i n s u r i n g i n v e s t m e n t s e n s u r i n g o p p o r t u n i t i e s

Advanced Topics in Conducting Investor Research and Benchmarking Your Country vis-à-vis Competitors

WAIPA Annual Meetings, Geneva, January WAIPA Annual Meetings, Geneva, January 20032003

I N S U R I N G I N V E S T M E N T S E N S U R I N G O P P O R T U N I T I E S

Outline

I. IntroductionII. Benchmarking Your Country vis-à-vis Competitors

– MIGA’s Experience in South East AsiaIII. Exploiting Trade Privileges to Attract Export-

Oriented FDIIV. Sector Research V. Company Research ResourcesVI. Wrap-Up Discussion

Research for Targeting Sectors and Companies

Broad Sector Opportunities

Sector Selection ProcessSector Selection Process

Company Selection ProcessCompany Selection Process

Target Companies

SWOT/BenchmarkingSWOT/Benchmarking




Target Companies



MIGA’s Benchmarking Project in SE ASIA

WHO ARE WE BENCHMARKING?


CHINA



CHINAVIET NAM



CHINAVIET NAMTHAILAND



CHINAVIET NAMTHAILANDMALAYSIA



CHINAVIET NAMTHAILANDMALAYSIAINDONESIA



CHINAVIET NAMTHAILANDMALAYSIAINDONESIAPHILIPPINES




ELECTRONIC PARTS MFG.

WHAT ARE WE BENCHMARKING?



ELECTRONIC PARTS MFG.CALL CENTER / SHARED

SERVICE CENTER



COSTS VARIABLE COSTS

UtilitiesLaborTaxesReal Estate (Lease)

FIXED COSTSReal Estate (Buy or Construct)

(Not Benchmarked in the Study)ONE-TIME RELOCATION COSTS

Machinery & Equipment Import CostsEx-Pat Relocation

OTHER COSTSLogistic CostsTraining CostsMitigation / Permitting / (Soft) Costs



CONDITIONS

Labor:•Productivity•Availability•Skill Levels•Turnover•Reliability•Relations

Demographics:•Unions•Industry Presence•Population Trends•Employment by Sectors•Etc.

Logistics:•Port Access•Air Access•Rail Access•Truck Access

QOL:•Housing•Schools•Recreation•Safety•Environment

Services:•Suppliers•Customs•Accounting•Legal•Financial•Distributors

Real Estate:•Availability•Condition•Market Trends•Terms•Depreciation

Utilities:•Access•Reliability

Market:•Political•Social•Legal•Financial•Regulatory•Geographical•Risk


HOW ARE WE BENCHMARKING?

TOTAL COST

ACCOUNTING CLERK III

KEY ENTRY OPERATOR II

GENERAL CLERK III

GENERAL CLERK I

DUPLI. MACH. OPERATOR II

SECRETARY I

BA

NG

KO

K

KU

AL

A L

UM

PUR

HC

MC

HA

NO

I

JAK

AR

TA

MA

KA

TI C

ITY

PU

DO

NG

BE

IJIN

G

$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

BANGKOK KL HCMC HANOI JAKARTA MAKATII PUDONG BEIJING

TOTAL COST $13,087,849 $13,976,914 $13,976,560 $13,976,560 $13,976,560 $13,095,909 $13,976,914 $13,976,560

ACCOUNTING CLERK III $6,968,270 $8,189,126 $8,176,605 $8,176,605 $8,176,605 $7,394,005 $8,189,126 $8,176,605

KEY ENTRY OPERATOR II $2,892,552 $2,940,101 $2,940,101 $2,940,101 $2,940,101 $3,058,973 $2,940,101 $2,940,101

GENERAL CLERK III $746,928 $952,224 $956,592 $956,592 $956,592 $898,061 $952,224 $956,592

GENERAL CLERK I $1,912,560 $1,326,000 $1,333,800 $1,333,800 $1,333,800 $1,229,280 $1,326,000 $1,333,800

DUPLI. MACH. OPERATOR II $400,608 $382,512 $382,512 $382,512 $382,512 $351,936 $382,512 $382,512

SECRETARY I $166,930 $186,950 $186,950 $186,950 $186,950 $163,654 $186,950 $186,950

Annual Labor Costs

LABOR COSTSLABOR COSTS

MIGA BENCHMARKING MODEL

HOW ARE WE BENCHMARKING?Year 0 1 2 3

CONSTRUCTIONBuilding Cost (including M&E) $0 0 0 0Land Acquisition Cost $0 0 0 0ELECTRIC POWERKW Demand per Month 0 0 0KWH Usage 0 0 0Cost per KW $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0NATURAL GASUsage per Month 0 0 0Cost per Therm $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0WATERGallons Per Day 0 0 0Cost Per Gallon (Thousands) $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0SEWERGallons Per Day 0 0 0Cost Per Gallon (Thousands) $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0LABOR Direct Costs $0 $0 $0Indirect Costs $0 $0 $0Total Cost $0 $0 $0WORKERS' COMPENSATIONTotal Costs $0 $0 $0UNEMPLOYMENT INSURANCETaxable Wage Base $0 $0 $0Rate 0.00% 0.00% 0.00%Cost per Employee $0 $0 $0Total Cost $0 $0 $0PROPERTY TAXESBuilding $0 $0 $0Land $0 $0 $0M&E $0 $0 $0Inventory $0 $0 $0Total Property Tax $0 $0 $0CORPORATE INCOME TAXESTaxable Income $0 $0 $0Income Tax Liability $0 $0 $0SALES TAXConsumables $0 $0 $0Total Tax $0 $0 $0RELOCATION COSTSPersonnel (Relocation Package) $0 $0 $0 $0Severance $0 $0 $0 $0Training $0 $0 $0 $0Outplacement $0 $0 $0 $0Productivity Loss $0 $0 $0 $0Temporary Help $0 $0 $0 $0Recruiting $0 $0 $0 $0Machinery & Equipment $0 $0 $0 $0TOTAL RELOCATION COSTS $0 $0 $0 $0

TOTAL COSTS $0 $0 $0 $0

City 1City 3

City 4City 5

City 6City 7

City 8City 9

City 10

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

City 1

City 3City 4

City 5City 6

City 7City 8

City 9City 10

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

Each Cost & Conditionis Compared

Labor Availability

Labor Costs

Labor Productivity

Various Labor Classifications

Various Labor Classifications

COST PROFORMACOST PROFORMA



Net Present Value (NPV)Internal Rate of Return (IRR)

Net Present Value (NPV)Internal Rate of Return (IRR)

Payback (PV)Payback (Undiscounted)

Payback (PV)Payback (Undiscounted)

Total Investment Cost (T.I.C.)Total Investment Cost (T.I.C.)

Discount RateDiscount Rate

Year 0 1 2 3CONSTRUCTIONBuilding Cost (including M&E) $0 0 0 0Land Acquisition Cost $0 0 0 0ELECTRIC POWERKW Demand per Month 0 0 0KWH Usage 0 0 0Cost per KW $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0NATURAL GASUsage per Month 0 0 0Cost per Therm $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0WATERGallons Per Day 0 0 0Cost Per Gallon (Thousands) $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0SEWERGallons Per Day 0 0 0Cost Per Gallon (Thousands) $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0LABOR Direct Costs $0 $0 $0Indirect Costs $0 $0 $0Total Cost $0 $0 $0WORKERS' COMPENSATIONTotal Costs $0 $0 $0UNEMPLOYMENT INSURANCETaxable Wage Base $0 $0 $0Rate 0.00% 0.00% 0.00%Cost per Employee $0 $0 $0Total Cost $0 $0 $0PROPERTY TAXESBuilding $0 $0 $0Land $0 $0 $0M&E $0 $0 $0Inventory $0 $0 $0Total Property Tax $0 $0 $0CORPORATE INCOME TAXESTaxable Income $0 $0 $0Income Tax Liability $0 $0 $0SALES TAXConsumables $0 $0 $0Total Tax $0 $0 $0RELOCATION COSTSPersonnel (Relocation Package) $0 $0 $0 $0Severance $0 $0 $0 $0Training $0 $0 $0 $0Outplacement $0 $0 $0 $0Productivity Loss $0 $0 $0 $0Temporary Help $0 $0 $0 $0Recruiting $0 $0 $0 $0Machinery & Equipment $0 $0 $0 $0TOTAL RELOCATION COSTS $0 $0 $0 $0


Year 0 1 2 3CONSTRUCTIONBuilding Cost (including M&E) $0 0 0 0Land Acquisition Cost $0 0 0 0ELECTRIC POWERKW Demand per Month 0 0 0KWH Usage 0 0 0Cost per KW $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0NATURAL GASUsage per Month 0 0 0Cost per Therm $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0WATERGallons Per Day 0 0 0Cost Per Gallon (Thousands) $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0SEWERGallons Per Day 0 0 0Cost Per Gallon (Thousands) $0.00000 $0.00000 $0.00000Total Cost $0 $0 $0LABOR Direct Costs $0 $0 $0Indirect Costs $0 $0 $0Total Cost $0 $0 $0WORKERS' COMPENSATIONTotal Costs $0 $0 $0UNEMPLOYMENT INSURANCETaxable Wage Base $0 $0 $0Rate 0.00% 0.00% 0.00%Cost per Employee $0 $0 $0Total Cost $0 $0 $0PROPERTY TAXESBuilding $0 $0 $0Land $0 $0 $0M&E $0 $0 $0Inventory $0 $0 $0Total Property Tax $0 $0 $0CORPORATE INCOME TAXESTaxable Income $0 $0 $0Income Tax Liability $0 $0 $0SALES TAXConsumables $0 $0 $0Total Tax $0 $0 $0RELOCATION COSTSPersonnel (Relocation Package) $0 $0 $0 $0Severance $0 $0 $0 $0Training $0 $0 $0 $0Outplacement $0 $0 $0 $0Productivity Loss $0 $0 $0 $0Temporary Help $0 $0 $0 $0Recruiting $0 $0 $0 $0Machinery & Equipment $0 $0 $0 $0TOTAL RELOCATION COSTS $0 $0 $0 $0


COST PROFORMACOST PROFORMA



19901995

20002005

2010H

CM

C

JAK

AR

TA

BA

NG

KO

K

MA

KA

TI

BE

IJIN

G

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

100.00

Urban Population Growth RateUrban Population Growth Rate

DEMOGRAPHICSDEMOGRAPHICSMIGA BENCHMARKING MODEL


1990

1992

1994

1996

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Unemployment RatesUnemployment Rates

HC

MC

JAK

AR

TA

BA

NG

KO

K

MA

KA

TI

BE

IJIN

G

ECONOMICSECONOMICSMIGA BENCHMARKING MODEL

METHODOLOGYMETHODOLOGY


Desk-Top Level Research

CostsConditionsI.D. SourcesEntry into ModelReport Results

Desk-Top Level Research

CostsConditionsI.D. SourcesEntry into ModelReport Results

Fieldwork Interviews

Field Interviews (8-10 Foreign Investors)Fine-Tune Costs and ConditionsEntry into ModelReport Results

Fieldwork Interviews

Field Interviews (8-10 Foreign Investors)Fine-Tune Costs and ConditionsEntry into ModelReport Results

WHY ARE WE BENCHMARKING?

Fieldwork beyond Cost and Conditions

Motivation for choosing particular countryPrincipal evaluation factors (criteria) in decisionWhat other countries were being consideredOriginal expectations and needs been metWhat is on the horizon for the company (expansion, new greenfield, status-quo, leaving)What is the origin of their capitalWhere is their Parent Company locatedWhere is the Site Selection decision madeWhere is the destination market of their productWhere are their suppliers locatedWhat are the major obstacles encountered

Fieldwork beyond Cost and Conditions

Motivation for choosing particular countryPrincipal evaluation factors (criteria) in decisionWhat other countries were being consideredOriginal expectations and needs been metWhat is on the horizon for the company (expansion, new greenfield, status-quo, leaving)What is the origin of their capitalWhere is their Parent Company locatedWhere is the Site Selection decision madeWhere is the destination market of their productWhere are their suppliers locatedWhat are the major obstacles encountered

For the IPA:

Benchmarking MethodologyIndustry Criteria DevelopmentUnderstand Industry / SectorBasis for SWOT AnalysisAddress WeaknessesPosition vs. CompetitionCompare Desk-Top / Fieldwork ResultsHelp Fill Information GapsFeedback into Targeting / Marketing EffortsPromote PartnershipsPromote Aftercare

For the IPA:

Benchmarking MethodologyIndustry Criteria DevelopmentUnderstand Industry / SectorBasis for SWOT AnalysisAddress WeaknessesPosition vs. CompetitionCompare Desk-Top / Fieldwork ResultsHelp Fill Information GapsFeedback into Targeting / Marketing EffortsPromote PartnershipsPromote Aftercare

OUTPUTOUTPUT

WHY ARE WE BENCHMARKING?





Target Companies


Online Research for Selecting Priority Sectors




SWOT Analysis/Benchmarking


Target Companies

Sector Targeting: Concrete Example

Using Trade Preferences to Promote Investments

Targeting Study Undertaken by ITC for MIGA-Swiss

Partnership

Pilot Country Study

Eastern and Western AfricaCoastal and Land-Locked

AfricaFrancophone and Anglophone

Africa

Results Easily Replicated by Other Countries

Define Opportunities

Review Relevant Agreements: AGOA, LOME/COTONOU, EBA

Regional Agreements:COMESA, EAC, SADC, ECOWAS, UEMOA, etc.

Define Implications at a 6-Digit HT Level

African Growth andOpportunity Agreement

AGOA

Table AG1: most important tariff reductions under AGOA, excluding textile & clothing

Table E1: most important tariff reductions for LDCs under EBA

Summary of Prospects for FDI

Implementation

Compile Industry Opportunity Profiles

Identify investor countries

Identify potential investor companies

Undertake investor outreach missions

Follow up on investor interest

Facilitate inward missions

Investor facilitation

Investor servicing

Facilitate reinvestment

Facilitate local linkages





Target Companies


Online Research for Selecting Priority Sectors






Target Companies

Industry Series – Reports (available for free in pdf format, downloadable from www.census.gov site)

Data from 1997 Census (2002 Censuscurrently underway)

Sector Targeting: Example of Sector Analysis Using U.S.

Economic Census Data

http://www.census.gov/

Understanding international business trends–The forces affecting the way business is done in the target sector–Resulting in changes:

•Structure of the Industry•Positioning or segmentation•Business models

Understanding Market trends and agreements–WTO framework and changes–North American Free Trade Agreement –(NAFTA)–ASEAN–South American Common Market - MERCOSUR–AGOA - Africa–Caribbean Basin Initiative - CBI 2–EU

Understanding the Sector

Technology trends– Technological changes that affect the

industry• Product substitutes• Product improvement

– Miniaturization and robotization– New materials

• Process improvement• Marketing and distribution changes

– Eg. Internet/E-commerce/E-business– Fiber optics

• Just in time production/sourcing


Scale indicators– Number of investors– Employment

• Number of workers• Workers per company• Sales per employee• Value added per worker

Characteristics of the sector– Percentage of employees in production?

Other activities?• Measures degree of labor intensiveness

– Average salaries per hour


1. U.S. Census Bureau Industry Series - Profiles

2. Download Industry Series Report for Sub-Sector (in pdf) – Example: NAICS 315212

3. Statistical Data on Industry Size, Composition, Geographic Distribution – NAICS 315212

INDUSTRY STATISTICS FOR SELECTED STATES % of Total Ave. emp. x establish.

EMPLOYEES PROD.WORKERS Emp./Prod. Workers

VALUE ADDED BY MANUFACTURE ($1000)

United States 7,135 100% 148,870 133,135 $3,243,70980.0%

California 2,937 41% 17.9 52,433 48,965 93.4% $993,781Florida 247 3% 18.7 4,621 4,237 91.7% $117,650Georgia 73 1% 37.2 2,718 2,207 81.2% $54,619Illinois 70 1% 29.1 2,035 1,820 89.4% $44,986Massachusetts 90 1% 27.5 2,479 2,317 93.5% $55,460New Jersey 244 3% 28.0 6,828 5,888 86.2% $174,875New York 2,015 28% 17.6 35,367 30,031 84.9% $733,631North carolina 94 1% 42.5 3,998 3,559 89.0% $91,536South Carolina 293 4% 33.9 9,920 9,094 91.7% $79,216Texas 262 4% 16.4 4,284 4,026 94.0% $110,175

10 LARGEST STATES BY # OF ESTABLISHMENTS


EMPLOYEES

United States 7,135 100% 148,870

California 2,937 41% 17.9 52,433Florida 247 3% 18.7 4,621Georgia 73 1% 37.2 2,718Illinois 70 1% 29.1 2,035Massachusetts 90 1% 27.5 2,479New Jersey 244 3% 28.0 6,828New York 2,015 28% 17.6 35,367North carolina 94 1% 42.5 3,998South Carolina 293 4% 33.9 9,920Texas 262 4% 16.4 4,284


Geographic DistributionNAICS 315212


EMPLOYEES PROD.WORKERS Emp./Prod. Workers

United States 7,135 100% 148,870 133,135

California 2,937 41% 17.9 52,433 48,965 93.4%Florida 247 3% 18.7 4,621 4,237 91.7%Georgia 73 1% 37.2 2,718 2,207 81.2%Illinois 70 1% 29.1 2,035 1,820 89.4%Massachusetts 90 1% 27.5 2,479 2,317 93.5%New Jersey 244 3% 28.0 6,828 5,888 86.2%New York 2,015 28% 17.6 35,367 30,031 84.9%North carolina 94 1% 42.5 3,998 3,559 89.0%South Carolina 293 4% 33.9 9,920 9,094 91.7%Texas 262 4% 16.4 4,284 4,026 94.0%


Degree of Labor IntensivenessNAICS 315212

INDUSTRY STATISTICS FOR SELECTED STATES % of Total Ave.

VALUE ADDED BY MANUFACTURE ($1000)

VALUE ADDED Per Employee

United States 7,135 100% $3,243,70980.0%

California 2,937 41% $993,781 $18,953Florida 247 3% $117,650 $25,460Georgia 73 1% $54,619 $20,095Illinois 70 1% $44,986 $22,106Massachusetts 90 1% $55,460 $22,372New Jersey 244 3% $174,875 $25,611New York 2,015 28% $733,631 $20,743North carolina 94 1% $91,536 $22,895South Carolina 293 4% $79,216 $7,985Texas 262 4% $110,175 $25,718


Level of Value AddedNAICS 315212

NAICS 315212 – Size Segmentation for Targeting

ESTABLISHMENT SIZE Establishment w ith more than 50 employees

Total 7,135680 10%

50 to 99 457 6%

100 to 249 182 3%

250 to 499 33 0%

500 to 999 7 0%

1000 to 2,499 1 0%

> 2500

TOP 10 MATERIALS CONSUMED BY KINDNAICS NAME DELIVERY COST 48.9%

971000 Materials, ingridients, containers, and supplies, n.s.k $266,154 31.3%

31321023 Broadwoven fabrics (piece goods) $45,978 5.4%

31324000 Knit fabrics $45,121 5.3%

970099 All other materials, and components, parts, containers, and supplies $33,707 4.0%

31311003 Yarn, all fibers $10,703 1.3%

33999301 Buttons, zippers, and slides fasteners $7,823 0.9%

31322103 Narrow fabrics (12 inches or less in with) $5,299 0.6%

31500000 Garmets purchased to be printed and resold$1,006 0.1%

32591011 Printing ink, for printing in garmts $223 0.0%

Identifying Linkages with Local Economy and Suppliers

Apparel Industry Comparative Values by Subsector Ave. Wages/hr.

$5.00 $7.00 $9.00 $11.00 $13.00 $15.00 $17.00 $19.00

WOMEN'S & GIRLS' CUT/SEW DRESS MFG

MEN'S & BOYS' NECKWEAR MFG

OUTWEAR KNITTING MILLS

WOMEN'S & GIRLS' CUT/SEW OTHER OUTWEAR MFG

MEN'S & BOYS' CUT/SEW SHIRT MFG

OTHER AP P AREL ACCESSORIES MFG

MEN'S & BOYS' CUT/SEW OTHER OUTWEAR MFG

MEN'S & BOYS' CUT & SEW AP P AREL

INFANTS' CUT/SEW AP P AREL MFG

Subs

ecto

rs

Ave. US$/hr.

Apparel Industry: Low vs. High Wage Sub-Sectors

STATE315211 315212 315221 315222 315223 315225 315228 315231 315232 315233 315234 315239 315291 315293 315999 315119 315191

ALABAMA 9 5 9 2

CALIFORNIA 1 1 1 2 1 1 1 2 1 1 2 1 1 2 1 3 1

FLORIDA 8 5 7 3 3 3 2

GEORGIA 6 9 5 8 6 6 7 3

HAWAII 7

ILLINOIS 7 8 4

KENTUCKY 3

MASSACHUSETTS 10 4 10 5 9 5

MINNESOTA 10 3

MISSISSIPPI 10 4 10 2

MISSOURI 7 4

NEW JERSEY 8 6 7 3 5 6 3 6 4 6

NEW YORK 2 2 4 1 4 6 2 1 2 2 1 2 1 7

NORTH CAROLINA 4 7 2 4 9 6 3 1 2

OHIO 5

OKLAHOMA 8

PENNSYLVANIA 5 3 6 3 5 4 5 4 8 4

SOUTH CAROLINA 7 3 8

TENNESSEE 3 2 8 3 4 8 6

TEXAS 6 5 5 4 4 5 2 9

VIRGINIA 3 7 9 7 8 10

WASHINGTON 10 4

# 1 # 2 # 3

SUBSECTOR

Subsector Geographical Distribution Apparel

APPAREL SALES

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

SIC

SA

LE

S ($

000)

2329 Men’s & Boy’s Clothing

2339 Women’s & Misses Outerwear

Apparel – Sales by Sub-Sectors





Target Companies


Online Research for Targeting Prospective Investors






+

Target Companies

Identifying the Key Companies for EachSub-Sector…

Investor Targeting through the Web

Online research is very useful

(1) To compile “long list” of companies by using

Directories: General and sector specific resources

Sector specific directories very often can be browsed by product category, country/ region, company name

Web Sites of Associations: Feature lists of members, very often by country

Online research is very useful to

(2) Narrow the “long list” down to a short list of targeted companies

Parameters to look out for, include:

Product line, company location/region

Company size (annual sales, number of employees, etc.)

Major capital expenditures, M&A activities

Company’s recent performance in comparison with its competitors/ overall industry trends

Technology developments, supplier linkages

Foreign affiliates and international activities of the company


Go to companies’ Web sites to learn about latest company news - sometimes even latest Annual Reports online

Cross reference company information to other sources providing financial profiles

Learn about the company’s organizational structure

Get all necessary names, titles and contact details from companies’ Web sites.


Sample online resources:

www.corporateinformation.com

www.hoovers.com

www.kompass.com

http://www.europages.com/

http://www.sec.gov/edgar.shtml

http://www.dnb.com/

http://www.bnamericas.com/

http://www.corptracker.com/

Company Research Resources

http://www.corporateinformation.com/

http://www.hoovers.com/

http://www.kompass.com/

http://www.europages.com/

http://www.sec.gov/edgar.shtml

http://www.dnb.com/

http://www.bnamericas.com/

http://www.corptracker.com/

CorporateInformation

Hoovers Online

Kompass

Kompass - Company Information

Europages – European Company Directory

Company Monitor (Business Monitor)

CorpTracker (Oxford Intelligence )

Questions & Answers

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