Future investments in Belgium

Caution among investors is growing

In line with previous years, EY also surveyed international executives on their investment intentions and perceptions. The results point to a more cautious short-term outlook.

At the European level, the share of executives planning to establish or expand operations over the next year has declined to 54% in 2026, down from 59% in 2025. This more cautious stance reflects broader geopolitical, economic and cost-related pressures affecting investment decisions.

Belgium follows a similar trend, although investment intentions remain slightly higher than the European average. In 2026, 57% of executives plan to establish or expand operations in Belgium over the next year, down from 60% last year.

Investors identify macro‑economic conditions, skills shortages and trade-related barriers as the main risks affecting Belgium’s attractiveness over the next three years, reflecting broader economic uncertainty and structural challenges in the investment environment.

Does your company have plans to establish or expand operations in Belgium over the next year?

What are the three main risks affecting Belgium’s attractiveness over the next three years?

34%

Macro-economic conditions

34%

Lack of key skills

31%

Tariffs and other barriers to trade

Confidence remains resilient over the long term

The survey shows a continued softening of confidence in Europe as an investment destination: 60% of executives expect an increase in Europe’s attractiveness over the next three years, down from 63% last year.

Belgium, however, stands out positively. 72% of surveyed executives expect the country’s attractiveness to increase over the next three years, compared with 70% last year, indicating sustained confidence in Belgium as an investment destination.

72%

of executives expect Belgium’s attractiveness to improve over the next three years

How do you expect Belgium’s attractiveness to evolve over the next three years?

Cost pressures remain a key challenge

For Europe as a whole, investors identify labor and other input costs, tax competitiveness and energy prices as the main disadvantages. Market size, quality of infrastructure and Europe’s climate and sustainability policies remain its core strengths.

In Belgium, high energy costs, the regulatory environment and labor costs are perceived as the main challenges. At the same time, investors consistently point to the quality of infrastructure, the availability and skills of the workforce, and Belgium’s innovation and R&D capabilities as key assets.

In which of these areas does Belgium have the greatest advantage and disadvantage as an investment destination compared with other locations?

39%

Quality of infrastructure

34%

Availability and quality of the workforce

31%

Level of innovation and R&D

35%

Cost of energy

32%

Regulatory environment

30%

Labor costs and other input costs

Investors call for targeted policy action and sector support

In response to these challenges, investors also express clear expectations regarding policy priorities in Belgium.

They highlight the need to increase support for SMEs and start-ups, reduce trade barriers, and support strategic industries in order to maintain Belgium’s competitiveness in the global economy.

In terms of sector priorities, investors point in particular to pharmaceuticals and biotechnology, software and IT services, and digital infrastructure as areas where targeted support could help drive future economic growth in Belgium.

Which sectors should policymakers prioritize for support to drive future economic growth across Belgium?

Pharmaceuticals and biotechnologies

Software and IT services

Energy and utilities

Where should Belgium concentrate its efforts to maintain competitiveness?

Support small and medium-sized enterprises
Reduce trade barriers
Support strategic industries
Develop education and skills and facilitate access to talents
Reduce energy prices

To remain attractive, Belgium must stay competitive with lower-cost economies, without entering a cost race it cannot win. Its strength lies elsewhere: in its talent, infrastructure and innovation. These are the assets it must leverage to attract high-value investments, while preserving key pillars such as logistics, which remains essential for employment.

Marie-Laure Moreau

EY Belgium partner