World Investment Forum 2021: insights from the Academic Track and a future research agenda

The United Nations Conference on Trade and Development (UNCTAD) has contributed during the last three decades to research and policy analysis on foreign direct investment (FDI), activities of multinational enterprises (MNEs), international production and the development impact of all three. In 2020 UNCTAD's World Investment Report (WIR) marked its 30th year. The report features the latest global investment trends and prospects, highlights the key emerging policy issues and dives deep into the fundamental themes of FDI and development. Through its policy analysis and recommendations over the past three decades, the WIR has helped define and redefine mainstream investment policymaking at national, regional and global levels. The World Investment Report 2020 presents an overview of three decades of international production. It coincided with the beginning of a new era for the global economy marked by COVID-19. The analysis describes how the pandemic accelerated pre-existing trends by affecting international production systems. Tougher competition for FDI -- especially in manufacturing, growing economic nationalism and the new industrial revolution make it more challenging for developing economies to participate in global value chains (GVCs) and thus require a new investment for development path.