According to MIGA's latest Report, FDI flows going to emerging markets are expected to reach US$535 billion in 2007, decline somewhat in 2008, and continue growing in the subsequent three years at an annual rate of 3-4 percent.4 North Africa and the Asia-Pacific region are expected to fare particularly well. China is expected to retain its position as the largest recipient of FDI. Sub-Saharan Africa is likely to continue to attract resource-seeking investors, while investment flows to Latin America are forecasted to grow modestly.