【正文】 na, Lesotho, Namibia, Zambia and South Africa. Over the past decade the stock of foreign investment, a much more stable measure than investment flows, at least doubled in 3/4 of African Commonwealth countries, but some countries have seen their stocks of foreign investment decline, including Botswana and Zambia. Looking across the globe, similar diversity exists. Some developing countries experienced substantial increases in investment inflows in 2020 and an increase in investment stocks over time. But investment inflows into Oceania declined by 11 per cent in 2020 and the stocks of FDI in the small states in this region have fluctuated widely. The stock of FDI in Fiji has shrunk since 1997, while Tuvalu has experienced a massive increase. As well as being unevenly distributed, FDI flows to developing countries have been highly variable, with significant declines following years of growth in 1984, 1997 and 2020. Thus while increased investment is flowing to developing countries overall, many countries have not been successful in attracting consistent inflows of FDI. Developing country FDI is concentrated in extractive industries While twothirds of FDI worldwide is in services, investment flows into many African countries, including Commonwealth LDC such as Tanzania, Uganda and Gambia, are largely concentrated in extractive industries. In some African countries, including Nigeria, three quarters or more of the stock of FDI is in extractive industries. Despite the service sector orientation of many Caribbean economies, a significant share of inward FDI stock in the region is also in extractive industries. Investment inflows in Oceania are concentrated in the mining sector. Investment in extractive industries tends to be particularly unstable pared with other FDI because it is affected by volatile global modity prices. As well, UNCTAD has found that investment in extractive industries is more difficult for host countries to regulate to ensure patibility with domestic standards and development goals (World Investment Report 2020). Sometimes, foreign investment in extractive industries, which is dominated by transnational corporations (TNC), produces few new jobs and results in environmental degradation and social dislocation while most of the financial returns are captured offshore. FDI unrealized contribution to development In July 2020 the SecretaryGeneral of the United Nations released a report that reviewed the implementation of the 2020 UN Monterrey Consensus on Financing for Development. It concluded that action is needed to encourage larger and more consistent FDI flows to a broader group of developing countries and to ensure that investment activity leads to development. The need is particularly pressing for small economies which have seen growth rates decline pared to larger low and middleine states. Addressing this need means making developing countries more attractive to investors. All investors make decisions about where and when to invest based on their expectations about the future in light of their specific business strategy. Some of the factors relevant to investor decisionmaking are outside the control of governments. A country’s natural resource endowment is an obvious example. Nevertheless, domestic policies in a host country can both improve investors’ expectations regarding the likely returns associated with their investments and enhance the prospect that their expectations will be realized making the country more appealing as an investment destination. In countries as diverse as India, China, Turkey and Indonesia, investment has been facilitated through domestic policy reform to protect property rights, improve transparency of governmen