Foreign investment in Belgium fell by 11% in 2025, reaching its lowest level since 2014, according to EY’s Belgian Attractiveness Barometer.
With 187 projects recorded, Belgium maintained its 8th place in the European rankings for foreign direct investments. However, the decline was slightly greater than the European average of 7%.
Job creation performed better, with foreign investments generating 6,094 jobs last year – a 13% increase. In contrast, Europe saw a 25% drop in job creation linked to foreign investments over the same period.
EY attributes the decline in investment across Europe to ongoing geopolitical tensions, trade uncertainties, fluctuating energy prices and sluggish economic growth, factors that weighed heavily on manufacturing sector decisions.
“Europe is clearly experiencing a challenging period in attracting foreign investments. Uncertainty has become a structural factor, driven by geopolitics, energy prices, and trade tensions,” said Tristan Dhondt, partner at EY Belgium. “This environment is reflected not only in fewer projects but also in a significant drop in job creation across Europe—a trend Belgium has managed to buck.”
Manufacturing and business services remained Belgium’s top foreign investment drivers, with 46 and 44 projects, respectively. Logistics, which led business services in 2024, fell to third place last year with 42 projects.
The United States retained its position as Belgium’s leading foreign investor, despite a 21% drop in project numbers, accounting for 34 investments. France and the Netherlands followed, with 27 and 20 projects, respectively.
Meanwhile, EY noted a sharp decline in German investments, which halved compared to the previous year, and a rapid rise in Turkish investments. Turkey became Belgium’s fastest-growing investor in 2025.
