92 M C K I N S EY Q UA RT E R LY FDI Shake-Up - - - chain, reaching the suppliers of suppliers, and so on. Indeed, the success of such megaprojects hinges on a broad ecosystem. The impact of new hubs extends beyond sectoral boundaries, influencing infrastructure, logistics, and business services. This can be seen, for exam ple, in the knock-on economic and employment effects of new data centers in the United States, which have been found to spur growth in a host of other industries. Companies can anticipate needs that include grid access, connections with shipping hubs, maintenance, and servicing support for the new facilities and their suppliers. Redrawn indus trial footprints also increase demand for housing, hospitality, and food services. Of course, some of this may be part of preplanning in original deals, but opportunities will remain. While FDI expands the frontier of new indus tries, history teaches that growth needs nurturing and cultivation. Targeted policies can help. Areas of attention include accelerating complementary domestic investment, upgrading infrastructure, enhancing workforce skills, and strengthening local industry ecosystems. EXHIBIT 5 FDI could drive growth in future-shaping industries, especially outside today’s hubs. Potential increase in production capacities from announced greenfield FDI¹ projects, multiple 2022 capacity 2030 estimate Projects Complete Not yet announced or under under Capacity with announced since 2022 construction construction projects added Announced in 2025 Announced in 2022–24 Canceled or delayed Project type, measure of capacity Location Multiple of 2022 global capacity Multiple of location’s own 2022 capacity Status of 20 largest projects Data centers Gigawatts 0 1 2 3 4 5 Global US and Mainland China Rest of world 0.8× 75% 75% 0.1× 2.1× Leading-edge semiconductors Annual wafer starts (300-mm equivalent) Global South Korea and Taiwan (China) Rest of world 0.6× 60% 60% 0.0× 4.7× EV² batteries Gigawatt-hours Global Mainland China Rest of world 1.0× 65% 65% 0.0× 3.7× Note: For details, see Exhibit 4, “The FDI shake-up: How foreign direct investment today may shape industry and trade tomorrow,” McKinsey Global Institute, Sept 22, 2025. 1. Foreign direct investment. 2. Electric vehicle. Source: Using data provided by fDi Markets; McKinsey Data Center Supply and Demand Model, McKinsey Semiconductor Supply and Demand Model; McKinsey Battery Insights, press search; McKinsey Global Institute analysis Responding to the New Map of Competition FDI announcements offer a detailed, strategic map of how and where different players plan to invest, allowing decision-makers to anticipate changes in the competitive landscape. FDI today can indicate where future capacity might outstrip future demand, depending on a company’s beliefs about the latter. Even today, some industries such