From fDi Beyond Borders

Beyond Borders

The latest news and analysis on cross-border investment

By Jacopo Dettoni

Welcome everyone to a new episode of Beyond Borders. 

The UN Trade and Development has just published its latest World Investment Report. In an exclusive interview with fDi, director Nan Li Collins reflects on the new phase of “strategic globalisation” the world economy has entered. Li Collins also argues that the outlook on global investment is “negative” as disruption and volatility weigh on the minds of global investors. Investment in the digital economy is somewhat bucking the trend, although developing countries struggle to keep up and the digital divide risks are on the rise, Alex reports. 

Elsewhere, the Nippon Steel–US Steel saga is finally over. The White House bestowed its blessing on the deal, and Nippon agreed to give the US government a ‘golden share’ that gives it veto powers on strategic decisions, in what some experts characterise as an ‘unprecedented‘ move, Danielle finds out. In the Middle East, Saudi Arabia’s ambitious special economic zones programme is facing a reality check as investors have yet to buy into its benefits over normal mainland licences, as Alex reports in the story below. 

Last but not least, there are still a couple of weeks to go for special economic zones to enter our Global Free Zones of the Year awards. Find here all the details to participate. 

That’s it for this week. We love to hear from our readers, get in touch at [email protected].

DEEP DIVES

Soaring digital economy FDI sparks divide concerns

Developing countries are not keeping up, warns Unctad’s World Investment Report 2025

‘Countries are not decoupling but recalibrating’

FDI outlook is negative despite shift to strategic openness, says Unctad’s Nan Li Collins

Nippon–US Steel golden share ‘unprecedented’ national security move

Warnings the government stake gives president significant control and could put off FDI

Saudi Arabia’s free zone programme faces teething issues

Despite early wins, investing companies are reticent to enter the country’s four new zones

HOT TAKE WITH MATTHIAS MATTHIJS

“The first 35 years of European integration were about maintaining full employment. The next 35 years were obsessed with price stability. And now, the goal they’re really pursuing is economic security”

Matthias Matthijs is a senior fellow for Europe at the Council on Foreign Relations

Webinar: Reindustrializing America

Strategy, risk and investment in a shifting trade landscape Join the Financial Times and Nikkei for expert analysis, data-driven insights, and a conversation with the mayor of the top-ranked city in the FT-Nikkei Investing in America index. June 23, 2025 | 12:00PM – 1:20PM ET

Register for free

TRUMP FDI TRACKER

THE FINANCIAL TIMES LTD 2025