JETRO Invest Japan Report 2025
Chapter1. Global Trends in Inward FDI Section1. Trends in Global Inward FDI (Flow)

Global inward FDI growth rate has slowed down, while flows increased by 3.7%.

According to the United Nations Conference on Trade and Development (UNCTAD), global inward FDI flows in 2024 increased by 3.7% from the previous year to 1,508.8 billion US dollars (flow, based on the directional principle) (Chart1-1). By country and region, investment growth was particularly notable in European conduit countries[Note], such as the Netherlands and Luxembourg. Excluding these, global inward FDI flows were estimated to have decreased by 11%, with flows to developed countries and regions down by 22%. This is believed to be attributable to investors’ increasingly cautious stance amid rising global economic uncertainty. Japan saw a decrease of 35.9% to13.4 billion US dollars, dropping its global ranking from 21st in the previous year to 26th (Chart1-2).

  1. [Note]

    When multinational corporations engage in outward FDI, they often route such investments through countries offering preferential tax regimes with the aim of reducing tax burdens, and these countries or regions are referred to as conduit countries or economies. Return to the main text

Chart 1-1: Trends in Global Inward FDI（Flow）（Million US dollars, %） Note: The figure in the table is calculated by UNCTAD using the directional principle. The data do not correspond to those in Chart 2-1 (the asset and liability principle). Items marked with * in the table are not shown as one of the comparative data is negative. Regional classification is as defined by UNCTAD.
Country/Region 2022 2023 2024 2024
Growth rate
(YoY)
World 1,389,526 1,454,976 1,508,803 3.7
Developed Economies 459,917 589,568 641,642 8.8
Hierarchy level 2 itemsEurope -61,157 221,481 198,084 -10.6
Hierarchy level 3 itemsEuropean Union -49,827 147,526 267,772 81.5
Hierarchy level 4 itemsLuxembourg -316,383 -9,279 105,987 *
Hierarchy level 4 itemsGermany 53,356 52,039 5,716 -89.0
Hierarchy level 4 itemsFrance 76,520 42,284 33,736 -20.2
Hierarchy level 3 itemsUnited Kingdom 14,912 52,188 -40,003 *
Hierarchy level 3 itemsRussian Federation -15,205 8,998 3,346 -62.8
Hierarchy level 2 itemsNorth America 362,722 279,631 342,944 22.6
Hierarchy level 3 itemsUnited States 316,895 233,106 278,848 19.6
Hierarchy level 3 itemsCanada 45,827 46,525 64,096 37.8
Hierarchy level 2 itemsJapan 34,194 20,841 13,357 -35.9
Hierarchy level 2 itemsRepublic of Korea 25,045 19,042 15,226 -20.0
Developing Economies 929,609 865,408 867,162 0.2
Hierarchy level 2 itemsEast Asia 316,475 296,502 259,676 -12.4
Hierarchy level 3 itemsChina 189,132 163,253 116,238 -28.8
Hierarchy level 3 itemsHong Kong 109,685 122,947 126,181 2.6
Hierarchy level 2 itemsSouth-East Asia 224,963 205,309 225,263 9.7
Hierarchy level 3 itemsSingapore 142,128 135,104 143,352 6.1
  1. Note:

    The figure in the table is calculated by UNCTAD using the directional principle. The data do not correspond to those in Chart 2-1 (the asset and liability principle). Items marked with * in the table are not shown as one of the comparative data is negative. Regional classification is as defined by UNCTAD.

  2. Source:

    Based on the "World Investment Report 2025" of UNCTAD

Chart 1-2: Top 10 Countries/Regions Receiving Inward FDI (Flow) （Million US dollars, %） Note: The figure in the table is calculated by UNCTAD using the directional principle. The data do not correspond to those in Chart 2-1 (the asset and liability principle). Items marked with * in the table are not shown as one of the comparative data is negative.
Ranking Country/Region 2024 2024
Growth rate
(YoY)
1 United States 278,848 19.6
2 Singapore 143,352 6.1
3 Hong Kong 126,181 2.6
4 China 116,238 -28.8
5 Luxembourg 105,987 *
6 Canada 64,096 37.8
7 Brazil 59,178 -7.6
8 British Virgin Islands 53,599 34.4
9 Australia 53,454 74.8
10 Egypt 46,578 373.3
26 Japan 13,357 -35.9
  1. Note:

    The figure in the table is calculated by UNCTAD using the directional principle. The data do not correspond to those in Chart 2-1 (the asset and liability principle). Items marked with * in the table are not shown as one of the comparative data is negative.

  2. Source:

    Based on the "World Investment Report 2025" of UNCTAD

JETRO Invest Japan Report 2025

Key Points of the 2025 Report

Chapter1. Global Trends in Inward FDI

  1. Section1

    Trends in Global Inward FDI (Flow)

  2. Section2

    Trends in Global Inward FDI (Stock)

  3. Section3

    Global Greenfield Investment

  4. Section4

    Global Cross-Border M&A Transactions

Chapter2. Trends in Inward FDI to Japan

  1. Section1

    Trends in Inward FDI to Japan

  2. Section2

    Inward FDI to Japan by Country and Region

  3. Section3

    Inward FDI to Japan by Industry

  4. Section4

    Greenfield Investment in Japan

  5. Section5

    Cross-Border M&A in Japan

Chapter3. Initiatives to Expand FDI into Japan Entering a New Phase

  1. Section1

    Relevant Policies of the Japanese Government

  2. Section2

    [Interview] Spillover Effects of Inward Foreign Direct Investment Promoted by "Collaboration Facilitation Support"

  3. Section3

    [Discussion] The Role of Overseas Capital and Key Support Organizations in Building a World-Class Startup Ecosystem

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