On 1 July 2023, the Cooperation agreement of 30 November 2022 setting up a screening mechanism of foreign direct investments entered into force. The agreement introduces a mandatory prior authorisation for non-EU foreign direct investments in certain sectors to safeguard national security, public order and the strategic interests of the agreement’s parties. The notification requirements apply to: (1) direct or indirect acquisitions of control by foreign investors of no less than 10% of voting rights in Belgian companies operating in the sectors of defence (including dual-use goods), energy, cybersecurity, electronic communications, and digital infrastructure and that have an annual turnover superior to EUR 100 million; and (2) to direct or indirect acquisitions of control of 25% of voting rights in Belgian companies operating in other sensitive sectors listed in the agreement (including critical infrastructure, raw materials essential for security, defence or public order, military equipment, dual-use equipment, technologies of strategic importance, freedom and plurality of the media, among others).  The agreement also foresees the creation of an Inter-Federal Screening Committee (Comité de Filtrage Interfédéral) in charge of assessing notified transactions subject to the agreement. Greenfield investment is excluded from the scope of application of the agreement.
On 17 September 2020, the Belgian Minister of Economy announced ongoing work on possible models for a future screening procedure to safeguard Belgium’s essential security interests and that a specific proposal had been submitted for consideration to the Council of State. A draft law introducing an FDI screening mechanism was deposited on 23 February 2021.
Previously, an Administrative Decree, effective as of 1 January 2019 in the Belgian Region of Flanders, introduced the possibility of review and prohibition, including ex-post, of certain transactions regarding entities directly related to the Flemish authorities and fulfilling a public interest to protect strategic interests of the Flemish Community or the Region of Flanders. As per the OECD FDIRRI methodology, sub-national legislation are not taken into account.
"Article 1. [...]
§ 2 The sole purpose of this cooperation agreement is to safeguard the national security, public order and strategic interests of the parties to this cooperation agreement. 
[...]
Art. 2 For the purposes of this agreement, the following definitions shall apply: [...]
4° foreign investor :
- any natural person whose principal place of residence is outside the European Union (hereinafter referred to as "EU") ;
- any company from a third country, incorporated or otherwise organized in accordance with the legislation of a non-EU third country, whose registered office or principal activity is located in a country outside the EU; or
- any company of which one of the beneficial owners [...] has his principal place of residence outside the EU ;
including, but not limited to, public authorities, public institutions, public undertakings and private undertakings and institutions wishing to acquire control of an entity established in Belgium or having its principal place of business in Belgium; [...] 
6° strategic interests: the interests of federated entities, within the framework of their material competences, aimed at
a) guarantee the continuity of vital processes ;
b) prevent certain strategic or sensitive knowledge from falling into foreign hands;
c) ensure strategic independence.
[...]
Art. 4. 
§ 1. The provisions of this agreement apply to direct foreign investments which may have an impact on security or public order in Belgium as provided for in the Regulations, or for the strategic interests of federated entities, and which are intended to establish or maintain lasting direct relations between the foreign investor and the entrepreneur or enterprise to which the capital is made available with a view to carrying out an economic activity in an EU Member State, including investments which allow effective participation in the management or control of an enterprise carrying out an economic activity.
§ 2 Foreign direct investments are deemed to be investments within the meaning of the preceding paragraph if they :
1° give rise, directly or indirectly, to the acquisition of at least 10% of the voting rights in companies established in Belgium and whose activities are related to the defense, including dual-use products, energy, cybersecurity, electronic communications or digital infrastructure sectors, and whose annual sales during the financial year preceding the acquisition of at least 10% of the voting rights exceeded 100 million euros; or
2° give rise, directly or indirectly, to the acquisition of at least 25% of the voting rights in companies or entities established in Belgium and whose activities concern :
[see legal source for list of activities concerned] [...]
§ 4. Investments aimed at creating new economic activities by a foreign investor, without taking over existing economic activities in the process, do not fall within the scope of this Agreement.
[...]
Art. 5.
§ 1st. After the conclusion and before the completion of the agreement, the publication of the purchase or exchange offer, or the acquisition of a controlling interest, the foreign investor who will acquire control by means of an investment or passively in one of the sectors as defined in Article 4, § 2, or which, directly and/or indirectly, acquires in total, depending on the case, 10% or 25% of the voting rights in this entity, notifies it to the CFI secretariat on its own initiative, either itself or through an authorized legal entity established in the EU. [...]" (Cooperation agreement of 30 November 2022 aimed at establishing a mechanism for filtering of foreign direct investments, 30 November 2022, Articles 1, 2, 4 and 5 [google translation])
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"Section 5. — Safeguarding the strategic interests of the Flemish Community and the Flemish Region
Art. III.59. This section applies to the following public authorities:
1° the Flemish Authority, with the exception of the Flemish Parliament, its services and institutions linked to the Flemish Parliament;
2° local authorities;
3° institutions not falling under points 1° or 2° but meeting the following characteristics:
a) they were created to specifically satisfy needs of general interest;
b) they have legal personality;
c) 1) either, more than half of their funding comes from a body falling within the scope of this section;
2) either, a body falling within the scope of this section has more than half of the votes within the board of directors;
3) or, their management is placed under the supervision of a body falling within the scope of this section.
Art. III.60. If a legal act of a public body, as referred to in Article III.59, results in foreign natural or legal persons acquiring control or decision-making power in this public body, and if the strategic interests of the Flemish Community or the Flemish Region are threatened as a result, in particular if the continuity of essential processes is threatened, if certain strategic or sensitive knowledge is threatened by foreign control or if the strategic independence of the Flemish Community or the Flemish Region is threatened, the Flemish Government may declare this legal act null or not applicable. The Flemish Government can only apply the first paragraph if it can demonstrate that it has tried to safeguard strategic interests with the consent of the public body concerned." (Administrative decree of 7 December 2018, Moniteur Belge, 19 December 2018, no. 297, Article III.59 and III.60 [google translation])
Cooperation agreement of 30 November 2022 aimed at establishing a mechanism for filtering of foreign direct investments, 30 November 2022 [google translation]
[<a href="https://economie.fgov.be/sites/default/files/Files/Commercial-policy/sceening-samenwerkingsakkoord-filtrage-accord-cooperation.pdf">Agreement</a>]