According to fDi Markets data, Russia has held onto its position as the number one destination country for FDI in the 'rest of Europe' region. It recorded 383 projects in 2011, which represents a 17% decrease compared the 464 projects recorded in 2010.

Poland has retained its second place, recording 301 projects in 2011. This was a slight decrease from the 313 projects the country recorded in 2010, but it narrowed the gap on Russia, with just 21% fewer projects in 2011, compared to 33% fewer in 2010.

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There is also no change in Romania's and Czech Republic's positions, which ranked third and fourth, respectively. Both countries experienced an increase in projects numbers in 2011. Romania attracted 249 projects, compared to 232 in 2010. While Czech Republic recorded 187 projects, 20 more than in 2010. In joint-fifth, Hungary and Turkey each recorded 151 projects in 2011.

The biggest mover in the top 10 is Serbia. It recorded 110 projects in 2011, which represents a 33% increase compared to 2010. Denmark-based Grundfos, a manufacturer of pipes and pumps for the water industry, was one of the investors into Serbia in 2011. It announced plans to open a €50m manufacturing facility in Belgrade to meet rising demand in central and south-eastern Europe.The 25,000-square-metre facility will create 350 jobs.

Bulgaria, Ukraine and Slovakia all managed to retain a place in the top 10, but each country experienced a decrease in project numbers in 2011, with Ukraine recording almost half the total number of projects that it recorded in 2010.