Global Map of

Research and Development (R&D)

Investment
by

Carlos Javier Flores Saracho

in partial fulfillment for the lecture given by

Dr. Efraín Aceves Piña

Doctorado en Desarrollo
Científico y Tecnológico para la Sociedad
CINVESTAV

May 2010

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 Global Map of
Research and Development (R&D)
Investment
by

Carlos Javier Flores Saracho

Contents Page
Questions posed motivating this briefing and Rules (by Dr. Aceves Piña) 2
Introduction 3
How is globalization affecting R&D? 5
What is the role of multinationals? 5
Which countries are attracting R&D investment? 8
BRICS (Brazil, India, China and South Africa) Economies: FDI in R&D 9
A note on FDI versus R&D foreign investment 10
Are there new reasons for taking R&D abroad? 10
Why locate R&D in emerging countries? 11
Key Factors in China 12
Global R&D, a complex issue 13
Summary 14
Answers to questions 16
References 18

Questions posed motivating this briefing (by Dr. Aceves Piña):

“Which are the consequences of R&D investment being incrementally globalized?”

“It is not United States the (most prominent) country where investment is concentrated. What is the
contribution (in this sense) from new players in the field such as China, India, Brazil, South Korea,
and Mexico?”

Rules:
“Outstand the concept or concepts that serve to draw a concrete conclusion. Use quantitative data
for structuring your argument. If pertinent, propose a local or regional option.”

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Introduction
Much attention has been paid in recent years to the unprecedented pace and scale of today’s
globalization process. Globalization is having a particularly large impact on innovation. The
following information is based on the the results of a global study made in 2008 by the
Organization for Economic Co-Operation and Development (OECD)1 and several other sources
investigated, which are enlisted in section “References”.

As stated by OECD in 2008, the scope for global collaboration is OECD:

increasing as more of the world’s regions possess important
research and innovation capabilities. So while the United States, “China and India have
the European Union and Japan have so far been the leaders in a growing research
this respect, countries such as China and India have a growing and innovation
research and innovation capacity.
capacity. ”
OECD: “...with the Most internationalization of R&D2 by Multi National Enterprises
(MNEs) still takes place within the main OECD regions. However, with
increasingly global the increasingly global supply of Science and Technology (S&T)
supply of Science resources, emerging countries are attracting more R&D [OECD,
and Technology 2008a].

(S&T) resources,
emerging countries
are attracting more
R&D...”
An UNCTAD survey on future R&D investments found that China was
the location mentioned most often, followed by the United States (see
next Figure 1 and sources therein). India was in third place, and
Russia was also among the top ten target locations. Other emerging
economies named were Singapore, Chinese Taipei and Thailand3.

1 [OECD, 2008], see References.

2 Industrial R&D (Research & Development) is “a key component of sustainable innovation-led growth
since it helps to create the higher value added products, processes and services on which the future of
companies increasingly depends”, see [UK Trade, 2003].
3 [OECD, 2009], p. 5.

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“Companies are Growing research and innovation capacity has become a major
reason for companies to locate research and development (R&D)
changing how they outside the home country.
innovate and build
globally distributed While corporate R&D activities are still carried out predominately
in the home country, companies are changing how they innovate
R&D (and innovation) and build globally distributed R&D (and innovation) networks.
networks.”
The internationalization of R&D is not entirely new: in the 1980s, R&D investments mainly took
place between developed countries, often through mergers and acquisitions.

While R&D investments remain mostly concentrated in the United States (yet), the European
Union, Japan and non-OECD economies, account for a growing share of the world’s R&D (see
next Figure).

The current internationalization of R&D has three distinguishing characteristics [OECD, 2008]:

(1) it is gathering pace because of the often greenfield investments 4 of multinational

enterprises (MNEs);
(2) it is spreading to more countries, including developing countries, and

(3) it goes beyond adapting technology to local conditions.

4 A Greenfield Investment is the investment in a manufacturing, office, or other physical company-related

structure or group of structures in an area where no previous facilities exist. The name comes from the
idea of building a facility literally on a "green" field, such as farmland or a forest. Over time the term has
become more metaphoric. (Financial glossary, Reuters).

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How is globalization affecting R&D?
The rising cost and risk of R&D (because of its increasingly multidisciplinary character and growing
complexity) and the growing global competition in innovation, have led firms to aim at reducing
R&D costs while speeding up the development process. This has led companies to source
technology and knowledge from abroad and rely more on external sources of innovation.

The increasing globalization of science and technology capabilities and the larger number of
locations with attractive science and technology bases have widened the opportunities for R&D-
investment abroad.
New technological opportunities, notably ICT (Information and Communications Technologies), are
among the main drivers of the internationalization process as these have enabled new ways of
collaboration and have led to greater specialization in the global innovation system.

Advances in ICT have also facilitated the management of dispersed innovative activities and
enabled the outsourcing of R&D. For instance, developments in the codification and
standardization of R&D processes have increased the possibilities to segment R&D activities and
disperse R&D stages over different locations.

What is the role of multinationals?

Foreign Direct Investment (FDI)5 plays a major role in the “ More than 95% of
internationalization of R&D, and Multinational Enterprises (MNEs)
are the main actors. the 700 firms
worldwide with the
More than 95% of the 700 firms worldwide with the largest R&D largest R&D
expenditure are MNEs; they account for close to half of the world’s
total R&D expenditure and more than two-thirds of the world’s expenditure are
business R&D. MNEs (Multinational
Enterprises)”
The top R&D-performing MNEs often spend more on R&D than many nation states and their
presence is felt not only through activities in their home countries but also increasingly abroad.
Table 1 shows top 20 world Firms by R&D expenditure in the world. Table 2 shows top 20 world
Firms by R&D expenditure in the developing economies.

Table 1 shows that the top 20 firms are located in the US (8), Japan (4), Germany (2), Switzerland
(2), Sweden, Finland, and the UK (1 each), according to these 2003 data. Table 2 shows the top
20 Firms by R&D expenditure (2003).
A survey (in 2005) by the United Nations Conference on Trade and Development (UNCTAD) of the
largest investors in R&D suggests that the pace of internationalization in R&D is accelerating.

As many as 69% of the responding firms stated that their share of foreign R&D is set to increase
(only 2% indicated a decline and the remaining 29% expected the level of internationalization to
remain unchanged).

5 Foreign direct investment (FDI) is defined by IMF (1993, 2003) and OECD (1996) as a long term
investment by a foreign direct investor in an enterprise resident in an economy other than that in which
the foreign direct investor is based. In order to qualify as FDI the investment must afford the parent
enterprise control over its foreign affiliate. The UNCTAD defines control in this case as owning 10 per cent
or more of the ordinary shares or voting power of an incorporated firm or its equivalent for an
unincorporated firm (see Website A).

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These survey results are confirmed by more systematically gathered data on outward R&D
investment of Multi National Enterprises.

For countries for which data are

available, R&D performed abroad
has increased since 1995 relative
to R&D performed at home (Figure
3). The only exception is
Switzerland which has seen a
slight decrease, but Swiss
affiliates abroad still do as much
research as all companies inside
Switzerland.

Only 1% of the top 700 R&D

intensive firms are based in
developing countries6 (including
South East Europe and
Commonwealth of Independent
States -CIS-7).

The R&D investments of those 700 firms were largely spread across the following industries: IT
hardware, automotive, pharmaceuticals and biotechnology, electronic and electrical, IT software
and computer services, chemicals, aerospace and defense, engineering, telecommunications, and
health-care products and services. More than half of the total investments were concentrated on
three industries: IT hardware, automotive, and pharmaceuticals-biotechnology 8. -Table 2b shows
some figures for 2003 (2002 in brackets).

Additionally, the aforementioned UNCTAD's Survey (2005),

states that the average firm invested 28% of its R&D budget
abroad (see next Table). It also found that that degree of
internationalization of R&D among firms varied according to
their home base. For example, Japanese and Korean TNCs
(“TransNational Companies” or Multinational Enterprises),
have the lowest share of foreign R&D (15% and 2%
respectively), while the European TNCs have the highest
share (41%) and the share of US based firms was 24%.

This is clearly shown by Table 3. However, this scenario has

been changing as both Japanese and the US based TNCs
are also increasingly trying to internationalize their R&D
activities, particularly expanding their R&D bases in selected
developing countries9.

The degree of internationalization varies across industries. It

is over 45% in Chemicals, over 35% in Pharmaceuticals,
over 30% in automotive, and electronics, 30% in IT
hardware, and 20% in others (see Table 4).

6 [DIIPER, 2008] p. 12.

7 CIS, or "Commonwealth of Independent States". They consist of (what was used to) the Soviet Union
countries: Russia, Ukraine, Kazakhstan, Belarus, Azerbaijan, Uzbekistan, Turkmenistan, Georgia,
Armenia, Tajikistan, Kyrgyzstan, Moldova .
8 [DIIPER, 2008] p. 12.
9 Ibid. p. 8.

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Go to References -7/18 Go to Contents
Which countries are attracting R&D investment?

Most R&D investment still goes to OECD countries, and the United States is the most important
receiving country.

While most internationalization of R&D by Multi National Enterprises still takes place within the
main OECD regions, emerging countries increasingly attract R&D investments although these
remain relatively small in a global perspective. A 2007 study by the Economist Intelligence Unit 10 of
more than 300 senior executives identified India (26% of respondents), the United States (22%)
and China (14%) as the most attractive overseas locations for R&D. (Note: Compare this
information to Figure 1).

The large increases in foreign R&D investment in developing Asia and particularly in China and
India have attracted much attention in recent years. According to official Chinese statistics, 1160
foreign R&D centers had been established in China by the end of 2007, most of them after 2001.

This shift towards emerging countries is expected to continue, as demonstrated by the findings on
future R&D investments in a survey by the UN Conference on Trade and Development (UNCTAD)
in 2007-2008. China was the location mentioned most often, followed by the United States. India
was in third place, and Russia was also among the top ten target locations. Other emerging
economies named were Singapore, Chinese Taipei and Thailand.

10 The Economist Intelligence Unit (EIU) is part of the “Economist Group”. It is a research and advisory
company providing country, industry and management analysis worldwide and incorporates the former
Business International Corporation, a U.S. company acquired by the parent organization in 1986. It is
particularly well known for its country profiles, monthly country reports, five-year country economic
forecasts, country risk service reports and industry reports. See Website B.

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BRICS (Brazil, India, China and South Africa) Economies:
FDI in R&D
Table 5 provides the comparison of Foreign Direct Investment (FDI) annual overview across
BRICS economies (between 1990 and 2006), and FDI as percentage of Gross Fixed Capital
Formation (GFCF).

It is clear that among the BRICS economies, China tops the annual FDI inflow, followed by Brazil,
and India. However, in terms of FDI as percentage of Gross Fixed Capital Formation, Brazil tops
the table followed by China and India. (Note: South Africa’s annual FDI inflow and FDI as

percentage of GFCF are inconsistent).

To have a reference of the amounts of FDI into these countries compared with Mexico, the
following information is pertinent (see next figure).

This figure indicates, when Mexico is compared with Brazil, that up to 2006 Mexico “wins” the FDI
competition against that country. The behavior for Mexico, beginning from the peak of 2007, has
been a slow down movement in FDI till today (2010).

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A note on FDI versus R&D foreign investment
According to an EuroActiv Network discussion on Foreign Direct Investment in R&D (see Website
D), “Foreign Direct Investment (FDI) is investment of foreign assets directly into a domestic
company's structures, equipment, and organizations. It does not include foreign investment into the
stock markets.”

Moreover, “FDI in Research and Development (R&D) means investment in creative work
undertaken systematically to increase the stock of knowledge and its application – including
basic research, applied research, and experimental development.” The question here is if, for
example, Colgate Palmolive industries in foreign countries should or should not be considered
“development (The “R” in R&D). In this brief work we state that An indirect value of foreign R&D
investment in an economy could be FDI (more of this latter).

Are there new reasons for taking R&D abroad?

The traditional motive of FDI in R&D is to serve as a conduit for exploiting intellectual assets
developed in the Multi National Enterprise's home country. Accordingly, R&D in affiliates abroad is
adaptive, designed to customize technologies developed in the home country to fit local conditions.
Motives for decentralizing this type of R&D are primarily demand-oriented and related to market
proximity.

Technological knowledge tends to flow from the parent firm’s laboratory to the foreign-based facility
so that the affiliate’s technological advantages primarily reflect those of the home country (where
core innovation activities continue to be concentrated) while foreign R&D units tend to exploit the
parent company’s technologies.

In recent years, owing to changes in the competitive, international and technological environment,
MNEs have complemented this decentralized, adaptive R&D with more innovative R&D abroad.
Innovation strategies increasingly use global sourcing to tap into new market and technology
trends worldwide and to develop new ideas which they then implement worldwide.

To absorb local sources of knowledge, foreign subsidiaries need to be embedded in the host
country’s innovation system but also in the firm’s organizational network.

The shift towards subsidiaries that are actively engaged not simply in incremental, adaptive R&D
but also in radical innovation reflects the increasing importance of supply-related location factors
and the presence of scientific and technological skills.

Location decisions for these kinds of R&D facilities are related to the host country’s technological
infrastructure, the presence of other firms and institutions that may create benefits which investing
firms can absorb, access to trained personnel, established links with universities or government
institutions, the existence of an appropriate infrastructure for specific kinds of research, etc.

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Why locate R&D in emerging countries?
As already shown, surveys indicate that China and India, among others, are now considered very
attractive locations for future investment because of their large and rapidly growing markets and
their large pools of qualified workers with relatively low labor costs (although they are rising).

They combine low wages and a good education system with a large mass of well-trained
researchers. Typically, while the number of R&D personnel as well as R&D investments in
emerging countries may look small in relative terms, the absolute numbers give a different picture
(Figure 2). Note: S&T stands for “Science and Technology”.

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The attractive cost and availability of researchers in emerging countries are clearly important new
drivers for the internationalization of R&D. Just as the internationalization of manufacturing had
important cost advantages, the internationalization of R&D is also motivated to some extent by
cost-cutting and the outsourcing of activities and location of R&D in countries with low costs.
However, the reason seems less to be lower wages per se than an available pool of skilled
scientists and engineers.

Key Factors in China

The increasing trend towards the globalization of R&D and China’s emerging role in this process
deserve key observations on this recent, but rapidly accelerating development in this country; the
key factors may include the following [OECD, 2008c]:

• Technology-intensive imports and exports as well as their relative importance in

(China’s) international trade have been growing rapidly.

• R&D investment is increasing in the Chinese business sector as a whole and by

manufacturing firms of different sizes and under various types of domestic and foreign
ownership.

• The number of foreign R&D labs operated by MNEs in technology- and knowledge-
intensive sectors is rising rapidly and is highly concentrated in a few well-developed
regions.

• Foreign MNEs diversify their R&D activities through science-industry partner- ships
with Chinese research institutes and universities.

• Public-public R&D partnerships between Chinese and foreign research institutes,

universities and government agencies are beginning to complement R&D cooperation in the
private/business sector.

• There is a high level of mobility of highly skilled personnel and students in science and
engineering between China and OECD countries as well as between different parts of the
Chinese economy (the “domestic” and the “foreign” sector).

• Chinese firms’ outward R&D investment to OECD member countries and developing
countries in both natural resource-based and technology-oriented sectors is picking up.

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Global R&D, a complex issue
The following picture accounts for the patterns of FDI intraregional flows in Asia. It is a rather
complex issue and we recurred to numbers (as well as tables) instead of graphics in order to have
a general idea of the phenomena. (In this picture, for example, Australia is not included).

Source: [UN, 2006].

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Summary
1. Most internationalization of R&D by Multi National Enterprises still takes place within the
main OECD regions. However, with the increasingly global supply of Science and
Technology (S&T) resources, emerging countries are attracting more R&D.
2. Surveys indicates R&D investments are tipping towards China as the number one location,
followed by the United States, India is in the third place, being Mexico the 23 th location in
preference. (see figure 1).
3. China and India, among others, are now considered very attractive locations for future
investment because of their large and rapidly growing markets and their large pools of
qualified workers with relatively low labor costs (although they are rising).
4. The increasing globalization of science and technology capabilities and the larger number
of locations with attractive science and technology bases have widened the opportunities
for R&D-investment abroad.
5. Growing research and innovation capacities in foreign countries has become a major
reason for companies to locate research and development (R&D) outside the home
country.
6. New technological opportunities, notably ICT (Information and Communications
Technologies), are among the main drivers of the internationalization process as these
have enabled new ways of collaboration and have led to greater specialization in the global
innovation system.
7. Advances in ICT have also facilitated the management of dispersed innovative activities
and enabled the outsourcing of R&D.
8. Foreign Direct Investment plays a major role in the internationalization of R&D, and
Multinational Enterprises are the main actors.
9. The top R&D-performing Multinational Enterprises often spend more on R&D than many
nation states and their presence is felt not only through activities in their home countries but
also increasingly abroad.
10. Surveys on the largest investors in R&D suggests that the pace of internationalization in
R&D is accelerating. Most firms stated that their share of foreign R&D is set to increase.
11. Only 1% of the top 700 R&D intensive firms are based in developing countries. This level
indicates either there's a lot of potential for divesting R&D.
12. The R&D investments of those top 700 firms were largely spread across the following
industries:

IT hardware, automotive, pharmaceuticals and biotechnology, electronic and

electrical, IT software and computer services, chemicals, aerospace and defense,
engineering, telecommunications, and health-care products and services.

13. More than half of the total investments were concentrated on three industries:

IT hardware, automotive, and pharmaceuticals-biotechnology.

14. Japanese and the US based Multinational Enterprises are increasingly trying to
internationalize their R&D activities, particularly expanding their R&D bases in selected
developing countries.
15. The degree of internationalization varies across industries:

It is over 45% in Chemicals, over 35% in Pharmaceuticals, over 30% in automotive,

and electronics, 30% in IT hardware, and 20% in others.

16. Most R&D investment still goes to OECD countries, and the United States is the most
important receiving country.
17. Emerging countries increasingly attract R&D investments although these remain relatively

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 small in a global perspective. This shift towards emerging countries is expected to continue.
18. When Mexico is compared with Brazil, in terms of FDI investment, both countries reach
similar figures in the present. Mexico is among the OECD members, and an “emergent”
economy, but it's share of world's R&D investment is marginal. (It compares in size to
Brazil's, and is truly smaller than China's and India's).
19. The internationalization of business Research and Development (R&D) is part of the
broader process of global innovation and science, human resources and technology co-
operation.
20. Motives for decentralizing R&D are primarily demand-oriented and related to market
proximity.
21. Recent changes in the investment behavior of Multi National Enterprises reflect the
dynamic landscape of innovation and the increasingly global supply of science and
technology resources and capabilities.
22. The attractive cost and availability of researchers in emerging countries are clearly
important new drivers for the internationalization of R&D.
23. To absorb local sources of knowledge, foreign subsidiaries need to be embedded in the
host country’s innovation system but also in the firm’s organizational network.
24. Location decisions for R&D facilities are related to the host country’s technological
infrastructure, the presence of other firms and institutions that may create benefits which
investing firms can absorb, access to trained personnel, established links with universities
or government institutions, the existence of an appropriate infrastructure for specific kinds
of research, etc.
25. Just as the internationalization of manufacturing had important cost advantages, the
internationalization of R&D is also motivated to some extent by cost-cutting and the
outsourcing of activities and location of R&D in countries with low costs. However, the
reason seems less to be lower wages per se than an available pool of skilled scientists and
engineers.

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Answers to questions
“Which are the consequences of R&D investment being incrementally globalized?”

Answer:

Countries, in order to attract Foreign Direct Investment and concomitant R&D investment, are
competing by building individual country's strengths. They present to the (potential) investor an
attractive picture such as this:

Excellent framework conditions. Key factors in locating R&D are political stability, public
infrastructure, market size and development, tax rates and labor market conditions. (Think
for example the case of China).

• An excellent innovation system based on local strengths. A strong and vibrant research
base, effective protection of intellectual property rights and a well-trained workforce as
major determinants for investment in R&D and promoting the growth of domestic
enterprises.

• Stronger international linkages. This involves supporting the internationalization of public

research organizations, fostering the international mobility of researchers, and linking
domestic firms to foreign sources of innovation.

• Policy coherence. This involves co-ordination across various policy areas (education,
science and innovation, but also macroeconomic, trade, fiscal, competition, development
and employment policies) as well as vertical co-ordination at regional, national and inter-
national levels of governance.

“It is not United States the (most prominent) country where investment is concentrated.
What is the contribution (in this sense) from new players in the field such as China, India,
Brazil, South Korea, and Mexico?”

Answer(s):

(1) According to an “Industry Week” Report from April 21, 201011:

“One of the great strengths of the U.S. economy is its deep tradition of research and
innovation. Despite relentless foreign competition, U.S. R&D leadership has held up
well in recent years.

When measured on a value-added basis, U.S. manufacturing is the global leader in

high-technology goods: it holds around a 30% global market share, about the same
as in 1995.
This leadership is founded on our dominant position in global research expenditures,
and on the excellence of our scientific and engineering research institutions.
According to estimates produced for R&D Magazine, U.S. R&D expenditures in
2010 will be about $402 billion, slightly ahead of all Asian countries and well ahead
of Europe’s $268 billion.”

In conclusion, United States is the most prominent country where R&D investment is
generated.

11 (See Website C).

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 R&D is also concentrated in the US, since decentralization is taking place (as was shown)
in a rather slow pace (see for example conclusion 11: “Only 1% of the top 700 R&D
intensive firms are based in developing countries”; See also figure 2 where global share of
total R&D for US, China, and some other countries is depicted in percentage, where US
stands out in R&D investment.

(2) In this work we are focused in R&D investment from foreign sources, and not in the
own R&D investments made in the country by the country itself. An indirect value of foreign
R&D investment in an economy could be FDI. From Table 5 (and “Cuadro 1”), we can see
that in 2006, the world's FDI was $1,305,852 million US dollars; South Korea $71,000 12;
China accounted for $69,868 of that amount; Mexico, $19,946; India, $16,881; and Brazil, $
18,782. See next table.

Comparison of FDI investments (2006)

FDI Investment Value in Million US Dollars ($) Percentage (%)
World's $1,305,852 100.00%
South Korea $71,000 5.44%
China $69,868 5.35%
Mexico $19,946 1.53%
India $16,881 1.29%
Brazil $18,782 1.44%

This is the contribution (share) of world's FDI investment equivalent in US dollars for South
Korea; China; Mexico, India, and Brazil. R&D investment is only a part of this type of
investment, but they are directly related (correlated). Foreign direct investment (FDI), by
definition is a long term investment so the correlation with R&D may be established (see
note 2 and 5, as well as the Section “A note on FDI versus R&D foreign investment” in this
work).

12 This currency figure based on [OECD, 2008b], p. 4.

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References

[UK Trade, 2003]. “THE 2003 R&D SCOREBOARD . The top 700 UK & 700 International
companies by R&D Investment . COMMENTARY AND ANALYSIS – Part 1 ”. UK Department of
Trade and Industry. Available at:
http://www.innovation.gov.uk/rd_scoreboard/downloads/2003_rd_scoreboard_analysis.pdf

[Foro, Innovación, 2006]. “Conocimiento e Innovación en México: Hacia una Política de Estado.
Elementos para el Plan Nacional de Desarrollo y el Programa de Gobierno 2006-2012”. Foro
Consultivo Científico y Tecnológico en México. Dr. José Luis Fernández Zayas, Coordinador
General. Noviembre 2006.

[UN, 2006]. “World Investment Report 2006. FDI from Developing and Transition Economies:
Implications for Development ”. United Nations (2006) p. 88.

[UNCTAD, 2005-2008].“World Investment Report”. UNCTAD, United Nations, 2005, 2006, 2007
and 2008.

[DIIPER, 2008]. ”Foreign Direct Investment and Internationalization of R&D: The Case of BRICS
Economies ”. Development, Innovation and International Political Economy Research (DIIPER) ,
Aalborg University . Denmark . DIIPER Research Series . Working Paper No. 7 ( 2008). ISSN
1902-8679

[OECD, 2008].“Research and Development: Going Global ”. Policy Brief. OECD (2008 ).

[OECD, 2008a]. “The Internationalisation of Business R&D: Evidence, Impacts and

Implications”. OECD, Paris. (2008).

[OECD, 2008b]. “NEW DIRECTION OF KOREA’S FOREIGN DIRECT INVESTMENT POLICY IN

THE MULTI-TRACK FTA ERA: INDUCEMENT AND AFTERCARE SERVICES ”, by Choong Yong
Ahn, Ph.D . OECD Global Forum on International Investment . OECD Investment Division (2008).

[OECD, 2008c]. “CHINA AND THE GLOBALISATION OF RESEARCH AND DEVELOPMENT ”.

OECD REVIEWS OF INNOVATION POLICY: CHINA – ISBN 978-92-64-03981-0 . OECD (2008 ).

[OECD, 2009]. “The development of global innovation networks and the transfer of knowledge ”, by
Dirk Pilat, Koen De Backer, Ester Basri, Sarah Box and Mario Cervantes . OECD AND THE
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT/THE WORLD BANK
(2009 ).

Website A: “2006 Index of Economic Freedom: South Africa”. See

http://www.heritage.org/research/features/index/country.cfm?id=SouthAfrica

Website B: The Economist Intelligence Unit:

http://www.eiu.com/site_info.asp?info_name=about_eiu

Website C: Industry Week. The Competitive Edge -- Is U.S. R&D Investment Holding Up?
http://www.industryweek.com/articles/the_competitive_edge_--_is_u-s-
_rd_investment_holding_up_21553.aspx
Website D: Foreign Direct Investment in R&D
http://www.euractiv.com/en/science/foreign-direct-investment-rd/article-142013
CJFS

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