Belgium has not yet adopted a formal FDI screening mechanism to implement the EU FDI Regulation, but the debate on how to protect certain critical industries remains very relevant, as becomes clear upon assessing the 16 December 2020 proposal for a directive on the resilience of critical entities. In this contribution, we will take a fresh look at the FDI screening mechanism designated in the FDI Regulation, and look ahead at what this may bring for Belgium in 2021.