Source:fDi Markets *Includes estimatesREDRAWI

187、NG THE FOSSIL FUEL INVESTMENT MAP:THE PROPORTION OF CAPITAL INVESTMENT*IN COAL,OIL AND GAS BY TOP 10 DESTINATION COUNTRIES,2017-2022($BN)Egypt$30bnGhana$7.9bnVietnam$4.6bnTurkey$4.0bnOthers$61.7bnIndonesia$1.9bnKenya$2.0bnIraq$2.4bnMozambique$2.4bn2017Singapore$2.6bnUS$3.9bnRussia$5.8bnGabon$2.1bnMo

188、zambique$2.0bnKenya$1.4bnOthers$15.0bnPoland$0.4bnMexico$0.5bnUkraine$0.5bnLithuania$0.7bn2021Brazil$0.8bnColombia$0.9bnCanada$30.1bnSaudi Arabia$11.2bnMexico$8.4bnIndia$7.9bnTurkey$7.5bnOthers$91.2bnIraq$4.6bnBangladesh$4.7bnMalaysia$4.8bnLibya$5.6bn2018Vietnam$6.3bnQatar$28.8bnGuyana$13.5bnUS$11.5

189、bnMexico$8.7bnOthers$93.3bnMozambique$1.0bnAustralia$2.8bnLibya$6.0bnUganda$6.5bn2022South Korea$7.0bnTurkmenistan$7.5bnSri Lanka$24.0bnUS$23.0bnVietnam$18.7bnRussia$11.4bnOthers$100bnPhilippines$2.1bnNigeria$2.3bnMyanmar$3.2bnGuyana$4.8bn2019Bangladesh$5.2bnBrazil$5.3bnBrunei$13.7bnGuyana$9.0bnAust

190、ralia$6.4bnOman$4.2bnOthers$49.4bnArgentina$1.5bnUzbekistan$2.2bnAngola$2.3bnBrazil$2.7bn2020Myanmar$3.4bnVietnam$4.0bnUAESOUTH AFRICASAUDI ARABIAISRAELKENYAOMANQATARNIGERIAEGYPTMOROCCO-5.2%Source:fDi Markets22THE fDi REPORT 2023 MIDDLE EAST AND AFRICAMiddle East and AfricaPERCENTAGE CHANGE ON 2022

191、BY PROJECT NUMBERSFDI INTO MIDDLE EAST AND AFRICA BY PROJECT NUMBERS 2022Table 1Key trends in 2022 include:Foreign direct investment(FDI)into the Middle East and Africa(MEA)increased in 2022,with the number of announced FDI projects increasing by 54%to 2131 since 2021.Capital investment into the reg

192、ion also rose by 234%over the period,reaching$261.2bn.Regionally,the number of FDI projects destined for the Middle East increased from 870 in 2021 to 1397 in 2022.This represents a growth of 61%on 2021 and a market share of 8.7%of FDI projects globally.The number of announced FDI projects into Afri

193、ca rose from 517 projects in 2021 to 734 in 2022.While project numbers have decreased by 30%since 2019,capital investment into Africa was more than 2.5-times higher in 2022 than it was in 2019.The UAE has retained its position as the top destination for projects in the region in 2022.A total 879 pro

194、jects were announced,marking a 71%increase from 2021.The UAE also accounted for 41%of FDI projects across the MEA and 15%of jobs created in the region.The number of FDI projects into Egypt rose by more than 150%to 148 in 2022,representing an estimated capital investment of$107bn.This represents a 41

195、%market share in the MEA region and ranks it as the top destination country for capital-intensive FDI in the region,and second globally in 2022.This growth is fuelled by several mega projects being announced in renewable hydrogen.CountryProjectsUAE879Saudi Arabia216South Africa157Egypt148Qatar135Isr

196、ael73Morocco71Kenya63Nigeria49Oman35Others305Total2131Source:fDi Markets36.5%90.9%57%66.7%71%67.4%155.2%42%16.7%23THE fDi REPORT 2023 MIDDLE EAST AND AFRICARecent major projectsUAE-based URB,a developer of sustainable cities,is to invest$20bn to develop a new self-sufficient city in the eastern regi

197、on of South Africa.The residential hub will have 40,000 units allocated across 12 residential districts.The city is expected to house 150,000 residents.Covering 1700 hectares,the net-zero smart city will have mixed-use hubs.India-based Acme Group is to construct a$13bn green hydrogen plant in Ain So

198、khna,Egypt,part of the Suez Canal Special Economic Zone.The plant,to be built over 4.5 million square meters(sq m),will produce 2.2 billion tonnes of green hydrogen annually.UK-based Globeleq Generation intends to build a 3.6-gigawatt(GW)hydrogen production hub within the Suez Canal Economic Zone in

199、 Egypt.The hub is to be powered by 9GW of wind and solar capacity within the zone.The$11bn green fuel production plant will be located on an area of 10 million sq m and have a production capacity of two million tonnes annually.FDI OUT OF MIDDLE EAST AND AFRICA BY CAPITAL INVESTMENT 2022FDI OUT OF MI

200、DDLE EAST AND AFRICA BY PROJECT NUMBERS 2022Table 2Table 3CountryOutbound$bnUAE84.00Saudi Arabia21.78Israel9.31South Africa1.67Qatar1.15Mauritius1.15Oman0.69Nigeria0.63Burundi0.53Kenya0.47Others2.04Total123.42Source:fDi Markets Note:Includes estimatesCountryOutbound projectsUAE272Israel192Saudi Arab

201、ia62South Africa47Nigeria39Egypt33Mauritius21Kenya21Qatar17Kuwait17Others102Total823Source:fDi MarketsNote:Includes estimatesChart 1FDI INTO MIDDLE EAST AND AFRICA BY CAPITAL INVESTMENT 2022Source:fDi Markets Note:Includes estimatesEgyptQatarSouth AfricaMoroccoSaudi ArabiaUAEUgandaOmanLibyaZimbabweO

202、thers107.0029.7826.7615.3113.0510.4510.209.796.365.2127.28Capital investment($bn)Middle East and Africa market share%40.97%11.40%10.24%5.86%5.00%4.00%3.90%3.75%2.44%1.99%10.44%KEY TRENDThe number of FDI projects into Egypt rose by more than 150%to 148 in 2022,representing an estimated capital invest

203、ment of$107bn.Global demand for lithium-ion batteries is expected to soar in the coming years due to the electrification of mobility and the broader energy transition.Forecasts about the battery capacity needed are staggering.McKinsey esti-mates that the amount of gigawatt-hours(GWh)of lithium batte

204、ries needed will increase by more than six times:from 700 GWh in 2022 to around 4.7 terawatt-hours by 2030.More than 90%of that demand will come from mobility applications such as electric vehicles(EVs).Battery manufacturers,and the automakers they plan to supply,are in a rush to secure a steady sup

205、ply of the raw materials and equipment needed to meet production demands and serve this growing market.But there is a massive disconnect in time and action within the supply chain.An imbalance between huge investment into downstream battery and EV manufactur-ing compared with much lower capital expe

206、n-diture into battery metals and mineral extraction risks upending the EV revolution.By consequence,the barriers to reaching electrifi-cation targets risk slowing the whole energy transition.In 2022,foreign investors announced EV manufacturing projects worth more than$92bn,according to fDi Markets.B

207、y compari-son,only$14.6bn was pledged to greenfield foreign direct investment(FDI)mining projects across all minerals and metals.This much smaller figure also includes investments into raw materials such as lithium,nickel and cobalt needed for EV batteries and other components.The capital expenditur

208、e(capex)difference has widened significantly in recent years,but it is nothing new.FDI pledges in EV manufactur-ing have been higher than those in metal extraction projects every year since 2016,according to fDi Markets.This massive capex split is partially a result of large-scale advanced manufactu

209、ring opera-tions typically needing more capital invest-ment than relatively small extraction projects.But there are other fundamentals driving the challenges facing the EV revolution.While mining projects can take up to 20 years to start production after a deposit is discovered,downstream battery pr

210、oduction operations can take as little as three years to start production.Caspar Rawles,chief data officer at Benchmark Mineral Intelligence,an EV supply chain specialist,describes this imbalance in lead times of projects as“the great raw mate-rial disconnect”,noting that the deficit in markets for

211、commodities like lithium will continue until new raw material operations come online.A lot of downstream investment is also done by cell manufacturers and automakers who are big enough to raise significant capital and invest off their balance sheet.“Those companies can make the decision to find a pl

212、ot of land and get a plant built,”says Mr Rawles.“But when it comes to raw material supply,it takes a lot longer.”Buoyed by generous incentive packages from the US,EU and other jurisdictions,auto-makers and battery manufacturers have part-nered up and set out major expansion plans.In 2022,a whopping

213、 26 mega projects(invest-ments with at least$1bn of capital pledged)were announced in battery and EV manufactur-ing,compared with four into extraction projects.These mega manufacturing projects have proliferated globally.South Koreas Hyundai is investing$5.5bn into a battery and EV complex in the US

214、 state of Georgia.In Hungary,Chinas CATL is set to invest$7.49bn to build Europes largest gigafactory,which will have capacity to produce 100GWh of batteries once fully opera-tional.Taiwans Foxconn will invest$8bn into a factory in Indonesia,which will produce battery cells,cathode precursors and EV

215、s.Meanwhile,Swedish battery start-up Northvolt is set to plough$4.25bn into a 60GWh gigafac-tory in Heide,Germany.Despite the emphasis placed on the impor-tance of minerals needed to supply all these vast factories and to meet global climate targets,mining companies are not investing anywhere near a

216、s much as they should.Exploration spending on non-ferrous 24THE fDi REPORT 2023 SECTORSThe EV dichotomy:investment into manufacturing far exceeds that into raw material extractionAlex Irwin-HuntGlobal markets editor,fDi Intelligence25THE fDi REPORT 2023 SECTORSmetals stood at$11.2bn in 2021,roughly

217、half the level seen in 2012,according to S&P Global.More than half of that spending went towards gold,rather than critical metals needed for EV batteries;just 21%went towards copper a widely used material in green technologies,including EVs,charging infrastructure,wind turbines and solar photovoltai

218、cs.The critical need for copper in the energy transition has created a huge market opportunity.Global copper demand is expected to grow from 25 million metric tonnes(MMT)today to 35 MMT by 2035,according to S&P Global,with supply falling short by nine MMT.Meeting this demand will need“significant in

219、vestment across the whole value chain”,but mining permitting processes need to be sped up in Europe and the Americas,notes Roland Harings,the CEO of Aurubis,Europes largest copper producer.The protectionist nature of government support throws another spanner in the works.The US Inflation Reduction A

220、ct,a bill with$369bn worth of incentives to support domes-tic EV production,renewables and critical minerals,is a case in point.Automakers can only claim EV tax credits if 40%of the critical minerals contained in their batteries are extracted or processed in the US.While this is in response to China

221、s dominance across most critical mineral supply chains,from extraction through to processing,this regionalisation contravenes global needs.Phoebe OHara,an analyst at Fitch Solutions,agrees that governments could do more to support mining projects,many of which have been halted in the US and Europe d

222、ue to regulatory and environmental,social and governance(ESG)barriers.An example of this was seen in Serbia in early 2022,where Rio Tintos planned$2bn lithium mining plant was blocked due to local protests and political opposition.“Government will need to decide whether they can offset some ESG conc

223、erns with the belief that increasing EV production is for the greater good of the energy transition,”says Ms OHara.Mr Harings says there needs to be a shift in public perception towards“better in my back-yard”thinking and a speeding up of mining permitting processes in Europe and the Americas to mor

224、e quickly scale up primary production of metals such as lithium and copper.Several major automakers,including Germanys Volkswagen,are actively partnering with mining companies to directly source raw materials and investing further up the EV supply chains.Many are also exploring alterna-tive battery

225、chemistries,which use different concentrations of metals like lithium and cobalt,to help accelerate their electrification plans and minimise their exposure to issues in the supply chain.US carmaker Ford is a case in point.It will invest$4.5bn to advance sustainable nickel production in Indonesia as

226、part of a deal signed with nickel miner Vale Indonesia and Chinas Zhejiang Huayou Cobalt.The Pomala Block HPAL Project,located in the southwest of the Indonesian island of Sulawesi,will produce up to 120 kilotons of contained nickel per year in the form of mixed hydroxide precipitate.It is expected

227、to start commercial operations in 2026.THE GREAT RESOURCE IMBALANCE:FOREIGN DIRECT INVESTMENT INTO UPSTREAM AND MIDSTREAM OF EV SUPPLY CHAIN,2016-2022EV manufacturing includes greenfield FDI projects tracked in electronic component,automotive component and original equipment manufacturer(OEM)sectors

228、.Metals and mineral extraction shows tracked greenfield FDI mining projects across all minerals and metals,including those needed for EV batteries and other components.Source:fDi Markets *Includes estimates2022202120202019201820172016$0bn$100bn$90bn$80bn$70bn$60bn$50bn$40bn$30bn$20bn$10bnEV manufact

229、uringMetals and mineral extractionBRAZILMEXICOARGENTINAURUGUAYCOLOMBIACHILEPERUGUATEMALA-23.3%-34.4%DOMINICAN REPUBLICCOSTA RICASource:fDi Markets26THE fDi REPORT 2023 LATIN AMERICA AND THE CARIBBEANFDI INTO LATIN AMERICA AND THE CARIBBEAN BY PROJECT NUMBERS 2022Table 1PERCENTAGE CHANGE ON 2022 BY P

230、ROJECT NUMBERSLatin America and the CaribbeanKey trends in 2022 include:Foreign direct investment(FDI)into Latin America(Latam)grew in 2022,as project numbers,capital expenditure and job creation increased by 13%,50%and 29%,respectively over the course of the year.During the period,the number of FDI

231、 projects rose from 1119 to 1267,capital expenditure grew from$63.2bn to$95bn and total jobs created went from more than 234,000 to more than 302,000.However,last years regional figures remain lower than levels recorded in 2019.Mexico was a key driver of Latams growth,ranking as the top destination

232、for projects,capital expenditure and job creation.A total of 433 projects landed in Mexico,constituting more than a third of all FDI projects in the region and a 27%increase compared to 2021.The country also received an estimated$35.6bn in capital expenditure,more than double the amount it received

233、in 2021.Brazil was the second-most attractive destination country in Latin America,with 231 projects,$17.8bn in capital expenditure and more than 33,000 new jobs created by foreign companies.Conversely,while Brazil received the second-highest amount of capital expenditure and saw a 32%increase in pr

234、ojects compared to 2021,its total inbound capital expenditure decreased by 22%over the same period.CountryProjectsMexico433Brazil231Costa Rica147Colombia135Chile80Argentina63Peru33Dominican Republic29Uruguay24Guatemala16Others76Total1267Source:fDi Markets32%123.1%5%26.6%60%7.1%33.3%9.6%27THE fDi REP

235、ORT 2023 LATIN AMERICA AND THE CARIBBEANRecent major projectsUS-based petrochemical company ExxonMobil has announced plans to invest$10bn in its Yellowtail development and$3.5bn in its Uaru development offshore Guyana.Australia-based Woodside Energy,an independent energy company,is to invest$4.5bn t

236、o develop an ultra-deep water Trion oilfield offshore Mexico.Celulosa Arauco y Constitucion,a wood pulp producer and a subsidiary of Chile-based Empresas Copec,is investing$3bn to open a new pulp mill in Mato Grosso do Sul,Brazil.The facility will have an annual capacity of 2.5 million tonnes.Constr

237、uction is expected to begin in 2025 and the factory is set to open in the first quarter of 2028.Compania Cervecerias Unidas,a subsidiary of Netherlands-based Heineken,is investing$2.7bn to increase the production and packaging capacity at its manufacturing plant in Lujn,Argentina.The funds will also

238、 go towards innovation operations at the site.This is in addition to a$4.5bn investment at the site announced in 2020.FDI OUT OF LATIN AMERICA AND THE CARIBBEAN BY CAPITAL INVESTMENT 2022FDI OUT OF LATIN AMERICA AND THE CARIBBEAN BY PROJECT NUMBERS 2022Table 2Table 3CountryOutbound$bnMexico3.79Chile

239、3.41Brazil1.83Argentina1.53Bermuda0.65Colombia0.47Guatemala0.36Jamaica0.30Cayman Islands0.18Trinidad&Tobago0.17Others0.65Total13.32Source:fDi Markets Note:Includes estimatesCountryOutbound projectsBrazil89Mexico64Argentina50Chile41Colombia28Bermuda24Peru13Cayman Islands10St Vincent and the Grenadine

240、s8Guatemala6Others27Total360Source:fDi MarketsChart 1FDI INTO LATIN AMERICA AND THE CARIBBEAN BY CAPITAL INVESTMENT 2022Source:fDi Markets Note:Includes estimatesMexicoBrazilGuyanaArgentinaChilePanamaDominican RepublicCosta RicaColombiaPeruOthers35.5717.8413.546.685.394.283.542.441.641.162.96Capital

241、 investment($bn)Latin America and the Caribbean market share%37.43%18.78%14.25%7.02%5.67%4.51%3.73%2.56%1.72%1.22%3.11%KEY TRENDMexico was a key driver of Latams growth,ranking as the top destination for projects,capital expenditure and job creation.28THE fDi REPORT 2023 TOP INVESTORSTop foreign inv

242、estors in 2022Of the top 20 most active investing companies in 2022,four operate primarily in the software and IT services sector.Major technology firms such as Alibaba,Unity Technologies,Danir and Alphabet announced a combined 106 projects in the year with an estimated cumulative capital investment

243、 of$5.7bn.US-based online retail company Amazon was the second-most prolific investor in 2022 for FDI projects.The firm announced 50%fewer FDI projects than in 2021,when it was the most active investor.Of the 97 FDI projects the firm announced in 2022,49 were within the communications sector 78%of t

244、hose are within ICT and internet infrastructure,mainly to build and power its data centres.US-based technology company Alphabet(the parent company of Google)also announced 15 projects in the communications sector accounting for 58%of its FDI projects.With$343.6bn invested across 527 projects in the

245、renewable energy sector in 2022,it is fitting that there are several related companies within the top 20 investors.Several capital intensive FDI projects,many of which fall into green hydrogen,were announced by TotalEnergies,Energias de Portugal,Eni SpA and Acme Group during the year.Switzerland-bas

246、ed office provider International Workplace Group(IWG)was the most active foreign investor in 2022.The company recorded a total of 160 foreign direct investment(FDI)projects,an increase of 36%on the previous year,and invested an estimated$324m in 2022.The company posted its highest-ever revenue in it

247、s 34-year history with 24%growth in system-wide revenue to$3.8bn as more companies permanently embraced hybrid working models.Companies operating primarily in the coal,oil and gas industry made a comeback in 2022.France-based TotalEnergies,US-based Exxon Mobil,UK-headquartered Shell PLC and Italy-ba

248、sed Eni SpA all ranked within the top 20 companies in terms of capital invested.These companies,while also investing in renewables,accounted for more than$98bn in capital investment last year,which equates to approximately$1.7bn per project.Investments purely in fossil fuel projects accounted for$57

249、.5bn of the total amount invested by these companies in 2022 with Exxon Mobil and Shell PLC posting impressive revenues for 2022 of$398.7bn(44%growth year-on-year)and$381.3bn(46%growth year-on-year)respectively.Germany-based Deutsche Post and US-based industrial real estate developer Panattoni ranke

250、d third and fourth within the top investors in 2022 by number of FDI projects,investing in 69 and 49 FDI projects respectively.Closely related to this are transportation and warehousing firms AP MollerMaersk and Kuehne+Nagel,who also placed in the top 20 most active investing companies in 2022 and c

251、ollectively announced 67 FDI projects last year.Automotive firms Germany-based Volkswagen and Netherlands-based Stellantis rank as the joint-ninth-most active overseas investors announcing 25 FDI projects each in 2022 and investing$9.1bn and$5.4bn respectively.Stellantis announced a$4.1bn electric v

252、ehicle battery manufacturing facility in Windsor,Canada,and Volkswagen is to create a new 2.5bn facility at its site in Crewe,the UK,to exclusively manufacture electric vehicles.29THE fDi REPORT 2023 TOP INVESTORSTOP 20 MOST ACTIVE FOREIGN INVESTORS WITH ANNOUNCED PROJECTS IN 2022Source:fDi Markets

253、Note:Includes estimatesPosco was the top company for capital investment in 2022.The South Korea-based iron and steel company is to invest an estimated$40.1bn overseas,primarily across two mega-projects announced in December to build a green steel production factory and green hydrogen manufacturing f

254、acility in Australia by 2040.The leading company for overseas job creation was Hon Hai Precision Industry(Foxconn).The Taiwan-based company announced plans to create an estimated 83,700 jobs globally in 2022.Given the continued high demand in the semiconductor industry,three of the top 20 companies

255、by outward capital investment announced major projects in the sector.US-based Intel,Taiwan-based Taiwan Semiconductor Manufacturing and UK-based Vedanta Resources announced FDI projects valued at$28bn,$19.9bn and$13.9bn respectively.30THE fDi REPORT 2023 About fDi IntelligencefDi Intelligence part o

256、f the Financial Times Group,is recognised globally for its credible full range of investment promotion and research solutions.Relied upon by the most prominent FDI professionals,we have provided in-depth commentary and comprehensive data and intelligence since 2001 and continue to pioneer new ground

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