- Multinational Enterprises, Transition Economies, Russia, Natural Resources, Foreign Direct Investment, Europe, and 23 morePrivatization, Eastern Europe, Transition, Hungary, Central Europe, Multinational, Enlargement, Private Sector, Outward FDI, Economies in Transition, Capital Outflows, Inward FDI, Global Firms, Flying Geese, European Union, Russian Foreign Policy, Central and Eastern Europe, Automotive Industry, Competition Policy, Crimea, Foreign Direct Investment ( FDI ), Global Crisis, and Foreign Direct Investments (FDI) in the Transition Countries and Economic Growthedit
- Extensive experience with the analysis – both from the theoretical and practical points of view – of emerging pattern... moreExtensive experience with the analysis – both from the theoretical and practical points of view – of emerging patterns of foreign direct investment (FDI), inward and outward, in various parts of the world, especially in the economies in transition. Knowledge of issues related to the activities of multinational enterprises and their implications for development, be it cross-cutting topics such as export competitiveness, the impact of international acquisitions, research and development and linkages with local firms, or sectoral questions. Familiarity with national and international investment policy analysis both at the generic and concrete levels (in selected developing and transition economies). Experience with formulating policy advice to Governments. Drafting – and substantive editing – skills in English language for academic and policy-oriented publications on investment issues. Good publication record in academic journals. Formulation of new ideas for research on FDI. Presentation and teaching skills in both academic and public-service environments in English, French, Spanish and Hungarian languages.edit
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Trade and growth nexus in Zimbabwe: quantifying the economic implications of joining the Tripartite Free Trade Area: paper presented at the Midlands State University and University of Venda conference on Economic Integration, Entrepreneurship and Sustainable Development held at Midlands State Uni...more
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ABSTRACT Compared with the majority of emerging-market investors, Russian multinationals are latecomers to the global business scene. The majority of the large Russian firms that we know today were established only in the mid-1990s,... more
ABSTRACT Compared with the majority of emerging-market investors, Russian multinationals are latecomers to the global business scene. The majority of the large Russian firms that we know today were established only in the mid-1990s, during the country’s privatization process. Their outward investment started to grow fast only a decade later, but has weathered the global crisis relatively well. The majority of these multinationals are based on natural resource extraction, heavy industries (metallurgy) and selected services such as telecommunications and banking. Given these characteristics, it is not surprising that they opt for acquisitions as a preferred mode of market entry in their quest of fast conquest of markets abroad. This chapter analyses the main features of the foreign acquisitions of Russian firms such as the overall drive of Russian firms to control the value chain of their product, be it oil and gas, metals, food, banking services or telecommunications. It puts the analysis into the context of the full Russian market for acquisitions (dominated by local deals but also containing inward and outward investment) and of total foreign direct investment (FDI). The chapter also examines the main characteristics of the mega-deals carried out by Russian firms, such as their use to leapfrog into the global scene without passing the regional route. The concluding part attempts to answer the question if the recent speed of foreign acquisitions is sustainable under the new conditions of the global crisis.
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Obituary of John H. Dunning in Hungarian
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FDI and economic transformation in Sub-saharan Africa: paper prepared for the Midlands State University 1st International Research Conference: Driving Socio-Economic Development through Value Addition and Sustainable use of Resources held at Elephant Hills Resort, Victoria Falls, Zimbabwe 14-16 J...more
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SUMMARY Since the beginning of the transition from centrally planned to market economy, the FDI outflows of the Russian Federation have consistently exceeded the inflows. In the 1990s, most of the outflows were of an informal nature, and... more
SUMMARY Since the beginning of the transition from centrally planned to market economy, the FDI outflows of the Russian Federation have consistently exceeded the inflows. In the 1990s, most of the outflows were of an informal nature, and unregistered in the balance of payments, or misregistered under other items. Since 2003, their recording has improved. However, the question remains: how can a lower-middle income country become a net capital exporter? It is supposed to be the combined result of economic and political factors ...
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Over a historically brief period (a decade and a half), Russia has become a major outward-investing country on the global stage. According to data from the United Nations Conference on Trade and Development (UNCTAD), Russia’s registered... more
Over a historically brief period (a decade and a half), Russia has become a major outward-investing country on the global stage. According to data from the United Nations Conference on Trade and Development (UNCTAD), Russia’s registered outward foreign direct investment (OFDI) stock increased from US$2 billion in 1993, to US$255 billion in 2007 (UNCTAD 2008), making it the fifteenth most important source economy of investments worldwide, and the second largest among emerging markets, behind Hong Kong (China) only and ahead of Brazil, China, India, and South Africa (figure 8.1). However, the onset of a major financial crisis in the second half of 2008, which affected Russia’s economy significantly, raises questions about the immediate future, as well as the long-term sustainability, of those large outward investments.
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During the transition to market economy, inward foreign direct investment was a major source of growth and structural transformation in the 11 Central and Eastern European member states of the European Union. In these countries, the onset... more
During the transition to market economy, inward foreign direct investment was a major source of growth and structural transformation in the 11 Central and Eastern European member states of the European Union. In these countries, the onset of the Great Recession coincided with the gradual exhaustion of competitiveness based on cheap semi-skilled labour. In the aftermath of the crisis, these countries have to find new ways of leveraging their skills base, if they wish to defend their place in the international division of labour. Difficulties in attracting FDI are reflected in the fact that the share of the CEE countries in world FDI flows and stocks has stopped increasing. The chapter analyses past features of FDI in the region in order to draw conclusions on potential future performance. It also analyses the policy responses of individual countries to the crisis and the new conditions of attracting FDI.
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Foreign direct investment (FDI) is far from being a new phenomenon; its spectacular rise and dispersion are. Back in the 1970s and 1980s, there were researchers who already noted the presence of multinational enterprises (MNEs) and the... more
Foreign direct investment (FDI) is far from being a new phenomenon; its spectacular rise and dispersion are. Back in the 1970s and 1980s, there were researchers who already noted the presence of multinational enterprises (MNEs) and the need for economic theory to explain their activities (for example [Dunning 1977] and [Vernon, 1971]). In Hungary, Andras Blaho ([1980]) was among the first ones to note their importance in the world economy in general and in the organization of international production in particular. He built his observations in part on the findings of other Hungarian economists observing the MNE phenomenon since the early 1960s (for example Mihaly Simai [1962]). It is therefore no coincidence that Hungary became, after the political change of 1989–1990 and its early on opening to FDI (see for example [Sass 2004]), one of the main regional centres of research on FDI.
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Abstract: 2008 was marked by major changes in the world economy: the international integration based on money and capital markets fell into a deep crisis. This article examines how foreign direct investment-together with international... more
Abstract: 2008 was marked by major changes in the world economy: the international integration based on money and capital markets fell into a deep crisis. This article examines how foreign direct investment-together with international trade-can replace those money and capital markets in the role of integrator of the world economy. It does not aim to provide an all-encompassing overview of future developments; nevertheless it analyses in detail to what degree foreign direct investment meets the requirements of being a stable ...
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Abstract: The global number of regulatory changes less favourable to foreign direct investment increased significantly in 2004 and 2005. But before declaring an end to the era of liberalism and the advent of a new era of protectionism, or... more
Abstract: The global number of regulatory changes less favourable to foreign direct investment increased significantly in 2004 and 2005. But before declaring an end to the era of liberalism and the advent of a new era of protectionism, or perhaps of strategic interventionism, one should add a word of caution here. The large majority of regulatory changes are still more favourable to investors. This dualism of current policies can be explained on the basis of the obsolescing bargain theory, according to which investors ...
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... It also used to have a distribution agreement with South African De Beers' affiliate, The Diamond ... However, they still have a long way to go before engaging in deep outward FDI. ... monopolistic behaviour in... more
... It also used to have a distribution agreement with South African De Beers' affiliate, The Diamond ... However, they still have a long way to go before engaging in deep outward FDI. ... monopolistic behaviour in the home base is an important source of internalization advantages for ...
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This article analyses indirect FDI, denoting investment projects, in which the ultimate owner is different from the immediate investor. Reasons for the existence of this type of investment projects can be mostly corporate strategies and... more
This article analyses indirect FDI, denoting investment projects, in which the ultimate owner is different from the immediate investor. Reasons for the existence of this type of investment projects can be mostly corporate strategies and tax considerations. The development impact of indirect FDI is not necessarily negative; however it varies by the key types of indirect FDI (delegation of power to regional headquarters, nearshoring, concealed investment, and round tripping). It also depends on how the project money is transhipped: through an affiliate abroad, or through a special purpose entity. Government polices may influence largely the extent and development impact of indirect FDI, especially through tax policies. The phenomenon deserves more attention in the future, as currently indirect FDI is an under-researched topic.
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This paper explores the main features of outward foreign direct investment by Russian transnational corporations–referred to as 'eagle multinationals' in the literature–and some of the... more
This paper explores the main features of outward foreign direct investment by Russian transnational corporations–referred to as 'eagle multinationals' in the literature–and some of the implications of their recent rise to global prominence (since the 1990s) for the paradigms of international investment. Surprisingly, lower middle-income Russia is already a net capital exporter, and some of its firms, to mention Gazprom, Lukoil, Mechel, Norilsk Nickel and Severstal, for example, have already leapfrogged to a global status. The paper aims also ...
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Abstract In Central and Eastern Europe, outward foreign direct investment (FDI) has not yet become as a prominent factor in the region's reintegration into the world economy as trade liberalisation used to be in the... more
Abstract In Central and Eastern Europe, outward foreign direct investment (FDI) has not yet become as a prominent factor in the region's reintegration into the world economy as trade liberalisation used to be in the early 1990s or inward foreign direct investment is currently. In the terminology of the investment–development path, with the notable exception of the Russian Federation, the region is in stage 2, whereby inward flows are still growing faster than outward flows. This article argues that a combination of the latecomer status of the ...
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Russia's full-fledged war on Ukraine, which started in February 2022, added major uncertainties to foreign direct investment (FDI) to and from Russia and affected it negatively in the short, medium, and long run. The degree of the hit... more
Russia's full-fledged war on Ukraine, which started in February 2022, added major uncertainties to foreign direct investment (FDI) to and from Russia and affected it negatively in the short, medium, and long run. The degree of the hit would depend on the exact contents of sanctions and countersanctions in constant development. However, the severe consequences of some of them were already visible early on, adding to the financial strain caused by the war. FDI to and from Russia fell drastically in 2022 and, depending on the length and depth of the conflict, would remain sluggish in the subsequent years if no exit strategy is found to stop the conflict and its eventual escalation. This article concludes that the fall in FDI would, in the end, hurt the economic capacities of Russia, already affected by a previous round of sanctions imposed in 2014. If it works, decoupling the Russian economy from FDI partners by applying sanctions would be effective only partially and at a relatively high cost. That, in turn, could thwart the very economic fundamentals of the war effort.
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In the enlarged European Union (EU) with 25 members, the free movement of capital, coupled with the free movement of goods and services should be a major direct attraction for both intra-EU and external foreign direct investment (FDI)... more
In the enlarged European Union (EU) with 25 members, the free movement of capital, coupled with the free movement of goods and services should be a major direct attraction for both intra-EU and external foreign direct investment (FDI) inflows. EU membership does not, however, lead to a linear increase in FDI inflows as many analysts suggest (ECE, 2001). With EU accession, the structure of FDI may change substantially (Hunya, 2000; Dyker, 2001). Activities based on the existence of closed domestic markets (eg food and ...
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Abstract The expansion of the European Union in 2004 to new members from beyond the former Iron Curtain could boost the competitiveness of firms located in the enlarged Union. The competitive advantage of new locations is derived from... more
Abstract The expansion of the European Union in 2004 to new members from beyond the former Iron Curtain could boost the competitiveness of firms located in the enlarged Union. The competitive advantage of new locations is derived from labor productivity—not from lower taxes and large transfers from the European Union budget, as is sometimes claimed. Compared to opportunities, the foreign direct investment inflows of the new members have been so far small and slow-growing. Part of this performance may be due to the wrapping ...
Research Interests: Economics, International Economics, International Trade, Foreign Direct Investment, European Union, and 11 moreCompetitive advantage, Social Science Research Network, Business and Management, Iron, Relocation, Blame, Protectionism, Enlargement, Labor Productivity, Tax Competition, and Investment Creation/diversion
Purpose–The purpose of this paper is to examine the potential impact of the 2008 economic crisis on foreign direct investment (FDI), especially in the new member states of the European Union. Particular attention is paid to the activities... more
Purpose–The purpose of this paper is to examine the potential impact of the 2008 economic crisis on foreign direct investment (FDI), especially in the new member states of the European Union. Particular attention is paid to the activities of subsidiaries of multinational enterprises (MNE), which can follow different scenarios as a response to the crisis, including a reorganisation of their production systems, and a reduction or closure of activities. Design/methodology/approach–The analysis is grounded on various streams of literature, ...
Research Interests: Business, Marketing, Economics, Foreign Direct Investment, European Union, and 10 moreEmerging Markets, Central and Eastern Europe, Business and Management, Global Crisis, Foreign Direct Investment ( FDI ), Subsidiary, Euroepan Union Integration, Emerging, MULTINATIONAL CORPORATION, and Member States
This ebook contains two succinct essays on the future of foreign direct investment (FDI), and one on the future of Russo–Hungarian investment links. In the first essay István Magas links the future of FDI to three major forces: changes in... more
This ebook contains two succinct essays on the future of foreign direct investment (FDI), and one on the future of Russo–Hungarian investment links. In the first essay István Magas links the future of FDI to three major forces: changes in climate, in demography, and in human behaviour. He analyses various dimensions of that future, including environmental, geopolitical and financial problems. In the second essay Predrag Bjelić and Radovan Kastratović focus on both global and regional issues. On the global scene, they deal with the repercussions of the malfunctions of the multilateral system and the need to renew theories of FDI. At the regional level, they consider the future of FDI in the CEFTA 2006 region, which depends on the interaction between policies aimed at deepening intra-group cooperation and joining the European Union (EU). The third essay, by Kálmán Kalotay, attempts to predict the consequences of the Russo–Ukrainian war for Russo–Hungarian investment links. Business operations will be particularly difficult for Hungarian firms operating in Russia, which have to comply with the EU sanctions in an environment full of logistical and supply problems. The volume also contains an introduction by Kálmán Kalotay explaining why this book was born – to mark his retirement from the United Nations in September 2021 – and how he sees the upcoming years in light of his past personal experience. The ebook also includes the list of the words that authors were requested not to use due to their overdoing in other studies.
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218 том Научных трудов Вольного экономического общества России — совместное издание Вольного экономического общества России, Международного Союза экономистов и Российской академии наук — специальный выпуск, посвященный Московскому... more
218 том Научных трудов Вольного экономического общества России — совместное издание Вольного экономического общества России, Международного Союза экономистов и Российской академии наук — специальный выпуск, посвященный Московскому академическому
экономическому форуму (МАЭФ–2019), который состоялся 15–16 мая 2019 года.
экономическому форуму (МАЭФ–2019), который состоялся 15–16 мая 2019 года.
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Edited by Kalman Kalotay, this publication contains essays by 11 economists: Predrag Bjelić, Piergiuseppe Fortunato, Torbjörn Fredriksson, Maria Alejandra Gonzalez-Perez, Jan Hoffmann, the volume's editor, Michael Lim, Jörg Mayer, Simon... more
Edited by Kalman Kalotay, this publication contains essays by 11 economists: Predrag Bjelić, Piergiuseppe Fortunato, Torbjörn Fredriksson, Maria Alejandra Gonzalez-Perez, Jan Hoffmann, the volume's editor, Michael Lim, Jörg Mayer, Simon Mevel, Mia Mikic and Maler Vilee, written on the occasion of Mohan Panicker's retirement from UNCTAD, after managing its most successful training programme, the flagship "Paragraph 166" courses on Key Issues on the International Economic Agenda since their inception in 2002. The production of the publication was managed by Khaled Gaafar, and the cover page designed by Sophie Combette.
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The number of special economic zones (SEZ) in the world is rising fast. These zones have contributed to the economic success of certain emerging economies, prompting a rush in many other countries, including countries in transition, such... more
The number of special economic zones (SEZ) in the world is rising fast. These zones have contributed to the economic success of certain emerging economies, prompting a rush in many other countries, including countries in transition, such as the Russian Federation. SEZs are popular because their value proposition is clearer, especially compared with the value proposition of highly heterogenous countries and offer a more practical fix for regulatory problems. However, results in general are mixed. Unsatisfactory infrastructure support to investors and scarce links with local suppliers, together with the challenge of competing with neighbours for mobile assets are major concerns in many host countries. Countries can still leverage the impact of SEZ by better adjusting to new industrial revolution, structural challenges of the world economy, a more protectionist environment and the imperative of sustainable development.
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В статье впервые затрагивается проблема присутствия российского капитала в вишеградских странах, анализируется мотивация российских компаний, предпочитающих инвестировать за рубежом. Авторский коллектив собрал и проанализировал большой... more
В статье впервые затрагивается проблема присутствия российского капитала в вишеградских странах, анализируется мотивация российских компаний, предпочитающих инвестировать за рубежом. Авторский коллектив собрал и проанализировал большой объём статистических данных о российских фирмах, имеющих офисы и производство на территории Венгрии, Польши, Словакии и Чехии, и специализированной литературы, который лег в основу оценочной части данного исследования. Авторы сумели сделать некоторые предварительные теоретические выводы об этом явлении, а именно о том, почему страны Вишеградской четвёрки являются столь привлекательными для российских инвестиций, несмотря на целый ряд неблагоприятных факторов местного и глобального масштаба.
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This chapter examines how the sanctions imposed on Russia after its 2022 invasion of Ukraine have impacted Russian firms, their direct investment abroad, and Hungarian business presence in Russia, and, in particular, how Russian and... more
This chapter examines how the sanctions imposed on Russia after its 2022 invasion of Ukraine have impacted Russian firms, their direct investment abroad, and Hungarian business presence in Russia, and, in particular, how Russian and Hungarian firms have adjusted to this new reality. It highlights the main commonalities, such as the difficulties of access to finance transactions and the interruption of logistics and supply chains, especially in the areas of technology goods. The chapter also looks at the main differences between Russia and Hungary. In Russia, large firms with exposure to the West have been facing major difficulties in their international operations and have focused their efforts on mitigating the effects of sanctions. On the other side, Hungarian firms investing in and/or exporting to Russia typically try to hold their ground in the Russian market. They are attempting to overcome difficulties such as risks of foreign exchange and non-payment, issues with logistics and supply chain disruptions, problems with banking and financial transactions, increased time and costs of international shipping due to altered routing, additional administrative burdens at the border, air travel restrictions, and a constant need for information to adapt to sanctions and counter-sanctions. It is uncertain whether the generally positive attitude of Hungarian firms towards staying (and even taking advantage of the situation to expand further) will change over time. The challenges may become too great to take on, not only for smaller, resource-poor, and less-experienced firms, but also for stronger enterprises.
Available at https://hdl.handle.net/1813/112770
Available at https://hdl.handle.net/1813/112770
Research Interests: International Trade, Multinational Enterprises, Foreign Direct Investment, European Union, Outward Foreign Direct Investment, and 9 moreMultinational Corporations, Russia, Hungary, International Sanctions, Sanctions, Foreign Direct Investment ( FDI ), Economic Sanctions, Bilateral Relations, and Bilateral trade
This article analyses direct investment patterns by Russian firms in the four Visegrád countries, their motivations and ownership advantages, based mostly on the eclectic paradigm. Beside statistical data, it relies on case studies to... more
This article analyses direct investment patterns by Russian firms in the four Visegrád countries, their motivations and ownership advantages, based mostly on the eclectic paradigm. Beside statistical data, it relies on case studies to present the profile of the most important Russian investors in each host country. In the Visegrád countries, market-, and to a lesser extent, resource-seeking investment by state-owned firms in the hydrocarbons, steel and nuclear energy industries dominate. Some innovative private Russian companies, with features similar to developed-country multinationals can also be identified. Extant investment theories, with the exception of the eclectic paradigm, fall short of explaining Russian investment.
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Presentation of chapter 10 of the Emerging Markets Report 2022: Reinventing Global Value Chains at the webinar of the Emerging Markets Institute of the Cornell University, Ithaca, NY, February 10, 2023. Watch it at 31:41 of the following... more
Presentation of chapter 10 of the Emerging Markets Report 2022: Reinventing Global Value Chains at the webinar of the Emerging Markets Institute of the Cornell University, Ithaca, NY, February 10, 2023. Watch it at 31:41 of the following broadcast: https://ecornell.cornell.edu/keynotes/view/K021023/. The chapter examines how the sanctions imposed on Russian individuals and entities after the attack on Ukraine have impacted Russian firms and their direct investment abroad; how those sanctions have affected Hungarian business presence in Russia; and how Russian and Hungarian firms have adjusted to this new reality. Collection of information contained in the chapter was closed in August 2022. The presentation includes some new information gathered till February 2023.
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Includes the following slides: Background information on the minimum tax plan Why plurilateral and not multilateral agreement? Basic terms and details to keep in mind Positive effects of the ‘global’ minimum tax Risks for countries left... more
Includes the following slides:
Background information on the minimum tax plan
Why plurilateral and not multilateral agreement?
Basic terms and details to keep in mind
Positive effects of the ‘global’ minimum tax
Risks for countries left out
Concerns of lower-income, smaller and more vulnerable countries
The dilemma for the EU
Expected impact of the minimum tax on global FDI
The impact on indirect FDI
Conclusion (in lieu of)
Background information on the minimum tax plan
Why plurilateral and not multilateral agreement?
Basic terms and details to keep in mind
Positive effects of the ‘global’ minimum tax
Risks for countries left out
Concerns of lower-income, smaller and more vulnerable countries
The dilemma for the EU
Expected impact of the minimum tax on global FDI
The impact on indirect FDI
Conclusion (in lieu of)
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This presentation was motivated by the observation that the term emerging multinationals is often used in an arbitrarily manner. The presentation explored all the aspects of identifying emerging multinationals, staring with the issue of... more
This presentation was motivated by the observation that the term emerging multinationals is often used in an arbitrarily manner. The presentation explored all the aspects of identifying emerging multinationals, staring with the issue of defining “multinationals”, followed by the problem of attributing multinationals to “emerging” home countries, the issue of defining what an “emerging” home country is, and how to measure the dynamism of emerging countries. In the second part of the presentation, an outward foreign direct investment index was constructed based on absolute and relative measures of outward FDI stocks. The proof of such outward FDI index contains confirmation and surprises. Most of the "upcoming" and "nascent" economies are on the usual list of emerging markets, with some outliers, especially in Latin America. The presentation also tabulated the common features of upcoming and nascent investors, to help identify consequences for extant FDI/MNE theories.
This presentation examines changes in global foreign direct investment (FDI) flows and stocks in the past quarter of century (1991–2016) for countries and territories for which data are available. It also asks how those changes affect our... more
This presentation examines changes in global foreign direct investment (FDI) flows and stocks in the past quarter of century (1991–2016) for countries and territories for which data are available. It also asks how those changes affect our way of explaining FDI and other activities of multinational enterprises (MNEs), and draws basic public policy conclusions from the evolving landscape of FDI and our understanding about the main driving forces behind those changes.
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This presentation explores six questions: 1. What makes a country an emerging source of OFDI? 2. Are the raw UNCTAD data on emerging sources of outward FDI are right? 3. How to construct an outward foreign direct investment index as a... more
This presentation explores six questions:
1. What makes a country an emerging source of OFDI?
2. Are the raw UNCTAD data on emerging sources of outward FDI are right?
3. How to construct an outward foreign direct investment index as a more objective measure of internationalization?
4. What does the the outward FDI index prove (confirmation and surprises)?
5. How to tabulate common features of upcoming and nascent investors (commonalities and differences)?
6. What are the consequences for FDI/MNE theory?
1. What makes a country an emerging source of OFDI?
2. Are the raw UNCTAD data on emerging sources of outward FDI are right?
3. How to construct an outward foreign direct investment index as a more objective measure of internationalization?
4. What does the the outward FDI index prove (confirmation and surprises)?
5. How to tabulate common features of upcoming and nascent investors (commonalities and differences)?
6. What are the consequences for FDI/MNE theory?
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The presentation deals with five topics: 1. What are the “emerging” markets? 2. In&out data for FDI; general features? 3. Zoom on State-owned multinationals; are they from emerging markets? 4. Do they grow? 5. Are we challenged? Are we... more
The presentation deals with five topics: 1. What are the “emerging” markets? 2. In&out data for FDI; general features? 3. Zoom on State-owned multinationals; are they from emerging markets? 4. Do they grow? 5. Are we challenged? Are we concerned?
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Presentation made at the ‘KV27 Doing Business in Wider Europe’ course of the Pan-European Institute (PEI) of the Turku School of Economics, University of Turku, Finland, 2 February 2023. Outline: 1. Brief historical background on the... more
Presentation made at the ‘KV27 Doing Business in Wider Europe’ course of the Pan-European Institute (PEI) of the Turku School of Economics, University of Turku, Finland, 2 February 2023. Outline: 1. Brief historical background on the Hungarian investment promotion strategy. 2. 2010 on: place for national capitalism building (PM Orbán). 3. Spotlight on Hungary’s opposition to the global minimum tax. 4. Does the Hungarian strategy work? 5. Towards a new Hungarian strategy of investment promotion