Investment Policy Monitor
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UNCTAD has been collecting information on changes in national foreign direct investment (FDI) policies on an annual basis since 1992. This collection has provided input to the analysis of global and regional investment policy trends in the World Investment Report, the Investment Policy Monitors and the UNCTAD-OECD Reports on G20 Measures.
In 2024, to further strengthen the quality of reporting, UNCTAD revised the methodology of monitoring investment policy measures. and revised the measures going back to 2012 accordingly.
The Investment Policy Monitor provides the international investment community with country-specific, up-to-date information about the latest developments in foreign investment policies.
Through its monitoring of investment policy changes, UNCTAD offers cutting-edge and innovative contributions to investment policy discourse, and contributes to preparing the ground for future policymaking in the interest of making foreign investment work for sustainable development.
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The UNCTAD's Investment Policy Monitor database include official measures affecting FDI adopted by United Nations Member States. These encompass measures explicitly targeting FDI (FDI-specific), as well as general investment measures with a clear impact on foreign investment (FDI-related). The measures are either reported directly to UNCTAD by Member States through annual surveys or identified by UNCTAD researchers through publicly accessible sources (such as government websites and specialized policy databases). The classification of measures as more or less favourable is based solely on their potential impact on investors.
Note: Measures are verified, to the fullest extent possible, by referencing government sources. The compilation of measures is not exhaustive.
Disclaimer: the boundaries and names shown and the designations used on this map do not imply official endorsement or acceptance by the United Nations.
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- United States of America - America First Investment Policy increases restrictions on FDI from and to "foreign adversaries"
United States of America
America First Investment Policy increases restrictions on FDI from and to "foreign adversaries"
21 Feb 2025On 21 February 2025, the Government of the United States of America published The America First Investment Policy, which aims to encourage investment from allies by facilitating investments while also increasing restrictions on "foreign adversaries" to bolster economic and national security. The facilitation measures under the policy are detailed in the IPM database: https://investmentpolicy.unctad.org/investment-policy-monitor/measures/4985/united-states-of-america-america-first-investment-policy-aims-to-facilitate-investment-from-allies-and-partners-
Inward FDI:
To safeguard critical sectors — such as technology, infrastructure, healthcare, agriculture, energy, and raw materials — the policy directs the use of legal instruments, including the Committee on Foreign Investment in the United States (CFIUS), to limit investments from nations deemed foreign adversaries, notably China. Compared to the previous regime, the policy proposes expanding CFIUS's jurisdiction to include "greenfield" investments—especially in sensitive sectors like artificial intelligence. Restrictions and tighter screening on inward foreign direct investment (FDI).
Outward FDI:
• The policy proposes expanding restrictions under the outward FDI screening mechanism which entered into force in January 2025 to the following sectors: biotechnology, hypersonics, aerospace, advanced manufacturing, and directed energy.
• Covered sectors will be reviewed and updated regularly, including by the Office of Science and Technology Policy. As part of the review, the policy calls for applying restrictions on new investment types including private equity, venture capital, greenfield investments, corporate expansions, and investments in publicly traded securities, from sources including pension funds, university endowments, and other limited-partner investors.
• To further reduce incentives for United States persons to invest in foreign adversaries, the policy states that the administration will review whether to suspend or terminate the 1984 United States-The People’s Republic of China Income Tax Convention.
The implementation of the “America First Investment Policy” will proceed through a combination of agency rulemaking, potential legislative actions, and interagency coordination. The exact timelines and outcomes will evolve as these processes unfold.
For the purposes of the policy, the term "foreign adversaries" includes the People's Republic of China, including the Hong Kong Special Administrative Region and the Macao Special Administrative Region; the Republic of Cuba; the Islamic Republic of Iran; the Democratic People’s Republic of Korea; the Russian Federation; and the Bolivarian Republic of Venezuela.
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Type:
- Entry and establishment (Approval and admission)
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Industry:
- Primary (Agriculture, forestry and fishing, Mining and quarrying)
- Manufacturing (Manufacture of computer, electronic and optical products, and electrical equipment)
- Services (Electricity, gas, steam and air conditioning supply, Water supply, sewerage, waste management and remediation activities, Transportation and storage, Publishing, audiovisual and broadcasting activities, Telecommunications, Computer programming, consultancy and related activities, Scientific research and development, Other professional, scientific and technical activities, Public administration and defence; compulsory social security, Human health activities)
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Sources:
- The White house, America First Investment Policy, https://www.whitehouse.gov/presidential-actions/2025/02/america-first-investment-policy/, 21 Feb 2025
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UNCTAD has been collecting information on changes in national foreign direct investment (FDI) policies on an annual basis since 1992. This collection has provided input to the analysis of global and regional investment policy trends in the World Investment Report, the Investment Policy Monitors and the UNCTAD-OECD Reports on G20 Measures.
In 2024, to further strengthen the quality of reporting, UNCTAD revised the methodology of monitoring investment policy measures. and revised the measures going back to 2012 accordingly.
The Investment Policy Monitor provides the international investment community with country-specific, up-to-date information about the latest developments in foreign investment policies.
Through its monitoring of investment policy changes, UNCTAD offers cutting-edge and innovative contributions to investment policy discourse, and contributes to preparing the ground for future policymaking in the interest of making foreign investment work for sustainable development.
-
The UNCTAD's Investment Policy Monitor database include official measures affecting FDI adopted by United Nations Member States. These encompass measures explicitly targeting FDI (FDI-specific), as well as general investment measures with a clear impact on foreign investment (FDI-related). The measures are either reported directly to UNCTAD by Member States through annual surveys or identified by UNCTAD researchers through publicly accessible sources (such as government websites and specialized policy databases). The classification of measures as more or less favourable is based solely on their potential impact on investors.
Note: Measures are verified, to the fullest extent possible, by referencing government sources. The compilation of measures is not exhaustive.
Disclaimer: the boundaries and names shown and the designations used on this map do not imply official endorsement or acceptance by the United Nations.
Share





Latest publications
