REFRAMING HOST-COUNTRY ATTRACTIVENESS FOR FOREIGN DIRECT INVESTMENT IN POST-TRANSITION EUROPE: EVIDENCE FROM THE VISEGRAD FOUR COUNTRIES

Geopolitical fragmentation, sustainability transitions and digital transformation are increasingly shaping foreign direct investment (FDI). These shifts are not only altering the volume and structure of investment flows, but also the governance frameworks through which states position themselves within global production networks. This article presents a multidimensional framework for analysing host-country attractiveness for FDI in post-transition Europe. Moving beyond traditional economic factors, the framework considers institutional quality, regional integration, geopolitical alignment, environmental, social and governance (ESG) factors, digital infrastructure and sociopolitical legitimacy. The article applies this framework to the Visegrad Four to demonstrate how countries with similar transition legacies and EU membership have diverged in their developmental trajectories and strategic positioning. The analysis reveals the various configurations of institutional credibility, geopolitical alignment and innovation capacity that influence the scale, structure and long-term sustainability of inward foreign direct investment (FDI). By situating FDI attractiveness within broader debates on economic governance and global fragmentation, the article sheds light on how states navigate the trade-offs between integration, sovereignty and development, with implications that extend beyond post-transition Europe.