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  • Writer's pictureRemo Daguati, CEO LOC AG

The top 10 foreign direct investment projects of 2023

Semiconductors, energy and batteries dominate the list of largest FDI projects in 2023

Energy companies, semiconductors and battery firms dominate fDi’s list of the top 10 largest greenfield foreign direct investment (FDI) projects of 2023, which further pushed up the average capital expenditure (capex) level of cross-border FDI projects globally. Figures from greenfield FDI monitor fDi Markets show that the average capex for FDI projects in 2023 stood at $83.5m, the highest figure since the global financial crisis.


Mega projects come at a price, though. Given their scale and ambition, they face multiple risks that can affect their timeline and execution. Besides, many of them depend on the generous fiscal incentives made available by national and regional governments, particularly in strategic sectors in North America and Europe. These are typically tied to performance metrics, adding another layer of uncertainty over the capacity of these projects to live up to original expectations.


1. TSMC / Germany / Semiconductors / Capex: €10bn ($10.74bn)

2. Equinor / Brazil / Oil and gas / $9bn

3. BP / Germany / Renewables / $7.3bn

4. Amazon / Malaysia / IT infrastructure / $6bn

5. Prologium / France / Batteries / $5.6bn

6. Volkswagen / Canada / Batteries / $5.2bn

7. Tata / UK / Batteries / $5bn

8. Northvolt / Canada / Batteries / $5bn

9. Intel / Poland / Semiconductors / $4.9bn

10. BHP / Canada / Mining / $4.9bn


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