1.	Introduction

2.	The cycle of foreign direct investments

3.	Investing abroad

3.1	The choice of the country and location of enterpreneuring.

3.2	Investition risks

3.2.1

Political risks

3.3	Types of FDIs abroad

4.	Foreign direct investment inflow into CEECs

4.1	Impact of FDIs in the CEFTA countries

4.2	Motivations of foreign investing into CEECs

4.3	Expectations of the host countries (CEECs)

5.

Keywords

6.	Vocabulary

"2. The cycle of foreign direct investments

Most important links between individual country and world economics are implemented through trade and foreign direct investments. However many analysts regard the task of trade and the task of FDI’s separately, they must be accepted as integrally interconnected and dependent on the development phase of the country.

Because FDIs represent a dynamic and evolution process, one should consider them in terms of time phases.This process respectively the cycle of FDIs consists of three phases:
- initial phase
- phase of internatinalization
- phase of investment maturity

In the first phase - the initial phase - the relevant country does not just yet invest abroad, because owing to the low degree of development it needs rather imports of investment capital to support the economic growth. That means that more developed countries invest in this country, so this country becomes nett importer of FDIs.
The market liberalises.The most important sectors, the investments flow in, are production of consumer goods,infrastructure and additional services (tourism, retail trade, finance). The main aim of foreign investors in this phase is to get acces into the market of the host country.
The entry of new technologies and knowledges at this stage is limited by the human capital and „spillover effects“ into other sectors.

In the second phase - the internationalization phase - the market matures (it’s liberalized yet), privatization is being finalized, financial markets deepen and expand, infrastructure is more developed. Main motives for investing capital into a foreign country at this stage is to continue in acquiring a share in the domestic market and to exploit comparative advantages in the international market. The exporter country (investor) usually allocates FDIs into the nearby coutries."

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