By Roberto Echandi, Yago Aranda and Daniela Gomez-Altamirano

The landscape is changing for foreign direct investment in Latin America. Investments flow not only from north to south, but also from south to south and south to north. What's more, relatively small firms in developing countries are becoming as likely as multinationals to invest abroad. 

The brief below outlines the impact of such changes for investors and countries alike.