Subject Today, the tendency for investment regionalism becomes more evident. Most countries tend to attract foreign direct investment (FDI) as a means of production capacity building; therefore, parties to many regional agreements include investment section thereto. Objectives The focus of the study is the 20-year investment experience under the North American Free Trade Agreement (NAFTA). Researching the experience implies the analysis of the specifics of the NAFTA approach to the FDI regulation, the main features of investment linkages and some consequences of their development within the free trade area. Methods The study rests on the analysis of scientific publications of foreign researchers, statistical information of leading international organizations and the US Bureau of Economic Analysis. Results Considering the trade-related regulations that to a large extent govern investment decision-making (e.g. granting the preferential market access through elimination of trade barriers) and foreign investment regulations, I emphasize the dominant effect of liberalization measures and narrowing the scope of the State intervention. This approach is generally consistent with the system of investment linkages built by US companies, in particular, in the automotive industry, where regional value chains extend along the border between the USA and Mexico. Conclusions The analysis of positive and negative aspects of such linkages carries inference about the separate role of the strategy of the leading automobile companies. This strategy has transformed Mexico into the fastest growing export platform; however, linkages with local suppliers remain so far unchanged.