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North America ranks top of New Zealand's foreign investors

Xinhua, November 2, 2016 Adjust font size:

North America has been the most significant source of foreign investment in New Zealand over the last three years, although half of the biggest single investments come from Asia, according to analysis out Wednesday.

The KPMG analysis of investment approvals by New Zealand's Overseas Investment Office showed New Zealand's strongly-growing economy was providing an attractive environment for foreign direct investment (FDI).

The United States and Canada were the most significant source of FDI over the analysis period from 2013 to 2015, followed closely by Australia, China and Singapore, said a statement from KPMG.

Last year, Singapore became the largest source of FDI, accounting for 20 percent of the total.

Investment in New Zealand continued to be broad-based across a range of sectors, said the statement.

"However, when evaluated on a country-by-country basis, Asian countries have generally had a narrower investment focus on dairy, food and the waste management sectors," it said.

"By contrast, the traditional investment markets of the United States and Australia have a much broader base of investment, perhaps reflecting the maturity of their economies and their investment networks."

Over the short run, New Zealand's FDI statistics were heavily influenced by a few large transactions, with the 10 largest over the three-year period accounting for 33 percent of the total, and Asia accounted for over half of these.

The U.S. was the largest acquirer of land for the period, accounting for 40 percent of acquisitions, followed by China (11 percent) and China's Hong Kong (7 percent).

Forestry purchase were the most significant driver behind the land acquisitions.

Dairy, forestry and milk processing were the leading areas for investment in the agribusiness sector.

"We expect that investment in milk processing will be subdued until dairy prices recover. However, this may be offset by speculative buying of farms in the event that forced sales occur in this sector," it said. Endit