Nepal, Oct. 15 -- Although US President Donald Trump's protectionist trade policies dominate news headlines, they are far from the only forces shaping global production. New investment patterns have been reshaping the global economic landscape since well before Trump's tariffs.

Nowhere is this more evident than in flows of foreign direct investment. According to the latest World Investment Report from United Nations Trade and Development (UNCTAD), FDI inflows to Europe, South America, and much of Asia declined in 2024. By contrast, FDI flows to Africa surged by 75%, to $97 billion, while those to Southeast Asia increased by 10%, to $225 billion.

Behind these trends lies a broader restructuring of multinational supply chains, which are s...