Western Europe still attracting foreign investors but losing ground to emerging countries for long term investment. - According to the sixth Ernst & Young attractiveness survey, in 2008 Europe managed to secure as many Foreign Direct Investment projects as the in previous year and remained unchanged compared to 2007, despite the economic crisis. This was good for Western Europe, which is now in the top ranking of the most attractive investment regions. Forty per cent of 809 leaders responding to Ernst & Young cited this region for its investment attractiveness, which puts it 7 points higher than in 2008. Eastern Europe is just behind with (39%) while China goes from first to third position, losing 4 points since last year (33%). The US was put in fourth place (25%), India lost 10 points and was only cited by 20% of respondents. It fell from fourth to fifth place. All optimism ends there: investment projects in 2008 rose to 3,718 units, almost the same as last year and effectively putting a stop to five consecutive years of growth. The number of jobs generated by foreign investment fell by 16% - 148,333. This has been downward trend since 2004. In both Western and Eastern Europe, the “Top 4” of foreign direct investment beneficiary countries remained unchanged: the United Kingdom is still ahead of France, Germany and Spain. Several countries made progress: Germany, which went from 305 projects in 2007 to 390 projects (+28%), Ireland (108 projects, +35%), Italy (96 projects, +39%), Poland (176 projects in 2008, +21%), Czech Republic (87 projects, +5%), Sweden (85 projects, +5%), Russia (143 projects, +3%), Switzerland (125 projects, +1%). Other countries are going backwards: Hungary (100 projects, -26%), United Kingdom, despite being in first place (689 projects, -4%), France (523 projects, -3%). Although Europe remains the safest destination for foreign investment in the immediate future, it is falling back in this respect over the long term. Therefore attractiveness forecasts three years from now still put Western Europe as one of the most attractive regions (40%) but it comes behind Eastern Europe to end up in fifth place (52%), China (51%), India (48%) and Russia (41%). Once the crisis is over, investors will focus on emerging countries' growth potential. Promoting creativity and innovation, as well as incentives to encourage this remain investors' top priorities. Sectors likely to grow are telecommunications (16%), mass produced goods (14%), energy, environment and financial services (11%). The report also analyses European cities' attractiveness potential, with a European Top 30 of cities judged most economically attractive. Almost half of the cities mentioned were capitals but when several cities in a country are mentioned, it is not necessarily the capital that wins out (Barcelona is in 8th place, Madrid 12th; Milan 15th and Rome 17th). With + 3% compared to 2007, Paris is now judged as attractive as London (+2%) for attracting foreign investment, ahead of Berlin, Moscow and Amsterdam. Twenty-seven per cent of respondents say the main advantages of European cities are their history and cultural heritage (27% of those asked), international accessibility (26%), lifestyle (25%). Internationally, London is being overtaken by Shanghai at the top of the league; New York in second place, followed by Peking, Bombay, Moscow and Hong Kong. Paris is in eighth place.