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Dear Colleagues, It is my pleasure to share with you a special issue of UNCTAD’s Global Investment Trends Monitor. This special issue is based on the annual ASEAN Investment Report, a joint report prepared by the UNCTAD and ASEAN Secretariat. The Report was launched during the ASEAN Business and Investment Summit on 13 November 2017 in Manila. Selected highlights: FDI flows in ASEAN fell by 20% in 2016, to $96.7 billion. The decline reflected the general fall in global FDI flows and in flows to developing economies. A significant drop in FDI in two Member States, caused mostly by one-off factors, dragged down total inflows to the region. Intra-ASEAN FDI rose to a record level ($24 billion) in 2016 and accounted – for the first time – for a quarter of total FDI flows in the region. Intraregional investment flows continued the upward trend since 2003 (except for a blip in 2013). The ASEAN region has more than 1,600 economic zones of various types. These economic zones have, on average, made a significant contribution to industrial development in ASEAN Member States. Most zones have helped improve the investment environment, generated employment (including for women), increased foreign exchange earnings and government revenues. They have often brought spillover effects in local economies, helped develop domestic contract manufacturers and played a significant role in linking countries in global value chains. While local development companies are the main contributors to economic zone build-up in ASEAN, foreign developers have also played an important role in the growth of economic zones in the region – often in JVs with local partners. The preparation of the ASEAN Investment Report by UNCTAD’s Investment Division is part of its wider programme of collaboration on investment research and policy analysis with regional organisations. UNCTAD has also contributed to the Investment Report of the CEFTA (Central European Free Trade Agreement) region, which will be launched on 21 November 2017, in parallel with the launch of UNCTAD’s Investment Policy Review of the region. With best regards, James X. Zhan Director, Investment and Enterprise Lead, World Investment Report United Nations Conference on Trade and Development Palais des Nations, Geneva Tel: +41 22 917 5797 http://unctad.org/diae http://worldinvestmentreport.org http://unctad-worldinvestmentforum.org/