According to Ernst & Young’s European Investment Monitor, the number of foreign direct investment (FDI) projects in Europe rose 5% last year to 3,712. The UK was the top destination, accounting for 19% of project announcements (713 projects), followed by France with 15%. Serbia, the Ukraine and Russia recorded the largest percentage increases in projects at 178%, 69% and 60%, respectively. The US, the largest investor country, was responsible for 25% (941 projects) of all European FDI in 2007, followed by Germany. Software (474 projects), business services (467 projects) and financial services (235 projects) were the top three FDI sectors. In Eastern and Central Europe, lower-cost countries, such as Romania (150 projects), continue to attract investments away from more economically mature nations in the area, such as Poland and the Czech Republic. Source: Ernst & Young