<p>This article examines the geoeconomic factors shaping foreign direct investment (FDI) in Central and Eastern Europe (CEE) in the post-pandemic period. Moving beyond traditional models centred on market size, openness, and institutions, it argues that geopolitical dynamics and strategic considerations increasingly drive FDI. The study introduces a geoeconomic power-embeddedness framework, viewing FDI as an instrument of state and corporate power, shaped by political alignments, crisis conditions, and shifting production networks. Using a mixed-methods approach, it combines economic data with political variables such as democratic backsliding and strategic decoupling. The findings show that FDI is now shaped more by geopolitical proximity, supply chain resilience, and state-led policies than by efficiency alone. Declining democratic standards do not consistently deter investment, highlighting the importance of market access and positioning. Overall, the article reconceptualises FDI as a politically embedded practice and calls for the integration of risk, resilience, and strategy into FDI analysis and policy.</p>