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Taiwan; (2) emerging economies like Brazil, Chile, Mexico, China, India or Turkey; (3) developing countries such as Egypt, Indonesia or Thailand; or (4) oil-rich countries like the United Arab Emirates, Nigeria or Venezuela. The new MNEs operate internationally using multiple modes ranging from alliances and joint ventures to wholly owned subsidiaries. Some of them are small and product focused, while others are large and even diversified across many industries. The literature has referred to them in a variety of ways, including “third-world multinationals” (Wells 1983), “latecomer firms” (Mathews, 2002), “unconventional multinationals” (Li 2003), “challengers” (BCG 2008), or “emerging multinationals” (Accenture 2008; Economist 2008; Goldstein 2007). While they may not possess the most sophisticated technological or marketing skills in their respective industries, they have expanded around the world in innovative ways. They have become key actors in foreign direct investment and cross-border acquisitions (UNCTAD 2006).

The new multinationals from the BRIC countries have made great inroads into the global economy. Among Brazilian firms, Companhia Vale do Rio Doce and Metalúrgica Gerdau are among the largest firms in mining and steel, Embraer holds with Bombardier of Canada a duopoly in the global regional jet market, and Natura Cosméticos has a presence in both Latin America and Europe. Lukoil, Gazprom and Severstal are among the Russian multinationals, while India boasts an army of firms not only in IT and outsourcing services, in which companies like Infosys, TCS, and Wipro are among the largest in the world, but also in steel, automobiles and pharmaceuticals. Chinese firms have irrupted with force in global markets not only as exporters but also foreign investors, and in every industry from mining and oil to chemicals and steel. In electrical appliances and electronics, China boasts three increasingly well-known firms, Haier, Lenovo and Huawei.

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