Canadian Companies Invest Six Times More in Caymans Than China
Canadian companies had almost six times more direct investment in the Cayman Islands than China last year, with a greater share of investment in Barbados than in all of Brazil, Russia, India and China - the so-called BRIC economies, Statistics Canada data show.
The share of Canadian direct investment abroad in Barbados last year was 7.8 percent, with 3.8 percent in the Cayman Islands, the Ottawa-based agency said today. The share of Canadian investment abroad in the BRIC countries was a combined 3.4 percent. Canada has more direct investment in the U.S. than any other country, representing 40 percent of the total.
Bank of Canada Governor Mark Carney said in a speech in Waterloo, Ontario earlier this month that Canadian companies should invest more in faster-growing regions of the world.
Canada’s direct investment in the Caribbean has grown for most of the past 10 years, Statistics Canada said, and is concentrated in the financial services industry.
Companies from the BRIC economies accounted for 5.6 percent of direct investment in Canada last year, Statistics Canada said, increasing their stake by 68 percent since 2007. Canadian investment in the BRIC countries has grown by 49 percent over that same period.
Statistics Canada said it used an annual survey of companies to compile the data.
To contact the reporter on this story: Ilan Kolet in Ottawa at firstname.lastname@example.org