This is the first book-length study of foreign direct investment in Southeast Asia during both the late colonial period and in the contemporary period. It covers all major countries receiving foreign investment in the region and embraces the entire twentieth century. Pioneering under the protective umbrella of European colonialism is depicted with examples from French Indochina, British Malaya, Dutch Indonesia and the Philippines under American rule. The arrival of today's Asian investors, from Japan and the four Asian NICs, is described after a brief interlude about the transitionary period of warfare, decolonization and assertion of newly independent states. Special attention is given to the impact of foreign investment on the economic development of the host country. The colonial drain is contrasted with today's prospects for transfers of technology in an area that is once again attractive for foreign capital.