<p>This paper investigates for possible effects stemming from Foreign Direct Investment (FDI) and Information and Communication Technologies (ICT) on productivity growth. It also explores the relationship among domestic capital, FDI and ICT. Panel data evidence is provided for a sample of developing and developed countries in 1993-2001, establishing a positive and significant FDI effect for all countries and groups. A significant ICT impact was estimated in the entire panel and the group of developed countries. Foreign capital seems to function as substitute to domestic capital and complement to ICT. The results are robust to possible endogeneity and omitted variable problems.</p>