BVI Ranked As Largest Source Of Hong Kong’s Foreign Investment
The British Virgin Islands was the largest source of foreign investment flows
into Hong Kong during the second quarter of the year, according to figures released
recently by the Hong Kong Census and Statistics Department. The data showed that the British Virgin Islands accounted for 29.2% of Hong
Kong's $4.8 billion external receipts, higher than China (25.7%), the United
States (9.5%) and the United Kingdom (4.9%). According to the department, this
reflects "continued investment income inflow from this tax haven economy
where Hong Kong companies had set up a considerable number of holding companies". The mainland of China and the British Virgin Islands were also the most important
destinations for Hong Kong's external outflow in the second quarter
of 2005, accounting for 20.6% and 16.9% respectively. Other major destination
countries/territories included the United States, at 15.3%, and the Netherlands,
at 9.9%. A Hong Kong Government Secretariat spokesman noted that the inflow and outflow
of such investment income posted substantial increases in the second quarter
of 2005, on the back of improved corporate profitability worldwide as well as
increased interest income due to higher interest rates. .
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