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Last updated at: (Beijing Time) Thursday, June 06, 2002

Foreign Investment in US Down by 60 Percent Last Year

Foreign investment in the UnitedStates plunged by 60 percent in 2001 after hitting record highs for three straight years, the Commerce Department reported on Wednesday.


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Foreign investment in the UnitedStates plunged by 60 percent in 2001 after hitting record highs for three straight years, the Commerce Department reported on Wednesday.

The report said that spending by foreigners to buy existing U.S.companies or set up new operations fell to 132.9 billion U.S. dollars in 2001, down from an all-time high of 335.6 billion dollars in 2000.

The department attributed the big decline to the recession in the U.S. and economic weakness in many other major countries last year as well as the sharp slowdown in mergers and acquisitions.

Even with the big drop last year, the overall spending was still higher than for any year prior to 1998, when the recent surge in foreign investment began.

The largest investment in the U.S. is outlays to acquire financeand insurance companies in the U.S. and it totaled 37.9 billion dollars. It was followed closely by manufacturing, where foreigners spent 35.6 billion dollars to acquire American companies or establish their own new operations in the United States.

The biggest flow of investments came from Canada totaling 16.9 billion, and it was followed closely by 16.6 billion dollars from Britain. Other big investment flows in Europe came from Switzerland, the Netherlands, Germany and France.


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