Asians cut investments in U.S.

Asians cut investments in U.S.

SINGAPORE: Singaporeans along with other Asians have scaled back huge investments pumped into industries in the United States, U.S. Department of Commerce figures showed on Monday.

The economic slump in the city-state and in the United States last year prompted a cut in cumulative investments to US$6.5 billion in book value terms, $1.3 billion less than the amount the previous year.

Singapore, the third largest Asian investor in the U.S., reduced its flows into the manufacturing sector, retail, wholesale trade and banks, the report said.

The data, published in The Business Times, showed Japan continued to be the biggest Asian investor in the U.S. in 2001, but cumulative investments slipped 2.8 percent to $158.9 billion.

Malaysia's investments plunged 77.1 percent to $21 million while Filipino investments plunged 96 percent to $2 million, according to the department's latest Survey of Current Business.

Only Australia, New Zealand and Hong Kong were among the region's economies still upping their stakes. -- DPA