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It is propounded that there are two motivations behind foreign direct investments (FDI). One of them is to invest in foreign countries because of trade barrier to export. In this case foreign investors operate in import substitution industries (ISI). The second fact to invest in another country away from homeland is to get benefit from cost advantages such as cheap labor and inputs, positioning closed to developed countries. With this aspect foreign investors operate in export oriented sectors (EOS). The economic consequences were discussed lighting on study’s aim examining the FDI to Transitions Countries whether are ISI or EOS. The foreign direct investments to Transitions Countries were investigated by panel data analysis. First and second generation unit root tests and cross section dependency tests were applied. Long and short term regressions were realized. The data set were obtained from Word Bank Data Base and annually data were collected between 1993 and 2012. Theoretically and statistically expected coefficients and coefficient’s sign for explanatory variables have been obtained. It is as a result observed that the countries have higher internal market potential to take foreign direct investments to import substitution industries. The countries close to developed economies have been drawing foreign direct investments to export oriented sectors.

Foreign Direct Investment in Transition Economies: Is It Related to Export Expansion or Import Substitution?