Latin America and Caribbean: Foreign direct investments (FDI) in Latin America and the Caribbean saw a massive rise of 44% in 2004, compared to the previous year, according to ECLAC (Economic Commission for Latin America and the Caribbean). Furthermore, it is the first time that flows have increased in the region since 1999, totalling 56.4 billion dollars. In the countries of South America, the increase reached 48% (34.1 billion dollars) and 43% for Mexico and the whole of the Caribbean (22.3 billion dollars). The news is not all good, however: the region remains less competitive than the rest of the world, and there has been a constant drop in FDI in recent years. With an increase in these flows of 79% and 73% respectively, Brazil and Chile are largely responsible for the good results recorded in 2004. Brazil thus received 18 billion dollars and Mexico almost 17 billion. Argentina, Trinidad and Tobago, El Salvador and Colombia saw their FDI increase, whereas Panama and Venezuela experienced a drop. The United States remained the top investor with 32% of the flows. Europe was less generous, especially Spain, and Asian investors remain cool. According to ECLAC, China appears to be a serious rival for certain Latin American countries (Mexico and the Caribbean) and may in future win foreign investment from them.