连接外国直接投资和中小企业，促进欧洲生产力和创新

Connecting FDI and SMEsfor Productivityand Innovation in Europe This work was approved and declassified by the Investment Committee, Committee on Small and Medium-sizedEnterprises (SMEs) and Entrepreneurship on 12/11/2025. This document was produced with the financial assistance of the European Union. The views expressed herein can inno way be taken to reflect the official opinion of the European Union. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Note by the Republic of Türkiye The information in this document with reference to “Cyprus” relates to the southern part of the Island. There is no singleauthority representing both Turkish and Greek Cypriot people on the Island. Türkiye recognises the Turkish Republic ofNorthern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Türkiyeshall preserve its position concerning the “Cyprus issue”. Note by all the European Union Member States of the OECD and the European UnionThe Republic of Cyprus is recognised by all members of the United Nations with the exception of Türkiye. Theinformation in this document relates to the area under the effective control of the Government of the Republic of Cyprus. Photo credits:Cover © Jacob Wackerhausen/ iStock by Getty Images Plus. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2026 Attribution 4.0 International (CC BY 4.0) This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of the original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. Foreword This report analyses howinwardforeign direct investment (FDI) influences domestic performance inproductivity,innovation, and employmentamong small and medium-sized enterprises (SMEs) across theEuropean Union. Drawing on subnationaldataandfirm-levelevidence from Germany, Italy, and Romania,it maps the geography of FDI, explores how recent shocks and the rise of digital andgreenindustries arereshaping investment patterns, and examines the regional conditions that attract FDIconducive toSMEperformancegains.The reportinvestigates the concentration of FDI in well-connected hubs and considershow skills, innovationcapacity,transportinfrastructure,and SME ecosystemsinfluencethe extent to whichFDIgeneratestechnology transfer,productivitygrowth, and employment changes.It concludes byoutliningpolicy directions to broaden the regional reach of FDI and enableSMEsto capture greater value throughskills upgrading, supplier development,and investmentpromotion strategies. The reportformspartof a multi-yearjoint project implemented by theOECD Directorate for Financial andEnterprise Affairs (DAF)and the OECD Centre forEntrepreneurship, SMEs, Regions and Cities (CFE),under the aegis of the OECD Investment Committee and the Committee on SMEs and Entrepreneurshipin consultation with the Regional Development Policy Committee. Conductedwiththe support of theEuropeanCommission’sDirectorate-General for Regional and Urban Policy (DG REGIO), the project aimsto develop policy recommendationsto helpnational and subnational governments strengthen FDI-SMElinkages andenhancethe potential for productivity and innovation spillovers to local economies. Adam Elsheikhi(DAF), Economist, co-ordinated the preparation of the report under the supervision ofFares Al-Hussami, Head of the FDI Qualities and Impact Team, Sustainable Investment Unit, InvestmentDivision (DAF). Chapters1 and 2were prepared by Adam Elsheikhi. Chapter3was prepared by RiccardoCrescenzi, Profe