Figures released by European statistical agency, Eurostat on Thursday revealed that of the EU 25 countries, France was the greatest recipient of foreign direct investment (FDI) in 2003.
Although Luxembourg technically received more FDI than France, pulling in EUR38 billion, this result was dismissed by Eurostat as statistically inaccurate due to the high concentration of banks and holding companies located in the jurisdiction.
According to the data, the EU statistics body revealed, around 98% of Luxembourg's FDI reflected financial transactions undertaken by holding companies rather than actual investment in its economy.
Therefore, France was granted pole position in terms of FDI inflows, having received some EUR11.4 billion from international companies in 2003. Britain came next, with EUR7.6 billion, and was closely followed by Spain and Ireland, with EUR6 billion and EUR5.2 billion respectively.
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