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Dear Members of the World Investment Network (WIN), It is my pleasure to share with you the latest issue of UNCTAD's Global Investment Trend Monitor which discusses Outward Investments by TNCs in 2013 and Prospects for 2014-15. The key message: Investment by South TNCs reached a record level; acquiring developed country foreign affiliates located in the developing world. Investment activity abroad by transnational corporations (TNCs) from developing economies continued to grow in 2013, reaching a record level of US$460 billion. Together with those from transition economies (US$100 billion) they now account for 39% of global foreign direct investment (FDI) outflows. Developed country TNCs' investment was virtually on par with investment activity of the previous year € US$858 billion € remaining 55% off their peak in 2007. Investments by TNCs from North America slid by 10%, while those from Europe gained 10% in 2013. Japanese investments abroad grew for the third successive year to reach a record level, retaining their position as the second largest investor in the world. Almost half of FDI from developing and transition economy TNCs was in equity, while developed country TNCs continued to hold large amounts of cash reserves in their foreign affiliates as part of reinvested earnings. The latter were at record levels of 67% of total FDI outflows from developed countries. In 2013, the value of cross-border M&A purchases increased by 5% to US$349 billion largely owing to increased acquisitions by TNCs from developing and transition economies. They captured a 56% share of global cross-border M&As. More than two-thirds of cross-border M&As by South TNCs were directed to developing and transition economies. Half of these were acquisitions of foreign affiliates owned by developed country TNCs. This led to a change of ownership of foreign affiliates operating in developing and transition economies into the hands of South TNCs. UNCTAD estimates that the TNC investment appetite will increase in 2014 and 2015, encouraged by improving economic prospects, especially in developed economies. However, TNCs remain guarded due to the fragility in some emerging markets, and to risks related to policy uncertainties and regional conflicts. For the latest issue of the Global Investment Trends Monitor and the UNCTAD Investment Policy Monitor, please click here. For the latest publication on UNCTAD's Bilateral FDI Statistics, please click here. Please note that the UNCTAD World Investment Forum 2014 will take place in the Palais des Nations, Geneva, 13-16 October 2014. James Zhan Director Investment & Enterprise Division United Nations Conference on Trade & Development Palais des Nations, Geneva Tel: +41 22 9175797 www.unctad.org/diae