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Multinationals from the so-called Asian tiger economies—those that industrialized during the 1960s—are among the earliest new multinationals from countries other than the most advanced. Taiwan, a country that excels both at technological and process innovation, has proved to be the most fertile ground for outward foreign investors, including such powerhouses as Formosa Plastics, Taiwan Semiconductor, and Acer. Following a path to development much more oriented towards large-scale industry, South Korea is home to some of the best known names in the electronics and appliances industries (Samsung and LG), and automobiles (Hyundai and KIA). The city-state of Singapore has bred multinationals in food and beverages (Fraser and Neave, Want Want), electronics (Olam), telecommunications (Singtel), real estate (Capitaland), transportation (Nepture Orient Lines), and hotels (City Developments). For its part, Hong Kong is home to a large number of multinationals in a similar set of industries, led by Hutchinson Whampoa, the world’s largest port operator.

In Spanish-speaking Latin America some firms from Mexico and Argentina stand out as formidable global competitors. In food-processing, Bimbo and Gruma are among the largest firms in the world in their respective market niches, namely, packaged bread and tortillas. In cement, Cemex is the second or third largest, depending on the specific product. Grupo Modelo is the third largest brewery in the world. These companies have made acquisitions or greenfield investments in North America, Asia and Europe. Argentina’s Tenaris is the global leader in seamless steel tubes, and Industrias Metalúrgicas Perscarmona a major firm in the crane business.

The Middle East is also becoming the home base of major multinational corporations, including DP World of Dubai (the world’s second largest port operator), Orascom (the Egyptian

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