In this study, developing countries which are Argentina, Brazil, Thailand and Turkey were analyzed over the period of 1980-2011 in order to determine whether there is a cointegration relationship between those countries' Foreign Direct Investment (FDI) inflows and Gross Domestic Product (GDP) growth. In this context, at first panel unit root analysis (LLC and IPS) and then Pedroni panel cointegration analysis were applied. All of the series were I(1) at the end of the stationary tests. In addition, null hypothesis imply that cointegration was rejected and alternative hypothesis which was state cointegration is accepted. It is concluded that there is a significant relationship between FDI inflows and GDP growth of Argentina, Brazil, Thailand and Turkey over the period of 1980-2011.