| Variables | Test Statistics | P-value |
| FDI | 13.100 | 0.000 |
| lnInfrastQuality | 58.160 | 0.000 |
| lnNaturalResEnd | 19.530 | 0.000 |
| lnMarketSize | 69.010 | 0.000 |
| lnTradeOpenness | 23.160 | 0.000 |