< Previous56 MAY 2025 SITE SELECTION W hen Kearney in April released its global 2025 Foreign Direct Investment Confidence Index, Singapore’s drop from No. 12 to No. 15 was noted, based in part on its reliance on trade in a sudden era of nationalism. The United States, Canada and the United Kingdom finished 1-2-3. Then again: Singapore is a mere city-state, duking it out with the likes of massive countries such as the powers above as well as India, China and South Korea. When Site Selection examined Singapore through the annual Global Best to Invest Top Metros prism of our proprietary corporate project data for the past five years; the Kearney 2024 Global Cities Report; Mori Foundation’s Global Power City Index 2024; IMD’s Smart City Index 2024; and startup ecosystem rankings from Startup Genome and Startup Blink, the city-state was where you’d expect to find it: No. 1. Next come Shanghai, Seoul, Barcelona and Dubai. The scorecard looked only at metros outside the United States. Udai Panicker, Singapore country manager for advisory firm Tractus, says Singapore “continues to successfully marry its historical heart as a trading hub with quality infrastructure, smart technologies and attractive market entry policies for businesses across various sectors. Over the years, because of its ability to draw in so many of the world’s top companies here, it has also become a hub for top talent.” While its small size and high costs can be challenges, “it continues to be the ‘top of mind’ investment destination for MNCs and other investors because of the ecosystem it has created,” Panicker says. Its eternally pragmatic approach to geopolitics and strong relationships with both China and the United States bode well for its ability to remain a stable business environment and “keep punching far above its weight in the global economy,” he says. “Singapore’s EDB says that investment commitments actually rose in 2024 by 6% year over year to S$13 billion [US$9.8 billion].” Tractus Co-Founder and Managing Director John Evans says Shanghai may be a leading commercial center, but he’s surprised it ranks so highly. “The city itself has fantastic infrastructure, but the economic trends, political issues and increasing bureaucratic/administrative issues have continued to drive an expatriate exodus and have resulted in a dearth of new FDI coming in,” Evans says. “That is not to say it is a bad place to invest, just one that is being challenged by the geopolitical and economic issues of our times. What should be the world’s leading city for FDI has slid backwards and is not living up to its growth potential as an Asian FDI destination. “For Seoul, I would say the opposite,” he says. “The U.S.-China tensions have spurred interest from both Asia and the USA to strengthen cross-border trade and investment from long-standing economic and political partners. Seoul has proactively positioned itself to become a leading center of commerce in Asia and is increasingly becoming the destination of choice for FDI in East Asia.” The UK and Ireland Top Countries List The Global Best to Invest country rankings are based on an index of indices that incorporates findings from the past two calendar years of corporate project data in Site Selection’s Conway Projects Database; the Milken Institute Global Opportunity Index 2025; the UN Development Program Human Development Index; IMD World Competitiveness Rankings – 2024; OECD FDI Inward Position (Table 4) 2024- FDI inflow; the World Intellectual Property Organization (WIPO) Global Innovation Index 2024; and the DHL Global Connectedness Index 2024 UK Minister for Investment Poppy Gustafsson in early April signed a new partnership with none other than Global Corporate Banking Head Elaine Lam of OCBC, Singapore’s second largest bank, to facilitate £10 billion (US$13.3 billion) of investment into the UK by 2030 in such priority growth sectors as energy, infrastructure and real estate. “We have the most open, stable and connected economy in the world,” said Gustafsson, “and our by ADAM BRUNS adam.bruns@siteselection.com COVER STORY: GLOBAL BEST TO INVEST Scan the QR code above to access more analysis behind this year’s Global Best to Invest rankings, including further insights from IDA Ireland, DHL, Kearney and more. Image by Richard Nenoff SITE SELECTION MAY 2025 57 Plan for Change will encourage more international companies to invest here, delivering long-term growth that supports good, skilled jobs across the country.” Ireland tops the Global Best to Invest per capita rankings. In March, Ireland IDA Chief Executive Michael Lohan visited with me from New York as the agency launched a new five-year strategy that aims to attract 1,000 new investments worth €250 billion; scale R&D and innovation to €7 billion; upskill 40,000 people and create 75,000 new jobs in priority sectors. “We’re a firm believer in open policies and having free trade flows” Lohan said when asked about mounting rancor brought on by U.S. tariffs. “Investors need to have a level of certainty. That’s become quite obvious if it wasn’t before. We want to make sure U.S. and Irish companies continue to internationalize and grow. The continuation of that is going to be important, notwithstanding its being challenged at the moment. That pragmatic, business approach will be at the center of decision-making.” GLOBAL BEST TO INVEST TOP 10 METROS OVERALL 1. SINGAPORE SINGAPORE Singapore Economic Development Board www.edb.gov.sg 2. CHINA SHANGHAI Invest Shanghai www.investsh.org.cn/en/index 3. SOUTH KOREA SEOUL Invest Seoul www.investseoul.org/eng/mainPage.do 4. SPAIN BARCELONA Catalonia Trade & Investment catalonia.com 5. UNITED ARAB EMIRATES DUBAI Invest in Dubai www.investindubai.gov.ae 6. IRELAND DUBLIN Dublin City Council dublin.ie/invest 7. GERMANY BERLIN/BRANDENBURG Berlin Partner www.berlin-partner.de/en 8. AUSTRALIA SYDNEY Investment NSW www.investment.nsw.gov.au TOP 10 COUNTRIES 1. UNITED KINGDOM UK Department of International Trade www.great.gov.uk/international 2. UNITED STATES SelectUSA www.trade.gov/selectusa 3. GERMANY Germany Trade & Invest www.gtai.de 4. CANADA Invest in Canada www.investcanada.ca 5. IRELAND IDA Ireland www.idaireland.com 6. AUSTRALIA Australian Trade & Investment Commission www.austrade.gov.au/en 7. SOUTH KOREA Invest Korea www.investkorea.org 8. FRANCE Invest in France investinfrance.fr 9. NETHERLANDS Invest NL www.invest-nl.nl 10. SWEDEN Business Sweden www.business-sweden.com 9. INDIA MUMBAI Maharashtra Industrial Development Corporation www.midcindia.org 10. CHINA HONG KONG InvestHK www.investhk.gov.hk/en TOP 10 COUNTRIES PER CAPITA 1. IRELAND 2. UNITED STATES 3. UNITED KINGDOM 4. CANADA 5. AUSTRALIA 6. DENMARK Invest in Denmark investindk.com 7. SWEDEN 8. GERMANY 9. FINLAND Business Finland www.businessfinland.com 10. NETHERLANDS58 MAY 2025 SITE SELECTION WESTERN EUROPE TOP 5 COUNTRIES 1. UNITED KINGDOM UK Department for Business & Trade www.great.gov.uk/international 2. IRELAND IDA Ireland www.idaireland.com 3. GERMANY Germany Trade & Invest www.gtai.de 4. SPAIN Invest in Spain www.investinspain.org 5. DENMARK Invest In Denmark investindk.com TOP 5 METROS 1. SPAIN BARCELONA Catalonia Trade & Investment catalonia.com 2. IRELAND DUBLIN Dublin City Council dublin.ie/invest 3. GERMANY BERLIN/BRANDENBURG Berlin Partner www.berlin-partner.de/en 4. NETHERLANDS AMSTERDAM I Amsterdam www.iamsterdam.com/en/business 5. FRANCE PARIS Choose Paris Region www.chooseparisregion.org TOP 5 COUNTRIES 1. LITHUANIA Invest Lithuania investlithuania.com 2. HUNGARY Hungarian Investment Promotion Agency hipa.hu 3. POLAND Polish Investment & Trade Agency www.paih.gov.pl/en 4. SLOVENIA Slovenia Business www.sloveniabusiness.eu 5. ESTONIA Invest in Estonia investinestonia.com TOP 5 METROS 1. TURKEY ISTANBUL Invest in Istanbul www.invest.istanbul 2. HUNGARY BUDAPEST Hungarian Investment Promotion Agency hipa.hu 3. POLAND WARSAW Polish Investment & Trade Agency www.paih.gov.pl/en 4. CZECH REPUBLIC PRAGUE CzechInvest Business & Investment Development Agency www.czechinvest.org/en 5. RUSSIA MOSCOW Chamber of Commerce and Industry of Moscow Region mosobl.tpprf.ru/en EASTERN EUROPE & CENTRAL ASIA METHODOLOGY & SOURCES FOR TOP COUNTRIES: Conway Projects Database data 2023-2024, evaluated by tally, investment and jobs and by projects per capita, investment per capita and jobs per capita; Milken Institute Global Opportunity Index 2025 (overall rank); UN Development Program Human Development Index; IMD World Competitiveness Rankings – 2024; OECD FDI Inward Position (Table 4) 2024- FDI infl ow; World Intellectual Property Organization (WIPO) Global Innovation Index 2024; DHL Global Connectedness Index 2024 METHODOLOGY & SOURCES FOR TOP METROS: Conway Projects Database project data project data outside the U.S., 2020 – 2024; Kearney 2024 Global Cities Report; Global Power City Index 2024, Mori Foundation; IMD Smart City Index 2024; Global Startup Ecosystem Report 2024, Startup Genome; Startup Blink Global Startup Ecosystem Report 202460 MAY 2025 SITE SELECTION AFRICA & THE MIDDLE EAST TOP 5 COUNTRIES 1. ISRAEL Israel Ministry of Economy & Industry, Invest In Israel israelinvestment.org 2. UNITED ARAB EMIRATES UAE Ministry of Economy www.moec.gov.ae 3. SAUDI ARABIA Saudi Arabia Ministry of Investment, Invest Saudi www.investsaudi.sa 4. SOUTH AFRICA Department of Trade, Industry & Competition, Republic of South Africa www.investsa.gov.za 5. BAHRAIN Invest Bahrain www.bahrainedb.com TOP 5 METROS 1. UNITED ARAB EMIRATES DUBAI–SHARJAH–AJMAN Invest in Dubai www.visitdubai.com/en/invest-in-dubai 2. EGYPT CAIRO Invest in Egypt www.investinegypt.gov.eg 3. ISRAEL TEL AVIV Tel Aviv-Yafo Economic Development Authority Ltd. www.ta-eda.co.il/the-tel-aviv-yafo-economic-development-authority 4. SOUTH AFRICA JOHANNESBURG investSA Gauteng investsagauteng.co.za/about 5. KENYA NAIROBI Kenya Investment Authority (KenInvest) www.investkenya.go.ke/ ASIA PACIFIC TOP 5 COUNTRIES 1. AUSTRALIA Australian Trade & Investment Commission www.austrade.gov.au 2. SOUTH KOREA Invest Korea www.investkorea.org 3. SINGAPORE Singapore Economic Development Board www.edb.gov.sg 4. NEW ZEALAND New Zealand Trade & Enterprise www.nzte.govt.nz 5. MALAYSIA Malaysian Investment Development Authority www.mida.gov.my TOP 5 METROS 1. SINGAPORE SINGAPORE Singapore Economic Development Board www.edb.gov.sg 2. CHINA SHANGHAI Shanghaivest www.investsh.org.cn/en/index 3. SOUTH KOREA SEOUL Invest Seoul www.investseoul.org/eng/mainPage.do 4. AUSTRALIA SYDNEY Investment NSW www.investment.nsw.gov.au 5. INDIA MUMBAI Maharashtra Industrial Development Corporation www.midcindia.org62 MAY 2025 SITE SELECTION LATIN AMERICA & CARIBBEAN TOP 5 COUNTRIES 1. MEXICO Mexico: Government of Mexico Ministry of the Economy Gobierno De Mexico www.gob.mx/se 2. CHILE Invest Chile www.investchile.gob.cl 3. BRAZIL Apex-Brazil, Invest in Brazil www.investinbrasil.com.br 4. ARGENTINA Ministry of Economy www.economia.gob.ar/en 5. COSTA RICA CINDE Invest in Costa Rica cinde.org/en PROCOMER Costa Rican Foreign Trade Promotion Agency procomer.com/en TOP 5 METROS 1. MEXICO MEXICO CITY Mexico City Department of Economic Development (SEDECO) www.sedeco.cdmx.gob.mx 2. BRAZIL SÃO PAULO InvestSP www.en.investe.sp.gov.br 3. COLOMBIA BOGOTA Invest in Bogota en.investinbogota.org 4. CHILE SANTIAGO Invest Chile www.investchile.gob.cl 5. PERU LIMA Invest Peru investperu.peru.info/en-usSITE SELECTION MAY 2025 63 WATER RESOURCES N ot long ago, water supply was the last thing on a corporate executive’s mind when planning a new industrial facility. Electricity? Sure. Permitting? Of course. Logistics? Always. But water? at was assumed. Get a “will-serve” letter from the local utility and move on. Water was someone else’s problem — usually a public agency’s. But we are not in that era anymore. Today, water is no longer an assumed commodity in the Western U.S. It is a strategic asset. In fact, it may be the strategic asset when it comes to industrial site selection, permitting timelines and operational risk. e historical superstructure of government-managed water delivery — cheap, reliable, and invisible — is cracking under the pressure of climate extremes, aging infrastructure by JAMES EKLUND, PARTNER, TAFT/ SHERMAN & HOWARD editor@siteselection.com Corporate Water Asset Management in The American West: From Afterthought To Imperative Agricultural scientists with the USDA California Climate Hub continue to work with farmers on how to get the most out of water resources. The state produces two-thirds of the nation’s fruits and nuts and one-third of its vegetables. Photo by Steve Ausmus courtesy of USDA Agricultural Research Service Apple and pear orchards near Yakima, Washington Photo by Brian Prechtel courtesy of USDA Agricultural Research Service64 MAY 2025 SITE SELECTION and legal fragmentation. Companies must now be water-literate, water- prepared, and water-resilient to thrive in the West. From Passive to Proactive I’ve spent my career helping states, municipalities and companies navigate the complex and often contentious world of water law and policy in the West. As the architect of Colorado’s Water Plan, and now as leader of the Water & Natural Resources practice at Taft, I’ve seen a paradigm shift unfold in real time. It used to be that industrial development anywhere in the U.S., West or East, followed a predictable pattern: Confi rm zoning, confi rm utility service, confi rm transportation access. Water was a checkbox item — not a strategic variable. Today, that checklist is outdated. Especially in booming industrial hotspots like Phoenix, the Front Range of Colorado, Austin, Reno, Southern California and Salt Lake City, site selectors are being forced to do their own due diligence on water. A “will-serve” letter is no longer suffi cient assurance that water will be there in the volume and quality needed, at the times required and at a sustainable cost. Corporations are fi nding that their water exposure — if unaddressed — can jeopardize billions in capital investment and long-term operational viability. Old Compact Collapses, Private Sector Expands is shift is occurring because the traditional model — in which government agencies shouldered the burden of water infrastructure and allocation — is no longer reliable. e federal and state bureaucracies that once built dams, canals and reservoirs are now constrained by budget cuts, legal challenges, climate variability and political gridlock. e Colorado River Basin, which supplies water to million people and supports % of U.S. GDP, is the most prominent example. But it is not the only one. Governments are slow to act. Private industry cannot aff ord to be. Companies must now model their water supply risk like they would model energy pricing volatility, commodity exposure, or regulatory compliance. is includes: • Diversifying sources: Can your operation fl ex between groundwater, surface water and reclaimed water? • Stress-testing availability: How does your risk change in a drought year? A megafi re year? • Understanding legal rights: Are you protected by a priority water right, or are you relying on junior rights that could be curtailed? • Monitoring quality : Is your water clean enough for production, cooling or discharge standards? Are PFAS or other contaminants an issue? Sophisticated water planning is no longer a luxury. It’s risk management . e insurance industry sees this coming. I used to be the only lawyer in a room full of hydrologists and engineers at water risk conferences. Now I see actuaries and underwriters everywhere. Why? Because water risk is fi nancial risk, and fi nancial risk must be priced. Increasingly, corporate actors are stepping into roles once reserved for government. ey are building their own water infrastructure, investing in water reuse and recycling systems, and even acquiring water rights. A client of mine manufactures graywater systems that can reduce residential water demand by % — but their greatest challenge isn’t technical, it’s regulatory. Without clear market signals or supportive policy frameworks, these kinds of technologies don’t scale. If government can’t deliver water certainty, then government needs to get out of the way of those who can. Tools for Industrial Leaders For corporate decision-makers, particularly those in real estate, manufacturing and logistics, water fl uency needs to become part of the site selection and facility operations toolbox. Here are several practical steps to take: 1. Use granular data: Tools like the Water Risk Atlas from the World Resources Institute now provide stress maps down to the county level. Leverage these to understand regional water risk profi les. 2. Engage with providers early: Talk to utilities and ditch companies before committing to a site. Confi rm infrastructure capacity, not just legal entitlement. Los Angeles Chamber of Commerce Members pose by the Colorado River at the Foot of the Bright Angel Trail in November 1906. Photo by Putnam & Valentine courtesy of National Park Service SITE SELECTION MAY 2025 65 3. Include water in ESG reporting: Stakeholders are paying closer attention to water usage and sourcing — not just carbon. Be prepared to answer those questions. 4. Retain water-savvy counsel : Water rights and entitlements are governed by a patchwork of local, state and federal law. You don’t want to navigate that alone. 5. Advocate for performance-based incentives : If you’re willing to invest in conservation or onsite reuse, policymakers should reward that — not pile on new compliance hurdles. The New Reality I’ll be blunt: In the West, we have enough water to sustain agriculture, cities and industrial growth — if we manage it correctly. But if we don’t, we don’t. e solution isn’t to say no to growth. It’s to get smarter about how we support it. at means better forecasting tools, smarter infrastructure investments and a clear role for private industry as a partner — not a passive recipient — in managing our water future. Water is no longer just a utility. It’s a supply chain issue. A permitting issue. A geopolitical issue. And ultimately, a leadership issue. e companies that will thrive in the Western U.S. over the next decade are those that treat water as the strategic asset it is — not an afterthought. e future belongs to those who plan for it. In the American West, and increasingly nationwide and globally, that means planning for water — actively, intelligently, and collaboratively. James Eklund leads the Water & Natural Resources practice at law fi rm Taft/Sherman & Howard. A recognized authority on water management in the American West, he was the architect of Colorado’s Water Plan. We have enough water if we manage it correctly. But if we don’t, we don’t.” — James Eklund, Partner, Taft/ Sherman & Howard We have enough ll t Next >