China is still the most favoured manufacturing destination in the emerging markets. But other developing countries such as Mexico and Indonesia are showing promise.

Over the past decade, China reigned comfortably atop the list of destinations for greenfield manufacturing facilities by foreign companies, with its level of inbound capital investment on manufacturing projects dwarfing that of other developing countries. Since 2005, China has received three times the number of projects and capital investment of its closest competitor, India, according to fDi Markets, an FT data service.

But over the past year Mexico has gained momentum as a manufacturing destination, moving up to the number two spot and edging out India by number of projects. In 2014 Mexico attracted 165 investments. Vietnam is another fast riser, ranking second by capital investment, at $19bn against China’s $40bn and Mexico’s $16bn. India, riding on an economic resurgence and an FDI boom, continues to perform well in manufacturing, attracting 149 projects worth $7bn.