UNCTAD - Press conference: Launch of the World Investment Report 2026

Good morning, everybody, and good afternoon for those connecting from other time zones, and thank you for joining us for the launch of the World Investment Report 2026, International Investment in a Turbulent Era. The report and related press materials are still under embargo for the coming hour. We know everybody respects those rules. Everything is available in the UNCTAD newsroom for those registered. For those not registered, we encourage you to join us. We will begin with opening remarks by UNCTAD's Acting Secretary-General, Pedro Manuel Moreno, to my left, to your right for those in the room and on screen. We will then hear from Nan Li Collins. She's the Director of UNCTAD's Division on Investment and Enterprise, who will present the main findings of the report. After that, we will open the floor for questions. We have two colleagues from the division with us. To my right, Astrid Susatorva, and on the far end of the table, Massimo Meloni, to add details when and if needed. Thank you very much. Pedro Moreno, the floor is yours. Thank you.

Thank you, Marcello. Good morning, dear colleagues, friends from the press. It's a pleasure to be with you today launching one of UNTAD's flagship reports. The World Investment Report 2026 shows that global foreign direct investment is rising again in 2025. Global FDI increased by 6% to $1.6 trillion after 2 years of decline. That recovery is welcome, but it is not yet a broad-based development story. Inflows to developed economies rose by 11%, while developing economies recorded growth of only 2%. Investment is also becoming more concentrated across countries, sectors, and large projects. And this matters because investment is, is not only a financial flow, it is a development tool when it builds productive capacity, creates jobs, strengthens skills, supports technology transfer, and connects firms to markets. The central question then is not how much investment crosses borders. The question is where it goes, what it builds, and who it benefits. A higher FDI number is welcome, but— it doesn't automatically mean stronger development impacts. Headline investment can be concentrated in a few economies, sectors, or large projects, but what matters here for development is whether investment strengthens the real economy. That means new productive assets, stronger domestic firms, better jobs, supplier linkages, technology transfer, and access to regional and global value chains. Investment, yes, is becoming more strategic, more selective, and also more concentrated. A growing share of global investments is moving into sectors linked to future growth and technological competition, and these include AI infrastructure, semiconductors, critical minerals, energy transition technologies, Strategic sectors accounted for 44% of global greenfield projects values in 2025, up from 16% in 2020. These sectors can create new opportunities, we all know that, but they often require reliable infrastructure, energy, skills, capital, suppliers, and of course policy support. Many developing countries are still building those capacities. That means the risk of being left behind in this case is real. Developing countries do not need to compete everywhere. They need realistic entry points into the investment landscape of the future. The report does not suggest that developing economies should try to match the largest economies' subsidy for subsidy, like a competition race on that. For many countries, that would be unrealistic and fiscally risky. The priority here is to identify where they can compete and where investments can support development. That may include selected manufacturing activities, critical minerals processing, energy services, logistics, data infrastructure, supplier networks, or skills-intensive niche. To make those opportunities viable, countries need stronger infrastructure, reliable energy, workforce skills, investment facilitation, supplier development, and of course regional markets. National policy choices matter, but international cooperation is also essential. Governments are becoming more active in shaping investment flows. In 2025, countries adopted a record 229 investment policy measures. Most remain favorable to investors, but they increasingly targeted strategic sectors and national priorities. This is not simply about attracting more investment. It is about attracting investment that supports development, resilience, and domestic value creation. For developing countries, international cooperation, investment partnerships, and risk-sharing mechanisms can help create conditions that individual countries cannot build alone. UNCTAD's role is to help countries understand these changes and turn investment trends into development choices. UNCTAD brings together data analysis, policy guidance, and intergovernmental dialogue. And the World Investment Report helps countries precisely see where investment is going, which sectors are growing, where risks are emerging, and what policy options are available to them. Our focus is not investments for its own sake. Our focus is investment that supports productive capacity, technology transfer, jobs, skills, and value creation. The report's message is clear: FDI is recovering, but its development impact will depend on the choices countries and partners make now. I will leave it here for the moment.

Thank you. Thank you. Thank you very much, Assistant Acting— sorry, thank you very much, Acting Secretary-General. Secretary-General Pedro Manuel Moreno. I will now turn to Nan Li Collins, UNCTAD Director of Division of Investment and Enterprise. She will walk us through the main findings of the World Investment Report 2026. Nan, over to you. Thank you.

Thank you. The Acting Secretary-General has framed the broader development messages. Let me turn to what the evidence in this year's World Investment Report shows. As the headline shows, global FDI rose by 6% to $1.6 trillion in 2025, but recovery is uneven and its development impact is not automatic. The central question is not only how much investment is moving, but where it goes what it builds, and who benefits. Four findings stand out. First, investment in strategic sectors is booming. Investment is growing rapidly in sectors at the center of global strategic competition, including AI infrastructure, semiconductor, critical minerals, energy transition technology, and other advanced technologies. The numbers are striking. Since 2020, the value of announced greenfield projects in these sectors have increased more than fivefolds, from $109 billion to $576 billion, bringing them to almost half of global greenfield project value, as Mr. Moreno noted. This reflects several powerful investment waves: data centers and cloud infrastructure for AI, semiconductors for digital infra and advanced manufacturing, and critical mineral and energy transition technologies for the green and digital transitions. Second, the new investment race is also a concentration race. In strategic sectors, the top 3 investors' economies account for almost 70% of global greenfield investment, and the top 3 destinations capture about half. These concentration levels are roughly twice as high as those observed in other industries. By contrast, low- and lower-middle-income economies receive only about 10% of the investment in strategic sectors, less than half of their shares in other industries. This is a central risk. The industries that may drive the next wave of growth are expanding fast, but access to them is narrowing. The new investment race is concentrated among a small number of economies with strong existing capabilities. This does not mean that developing countries have no opportunities. Entry points exist through natural resources, green industrial value chains, digital markets, regional manufacturing platforms, or specific capabilities. But these opportunities are not automatic. They require targeted policies, stronger institutions, and realistic strategies. This is where UNTEF's work is important, helping countries identify feasible entry points, improve investment policy frameworks, develop bankable pipelines, reduce risks, and present concrete opportunities to investors. Third, governments are becoming more selective about the investment they want. Governments are using a wider range of tools, from incentives to public procurement, to attracting investment into priority sectors, and investment screening and security-related measures to manage sensitive transactions. This is also visible in national investment policymaking. In 2025, governments adopted 229 investment policy measures, the highest number recorded by ONGTAD. Most remained favorable to investors, but policy interventions became increasingly selective and strategic. Incentives accounted for half of all favorable measures, with growing use of targeted support for energy transition technologies, digital infrastructure, advanced manufacturing, and critical minerals. At the same time, restrictive measures continued to expand, especially through investment screening, entering restrictions, and localization requirements. International investment agreements are also evolving, with new agreements focusing on facilitation and cooperation. But old-generation agreements can also create tension with today's industrial policy, security, and development objectives. This point to a broader shift. Governments still want investment, but increasingly they want investment on more specific terms, in priority sectors with stronger links to domestic value creation, resilience, and security. Fourth, the traditional manufacturing pathway to development is becoming less automatic. For decades, manufacturing has been one of the main pathways to development. Investment in manufacturing has helped countries create jobs, build capabilities, and link up to global value chains. But this pathway is changing. Outside strategic sectors, greenfield investment in manufacturing has declined over the last decade. This slowdown is particularly affecting developing countries and LDCs. Supply chains are not simply moving closer to home. The report does not show a broad shift towards regionalization or nearshoring. Instead, companies are reorganizing production networks around a wider set of factors, including resilience, market access, policy conditions, and exposure to trade measures. For business and investors, this means that the investment map is also changing. Opportunities are opening up in new locations and in enabling sectors: energy, logistics, digital connectivity, supplier development, and regional production platforms. First movers can help shape these ecosystems while strengthening their own resilience and access to growing markets. For developing economies, the question is not only how to attract more investment, but how to attract investment that builds capabilities, supports upgrading, and contributes to sustainable development. Taken together, these developments represent a fundamental shift in the global investment landscape. Developing countries do not need to compete in every strategic sector and cannot match the largest economies subsidy for subsidy. They need— realistic entry points. That means identifying where they can compete and build the conditions that make investment viable: reliable infrastructure, energy, digital connectivity, skills, supplier capabilities, transparent regulation, and effective institutions. It also means using incentives carefully. Public support can be targeted, transparent, performance-based, and linked to clear development outcomes. Regional integration is also critical. Many countries are too small to attract large-scale investment on their own. Regional markets, shared infrastructure, harmonized rules, and cross-border value chains can help create the scale and predictability that investors require. Finally, international cooperation is more needed than ever. In a more turbulent and a competitive world, countries will continue to pursue industrial policies and economic security objectives. That makes cooperation more important, not less. The priorities are clear: greater transparency on measures that affect investment, dialogue on industrial policy, subsidies, screening, and security-related measures, and practical cooperation on investment facilitation and responsible investment. Reform of the international investment agreements also need to accelerate so that agreements reflect today's policy realities while preserving legal certainty for investors and adequate policy space for governments. The objective is to keep international investment environment predictable, transparent, and development-oriented even in a more contested global economy. Let me conclude with the main message. Investment is recovering, but the future investment landscape is becoming more selective, more strict— strategic, and more concentrated. This creates opportunities for developing countries but also real risks of exclusion from the sectors that will shape future productive capacity. The policy task is therefore not passive investment traction. It is strategic investment positioning, identifying realistic entry points, build domestic capabilities, and ensuring that foreign investment supports inclusive and sustainable development. Ontad will continue to support countries in this effort through evidence, policy advice, investment policy reviews, facilitation, de-risking support, bankable project development, and platforms that connect development priorities with real investment opportunities. Thank you.

Thank you very much. Thank you very much for the detailed overview. Thank you very much, Acting Secretary-General, for the for the introduction. We can now open the floor for questions. Those in the room have the first go. We have also several participants online. You know the drill, the name, your name and the outlet that you represent and to whom you direct your question, please. Nobody wants to break the ice? I have one hand here and this is online. Okay, if we don't have anybody from the room yet, then it's the first one I see. It's Bless O'Hareo from— no, you lowered your hand. I'm not sure. Yes, again, there she is. Bless O'Hareo from Business Mirror. Thank you. The floor is yours.

Good day, everyone. I'm Bless O'Hareo from Business Mirror, a business newspaper based in the Philippines. My first question is, The report shows that more than 80% of global FDI is concentrated in the top 20 recipient economies. I would just like to ask, what should countries like the Philippines do to attract a larger share of global investment?

Thank you.

Thank you for the question. In our report, we show that the growth in Asia developing countries are actually quite good, right? ASEAN, for example, has continuously been growing and this year it picked up about 10% growth. So regional integration is working there and the key countries in ASEAN Economic Community is growing very fast. So for specific countries, We do offer very tailored tools to look at the investment policies, strategic competition, and also where to focus in the sector priority choices. So I think for more detailed advice, please get in touch with our team. We can look into the specific opportunities in both the strategic sectors that we're talking about and also how the Philippines can continue to leverage its position in ASEAN.

Thank you. Thank you very much. I see your hand is still raised. Do you have a quick follow-up on this, or can we go on?

Yes, I do have one last question. Now that the Philippines has reached upper middle income status by the World Bank, do you think this improves the country's attractiveness to investors, or will reforms matter more than the classification itself? Thank you.

Thanks for the question. Being a middle-income country classification, of course, shows the progress of Philippines in its economic development and the stability of— as a country, as a destination for investors. As next step, looking to attract more investment, as I have said earlier, and as also we have been advising governments in the region, is to really strengthen all the good work you have been doing, the investment facilitation measures, the digital connectivity, and really improve the regulatory environment, and then build the strategic capabilities in the sectors where the country is prioritizing.

Thanks.

Thank you. Thank you very much. The next question comes from— I think it's Les Échos. Please, Richard, the floor is yours.

Do you hear me?

Yes, loud and clear. Go ahead. Yes, we can hear you.

Thank you.

Thank you very much for the press conference.

In your presentation, you said that In the strategic sectors, the top 3 recipient countries account for 70% of the greenfield projects. Can you tell me what are the countries, the 3 countries, please? Thank you.

Okay. The reason we did not list out the 3 countries per se is that We did a kind of analysis into the top 3 countries in these 5 strategic sectors. Now, they are not exactly the same, but the concentration effect is alarming, right? For example, in critical minerals, China, and also China is a top investor. But in the AI sector, US is the largest investor, so we need to really look into each sector to see exactly who are the top 3, but these top 3 are mostly large economies. I can say it's really about— among China, EU, Korea, Japan, China.

Thank you very much. If any follow-up, Richard, don't hesitate to raise your hand again. Next one is Eugenia Peroso, please. Thank you.

Hi, I'm Eugenia. I'm the editor of Investment Monitor. You mentioned that outside of strategic sectors, greenfield investments are generally in decline around the world. Could you talk a little bit about what sort of industries and sectors are being affected by this decline and what, what that, how those regions are are kind of restructuring their investment attraction efforts. Thank you.

I will have my colleague Astrid to also talk about the key sector numbers before we talk about more policies at regional level. Maybe, Astrid, you can talk about some sector trends and numbers.

Yeah, thank you very much. So in addition to the— to the industries that are related to digital, and we mentioned digital, we mentioned the data centers, we mentioned the semiconductors, and oil and gas. You have industries which are— we suffered basically in terms of greenfield projects, and here are the renewable energies. They are the one that basically declined for the fourth consecutive year. We have a decline in the sectors which are GVC-intensive industries. And most GVC manufacturing industries saw a decline in their value. This is related as well with the topic that we discussed, the major topic of the report. The other industries is the other sectors in infrastructure, so infrastructure except data centers, they also suffered, they saw their value decline as well. So this is basically the industries that they declined compared to— in contrast with data centers and digital and semiconductors, they saw an increase. So please, Nan, for the— thank you.

Thank you. Thank you very much. I don't see any other hands in the air from those connected online. There is one message in the chat. No, there was just a thank you for giving the floor. Anybody in the room? Yes, I see somebody in the back, Florence. Okay, no, I don't think so. Based on the questions, so anything concluding to add from from your side, Nan? Pardon? Oh, I didn't see it. I'm sorry. Apologies. The floor is yours. Please state your name and the outlet you represent. Thank you.

Thank you for the press briefing. I'm Chen Jiao from China's Xinhua News Agency. My question is, could you elaborate more about the risks brought by this trend where the investment policy is becoming more selective and strategic?

Thank you.

Thank you for the question. I think there are some questions about strategic selective policymaking as well in terms of national security and industrial policies, and I will ask my colleague Massimo to give some answers. Thank you.

Thank you. So yes, this year, as was mentioned by our ASG and the Director, we do see a much more selective approach to policymaking across the world. And this means not only in terms of the promotional aspects, so incentives that are becoming more targeted. To specific objectives. We've seen for the first time the impact probably of the global efforts, international efforts for tax reform. And all of a sudden, several countries have started doing without the broad tax holidays in favor of much more targeted approach.. So this is very positive, right? This is something that UNCTAD has been calling for a while. We need incentives to be much more performance-based, related to specific development objectives. We see this selectivity, however, also in terms of the policies to— on FDI entry. So we see the expansion of countries with screening regimes for national security. We see an expansion of the measures restricting investment in certain sectors and activities. And of course, national security, the concept itself of national security is expanding, and these covers a wide range of legitimate policy objectives. At the same time, the risk is to balance balance the selectivity with the transparency that is required for the investment environment to remain open and non-discriminatory.

And let me maybe just add one point for the question earlier on investment promotion, right? What's the focus and strategy going forward? From— we have a finding this report where we surveyed a lot of investment promotion agencies in our network, right, so more than 100 replied, and the top concern, top risk factors is the geopolitical tensions or conflicts, right. 76% of them responded that this concerns them most, and then global economic slowdown, trade policy uncertainty, change of industrial policies and subsidies follow. So I think this overall macro environment is changing, the global investment landscape is changing, hence the requirements for investment promotion is also more demanding. So that requires investment promotion agencies to look into the global megatrends, looking at the specific positioning of their country in this global competition, and looking to your own your own national competitive strategy and build your own productive sectors, and also strengthen the risk intelligence. With all these risks going on, we need to really strengthen the risk intelligence and act more adaptively to the new changing reality. Thanks.

Thank you. Thank you very much for this. Sorry again for the oversight before to Xinhua News Agency. No more questions from those connected online. Now, definitely no more in the room. So let me just then thank everybody for their interest, encourage everybody to follow up. You can reach our colleagues through the news and press links on UNTAD, and we will channel those requests. And just to close with the four main points: foreign direct investment is recovering, but its development impact is not automatic. Investment is becoming more strategic, more selective, and more concentrated. Developing countries need realistic entry points and the conditions to turn investment into productive capacity, jobs, skills, and value. Creation and international cooperation is essential to keep investment predictable, transparent, and development-oriented. Very interesting findings that, Nan, that you mentioned just wrapping up your remarks. That is the core message of our report. What matters is not only where investment flows, but really what it builds and who benefits. Thank you very much.

Thank you.