比利时外国直接投资审查报告（2023-2024年度） Screening of Foreign Direct Investment

Screeningof

ForeignDirectInvestment

AnnualReport2023-2024

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economie

FPSEconomy,S.M.E.s,self-employedandEnergy

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economie

FPSEconomy,S.M.E.s,self-employedandEnergy

RueduProgrès50—1210Brussels

Enterprisenumber:0314.595.348

'o080012033(freenumber)f。

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@spfeconomie

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Publisher:

SéverineWaterbley

ChairoftheBoardofDirectors

RueduProgrès50—1210Brussels

LegalDeposit:D/2024/2295/09

133-24

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Tableofcontents

ForewordbyPierre-YvesDermagne 4

ForewordbySéverineWaterbley 5

ThefirstyearoftheBelgianscreeningmechanism 6

Criteriaandscopefornotifyingaforeigninvestment 7

Thescreeningprocess 8

TheInterfederalScreeningCommittee 9

Composition 9

Role 9

Deepdive:keyfigures 10

Time-RelatedInformation 10

Whichinvestments 11

Geography 12

FinancialInformation 13

TheroleoftheFPSEconomy 14

Proposalforanewregulationonthescreeningofforeigninvestments 15

SupportingFDIscreeningreformsinEurope 16

ThesecondyearoftheBelgianscreeningmechanism 17

Internationalcontext 17

Outlookforthesecondyear 17

Areasforimprovementandlegislation 17

Practicaloperationandoptimisation 17

ConcludingremarksbyAnneBonet 18

4

ForewordbyPierre-YvesDermagne

DearReader

Wearelivinginatimeofsignificantgeopoliticalchallenges.Increasingtensionsontheworldstage,fromtradeconflictstothethreatofeconomicandpoliticalinstability,necessitateaproactiveandintelligentapproachtoeconomicsecurity.Screeningforeigninvestmentsplaysacrucialroleinthisregard.

Belgiumisanopenanddynamiceconomy,stronglyinterconnectedwithglobalinvestmentflows.Everyyear,numerousforeigninvestorschoosetoinvestinBelgium,creatingnewjobs,fosteringinnovationanddrivinggrowthforourcompanies.However,theBelgiangovernmentalsohasastrongfocusonprotectingourcountryfromundesirableinfluencesthatcouldundermineourna-tionalsecurity,publicorderorstrategicinterests.Itisvitalthatoureconomyisnotonlystrongandcompetitivebutalsofairandsafeforallourbusinessesandcitizens,toensurethewell-beingofallandacohesivesociety.

ItwasthereforenecessaryforBelgiumtoalsoputinplaceitsownscreeningmechanismforforeigninvestments,whichstartedon1July2023.TheInterfederalScreeningCommittee(ISC)isthebodyresponsibleforscreening.TheISCbringstogetherthefederalstateandalltherelevantfederatedstates,ensuringacoherentvisionregardingforeigninvestments.TheISCscrutinisesinvestmentsthatmayposearisktonationalsecurity,publicorderandBelgium’sstrategicinterests.TheBelgianscreeningmechanismensuresthatforeigninvestmentsdonotadverselyimpactcriticalinfrastruc-ture,criticaltechnologiesandothersensitivesectorsinBelgium.

CooperationwithintheEuropeanUnionisalsoessentialinourstrategy.Onlybyworkingtogetherandfollowingasharedstrategycanwerespondeffectivelytothecomplexchallengesahead.TheEuropeancooperationmechanismforforeigninvestmentscreeningisanimportantstepinthisdirection.Webelievethatsolidarityandcooperationarekeytoprotectingourcommonprosperity.

ThisannualreportprovidesadetailedoverviewofthestepsBelgiumhastakentoscreenforeigninvestments,andtheresultswehaveachieved.Itdemonstratesourcommit-menttosafeguardingeconomicsecurityandcontributingtoastrongerandmoreresilienteconomyinBelgiumandintheEuropeanUnion.Wemuststrivetocreateaneconomythatworksforeveryone,wherebytheinterestsofourciti-zens,workersandbusinessesarealwaystheprimaryfocus.

Iwishyoupleasantreading,

Pierre-YvesDermagne,

ministerofEconomyandEmployment

5

ForewordbySéverineWaterbley

Againstthebackdropofrisinggeopoliticaltensionsaroundtheworld,theEuropeanCommissionhasimplementedanumberofmeasurestoenhancetheeconomicsecurityoftheEuropeanUnionwhileremainingopentotrade,investmentandresearch.OnesuchmeasureistheEURegulationfrom2019thatprovidesaframeworkforscreeningforeigndirectinvestmentintheUnion.Thisframeworkisdesignedtostrengthenthecontrolmechanismsforforeigninvestments.

InBelgium,theInterfederalScreeningCommittee(ISC)hasplayedakeyrolesincethescreeningmechanismcameintoforceon1July2023.TheFPSEconomymanagesthesecretariatoftheCommittee,whichisresponsibleforidentifyingpotentialthreatsandtakingmeasurestoprotectsensitivesectors.Thesesectorsincludecriticalinfrastructure,criticaltechnology,commodities,energyanddefence.ThesecretariatsupportstheCommitteebymonitoringthenotificationsofinvestmentsandguidingthescreeningprocess,providingguidanceandanswerstoquestionsfrominvestorsabouttheprocess.

OurmissionattheFPSEconomyistocreateaframeworkforthemarketandsupportbusiness-es.TheroleoftheISCisessentialinthisregard,toensuretheeconomicsecurityofourcountry.AttractingforeigncapitalthatstimulatesgrowthandinnovationinBelgium,withoutmakingoureconomyvulnerabletogeopoliticaldependencies,isadelicateexerciseinwhichtheInterfederalScreeningCommitteeplaysacrucialrole.

Thefigureshighlighttheimportanceofthescreeningmechanism:68investmentcaseswerenoti-fiedandprocessedbetween1July2023and30June2024.ThisreportdemonstrateshowBelgiumisplayinganactiveroleinanalysingforeigninvestmentsandverifyingwhethertheyposepotentialriskstoourcountry’snationalsecurityandstrategicinterests.

Inaddition,theSecretariatactsasapointofcontactfortheEUCooperationMechanism,andtheInterfederalScreeningCommitteeparticipatesintheEuropeanCommission’sExpertGroup.Inthisway,ourcountryalsocontributesattheEuropeanleveltojointeffortstoensureeconomicse-curityandprotecttheinternalmarket.

SéverineWaterbley,

ChairoftheFPSEconomy

Thefirstyear

oftheBelgianscreeningmechanism

Ascreening

procedure(secondphase)

wasopenedfor

7%ofthecases

68cases

receivedbythesecretariat

inthefirstyearofforeign

investmentscreening

€2.063.295.544

Istheestimatedtotalamount

oftheBelgianpartoftheinvestments

Mostoftheinvestorsultimatelycamefrom:

TheUnitedStates

With43%ofnotifiedinvestments

Themostimpactedsectorsare:

Digital

infrastructure

Health

Data

6

7

Criteriaandscope

fornotifyingaforeigninvestment

DoesthetransactionconcernaninvestmentinaBelgiancompanyorentity?

YES

NO

Istheinvestmentmadebyaforeigninvestor*?

YES

NO

IstheBelgiancompanyorentityactiveinasectorspecifiedinArticle4,§2oftheCooperation

Agreement?

NO

YES

Doestheinvestoracquirecontrol*ORatleast

10%or25%ofthevotingrightsinthecompanyorentity?

NO

YES

Theinvestmentdoesnothavetobenotified.

Theinvestmenthastobe

notifiedtotheISCSecretariat.

*Thistermshouldbeinterpretedaccord-ingtoitsdefinitionintheCooperationAgreement.

10%:defence,includingdual-useproducts,energy,cybersecurity,elec-

troniccommunicationsordigitalinfrastructure,andwhoseannual

salesexceeded€100millioninthefinancialyearprecedingtheacquisi-tionofatleast10%ofthevotingrights.

25%:vitalinfrastructure,forenergy,transport,water,health,electronic

communicationsanddigitalinfrastructure,media,dataprocessingorstorage,aerospaceanddefence,electoralorfinancialinfrastructure,

andsensitiveinstallations,aswellaslandandrealestatecriticaltotheuseofsuchinfrastructure.

Thescreeningprocess

TheforeigninvestornotifiestheinvestmenttothesecretariatoftotheInterfederalScreeningCommittee(ISC)secretariat

Thesecretariatcheckswhetherthefileiscomplete.

VERIFICATION

PROCEDURE:

max.30days

ThecompetentISCmembersexaminewhetherthereareindicationsthattheinvestmentmaycompromisepublicorder,nationalsecurityorstrategicinterests

Noindications=

investmentauthorised

SCREENINGPROCEDURE:

ThecompetentISCmembersfurtherexaminethefileandeachissuesanopiniontothecompetentministersattheirlevelofcompetence.

max.28days*intotal

Basedontheopinion,thecompetentministerstakeapro-visionaldecisionontheadmissibilityoftheinvestment.

TheISCSecretariatdrawsupacombineddecisionbasedontheprovisionaldecisions,whichmayresultin:

Negativedecision=

Investment

notauthorised

Positivedecision=

Investmentauthorised

Positivedecisionwithmitigatingmeasures=

Investmentauthorisedwithconditions

*Severalsuspensionsandextensionsarepossible.

8

Composition

TheISCiscomposedofrepresentativesfromallcompetentauthorities.Thisbroadcompositionensuresthatalllevelsofpolicyareinvolvedinforeigninvestmentscreen-ing,wherebytheinterestsofeachlevelisprotected.

ThefollowingentitiesarerepresentedintheISC:

nthefederalstate;

nthethreeregions;

nthethreecommunities;

ntheFrenchCommunityCommissionandtheCommonCommunityCommission.

Inindividualcases,membersarecompe-tentonlyifthereisaterritoriallink(inthefirstinstance,considerationisgiventotheheadquartersorplaceofestablishmentoftheBelgiantarget,althoughnotexclusively)andthereisapotentialimpactonthecom-petencesofthemember’sownpolicylevel.

TheISCischairedbyarepresentativeoftheFederalPublicServiceEconomy,SMEs,MiddleClassesandEnergy,whichalsohoststhesecretariatoftheISC.

TheInterfederalScreeningCommittee

TheInterfederalScreeningCommittee(ISC)wasestablishedbytheCooperationAgreementof30November2022andplaysacentralroleinBelgium’sforeigndirectinvestmentscreeningmechanism.

Role

TheISCisnotadecision-makingbodybutensuresanintegratedapproachtoinvestmentscreen-inginBelgium.Itreceivesand

processesnotificationsofforeigndirectinvestmentinacentralisedmanner.

ThecompetentISCmemberscandecideattheendoftheverifica-tionprocedureofafilewhetherascreeningprocedureneedstobeopened.Ifthisisthecase,theyis-sueanopiniontothecompetentministerattheirlevelofgovern-mentastowhetherornottheinvestmentinquestioncanbeau-thorised(seepage8formoreex-planationofthecompletescreen-ingprocess).

Althoughcoordinationispossi-ble,eachcompetentmemberoftheISCessentiallyperformstheirinvestmentscreeningdutiesin-dividually.Thereisnoneedforconsensusamongthecompetentmembers.

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Deepdive:keyfigures

Duringtheperiodfrom1July2023to30June2024,thesecretariatoftheInterfederalScreeningCommitteereceived68notifications,oneofwhichwasstartedupretroactivelythroughanex-officioprocedure.

15casesarestillpending,53investmentswereauthorisedandnoinvestmentshavebeenblockedsofar.

Time-RelatedInformation

Belowyouwillfindabreakdownofthenumberofnotificationsbymonth:

10

9

8

7

6

5

4

3

2

1

0

Chart1.NotificationsbyMonth

JFMAMJJASOND

Source:ForeignDirectInvestmentScreeningService

Onaverage,thesecretariatreceived6notificationspermonth,withMay(10)andDecember(9)beingthebusiestmonths.

13notificationswereconsideredincompleteandrequiredmoreinformation,causingsomedelayinthestartoftheverificationprocedure.Infourcases,additionalinformationwasrequestedduringtheprocedure.Thisresultedinanaveragedurationof6daysforthestartoftheverificationpro-cedureandanaverageprocessingtimeof31daysfromnotificationtotheendoftheverificationprocedure.

Theverificationproceduretypicallylastsamaximumof30days.However,ifthelastdayoftheprocedurefallsonanon-businessday,thedeadlinewillbemovedtothenextbusinessday.Casesinwhichmissinginformationhadtoberequestedsignificantlylengthenedtheaveragetimefortheopeningofafile.Consequently,in44.1%ofcases,theverificationprocedurewasopenedthedayitselforthedayafterthenotification.

Fivescreeningprocedureswerestartedupuntil30June.Oneofthesewasclosedafter52days(includingthetimetakentostartthefileandtheverificationprocedure)whiletheotherfourareongoing.

ThedurationofascreeningproceduredependstoasignificantextentontheprocedurewithintheEUcooperationmechanismandontheadditionalquestionsaskedbythemembersoftheInterfederalScreeningCommittee,andtherelatedresponsetimes.

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Whichinvestments

In23.5%ofcases,themaintargetswereoneorseveralBelgianentities.In66.2%ofthecases,itwasacompleteacquisition,withcontrolofthetargetacquiredin85.3%oftheinvestments.Thisiscarriedout,forexample,byobtainingarightofvetoorbyappointingoneormorememberstotheboardofdirectorsorthemanagement.

Internalrestructuringsoccurred11times,representing16.2%ofthetotalinvestments.81.8%ofthoserestructuringsdidnotresultinanewultimatebeneficiary.

In26.5%ofthedeals,anewentitywassetupaspartofthedealitself,andofthese,50.0%weresetupintheEU,meaningthat13.2%ofthenotificationsrelatedtosettingupaEuropeanentityaspartofthedeal.

Belowyouwillfindachartshowingthedistributionofthenumberofnotificationsby“notificationcategory,”asdefinedinArticle4,§2oftheCooperationAgreement.

Chart2.DistributionbyNotificationCategory

60

50

40

30

20

10

0

58

5

0

10%+>€100millionturnover>25%>25%+>€100millionturnover

Source:ForeignDirectInvestmentScreeningService

Belowyouwillalsofindthetopfivemostimpactedsectors(onedealmaycovermultiplesectors).

Table1.TopFiveMostImportantSectors

Percentageofdeals

Numberofdeals

Sector

1Data1315.1%

15.1%

2

13

Health

11.6%

3

9

Digitalinfrastructure

4

Transport

8

10.5%

5

Electroniccommunication

7

8.1%

Source:ForeignDirectInvestmentScreeningService

Geography

BelowyouwillfindachartshowingtheinvestmentsbasedontheirgeographiclocationinBelgium.Sinceaninvestmentcanhaveanimpactonseveralregions,thetotalsumofthenumberofinvest-mentsperregionexceedsthetotalnotificationsreceived.

Chart3.Geographicdistributionoftheinvestments

Brussels

CapitalRegion

22

Wallonia

14

Source:ForeignDirectInvestmentScreeningService

46

Flanders

Belowyouwillfindatableshowingthetop5nationalitiesoftheultimatebeneficiariesoftheinvestors.

Table2.TopFiveCountriesofUltimateBeneficiaries

NumberPercentage

Countryofdealsofdeals

1U.S.A.3343.4%

2U.K.2229.0%

3Switzerland45.3%

4India34.0%

5Canada/China/Singapore/Turkey2(each)2.6%

Source:ForeignDirectInvestmentScreeningService

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FinancialInformation

Aswehaveseen,Belgianentitiesoftenonlymakeuppartofthe“actual”investment.Consequently,aprecisevaluationoftheBelgianinvestmentisfrequentlynotcommunicated,andanestimateisprovidedatbest.Wethereforeassesstheinformationreceivedbyinvestorsregardingdealamountsmoreasaroughfigureratherthanabsolutevalues.

Nevertheless’thetotalestimatedinvestmentamountis€173,297,703,633’ofwhich€2,063,295,544pertainstotheBelgianpart.

Oftheinvestmentsalreadyauthorised’theestimatedtotalis€129’104’632’323’with€1’829’846’555fortheBelgianpart.

13

TheroleoftheFPSEconomy

TheFederalPublicServiceEconomy,SMEs,theMiddleClassesandEnergy(FPSEconomy)playsacentralroleintheBelgianscreeningmechanism.

Assuch,theFPSEconomyplaysseveralroleswithintheInterfederalScreeningCommittee(ISC):

1.Secretariat

TheFPSEconomyactsasthesecretariatoftheISC.Inthisrole,theFPSEconomyhasanadministrativeandcoordinatingremitthroughouttheprocedure,fromreceivingnotificationstoservingthefinaldecision.

ThesecretariatoftheISCalsoactsasthenationalcontactpointforBelgiumwithintheEUcooperationmechanism.

2.Chair

TheISCischairedbyarepresentativeoftheFPSEconomy,whohasnosayinthedecision-making.

3.Member

SinceJune2024,theFPSEconomyhasalsobeenactiveasamemberwithintheISC.Inthisrole,itholdsthesamepowersanddutiesastheothermembersoftheISC,whichincludesdraftinganopinionfortheMinisterofEconomy,oneofthetwofederalmin-isterswhocanmakeadecisionregardingthenotifiedinvestmenttransactions.

14

Proposalforanewregulation

onthescreeningofforeigninvestments

InJanuary2024,theCommissionadoptedfiveinitiativestostrengthentheEU’seconomicsecurityamidgrowinggeopoliticaltensionsandprofoundtechnologicalshifts.OneoftheseinitiativesaimstoenhancetheprotectionofEUsecurityandpublicorderbyproposingimprovedscreeningofforeigninvestmentsintotheEU.

Whileforeigninvestmentsshouldbewelcomed,astheybenefittheEuropeaneconomy,somedealsmayposeriskstosecurityandpublicorderintheEuropeanUnion.

Thecurrentregulation,adoptedin2019andapplicablefrom2020,wasafirststepinthisdirec-tion.Sincethen,particularlyinlightofSpecialReport27/2023oftheEuropeanCourtofAuditors,certainshortcomingshavebeenidentifiedinthesystem,andtheproposalforanewregulationisintendedtoaddresstheseissues.

ThemainimprovementsproposedbytheEuropeanCommissioninclude:

nEnsuringthatallMemberStateshaveascreeningmechanisminplace,withbetterharmonisednationalrules;

nIdentifyingminimumsectoralscopewhereallMemberStatesmustscreenforeigninvestments;and

nExtendingEUscreeningtoinvestmentsbyEUinvestorsthatareultimatelycontrolledbyindivid-ualsorbusinessesfromanon-EUcountry.

TheCommission’sproposalwasdiscussedinaCouncilworkingparty(theWorkingPartyonTradeQuestions)undertheBelgianpresidency,fromMarch2024until1July2024.ThecontextoftheEuropeanelectionsdisruptedthetrilogues,whichcannotstartuntilthenewEuropeanParliamentisinplace.

Oncethenewregulationisfinalised,thecooperationagreementof30November2022establish-ingaforeigndirectinvestmentscreeningmechanismwillbereviewed,toidentifyanyaspectsoftheBelgianscreeningmechanismthatneedtobeadaptedtothenewEuropeanframework.

15

SupportingFDIscreeningreformsinEurope

“SupportingFDIscreeningreformsinEurope”isanOECDprojectaimedathelpingEUMemberStatesinreformingtheirforeigndirectinvestment(FDI)screeningmechanisms.Thisprojectfocusesonmanagingsecurityrisksmoreeffectivelywithoutdeterringforeigninvestors.Theprojectisanin-itiativeofRomaniaandissupportedbyBelgium,theCzechRepublicandFinland.OtherMemberStatesmayalsoprovideinputduringtheproject.

SincetheintroductionofEURegulation2019/452,manycountrieshaveputinplaceorfurtherde-velopednationalforeigndirectinvestmentscreeningmechanisms.EUMemberStateshavemadesubstantialeffortsinrecentyearstoestablishandstrengthenthesemechanisms.Theimplemen-tationofthesemechanismshashighlightednewchallengesthatneedtobeaddressedinordertomakethemmoreeffective.

TheEURegulationsetsrulesandminimumrequirementsonhowMemberStatesneedtoimple-mentFDIscreenings.ManyMemberStateshadtoquicklyimplementnewscreeningmechanisms,oftenwithoutpracticalexperience.Theinitialexperienceswithimplementationhavehighlightedinefficienciesandgaps,requiringcertainadaptationstothenationalframeworks.

Forexample,BelgiumhasencountereddifficultiesinassessingvulnerabilitiesinitsFDIscreeningsystem.Ourcountryislookingforeffectivesolutionstoaddresstheseshortcomingsandmakeinformeddecisionsaboutfuturepolicydirections.Giventhesechallenges,Belgiumislookingfor-wardtogleaningreliableandcomprehensiveinsightsfromtheproposedprojectsothatrelevantgovernmentscanreviewtheirFDIscreeningframework.

TheOECDprojectshouldhelpMemberStatesidentifyandaddresstheidenti-fiedinefficienciesandgaps.TheprojectaimstoimprovethecapacityofMemberStatestoidentifyandeffectivelyaddresssecurityimplicationsofforeigninvest-ments,whilereducingtheadministrativeburdenonforeigninvestors.Theresultsincludeadaptationstothelaws,rulesandpracticesgoverningthescreeningfunctioninMemberStates,aswellasre-formstoinvestmentscreeningrules.

ThroughconsultationwiththeEuropeanCommission(DGTRADE)andnationalscreeningauthorities,theprojectalsointendstofosterharmonisationandco-operationamongtherelevantactorsintheEU.Theprojectisexpectedtolast30monthsandstartsinSeptember2024.

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ThesecondyearoftheBelgianscreeningmechanism

Internationalcontext

Theinternationalpoliticalsituationishavingamajorimpactonhowforeigninvestmentsarehan-dledaroundtheworld.Wearewitnessingincreasinginstabilityandunpredictability,withexistingconflictsnotbeingresolvedquicklyandarealpossibilityofnewconflictsemerging.

Governments,citizensandbusinessesthereforehaveeveryinterestintryingtogetmorecontroloverthegrowinginstability,inpartthroughinvestmentscreening.Giventhegeoeconomicten-sions,itcanbeexpectedthattheimportanceofscreeninginvestmentswillonlyincrease.Inthisperspective,itispositivethattheBelgianscreeningmechanismwasintroducedlastyear.

Outlookforthesecondyear

InthesecondyearoftheBelgianscreeningmechanism,wehopetocontinuethegoodwork.AccordingtothemacroeconomicforecastsoftheFPSEconomy,theBelgianeconomyshouldgrowby1.2%in2024and2025.Wewouldthereforeexpecttoseeaslightriseinthenumberofnotifiedinvestmentcases.

Areasforimprovementandlegislation

Regardinglegislativeamendments,theprimaryfocusisontheongoingnegotiationsonthead-aptationoftheEuropeanRegulation,forwhichtheEuropeanCommissionformulatedaproposalinJanuary(seeexplanationonpage15:Proposalforanewregulationonthescreeningofforeigninvestments).

Duringthefirstyearofthescreeningmechanism,boththemembersandsecretariatoftheInterfederalScreeningCommitteeidentifiedseveralpotentialareasforimprovement.Itcanthere-forenotberuledoutthattheauthoritiesinquestionwillinitiatetalksonamendingtheexistingcooperationagreement.

Practicaloperationandoptimisation

Meanwhile,effortsareinanycasebeingmadetooptimisethepracticaloperationofthescreeningmechanismincooperationwithalltheactorsinvolved.ThisincludesimprovingthenotificationformsandtheITapplicationusedforsubmittingnotifications.

AlltherelevantauthoritiesandthesecretariatoftheISCaredeterminedtomakeeveryefforttocontinuemakingtheBelgianscreeningmechanismmoreuser-friendly,smoothandtransparentwhereverpossible.

ConcludingremarksbyAnneBo