Analyse comparée des investissements directs français et allemands dans le triangle de Visegrad (Hongrie, Tchécoslovaquie, Pologne)

Abstract

Comparative analysis of direct French and German investments in the Visegrad triangle (Hungary, Czechoslovakia, Poland. Germany's pre-eminence as an investor in Hungary, Czechoslovakia and Poland, with direct investment flows four or five times higher then that of France, is reflected in significant differences between the two countries as regards the nature of their commitments. Regionally, German investments are mainly directed towards Czechoslovakia, while French direct investments have primarily be channeled to Hungary. In terms of sectors, German investments, above all in manufactures, contrast with the French, which are concentrated in the service sector. And lastly, in terms of structure, the most sizeable concentration of capital invested by the French reflects differences in strategy, with Germany relying on its medium-sized enterprises (« Mittelstand ») to invest in Eastern Europe, while France has recourse mainly to its multinationals. In addition, analysis of the determining factors in these investments, in terms of comparative advantages of countries, and competitive advantages of firms, must be complemented by a study of determining factors linked to the specific nature of German « Mittelstand » enterprise, which is powerfully aided and supported in its efforts to penetrate Eastern Europe by the public authorities, and by taking account of cultural factors, which operate in favour of" Germany.