In tough economic times, do companies tighten their belts when it comes to FDI? It seems not: the 10 companies with the highest returns on overseas investments believe now is the right time to expand international operations. Charles Piggott reports.

Almost without exception, the companies at the top of a recent list of the most profitable companies overseas take the view that the current economic conditions are still right for international expansion. Research released last month by Investment Consulting Associates (ICA) examined 20 years of data from 230 Fortune 500 companies’ annual reports and named the 10 companies with the best returns on foreign assets.