According to an UNCTAD study (United Nations Conference on Trade and Development) carried out in cooperation with investment promoters in 106 countries, global flows of direct investment abroad (DIA) are going to remain weak in the short term but could pick up in the medium term. The investigation revealed the following trends for the period 2003-2005: a) Investment strategies: around 62% of investment promoters consider that multinational companies in their countries would prefer DIA to take the form of creating companies rather than mergers and acquisitions; b) Industrial Composition: most investment promoters consider that tourism and telecoms will be the most important sources of DIA in their countries; c) Sources: although the USA, UK and Germany will remain the main sources of DIA in their countries, developing countries like China, India and Saudi Arabia are considered as the new large investors.