After three consecutive years of falls, world flows in Foreign Direct Investment (FDI) picked up slightly in 2004, thanks to a significant increase in these flows towards the developing countries, according to UNCTAD (United Nations Conference on Trade and Development), in its "World Investment Report 2005". At global level, FDI entries rose to 648 billion dollars in 2004, which is up 2% on 2003. They leapt by 40% in the developing countries (233 billion dollars), but fell 14% in the developed countries (380 billion dollars). Outgoing FDI increased 18% to reach 730 billion dollars, a development which was noted mainly in companies with their headquarters in the developed countries (637 billion dollars). Although the European Union's outgoings fell 25% (280 billion dollars, the lowest level for seven years), most of the other developed countries increased their foreign investment, particularly the United States, whose outgoing FDI increased by over 90%, to reach a record 229 billion dollars. To provide more details, in the developing countries: Asia-Oceania remained the number one beneficiary for FDI flows, attracting 148 billion dollars, a level 46 billion dollars higher than in 2003. Hong Kong attracted the majority of the flows for eastern Asia, and India was the main beneficiary in the south of the region. In western Asia, over half of the flows were concentrated in Saudi Arabia, the Syrian Arab Republic and Turkey. For its part, China remains the number one host developing country, with 61 billion dollars in incoming FDI; -after four consecutive years of decreases in Latin America and the Caribbean, flows experienced a notable upturn in 2004, reaching 68 billion dollars (+44% on 2003). Mexico and Brazil are the main beneficiaries (18 and 17 billion dollars in income respectively). Together with Chile and Argentina, they hosted two thirds of the flows. Investments, on the other hand, fell steeply in Bolivia and Venezuela; - flows destined for Africa remained fairly stable (18 billion dollars) compared to 2003. Africa's share in world FDI flows remains low, however (3%). Angola, Equatorial Guinea, Nigeria, Sudan and Egypt were the main destinations (slightly under half of all incoming FDI in Africa). In Southeast Europe and the Community of Independent States, flows increased for the fourth consecutive year in 2004 (+40% compared to 2003) to reach 35 billion dollars. The Russian Federation was the main recipient of these flows. In the developed countries, flows dropped off in most of the countries, with the exception of the United States and the United Kingdom, due mainly to international merger and acquisition operations. Flows into the EU as a whole fell to 216 billion dollars, which is the lowest level since 1998. The most notable decreases affected Denmark, Germany, the Netherlands and Sweden. The 10 new Member States, on the other hand, registered an increase. FDI receipts in Japan rose 24% to 8 billion dollars, but fell in other developed countries (Israel, Norway, New Zealand and Switzerland). As for the foreign investments of the developed countries, they rose once again in 2004, to reach 637 billion dollars. The prospects for FDI at world level appear positive for 2005, notes UNCTAD, particularly for the developing countries and the Asia-Oceania region, but various elements could undermine this prospect, such as a slowdown in growth in various developed countries, together with other factors of instability. For further information: http: //http://www.unctad.org/wir