One reason for New Zealand’s high level of international debt is the willingness of many Asians to invest in New Zealand where the interest rates have been high internationally. About 1.5% of total Asian investment overseas has been placed in New Zealand. This table shows the sectors in which the different Asian countries invested, 2002–3. Japan and Singapore were the largest investing countries.
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Source: Asian investment in New Zealand: New Zealand inwards foreign direct investment from Asian nations: report to the Asia New Zealand Foundation. Wellington: New Zealand Institute of Economic Research, 2008, p. 16