Belgium records its lowest level of investment in three years in 2014. Heads of international companies set up in Belgium have never invested as little over the last three years, according to the 11th barometer of Belgium's attractiveness, published by Ernst & Young. The percentage of company directors not having invested in Belgium over the last three years (65% compared with 49% a year earlier) has - for the first time - overtaken that of those who did invest there (33% compared with 45% a year earlier). These figures confirm the negative trend observed since 2011 - a trend which is likely to continue. As in 2013, only 20% of the foreign investors surveyed this year state that they intend to invest in Belgium soon - while 76% are not planning any investment (a figure which is up by 8% compared with the previous year). These bad results can mainly be explained by investors' negative perception of tax pressure in Belgium - a reason mentioned by 57% of those surveyed (in other words, 22% more than in 2013). Salary costs and problems of mobility are both criticised by the company directors. (IL)