This paper, presenting an overview of the determinant and pattern theories of Foreign Direct In-vestment (FDI), tries to outline the nature of the investments' flow towards Central and European Countries (CEECs), mainly undertaken by Multinational Enterprises (MNEs), and the structural characteristics of this process in manufacturing industries. It is claimed that while EU accession appeared to be a pre-requisite for starting FDI in CEECs, determinants behind MNEs' investment strategies were different depending on the particular indus-try. Moreover, it seems that in certain industries a "Flying Geese" pattern of investment is actually taking place.