Developing countries, main recipients 2010. In a report published in the middle of January, the United Nations Conference on Trade and Development (UNCTAD) said that in 2010 flows of foreign direct investment (FDI) towards developing countries had for the very first time, overtaken flows towards the rich economies, which are struggling to find an exit strategy for the economic crisis. Following steep falls in 2008 and 2009, FDI reached the figure of $1,122 billion for all the different countries in the world. This is very slight progress compared to figures for 2009 (+0.7%; €1,114 billion). Flows of FDI stagnated in industrial countries and are around 25% less than before the crisis. Developed countries' FDI flows are mainly calculated on the basis of setting up foreign subsidiaries, as well as mergers and acquisitions. These flows fell by 6.9% in 2010, despite a rebound in the US (+43.3% to $186.1 billion). Japan was the most affected with -83.4%, followed by the European Union with -19.9% ($289.8 billion), particularly Ireland (-66%) and Italy (-35.5%) whose economies are most affected by lack of confidence in the market. France and Germany were hit less hard, but their inward flows of FDI fell, nonetheless, by 3.7% and 3.5% respectively. On the other hand, FDI in developing countries increased and for the very first time overtook flows into developed countries. These countries accounted for 53% of FDI, $595 billion, due to a 10% rise. Asia (Hong Kong, Malaysia and Indonesia) and Latin America (Chile, Mexico and Peru) are at the crux of this trend. India, however, is not part of this. FDI flows to China increased by 6.3% to $101 billion. Africa has suffered from the lacklustre economy in developed countries and the increase in FDI flows from developing countries has not managed to compensate for this effect. Overall, Africa has experienced a fall in FDI flows of 14.4% to $50.1 billion. For 2011, UNCTAD remains moderately upbeat. It is counting on a slight increase in overall flows of FDI, from $1,300 to $1,500. (I.L./transl.fl)