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1、Photo by KearneyWorld at inflectionThe 2025 FDI Confidence IndexBusiness leaders recognize mounting risk and uncertaintyalongside areas of opportunityin the investment outlook over the next three years.Kearney ForesightGlobal Business Policy CouncilThe Global Business Policy Council,part of the Kear

2、ney Foresight network,is a leading voice on business-environment research and policy.Since its first CEO Retreat in 1992,the Council has provided strategic foresight services for the worlds top executives and government officials.Through public-facing thought leadership,exclusive global forums,and a

3、dvisory services,the Council helps decipher complex geopolitical,economic,social,and technological shifts,creating clarity for CEOs and government leaders around key developments and trends for immediate impact and lasting advantage.This issue was also cited in our thematic section,which focuses on

4、perceptions of the European Union.While more than two-thirds of investors hold a favorable view of the EU,concerns surrounding the future of immigration,economic stagnation,and the conflict in Ukraine are top of mind.Our survey also reveals significant differences in perception of the EU across diff

5、erent regions,with Europe-based investors generally having a more pessimistic outlook relative to those based in the Americas or Asia Pacific.This held across a range of questions pertaining to the EUs position on the world stage,levels of competitiveness,and the outlook for the EU in economic,milit

6、ary,and regulatory terms.While investors continue to prefer doing business in the EU relative to other regionsas evidenced in part by the continued strong performance of European markets in our Indexthese findings reflect that key challenges remain.Taken collectively,the results of our 2025 FDI Conf

7、idence Index suggest a World at inflection.A convergence of significant geopolitical,economic,and technological shifts is taking place,creating both new risks and areas of opportunity for global investors.The potential for rising commodity prices,increased geopolitical tensions,and more restrictive

8、business regulatory environments is high,suggesting an ever-greater need for innovative decision-making by investors and policymakers alike.As always,we welcome your views and feedback regarding this Index.Erik R.Peterson Partner and managing director Global Business Policy Council Kearney Our 2025

9、Index captures a distinct snapshot of investor sentiments at a moment of global inflection.The 2024 election super cycle has concluded,bringing with it new leadership in several leading economies,including the United States and United Kingdom.Our survey was in the field in January 2025 and our resul

10、ts suggest both a mix of cautious optimism and mounting uncertainties for global investors.The makeup of our global rankings remains broadly similar to last year.The United States remains the top-ranked investor destination for the 13th consecutive year,followed by Canada and the United Kingdom.Chin

11、a falls three positions relative to last year to 6th position,behind Japan and Germany.And both the United Arab Emirates and the Kingdom of Saudi Arabia continue to perform well in our Index.After both markets surged 10 spots in 2024,they currently rank 9th and 13th,respectively,in the 2025 Index.Th

12、ese are not the only emerging markets of note,however.In our third annual Emerging Market Index,South Africa rises four positions to 7th in our 2025 Index.Our emerging market rankings also continue to show the strength of Southeast Asian markets,including Thailand,Malaysia,Indonesia,the Philippines,

13、and Vietnam.For the first time in the history of our Index,we have asked respondents to the 2025 FDI Confidence Index to share additional insights as to why they plan to invest in a specific market.This serves to illuminate the perceived strengths of each individual market,such as economic performan

14、ce,talent and skill level,ease of doing business,degree of technology innovation,and natural resources,among others.These findings are detailed in figures 2 and 6.Across all markets,investors continue to highlight the importance of efficiency of legal and regulatory processes,domestic economic perfo

15、rmance,and technology and innovation capabilities as the primary factors driving their investment decisions.Alongside some signs of cautious optimism,investors also demonstrate consistent areas of concern across our survey results.Investors cite a rise in commodity prices,an increase in geopolitical

16、 tensions,and more restrictive business regulatory environments in both developed and emerging markets alike as likely developments.Concerns surrounding rising geopolitical risk were evident across the survey.Results suggested that the likelihood of increased geopolitical tensions rose seven points

17、relative to last year,and a striking 83 percent of investors said that they anticipated such an increase would either significantly or moderately impact their investment decisions in 2025.1World at inflectionExecutive summaryDomestic economic performance emerges as a top priority for investors.Effic

18、iency of legal and regulatory processes and domestic economic performance tie for the top two most important factors for investors when choosing where to make their foreign direct investment.The elevation of these issues suggests that investors are increasingly focused on economic indicators when ch

19、oosing where to place their FDI,a fact further validated by the survey respondents specifically citing economic performance as the primary reason to invest in 12 of the top 25 markets.Key risks related to a rise in commodity prices and geopolitical tensions reflect investor concerns about rising glo

20、bal uncertainty.Investors are concerned about rising geopolitical risk and the potential for subsequent supply chain disruptions,which could push commodity prices higher.Thirty-eight percent of surveyed investors see a rise in commodity prices as the most likely development over the next year,and 35

21、 percent of investors also cite an increase in geopolitical tensions as a likely development in 2025,up seven points from last year.Investor perception of the European Union is generally favorable,though concerns are highest among Europe-based investors.More than two-thirds of investors have a favor

22、able view of the European Union,and 60 percent agree that they prefer to do business in the EU over any other region.Nevertheless,immigration challenges,economic stagnation,and expansion of war in Ukraine remain significant areas of concern.Further,there are significant differences in perceptions of

23、 the EU across regions:Europe-based investors are generally more pessimistic about the EUs position on the world stage compared to Americas and Asia Pacific counterparts in assessing issues related to competitiveness and economic and military power.Developed markets make up 19 of the top 25,led by t

24、he United States,Canada,and the United Kingdom.Investors highlight the strength of US technological innovation and Canadas high infrastructure quality as top factors to invest in these markets.The United Kingdom and Germany lead in Europe,holding the 3rd and 5th places,respectively,benefitting from

25、perceptions of tech innovation and economic performance.In Asia Pacific,Japan places 4th on the Index,also benefitting from continued strength in technology innovation,and strong wage growth.China slips from 3rd to 6th place,likely reflecting the markets economic challenges,including an ongoing prop

26、erty crisis and trade uncertainty.Overall,developed markets continue to dominate the rankings,representing 19 of the top 25 markets on the global rankings,indicating that investors may be seeking perceived safety and stability in a volatile world.Emerging-market performance declined slightly relativ

27、e to last year.Only six emerging markets make the main Index,down two from last year,as Poland and Argentina fall out of the top 25.Overlap between the global rankings and the emerging market rankings include China at number one,followed by the United Arab Emirates,Saudi Arabia,Brazil,India,and Mexi

28、co.South Africa,Poland,and Argentina lead the pack of emerging markets that fell just short of the main Index.Overall,the Americas boasts the most markets on the list with eight(down one from last year),followed by Asia Pacific at seven,the Middle East and Africa at five,and Europe also at five(one

29、up from last year).Two of the 25 emerging marketsKuwait and Bulgariamade the Index for the first time.2World at inflectionThe 2025 Foreign Direct Investment(FDI)Confidence IndexRankingsWorld rankingsDeveloped markets continue to dominate our rankings,representing 19 of the top 25 markets on the glob

30、al rankings this year,perhaps reflecting a desire for perceived safety and stability in a volatile world.This is an increase from the 17 developed markets that made the top 25 last year.Of the top 10 markets this year,nine were in the top 10 last year,with Italy returning to the top 10 and Spain fal

31、ling from 9th to 11th position.Two emerging marketsChina(including Hong Kong)and the United Arab Emiratesremain in the top 10,however(see figure 1 on page 4).1 Emerging-market performance declined slightly this year,with only six markets making the main Indexdown two from last year as Poland and Arg

32、entina fall out of the top 25.Other emerging markets saw their standing decline in relative terms.China dropped three spots to 6th position,the United Arab Emirates fell marginally to 9th from 8th,and Brazil,India,and Mexico dropped two,six,and four spots,respectively.Levels of global uncertainty an

33、d volatility are surging.From the proliferation of tariffs to rising geopolitical risk to shifts in domestic politics stemming from the 2024 global election super cycle,global investors are challenged with navigating a fast-changing landscape.And this tumultuous global operating environment is havin

34、g economic repercussions,with growth projections falling since the survey was in the field in January.Nevertheless,respondents still clearly value foreign direct investment,with 84 percent indicating plans to increase their FDI in the next three years.Though this represents a four-point decrease fro

35、m last yearlikely due to the aforementioned unpredictability of the operating environmentit remains a high figure and a sign that business leaders are still open to and in favor of international trade and investment.1 The FDICI follows the same country classification as the International Monetary Fu

36、nd for advanced and emerging economies.3World at inflectionNote:emerging markets are classified according to the IMFs country classification.Source:2025 Kearney Foreign Direct Investment Confidence IndexFigure 12025 FDI Confidence Index global rankings Developed marketsEmerging markets12345678910111

37、21314151617181920212223242520252024124753611810913142012161517-2519-2218212.38482.09322.07692.02762.01541.97341.97201.86231.86201.84751.82951.80381.75751.751.73451.6661.61811.61571.60191.59511.59441.56011.54971.53491.5127United StatesCanadaUnited KingdomJapanGermanyChina(including Hong Kong)FranceIt

38、alyUnited Arab EmiratesAustraliaSpainSwitzerlandSaudi ArabiaSouth KoreaSingaporeNew ZealandSwedenPortugalNorwayDenmarkBrazilBelgiumTaiwan(China)IndiaMexicoThe United Kingdom and Germany lead the way in Europe,holding 3rd and 5th place respectively.The UKs strong consumer market,robust financial serv

39、ices sector,infrastructure quality,and high capacity for innovation supported its rise in rank to 3rd.Germanys leadership in technology innovation helped the market maintain its 5th-place ranking.Despite setbacks in its manufacturing sector,Germanys longstanding reputation as a global leader in tech

40、nology and heavy investments in research and development buoy investor sentiments.For the 13th year in a row,the United States ranks 1st on the Index.A plurality of investors(45 percent)cited the markets technological innovation as the strongest reason they would choose to invest there,followed by i

41、ts economic performance(40 percent)(see figure 2 on page 6).The United States consistently ranks in the top three economies in the World Intellectual Property Organizations Global Innovation Index,and is expected to remain the worlds fastest growing G7 economy,expanding at 2.0 percent this year.Cana

42、da maintains its 2nd-place ranking for the third consecutive year and remains one of the top five markets for the 13th year in a row.Survey respondents pointed to its infrastructure quality as its most attractive quality for investors.Canadas 12-year plan to invest$180 billion in infrastructure,exte

43、nding through 2028,has focused on projects repairing and upgrading public transit systems and roads,enhancing digital infrastructure,and tackling affordable housing challenges.Further,Canada continues to be a powerhouse in clean energy infrastructure,with investment in the area growing 19 percent in

44、 2024 to reach US$35 billion and landing Canada at 8th globally according to BloombergNEFs Energy Transition Investment Trends 2025 report.4World at inflectionAsia Pacific has the second strongest showing with eight markets represented on our Indexthe same representation as last year.As mentioned ab

45、ove,China falls three notches to 6th and Japan jumps from 7th to 4th.Australia holds firm at 10th for the third consecutive year,with survey respondents most attracted to its economic performance(31 percent),followed by the talent and skill of its labor pool(26 percent)and ease of doing business(26

46、percent).South Korea makes a notable leap from 20th to 14th,its strongest performance in the history of our Index.3 Investors overwhelmingly(41 percent)cite the markets technological innovation capabilities as the strongest reason to invest there.Indeed,in 2024,South Korea announced plans for a$10 b

47、illion investment in the semiconductor industry in 2025 to strengthen its domestic chipmakers in the face of Chinese competition and US policy uncertainty.Other deltas of note include Singapores drop from 12th to 15th and India falling from 18th to 24th.Given that Singapore is uniquely trade-reliant

48、 and often caught between the United States and China,investors may be concerned about the potential impact of a trade war on the markets economy.And while survey respondents most value Indias strong labor pool(39 percent)and economic performance(28 percent),concerns about regulatory complexity and

49、ease of doing business may have weighed on their outlook.In Asia,Japans performance improves with a jump from 7th to 4th.Investors specifically cite the markets continued strength in technology innovation and improving economic performance,reflected in part by Japans tight labor market leading to th

50、e strongest wage growth since the 1990s.China slips from 3rd to 6th,which likely reflects the markets economic challenges,including an ongoing property crisis,alongside rising uncertainty in USChina relations,particularly as they relate to trade.Nevertheless,investors are buoyed by Chinas tech innov

51、ation,a sentiment perhaps boosted by the launch of a popular AI assistant by Chinese start-up DeepSeek while the survey was in the field in January,and may reflect some optimism that Chinas$1.4 trillion stimulus package(announced in November 2024)could further boost economic performance.The regional

52、 breakdown of our results shows Europe retaining the greatest share of the top 25 markets,with 11 economiesone more than last year.Norway and Belgium rejoin the rankings at 19th and 22nd,respectively,while Poland falls from the top 25.Though the European Union is still projected to grow at around 1.

53、5 percent over the next three years,this marks a modest improvement from the GDP growth rates of the past two years,which landed at 0.5 and 0.8 percent,respectively.2 According to Goldman Sachs,real income is projected to increase in the euro area and savings remain high,both of which will support h

54、ousehold spending.Further,headline and core inflation are projected to return to 2 percent by the end of 2025 as services inflation cools.Continued conflict in the East,domestic political instability,and the threat of tariffs are risks to the downside.Nevertheless,the region remains attractive to in

55、vestors,likely drawn to its developed infrastructure,strong institutions and rule of law,and a highly educated workforce.Denmark in particular is an example of this resilience and recovery,jumping five notches to a rank of 20th this year.Investors are clearly attracted to its infrastructure quality

56、and technological innovation,including efforts pertaining to the green transition.2 Oxford Economics,early March baseline forecasts3 South Koreas previous best ranking was 15th in 2000.5World at inflectionFigure 2Reasons for investing vary by marketFor each market you plan to invest in,which of the

57、following are the top two areas you find the strongest areas or strongest reasons for investment?Please select the top two strongest factors for investing in each market.Source:2025 Kearney Foreign Direct Investment Confidence IndexTalent/skill of labor poolEconomic performanceNatural resourcesNoneT

58、ech innovationEase of doing businessTransparent governance/lack of corruptionInfrastructure qualityUnited StatesCanadaUnited KingdomJapanGermanyChina(including Hong Kong)FranceItalyUnited Arab EmiratesAustraliaSpainSwitzerlandSaudi ArabiaSouth KoreaSingaporeNew ZealandSwedenPortugalNorwayDenmarkBraz

59、ilBelgiumTaiwan(China)IndiaMexico45%28%27%46%37%42%28%27%31%25%29%28%28%41%31%20%29%25%27%29%17%28%32%23%22%23%26%26%21%21%20%25%27%32%26%25%31%25%22%28%29%24%26%23%24%28%27%21%17%25%19%14%24%22%16%20%16%18%19%17%20%18%22%18%17%19%25%26%26%24%16%20%19%16%15%24%23%33%30%30%29%23%31%26%23%24%26%29%24%

60、26%24%24%24%29%30%20%29%22%16%21%28%21%22%26%27%24%28%28%30%19%26%24%18%20%27%26%21%27%24%27%28%26%32%39%31%20%40%30%32%31%35%34%31%31%38%31%32%32%36%29%32%20%33%30%27%30%29%26%28%29%19%16%17%17%13%13%18%18%21%23%22%20%16%26%15%14%23%17%21%19%35%16%19%23%27%4%1%1%2%1%1%1%1%1%2%2%3%2%2%2%3%2%2%1%1%3%

61、3%4%3%4%6World at inflectionThis year,we also asked investors about which region they see as leading in three key areas when choosing where to make their FDIeconomic growth/dynamism,technological innovation,and the green transition(see figure 3 on page 8).While the Americas is slightly favored in te

62、rms of economics and technological innovation,followed very closely by Asia Pacific,Europe and Eurasia comes out a clear winner in investor sentiment surrounding the green transition.The continent has made especially significant strides in its solar capacity over the past year,with solar energy prov

63、iding more power than coal to EU markets for the first time in 2024.Investor optimism regarding the economies on this years global rankings fell by four percentage points(26 percent)relative to the average net optimism level last year(30 percent)(see figure 4 on page 8).However,a few key economies s

64、aw significant jumps.The United States received a net optimism score of 43 percent this year,up a striking seven points from last year.Japan sees a score of 40 percent,up from 33 percent in 2024.And the net optimism score for the United Arab Emirates has risen 4 percent year-over-year,from 38 to 42

65、percent.Conversely,net optimism has declined notably for emerging markets Brazil and India,whose scores dropped 9 and 15 percent compared to last year,respectively.And despite forming part of the top 10 in the optimism rankings,the United Kingdoms net score still dropped from 39 to 29 percent year-o

66、ver-year.Thus,despite 68 percent of investors expressing optimism about the state of the global economy,it is clear market-level nuances exist.The Americas has four markets on the Index this year,down one from last year as Argentina slips from the top 25.Following the United States and Canada,Brazil

67、 ranks 21st,down two from last year.Investors remain especially attracted to the markets natural resources,but might have been rattled by recent climate challenges as 2024 saw an 80 percent rise in wildfires.And Mexico drops four spots to 25th.While investors remain attracted to the markets infrastr

68、ucture quality and talented workforce,economic and policy uncertainty related to potential US tariffs may be creating headwinds.Though the Middle East and North Africa sees just two markets make the global rankings this year,both the United Arab Emirates and Saudi Arabia perform well at 9th and 13th

69、,respectively.Despite falling one notch from 8th last year,the UAE remains an economic leader with anticipated output growth of 4.8 and 6.2 percent in 2025 and 2026,respectivelya factor that survey respondents value the most in the market.4 Further,the UAE is striving to boost logistics as a driver

70、of growth.An example of this is the Etihad Rail project,which aims to connect major hubs across the region.And Saudi Arabia continues to climb up the Index,jumping one notch from 14th last year.Beyond its economic credentials,Saudi Arabia is establishing itself as a global tech hub.To that end,in No

71、vember 2024,it announced Project Transcendencea$100 billion initiative to develop an AI ecosystem built on data centers,start-up support,and robust talent recruitment.Investor optimism regarding the economies on this years global rankings fell relative to the average net optimism level last year.4 O

72、xford Economics early March baseline forecasts7World at inflectionSource:2025 Kearney Foreign Direct Investment Confidence IndexFigure 3Investors view the Americas as slightly ahead in economic growth and technological innovation but overwhelmingly see Europe and Eurasia as leading the green transit

73、ionWhen choosing where to make your foreign direct investments,which region do you see as leading in economic growth/dynamism in the next three years?PercentWhen choosing where to make your foreign direct investments,which region do you see as leading in technological innovation in the next three ye

74、ars?PercentWhen choosing where to make your foreign direct investments,which region do you see as leading in the green transition in the next three years?PercentAmericasAsia PacificEurope and EurasiaMiddle East and Africa323029934332852823436Note:Markets are listed in descending order of the net sco

75、re(more optimistic more pessimistic).Numbers do not add up to 100 because remaining respondents selected“about the same.”Source:2025 Kearney Foreign Direct Investment Confidence IndexOptimism ranking(Percent)Figure 4The United States,the United Arab Emirates,and Japan lead the optimism rankings of m

76、arkets on the main IndexMore pessimisticMore optimisticUnited StatesUnited Arab EmiratesJapanCanadaAustraliaSaudi ArabiaSingaporeUnited KingdomGermanySwitzerlandSpainChina(including Hong Kong)ItalyNew ZealandSwedenNorwayFranceSouth KoreaDenmarkBrazilTaiwan(China)PortugalIndiaBelgiumMexicoNet score43

77、424037333231292929282727252423222119181716141312111010119121216141291513111213151814141515181618545250484244434543413742403636363739333232313229308World at inflectionEmerging market rankingsOur third-annual exclusive emerging market rankings aim to provide business leaders with insights into which e

78、merging markets are most appealing to investors now and over the next three years(see figure 5).Overlap between the global rankings and the emerging market rankings include China at number one,followed by the United Arab Emirates,Saudi Arabia,Brazil,India,and Mexico.The Americas boasts the most mark

79、ets on the list with eight(down one from last year),followed by Asia Pacific at seven,the Middle East and Africa at five,and Europe also at five(up one from last year).South Africa makes a notable jump from 11th to 7th position this year.This is perhaps due in part to the stabilization of its energy

80、 supply in 2024,when previously habitual power cuts(loadshedding)diminished significantly.Further,investors show interest in South Africas vast natural resources and economic performance,which is projected to see improved growth in 2025(see figure 6 on page 10).On the emerging markets list,natural r

81、esources were also the most favored attribute among investors in Brazil,Egypt,Chile,Kuwait,Costa Rica,and Peru.Hungary also rose in our rankings from 22nd to 17th,with investors pointing to the markets infrastructure quality as the strongest reason for investing there.They were likely buoyed by a Ch

82、inese loan of 1 billion Euros to Hungary in July of 2024,which is intended in part for the financing of investments in infrastructure,the energy sector,and others.Note:emerging markets are classified according to the IMFs country classification.Source:2025 Kearney Foreign Direct Investment Confidenc

83、e IndexFigure 52025 FDI Confidence Index emerging market rankings On main IndexOnly on Emerging Markets Index12345678910111213141516171819202122232425202520241235461178910121516141322-182117-1920231.97341.86201.75751.59441.53491.51271.48261.46481.46271.45151.41681.35921.33021.32651.3011.29661.28171.

84、27611.27241.27241.24251.19781.1941.16421.153China(including Hong Kong)United Arab EmiratesSaudi ArabiaBrazilIndiaMexicoSouth AfricaPolandArgentinaThailandMalaysiaIndonesiaEgyptTrkiyeChilePhilippinesHungaryKuwaitVietnamColombiaRomaniaBulgariaCosta RicaPeruUruguay9World at inflectionFigure 6Reasons fo

85、r investing in emerging markets vary by marketFor each market you plan to invest in,which of the following are the top two areas you find the strongest areas or strongest reasons for investment?Please select the top two strongest factors for investing in each market.Source:2025 Kearney Foreign Direc

86、t Investment Confidence IndexTalent/skill of labor poolEconomic performanceNatural resourcesNoneTech innovationEase of doing businessTransparent governance/lack of corruptionInfrastructure qualityChina(including Hong Kong)United Arab EmiratesSaudi ArabiaBrazilIndiaMexicoSouth AfricaPolandArgentinaTh

87、ailandMalaysiaIndonesiaEgyptTrkiyeChilePhilippinesHungaryKuwaitVietnamColombiaRomaniaBulgariaCosta RicaPeruUruguay42%31%28%17%23%22%23%22%20%21%21%21%17%24%22%21%20%25%20%24%21%24%24%20%23%20%32%25%28%17%25%23%25%25%24%25%22%24%28%22%29%25%27%31%20%31%30%25%28%23%16%16%17%18%16%16%15%16%24%21%17%14%

88、16%20%16%23%23%25%14%16%18%18%20%16%21%26%23%23%24%20%16%21%26%26%22%21%27%20%28%24%25%21%30%22%28%23%23%26%23%26%20%28%19%20%28%39%31%21%27%30%34%30%32%29%24%27%30%27%30%32%31%24%27%32%24%26%34%38%36%30%28%29%30%29%26%23%28%25%22%32%27%23%29%21%22%19%20%23%21%24%29%18%23%26%35%23%27%32%20%27%24%21%

89、27%31%28%27%25%20%28%26%25%29%27%31%23%4%1%2%2%3%3%4%3%2%3%6%3%6%4%3%4%3%3%5%6%5%5%3%5%5%10World at inflectionTwo of the 25 markets on the Emerging Markets IndexKuwait and Bulgariadid not make the rankings last year.Kuwait ranks 18th,owing in part to its attractive oil reserves.Further,in January 20

90、24 it expanded its acceptance of foreign investment by allowing foreign companies to open branch offices in Kuwait without a local agent.And Bulgaria,coming in at 22nd,perhaps appealed to investors owing to its announced plans to shortly enter the Eurozone.While net optimism levels overall for emerg

91、ing markets are almost nine percentage points lower than those reported last year,investors are still more optimistic than pessimistic about all emerging markets on the list,with the exception of Peru,where net optimism is zero(see figure 7).Note:Markets are listed in descending order of the net sco

92、re(more optimistic more pessimistic).Numbers do not add up to 100 because remaining respondents selected“about the same.”Source:2025 Kearney Foreign Direct Investment Confidence IndexOptimism ranking(Percent)Figure 7Investors are most sanguine about the United Arab Emirates,Saudi Arabia,and China on

93、 the Emerging Markets IndexMore pessimisticMore optimisticUnited Arab EmiratesSaudi ArabiaChina(including Hong Kong)BrazilThailandArgentinaMalaysiaPolandIndiaMexicoEgyptTrkiyeVietnamSouth AfricaPhilippinesKuwaitIndonesiaChileCosta RicaUruguayHungaryColombiaRomaniaBulgariaPeruNet score424027181816161

94、5141212987776663111101012151413171416181817191920172117171717202119201952524232313330313230292827272428232323202122202119The Americas boasts the most markets on the emerging markets list with eight,followed by Asia Pacific at seven.11World at inflectionDomestic economic performance emerges as a top

95、priority for investorsEfficiency of legal and regulatory processes and domestic economic performance tie(16 percent)for the top two most important factors for investors when choosing where to make their foreign direct investment(see figure 8 on page 13).While efficiency of legal and regulatory proce

96、sses was the number two factor last year at 15 percent,only 6 percent of investors cited domestic economic performance as the most important factor impacting their investment decisionsranking at 16 out of 20 on the list.This significant rise in both percent and relative rank suggests that investors

97、are increasingly focused on economic indicators when choosing where to place their FDI,a fact further validated by the survey respondents citing economic performance as the strongest reason to invest in 12 out of 25 markets on the global rankings.Given the multitude of shocks that have impacted the

98、global economy in recent years,investors appear to be increasingly keyed into how specific markets are responding.And though technological innovation capabilities drop marginally from 1st to 3rd,it is still clearly a major factor of interest for investors.It has been a top three factor for investors

99、 for the previous eight years of our survey.Risks and likely developmentsThis year,38 percent of surveyed investors see a rise in commodity prices as the most likely development over the next year(see figure 9 on page 13).This is a significant rise from last year,during which only 26 percent of inve

100、stors viewed it as likely to occur.The uptick is perhaps explained by investor fears of increased global conflict and subsequent supply chain disruptions that could drive commodity prices up.Related to this point,35 percent of investors also cite an increase in geopolitical tensions as a likely deve

101、lopment in 2025,up a striking 7 percent from last year.Ranked 3rd is a more restrictive business regulatory environment in a developed market(32 percent),followed immediately by a more restrictive business regulatory environment in an emerging market,tied with political instability in a developed ma

102、rket(tied at 26 percent).As discussed in last years report,investors are likely responding to a persistent rise in industrial policy when pointing to restrictive regulatory environments.As markets attempt to bolster their domestic industries and resilience,particularly in strategic sectors related t

103、o national security,foreign investment becomes more difficult.For example,the US government blocked Nippon Steels intended acquisition of US Steel on national security grounds in early January of this year,marking only the ninth time that a president has used the Committee on Foreign Investment in t

104、he United States(CFIUS)to block a foreign transaction.Though the outcome remains undecided as of writing,Nippon Steel continues to advocate for the merger despite this setback.Investors anticipate a rise in commodity prices and increased geopolitical tensions in the year ahead.12World at inflection1

105、6%Source:2025 Kearney Foreign Direct Investment Confidence IndexFigure 8Efficiency of legal and regulatory processes,domestic economic performance,and technological and innovation capabilities are the most important overall factors in determining investment intentionsFrom those factors that you sele

106、cted,which are the most important overall factors to your company when choosing where to make FDI?12025Rank234567891011121314151617Market asset and infrastructure factorsGovernance and regulatory factorsEfficiency of legal and regulatory processesDomestic economic performanceTechnological and innova

107、tion capabilitiesEase of moving capital into and out of the marketTax rates and ease of tax paymentInfrastructure qualityGovernment incentives for investorsMarkets participation in regional/bilateral trade agreeementsDiversified supply chainCost of laborDomestic market sizeStrength of investor and p

108、roperty rightsTalent/skill level of labor poolAvailability of raw materials and other inputsGeneral security environmentAvailability of land/real estateLack of corruption16%15%14%13%13%13%12%11%11%11%10%10%10%9%8%5%Sources:2025 Kearney Foreign Direct Investment Confidence Index,2024Kearney Foreign D

109、irect Investment Confidence Index,2023Kearney Foreign Direct Investment Confidence IndexFigure 9Broadly,investors see a rise in commodity prices,an increase in geopolitical tensions,and a more restrictive business regulatory environment in a developed market as most likelyWhat developments from amon

110、g the following do you think are more likely to occur in the next year?20232024202538%35%32%26%26%25%24%23%19%11%26%28%31%28%20%20%21%22%16%12%38%36%25%23%22%27%27%28%19%17%More restrictive business regulatoryenvironment in a developed marketIncrease in geopolitical tensionsMore restrictive business

111、 regulatoryenvironment in an emerging marketRise in commodity pricesPolitical instability in an emerging marketEconomic crisis in an emerging marketEconomic crisis in a developed marketPolitical instability in a developed marketDecrease in geopolitical tensionsDrop in commodity prices13World at infl

112、ectionSources:2025 Kearney Foreign Direct Investment Confidence IndexSignificantly impact investment decisionsModerately impact investment decisionsMinimally impact investment decisionsNo impact oninvestment decisionsDont knowTo what extent will each of the below risks impact your investment decisio

113、ns in the next year?Figure 10Broadly,investors see a more restrictive business regulatory environment in a developed market as most significantly impacting their investment decisions over the next yearDrop in commodity pricesEconomic crisis in a developed marketIncrease in geopolitical tensionsEcono

114、mic crisis in an emerging marketPolitical instability in an emerging marketPolitical instability in a developed marketRise in commodity pricesDecrease in geopolitical tensionsMore restrictive business regulatoryenvironment in an emerging marketMore restrictive business regulatoryenvironment in a dev

115、eloped market43%49%48%43%43%44%46%53%63%28%38%37%35%35%32%32%30%29%23%22%11%19%14%8%15%29%16%18%30%13%6%4%2%2%1%8%6%2%4%2%2%10%2%1%1%1%When asked to further point to the risks they see as most significantly impacting their investment decisions over the next year,survey respondents cited a more restr

116、ictive regulatory environment in a developed market(38 percent),economic crisis in a developed market(37 percent),and an increase in geopolitical tensions(35 percent)as their top three(see figure 10).Given the aforementioned discussion on a rise in national security concerns in terms of FDI,it is un

117、derstandable that investors would cite a more restrictive regulatory environment as having a significant impact on their investment decisions.And owing to the fact that investors so highly valued economic performance this year when choosing their most favorable markets for FDI,it stands to reason th

118、at an economic crisis in a developed market would negatively impact their decision to invest there.Finally,given the potential of geopolitical tensions to upend global trade flows and supply chains,investors are cognizant that global conflict could profoundly shift their usual FDI choices and patter

119、ns.Investors are cognizant that global conflict could profoundly shift their usual FDI choices and patterns.14World at inflectionA shifting geopolitical climate will place greater demands on Europe and shape the foreign direct investment landscape in the region.Ongoing war,domestic policy changes,sh

120、ifts in transatlantic relations,and economic fragmentation loom as Europe evolves as a foreign power,with renewed economic,regulatory,and military pressures.Our thematic section probing investor perception of the EU reveals diverging views of the blocs strengths,weaknesses,and investment prospects.I

121、nvestor perception of the EU is generally optimistic despite risksInvestors continue to see the European Union as a safe investment haven for foreign direct investment.More than two-thirds have a favorable view of the European Union,and 60 percent agree that they prefer to do business in the EU over

122、 any other region(see figure 11).Nearly half of respondents(48 percent)say their view on Europe and Eurasia is more optimistic compared to a year ago,despite ongoing risks in the region.How do investors perceive the European Union?Source:2025 Kearney Foreign Direct Investment Confidence IndexFigure

123、11More than two-thirds of investors across regions have a favorable view of the European UnionAmericasTotalEuropeAPAC69%74%74%58%18%13%14%29%12%12%12%13%How would you characterize your view of the European Union?FavorableNeutralUnfavorable15World at inflectionThough investors are optimistic about th

124、e current and future state of the European Union,they acknowledge some key pressures facing the bloc.Immigration challenges(30 percent),economic stagnation(26 percent),and expansion of the conflict in Ukraine(24 percent)are the main risks investors cite as most likely to occur in the EU over the nex

125、t three years(see figure 12).Concerns about immigration continue to be a dominant political issue in the region.The EUs new Migration and Asylum Pact will come into force in mid-2026,signaling efforts to reform migration and asylum,but the Pact will likely require substantial investments,and provisi

126、ons may be controversial.Concerns about economic stagnation are reflected in the economic projections for the region.Our 1H 2025 Global Economic Outlook suggests that Europe and Eurasia will remain the worlds slowest growing region from 2025 to 2029,averaging just 1.5 percent growth over the forecas

127、t period.The potential for global trade frictions,headwinds from economic fragmentation,and fiscal policy issues dampen the regions growth potential.Low productivity and competitiveness issues pose long-term challenges,weighing on growth,and likely worrying investors.Ongoing conflict in Ukraine rema

128、ins a concern for investors,and has resulted in worldwide disruptions to trade and investment.A World Bank report found that countries neighboring Russia suffered from shrinking FDI inflows,and countries invested in the energy sector had losses on outward foreign direct investments in particular,dam

129、pening investor confidence.While the resolution of the conflict remains uncertain as of this writing,the risk that it could expand in the short or medium term would carry significant risks to investors.Source:2025 Kearney Foreign Direct Investment Confidence IndexFigure 12Immigration challenges,econ

130、omic stagnation,and expansion of the war in Ukraine are the risks investors cite as most likely in the EU over the next three years Which risks do you see as most likely to occur in the EU over the next three years?Select your top two.Immigration challenges(e.g.,inability to process inflows)Economic

131、 stagnationExpansion of conflict in UkraineGreater polarization of politicsDemographic crisis(e.g.,repercussions of aging populations)Expansion of war elsewhere in EuropeInability to meet energy goalsWorsened relations with alliesNone of the aboveOther0%10%5%15%20%25%30%35%30%26%24%23%21%20%19%17%4%

132、0%16World at inflectionPerceptions of the EU vary significantly by regionInvestors anticipate that the European Union will continue to play a pivotal role as an economic,regulatory,and military power,though there are significant differences in perceptions across regions(see figure 13).While 48 perce

133、nt of investors view the EU as more influential than not as an economic power,European investors are by far the least bullish(34 percent)on these prospects relative to their Americas(63 percent)and APAC(52 percent)peers,a 29-point swing.Similarly,49 percent of investors view the EU as more influenti

134、al than not as a regulatory power,though just 41 percent of European respondents share this perspective,compared to 52 percent of Americas and 56 percent of APAC respondentsa 15-point swing.There was comparatively more consensus on the EU as a military power,though this seemed to reflect agreement t

135、hat this was an area where the EU is lagging.Just 27 percent of investors view the EU as more influential than not as a military power,with just 21 percent of European investors agreeing with this sentiment,compared to 33 percent in APAC and 28 percent in the Americas.Investors anticipate that the E

136、uropean Union will continue to play a pivotal role as an economic,regulatory,and military power.Source:2025 Kearney Foreign Direct Investment Confidence IndexFigure 13The EU will continue to play a pivotal role as an economic,regulatory,and military power,though there are differences in investor per

137、ceptions across regions UninfluentialInfluentialNet influential(influential-uninfluential)For each of the following please rate how you view the EUs position on the world stage.The EU as an economic powerTotalAmericasEuropeAsiaPacific67%19%48%76%13%63%59%25%34%68%16%52%The EU as a regulatory powerTo

138、talAmericasEuropeAsiaPacific64%15%49%66%15%52%61%20%41%66%11%56%The EU as a military powerTotalAmericasEuropeAsiaPacific52%26%27%55%27%28%50%29%21%52%19%33%17World at inflectionSimilar divisions were also reflected in investor perceptions of the EUs influence on the world stage more broadly.Across a

139、ll respondents,46 percent believed the EU would become more influential than not over the next three years(see figure 14).Yet just 36 percent of Europe-based investors agreed,compared to 53 percent of APAC and 51 percent of Americas investorsa 17-point swing.Each of these results suggests that Europ

140、e-based investors are comparatively more pessimistic about the outlook for the EU relative to those based abroad,and sometimes by a significant margin.Europe-based investors are comparatively more pessimistic about the outlook for the EU relative to those based abroad.Source:2025 Kearney Foreign Dir

141、ect Investment Confidence IndexFigure 14Europe-based investors are comparatively more pessimistic about the outlook for the EUs position on the global stage relative to those in other regionsTotalAmericasEuropeAsia PacificHow do you view the EUs position on the world stage in the next three years?Le

142、ss influentialMore influentialNet influential(more-less)64%19%46%69%18%51%59%23%36%66%13%53%18World at inflectionSimilar dynamics were evident elsewhere in our survey.When asked whether the future of the EU is bright,a net 54 percent of investors agreed.However,just 44 percent of Europe-based invest

143、ors agreed with this sentiment,a striking contrast with the outlook for Americas-based investors(63 percent)and those in APAC(57 percent).When asked about Europes relative competitiveness,56 percent of Europe-based respondents agreed that the EU is not as competitive as other global powers,compared

144、to just 29 percent who disagreed,for a net score of 27 percent.By comparison,APAC counterparts indicated greater confidence in European competitiveness.Just 30 percent of APAC-based respondents agreed that the EU is not as competitive as other global economic powers,and 43 percent disagreed,for a ne

145、t score of-13 percenta 40 percent difference in investor perception based on region(see figure 15).This result is perhaps fueled in part by the findings of the Draghi report on European competitiveness,released in September,which raised the alarm within Europe about the regions challenges in this ar

146、ea.Source:2025 Kearney Foreign Direct Investment Confidence IndexFigure 15Asia Pacific has the highest confidence in the EUs competitivenessTotalAmericasEuropeAsia PacificDisagreeAgreeNet agreement(agree-disagree)Please indicate how much you agree or disagree with the following statement:The EU is n

147、ot as competitive as other global economic powers.45%34%11%45%30%15%56%29%27%30%43%13%Perceptions of EU competitiveness vary significantly by region.19World at inflectionHowever,investors also see benefits from regulation.Survey respondents indicated that recent EU regulations in the technology and

148、sustainability space positively impact business.Fifty-eight percent of investors believe the General Data Protection Regulation(GDPR)positively impacts their business operations,and 56 percent of investors believe the Corporate Sustainability Due Diligence Directive(CSDDD)positively impacts their bu

149、siness operations.The GDPR establishes mandatory rules for how companies use personal data,and the CSDDD directs companies to identify and address human rights and environmental impacts in and out of Europe.Collectively,these rules help foster greater transparency and trust,reduce risk,protect human

150、 rights,and help harmonize legal frameworks for greater certainty.Investors agree that the EU is heavily regulatedbut disagree on the implicationsOverregulation is one factor driving concerns about European competitiveness.It is also an area of consensus among investors in our surveythe EU is a regu

151、latory powerhouse.Across all regions,there is agreement that the EU overregulates.Forty-six percent of investors believe the EU is overregulated in the field of technology and data,and 45 percent believe the EU to be overregulated in the field of energy and sustainability(see figure 16).However,surv

152、eyed investors offer conflicting messages on the broader implications of the EUs regulatory environment.When it comes to regulation how does your company view the EUs technology/data regulatory environment for business?Total31%32%31%30%43%47%46%46%15%15%17%13%EuropeAsiaPacific60%40%10%10%50%30%20%0%

153、20%30%40%UnderregulatedOverregulatedNet regulation(underregulated-overregulated)Source:2025 Kearney Foreign Direct Investment Confidence IndexAmericasFigure 16Across regions,there is a consensus that the EU is overregulated20World at inflectionIn a global operating environment in which geopolitical

154、risk is rising and the rule of law may increasingly be under strain,the EUs comparative efficiency of legal and regulatory processes can serve to support its attractiveness as an investment market.Despite concerns surrounding competitiveness and geopolitical risk in Europe,it is noteworthy that ther

155、e was consensus among investors across all regions that their company prefers to do business in the EU over any other region(see figure 17).As the strong performance of European markets in our Index suggests,the EU is home to foundational strengths that appeal to investors.Approaches to EU governanc

156、e in contending with the continents challengesand harnessing its strengthswill have an outsized impact in shaping investor sentiments for the next three years and beyond.As the strong performance of European markets in our Index suggests,the EU is home to foundational strengths that appeal to invest

157、ors.Figure 17Investors broadly agree that they prefer to do business in the EU over any other regionPlease indicate how much you agree or disagree with the following statement:My company prefers to do business in the EU over any other region.Total45%14%59%43%17%60%44%16%60%44%15%60%EuropeAsia Pacifi

158、c60%70%40%10%50%30%20%0%AgreeDisagreeNet agreement(agree disagree)Source:2025 Kearney Foreign Direct Investment Confidence IndexAmericas21World at inflectionThe world stands at an inflection point.In a year fraught with heightened trade tensions and tariff proliferation,ongoing conflict,and dramatic

159、 domestic policy shifts in leading economies,investors are bracing for change.Insights from the 2025 FDI Confidence Index suggest that investors are aware of rising global risk,closely tracking geopolitical developments,commodity prices,and shifts toward increasingly restrictive business regulatory

160、environments.Amid evolving uncertainty and volatility,investors are seeking to adjust to an increasingly turbulent global operating environment and find areas of opportunity.In bracing for impact from the unremitting geopolitical,economic,and technological shifts taking place,investors appear to be

161、strategically seeking shelter.In the 2025 FDI Confidence Index,rankings stayed with the familiardeveloped markets dominated the list,superseding emerging market entrants.Developed markets represented 19 of the top 25 markets on the global ranking.Efficiency of legal and regulatory processes and dome

162、stic economic performance emerged as the top two most important factors for investors when choosing where to make their foreign direct investment,dramatically rising through the factor ranks in this years survey.Survey respondents cited economic performance as the strongest reason to invest in 12 ou

163、t of 25 markets on the global rankings,further suggesting that investors are prioritizing market stability in decision-making.From our European Union thematic section,investors acknowledge key challenge areas but ultimately remain drawn to the blocs stability and strong foundations,likely including

164、factors such as the rule of law,developed infrastructure,and a highly educated labor force.What does this mean for business?Despite a tumultuous global environment,investors continue to have faith in foreign direct investments and suggest continued FDI flows despite rising uncertainties.Strategic bu

165、sinesses will nonetheless continue to closely monitor macroeconomic conditions and develop meaningful ways to track and interpret political shifts and a fast-changing geopolitical landscape.Such efforts enhance understanding of FDI trends and provide insights into investment risks and opportunities.

166、Strategic firms will also prioritize regulatory compliance.In some cases,more stringent regulations may appear prohibitive,but also offer helpful guidelines and stabilityand present opportunities for the companies equipped to navigate them.In prioritizing these and related strategic measures,investo

167、rs can best manage the volatility and uncertainty inherent to a world at inflection.Conclusion and business implications22World at inflectionErik PetersonPartner and managing director,Global Business Policy Council,Washington,D.CTerry TolandPrincipal,Global Business Policy Council,Washington,D.CAuth

168、orsThe authors wish to thank Gabriella Werner and Kathleen Harrington for their valuable contributions to this report.23World at inflectionAbout the studyThe Kearney FDI Confidence Index is an annual survey of global business executives that ranks markets that are likely to attract the most investme

169、nt in the next three years.In contrast to other backward-looking data on FDI flows,the FDICI provides unique forward-looking analysis of the markets that investors intend to target for FDI in the coming years.Since the FDICIs inception in 1998,the markets ranked on the Index have tracked closely wit

170、h the top destinations for actual FDI flows in subsequent years.The 2025 Kearney FDI Confidence Index is constructed using primary data from a proprietary survey of 536 senior executives of the worlds leading corporations.The survey was conducted in January 2025.Respondents include C-level executive

171、s and regional and business leaders.All participating companies have annual revenues of$500 million or more.The companies are headquartered in 30 countries and span all sectors.Service-sector firms account for 53 percent of respondents,industrial firms for 35 percent,and IT firms for 12 percent.The

172、Index is calculated as a weighted average of the number of high,medium,and low responses to questions on the likelihood of making a direct investment in a select market over the next three years.Together,the markets presented to respondents in the survey received 97 percent of the worlds inward FDI

173、flows in 2023,according to UNCTAD data.Index values are based on responses only from companies headquartered in foreign markets.For example,the Index value for the United States was calculated without responses from US-headquartered investors.Higher Index values indicate more attractive investment t

174、argets.All economic growth figures presented in the report are the latest estimates and forecasts available from Oxford Economics unless otherwise noted.Other secondary sources include investment promotion agencies,central banks,ministries of finance and trade,relevant news media,and other major dat

175、a sources.For past editions of the FDI Confidence Index,please go to: at inflectionFor more information,permission to reprint or translate this work,and all other correspondence,please email .A.T.Kearney Korea LLC is a separate and independent legal entity operating under the Kearney name in Korea.A

176、.T.Kearney operates in India as A.T.Kearney Limited(Branch Office),a branch office of A.T.Kearney Limited,a company organized under the laws of England and Wales.2025,A.T.Kearney,Inc.All rights reserved.Kearney is a leading global management consulting firm.For nearly 100 years,we have been a trusted advisor to C-suites,government bodies,and nonprofit organizations.Our people make us who we are.Driven to be the difference between a big idea and making it happen,we work alongside our clients to regenerate their businesses to create a future that works for