Lecture 09(Brownfield Investments in CEE ).pdfVIP

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Lecture 09(Brownfield Investments in CEE ).pdf

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Lecture 09(Brownfield Investments in CEE )

BROWNFIELD INVESTMENTS IN CEE Imre Konyári Investments in CEE Lecture 9 OUTLINE Definition FDI (recap) Types Drivers Geographical pattern FDI in CEE Modes of FDI entry Acquisition Greenfield Brownfield Models of entry mode choice 2 AS A TYPE OF REAL ESTATE DEVELOPMENT / 1 Greenfield site: A site that has NOT been built on before. Often rural / countryside areas. Brownfield site: A site that has been built on before. Normally associated with urban areas. AS A TYPE OF REAL ESTATE DEVELOPMENT / 2 Greenfield site: Often on the edge of towns and cities less congestion, more pleasant environment, more space and room to expand Light industry and things like Science Parks favour out of town locations New sites are easier to build on as there is a fresh start more attractive to retail parks, housing developers etc. Brownfield site: More sustainable Infrastructure already exists: no need for new drainage, electricity, roads etc. Public transport is provided 4 Entry forms of FDI: Mergers acquisitions Greenfield investments AS AN ENTRY FORM OF FDI Brownfield investments Joint ventures BUT... What is actually FDI? 5 (Lecture 1) a) Financial investments: Funds used for the acquisition of non-productive assets in financial markets Types: BASIC CATEGORIES OF INVESTMENTS / 1 Bank deposits Securities issued by financial institutions and private and governmental institutions Widely accessible: less entry barriers. For instance, no need for knowledge in automobile industry to buy shares of an automotive company. When capital goes abroad: International portfolio investment 6 b) Real investments (~projects): Funds used directly for the acquisition of productive (i.e., real) assets Types: Tangible: buildings, plants, equipments BASIC CATEGORIES OF INVESTMENTS / 2 Intangible: expenditures on technical know-how, research and development, training The acquisition of a firm is also considered to