Official figures show New Zealand is investing more in Southeast Asia, but Australia remains the biggest market for direct investment.
Statistics New Zealand says New Zealand invested $24.3 million in the year to March, about half of which went to Australia.
And $2.2 billion goes to Southeast Asia, compared to $700 million four years ago.
Investment in Europe has declined in recent years.
But investment by foreigners in New Zealand is much larger, totalling $97.3 billion, with two thirds coming from Australia and the US.
Much of that is held by the major Australian-owned banks.
