42Received 26.11.2021.
Abstract. The article is devoted to the analysis of the investment ties of the Visegrad Group countries over the last three decades with the emphasis on the period of their EU membership. Transformation and subsequent integration into the EU predetermined certain imbalances in investment sectors of Hungary, Poland, Slovakia and the Czech Republic, some of which still remain. The Visegrad countries continue to be strong importers of capital, but Hungary and the Czech Republic were able to equalize several imbalances, which is manifested in increased export opportunities. The importance of FDI for the Visegrad economies is only increasing, which exacerbates the problem of external dependence and associated risks. The territorial diversification of investment ties is among positive trends, but dependence on several economies of the European market is preserved. A quantitative analysis of sectoral imbalances has shown that the Czech Republic and Hungary have the least diversified outward FDI, Hungary – inward FDI. Slovakia has the most diversified FDI sectoral structure. The analysis of several types of investments indicates a certain exhaustion of the potential of the Visegrad market. Large companies and their projects and deals continue to play a significant role in investment ties of the V4. At the same time, Visegrad companies are not inferior to foreign ones in terms of volume of investments, which is often associated with their sectors of specialization – raw materials. The branch network of Visegrad companies is small compared to the foreign one, which plays a significant role in the V4 labor markets and produces a significant share of production. Investment ties of the Visegrad countries have common features, while maintaining the characteristics of each of them.
Keywords: Visegrad countries, FDI, external dependence, sectoral and territorial disproportions, types of investment, COVID 19 pandemic
REFERENCES
- Kuzel M. The Investment Development Path: Evidence from Poland and Other Countries of the Visegrad Group. Journal of East-West Business, 2017, vol. 23, no. 1, pp. 1-40. DOI: 10.1080/10669868.2016.1180659
- World Investment Report 2021. Annex Tables. UNCTAD, 2021. Available at: https://unctad.org/topic/investment/world-investment-report (accessed 13.10.2021).
- Szanyi M. Changing Trends of Foreign Direct Investments in East Central Europe. Emerging-Market Multinational Enterprises in East Central Europe. Szunomar A., ed. Cham, Palgrave Macmillan, 2020, pp. 21-47. DOI: 10.1007/978-3-030-55165-0_2
- Eurostat Database. Direct Investment in the Reporting Economy. Available at: https://ec.europa.eu/eurostat/databrowser/view/tipsbp100/default/table?lang=en (accessed 13.10.2021).
- Wach K., Wojciechowski L. Determinants of Inward FDI into Vesegrad Countries: Empirical Evidence Based on Panel Data for the Years 2000–2012. Economics and Business Review, 2016, vol. 2 (16), no. 1, pp. 34-52. DOI: 10.18559/ebr.2016.1.3
- Radlo M.J., Sass M. Outward Foreign Direct Investments and Emerging Multinational Companies from Central and Eastern Europe: the Case of Visegrad Countries. Eastern European Economics, 2012, vol. 50, no. 2, ðð. 5-21.
- Elteto A., Antaloczy K. FDI Promotion of the Visegrad Countries in the Era of Global Value Chains. Centre for Economic and Regional Studies HAS Institute of World Economics. Working Paper no. 229, May 2017. 37 ð. Available at: http://real.mtak.hu/54728/1/WP_229_Elteto_Antaloczy_u.pdf (accessed 10.11.2021).
- OECD FDI Regulatory Restrictiveness Index. Available at: https://stats.oecd.org/Index.aspx?DataSetCode=AMNE_IN# (accessed 13.10.2021).
- Most Recent FDI Statistics for OECD and G20 Countries. OECD, 15 April 2021. Available at: https://www.oecd.org/daf/inv/investment-policy/FDI-in-Figures-April-2021.xlsx (accessed 13.10.2021).
- World Investment Report 2006. UNCTAD, 2006. Available at: https://unctad.org/webflyer/world-investment-report-2006 (accessed 13.10.2021).
- Czech National Bank. Statistics. FDI – Annual Reports. Available at: https://www.cnb.cz/en/statistics/bop_stat/bop_publications/pzi_books/ (accessed 13.10.2021).
- National Bank of Slovakia. Statistics. Balance of Payments. FDI. Available at: https://www.nbs.sk/sk/statisticke-udaje/statistika-platobnej-bilancie/priame-zahranicne-investicie (accessed 13.10.2021).
- The Central Bank of Hungary. Statistics. FDI. Available. at: https://www.mnb.hu/en/statistics/statistical-data-and-information/statistical-time-series/viii-balance-of-payments-foreign-direct-investment-international-investment-position/foreign-direct-investments (accessed 13.10.2021).
- National Bank of Poland. Balance of Payments Statistics. Available at: https://www.nbp.pl/homen.aspx?f=/en/statystyka/Balance_of_payments.html (accessed 13.10.2021).
- Szabo S. FDI in the Czech Republic: A Visegrad Comparison. European Commission. Economic Brief 042, February 2019. 17 p. Available at: https://ec.europa.eu/info/sites/default/files/economy-finance/eb042_en.pdf (accessed 10.11.2021). DOI: 10.2765/367654
- Hunya G., Schwarzhappel M. FDI in Central, East and Southeast Europe: Declines Due to Disinvestment. Vienna, WIIW FDI Report, 2018. 160 ð.
- Kulikova N.V., Feit N.V. Foreign direct investments in CEE countries. The World of Transformations, 2007, no. 1, pp. 24-42. (In Russ.)
- Nevskaya À.À. TNCs of Western Europe in the Visegrad Group Markets: Contribution to the Integration Process. The Changing West and Its Role in Global Regulation. Global Development. Iss. 21. Moscow, IMEMO, 2019, pð. 53-61. (In Russ.)
- Orbis Cross-border Investment. Available at: https://orbisci.bvdinfo.com/version-2021624/CBII/1/Projects/Search (accessed 13.10.2021).
- Czech Statistical Office. Statistics on Foreign Affiliates – Time Series. Available at: https://www.czso.cz/csu/czso/zaf_ts (accessed 13.10.2021).
- Hungarian Central Statistical Office. Business Units and Non-profit Organizations. Available at: https://www.ksh.hu/business-units-and-non-profit-organisations (accessed 13.10.2021).
- Statistics Poland. Activity of Enterprises. Activity of Companies. Available at: https://stat.gov.pl/en/topics/economic-activities-finances/activity-of-enterprises-activity-of-companies/ (accessed 13.10.2021).
Registered in System SCIENCE INDEX
No comments