- Global investment is rising again. But it’s becoming more concentrated, more selective and less accessible to many developing countries.
GENEVA, Switzerland – The recovery remains fragile. Growth is concentrated in a small number of economies and in capital- and technology-intensive sectors.
Governments are responding with more selective policies. Incentives increasingly target clean energy, digital infrastructure, advanced manufacturing and critical minerals. Screening and conditions on foreign firms are also expanding.
Investment patterns are reshaping global production. Greenfield investment in strategic sectors is rising, while investment in manufacturing outside them is declining. The shift favours economies with strong infrastructure, skilled workers, supplier networks and access to major markets.
Most developing countries can’t match the subsidy programmes of major economies. They need realistic entry points, stronger foundations and regional cooperation to compete and increase investment’s development impact.
“The policy choices made today will determine whether foreign direct investment becomes an engine of shared development or entrenches divergence.” ~ Pedro Manuel Moreno, acting secretary-general of UN Trade and Development (UNCTAD).
- Read: World Investment Report 2026 (Overview)
International cooperation: The search for the commons
In a more contested and uneven investment environment, international cooperation remains essential. However, it needs to focus on practical areas of shared interest. These “commons” can help preserve transparency and predictability for cross-border investment, while leaving countries space to pursue resilience, security and development objectives.
The World Investment Report 2026 calls for several key and practical international cooperation initiatives:
A global monitoring mechanism to improve timely and comparable reporting on policy measures that affect cross-border investment. Such a mechanism could strengthen transparency on trade, industrial and economic security measures that influence investment decisions. Better information would help countries anticipate policy shifts, adapt investment strategies and reduce uncertainty for investors.
Policy guidelines and principles for security-related investment measures. These could support clearer definitions of sensitive activities, transparent procedures, proportionality, confidentiality safeguards, reasonable timelines and periodic reassessment. The aim would be to make security-related measures more predictable, more targeted and less distortive.
Joint project preparation and risk-sharing platforms for productive investment in developing countries. Multilateral development banks, development finance institutions and export credit agencies could coordinate support for bankable projects in industrial infrastructure, renewable power for industry, logistics, digital connectivity, supplier upgrading and selected strategic processing activities.
Facilities for supplier upgrading and standards support to help domestic firms connect to reconfigured production networks. Regional frameworks and institutions could help firms meet certification, quality, traceability, digital and logistics requirements. This would make regional integration a more effective platform for attracting and embedding investment.
Accelerate reform of international investment agreements to safeguard essential security interests. Reform efforts should ensure that countries retain adequate policy space for legitimate and evolving security objectives, including those related to critical minerals, supply chain resilience, and emerging technologies, while minimising misuse of security exceptions and promoting sustainable investment.
Global investment partnerships to structure cooperation between home and host countries in evolving supply chains. Such partnerships would help align security-of-supply objectives with host-country development priorities, including local value addition, supplier upgrading and skills development.
To advance the commons, UNCTAD will convene discussions with all relevant stakeholders and explore concrete solutions at the 9th World Investment Forum.




