Munich Personal RePEc Archive

What Drives Foreign Direct Investment to BRICS?

Shah, Mumtaz Hussain and Ali, Zahid (2016): What Drives Foreign Direct Investment to BRICS? Published in: PUTAJ – Humanities and Social Sciences , Vol. 23, No. 1 (June 2016): pp. 51-66.


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This study explores the factors that drive foreign direct investment (FDI) to Brazil, China, India, Russia and South Africa that are collectively known as “BRICS”. By employing random effect panel estimation technique on the panel data for the years 1990-2011, the study found that market size, trade openness, GDP growth rate, macroeconomic stability and infrastructure availability are the main location factors for FDI in the BRICS countries. While, WTO accession has an insignificant impact on FDI in BRICS.

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