This report looks at the prospects for foreign direct investment and international production during and beyond the COVID-19 (coronavirus) pandemic. It not only projects the immediate impact of the crisis on investment flows, but also assesses how it could affect a long-term structural transformation of international production. It reviews the evolution of international production networks over the past three decades and examines the configuration of these networks today. It then projects likely course changes for the next decade due to the combined effects of the pandemic and pre-existing megatrends, including the new industrial revolution, the sustainability imperative and the retreat of laissez faire policies