I. INTRODUCTION Foreign investment involves the sourcing by a State of capital, technology, and other managerial expertise from outside the country.' It covers such activity as manufacturing, provision of services and trade. Foreign investment can be either direct or indirect in nature. Foreign direct investment (FDI) refers to direct capital2 importation in the sense that the foreign business entity is involved in the venture either wholly or in partnership with others; indirect foreign investment pertains to involvement through the stocks and shares option. For many developing nations, Fdi is the preferred option because it is adjudged to provide visible development benefits for the State in terms of capital input, know-how, technology, and organizational and trading skills? Foreign direct investment is, however, fraught with problems for the developing State. The major problem is the difficulty for the State to actually utilize foreign capital for development. This difficulty can be traced to poor infrastructural capacity and other problems such as inadequate legal rules, coupled with enforcement problems, which limit the ability of the host State to ensure that the process results in lasting benefits. Additionally, importation of capital and expertise from abroad is sometimes contrary to the original development outlook
Journal of World Investment and Trade – Brill
Published: Jan 1, 2002
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