Developing countries will have difficulty in attracting transport infrastructure investment until they give more reassurance to investors, according to a study conducted by the UK-based consultancy EC Harris. It concluded that the political and legal stability of developed countries make them more attractive than less stable, less predictable emerging economies.

In a list headed by Germany, the US and France, China was the highest ranked emerging economy, in fourth place, followed by Chile.

Mark Prior, EC Harris’ head of transportation, said regulatory uncertainty was a particular problem for investors in emerging markets.

“If you look at China as an example, they’ll change rules and regulations to suit themselves,” he said. “That’s particularly difficult if you’re looking at people who look to buy assets to generate long-term income.”