Abstract
Foreign direct investment has been a critical component of the remarkable growth of ASEAN countries in recent years. There is, however, a clear link between the sectoral specialization of foreign investment and the competitive advantage of host ASEAN countries. Using unpublished secondary data on Hong Kong investments in the ASEAN region, this article addresses this important topic which is usually overlooked in the existing literature. It argues that Hong Kong investments tend to specialize in different economic sectors of host ASEAN countries. This sectoral bias of Hong Kong investments results in a regional division of investment that largely conforms to the competitiveness of individual ASEAN countries. Some implications for host ASEAN countries are also discussed in this article.
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