[Abstract]: In this article the international investments made by Belgium are analysed both geographically and quantitatively, within the urban transport sector, a sector which has been little researched and in which Belgium played a leading role in several countries. The article looks at the importance of foreign ownership in transport enterprises, a subject of on-going debate in transport historiography. The hypothesis that the article puts forward is that the promotion of tramway enterprises abroad, via Belgian capital, is linked with the search for new markets for the steel and engineering industries. To this end new evidence will be provided which sheds light on this relationship. This contribution will help us to better understand the role of Belgian capital in promoting tramway networks throughout the world, the motives behind such investment and the mechanisms and strategies used.