The US is number 1, China number 3, Hong Kong number 7, and Canada number 11. No, this isn’t the latest ranking in a sports contest, but rather a ranking on CNBC.com as to which countries received the most foreign direct investment (FDI) in 2008.
Tracked by the United Nations Conference of Trade and Development (UNCTAD), global FDI inflows reached its peak in 2007 with $1.98 trillion and shrank to $1.70 trillion in 2008. A net positive FDI (inbound vs outbound) is preferable as investors view the country as a good place to invest, but it also signifies that there is room for possible job creation and business expansion, a plus for any country.
Hong Kong’s FDI inflows captured 3.7 per cent of world inflows in 2008 ($63 billion), up by one per cent from the previous year. FDI Outflows as well increased, but by a larger margin, five per cent ($59.92 billion). As for China, percentage of world FDI inflows ($108.31 billion) increased by 2.2 per cent and outflows ($52.15 billion) increased by 1.8 per cent.
You can browse the full list of 15 countries by viewing cnbc.com’s slideshow.
Photo by Chris Gin.
Canada and Hong Kong sign MOU on investment promotion co-operation.
“Canada places great importance on enhancing its commercial relations with Hong Kong and recognises the benefit of increasing two-way investment between our economies,” according to Mr David Emerson, Canadian Minister of International Trade. “Hong Kong, an international financial centre, ranks third among Canadian investment destinations in Asia.”
Hong Kong’s Secretary for Commerce and Economic Development, Mr Fred Ma, welcomed the MOU signing and highlighted Canada’s longstanding recognition of Hong Kong as a strategic investment destination.
“This is an important step which reinforces the well-established ties between Canada and Hong Kong,” Mr Ma said. “We look forward to this MOU benefiting investors in both our economies, and promoting overall economic growth.”
He encouraged Canadian companies to fully utilise the opportunities arising from the Closer Economic Partnership Arrangement (CEPA) between Mainland China and Hong Kong. The Arrangement provides Hong Kong goods and services with preferential market access opportunities in Mainland China. This will benefit foreign-owned or controlled companies incorporated in Hong Kong.
The MOU will also help identify strategic investments from Hong Kong into smaller Canadian companies who are seeking capital and local market expertise to launch business opportunities into Mainland China. Investment promotion is an important part of the new Global Commerce Strategy of the Canadian government.
A series of seminars will be jointly organised by the Hong Kong Commerce and Economic Development Bureau and Foreign Affairs and International Trade Canada. These seminars will take place later this year in cities across Canada to explain the benefits of the CEPA to Canadian business leaders.
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