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《Issues of Forestry Economics》 2017-04
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Evaluating the International Investment Environment of Natural Rubber Industry in Africa

WU Wei;LIU Ruijin;MO Yeyong;Rubber Research Institute,CATAS;  
⑴ Background——Due to the limitation of resource endowment,the development of natural rubber planting industry in China was restricted. In order to break the restrictions,international investment is an important way to expand industrial space. The abundant tropical land and agricultural labor in Africa can provide necessary conditions for the development of rubber plantations. However,the investment of natural rubber in Africa is still in exploratory stage. The existing research results were shortage of targeted and lack of guidance on industrial investment. So performing research on the investment environment of natural rubber industry in Africa is necessary.⑵ Methods——This paper selected 26 countries in Africa as the study object. Based on driving force of foreign direct investment,this paper builds an appraisal system of international investment environment in natural rubber industry. The factor analysis method is used to obtain the key factors which effect on the transnational development of the natural rubber industry,then make a comprehensive evaluation. The data in this paper is from World Bank,United Nations Conference on Trade and Development,Food and Agriculture Organization of the United Nations,Agricultural Science and Technology Indicators,etc.⑶ Results——The factors that have positive impact on the investment environment are the high degree of resource potential,broad prospects of economic development,reasonable structure of export markets,and good foundation of natural rubber industry. The high level of economic freedom and human development,stable political environment,and convenient business environment would help to attract more capital inflow. The level of international investment and the degree of external dependency have negative effects. The factors analysis gives comparative advantage of the selected countries in Africa. And from the perspective of the distribution of rubber planting in Africa,East Africa,Central Africa and West Africa have a certain distribution among the top 15 countries ranked by the score of investment environment,accounting for 26. 7%,26. 7% and 40. 0% respectively. But the nations in West Africa are more suitable to international investment of natural rubber,like as Nigeria,Ghana and Cote d'Ivoire. In terms of income levels,the countries of lower middle income rank better,accounted for 70. 0% among the top 10 countries ranked by the score of investment environment. And the tropical grasslands of West Africa and tropical forests in the Congo basin are the ideal area for natural rubber planting,the countries in the regions accounted for 73. 3% among the top 15 countries ranked by the score of investment environment. Namely the investments from China natural rubber industry may give a priority to countries at lower middle income level in West Africa,which are located in the tropical grasslands of West Africa and tropical forests in the Congo basin.⑷ Conclusions and Discussion——The assessment of international investment environment in natural rubber industry is a complex task,and the international investment in rubber plantations is a long-term process and full of potential risks and challenge. Compared to the investment of rubber plantation sector,the local construction of the primary processing factories,the development of rubber manufacturing products business may be a better choice because of the shorter payback period. But the precondition is that there is enough raw material for rubber processing and manufacturing. In addition,due to the limitations of research methods and data acquisition,the factors such as changes in international situation,the economic fluctuations and emergencies were not introduced in the construction of the evaluation system,which may have time lag effects on international investment. In order to provide enterprises a scientific reference,the time variable will be introduced into the evaluation system in further research,which is may be used to evaluate the international investment environment in rubber industry in a dynamic perspective.
【Fund】: 中国热带农业科学院橡胶研究所基本科研业务费专项资助项目(1630022014016、1630022016021、1630022017015)
【CateGory Index】: F125;F316.12
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