Tech & Biz

India beats China as top investment destination for first time: UN

by ashokkjha | September 25, 2008 at 12:13 am

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[q url="http://www.siliconindia.com/shownews/47045"]New Delhi: Eighteen years after it started opening up its economy, India, for the first time, has replaced China as the most promising destination for foreign direct investment in the medium-to-long term, says a UN agency.

The World Investment Report (WIR) prepared by the United Nations Conference on Trade and Development (Unctad) released here Wednesday said that in the short term, however, China again ranked at the top, followed by India.[The report quoted a survey by the Japan Bank of International Cooperation (JBIC) for its remarks.

"The JBIC survey of Japanese manufacturing TNCs (transnational corporations) found that China again ranked at the top although the number of firms planning to expand production in the country continued to decline," said the this year's report.

"As for long-term prospects, the survey showed for the first time India replacing China as the most promising country for business operations of Japanese TNCs," the Unctad report added.

"The figures clearly show that India is fast emerging as a major player in both inward and outward FDI," said independent consultant and research contributor to the Unctad report Premila Nazareth Satyanand, while releasing it here Wednesday.
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