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Investment Climate Statements

Custom Report Excerpts:

Armenia, Azerbaijan, Georgia, Latvia, Moldova, Ukraine, Uzbekistan

Bureau of Economic and Business Affairs

Armenia

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

 

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International Source of Data: BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) ($M USD) 2019 $13,673 2019 $13,673 www.worldbank.org/en/country 
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data: BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2019 $214 2019 $6 BEA data available at https://apps.bea.gov/international/factsheet/ 
Host country’s FDI in the United States ($M USD, stock positions) N/A N/A 2019 $3 BEA data available at https://www.bea.gov/international/direct-investment-and-multinational-enterprises-comprehensive-data 
Total inbound stock of FDI as % host GDP 2019 41% 2019 42% UNCTAD data available at https://stats.unctad.org/handbook/EconomicTrends/Fdi.html  

* Source for Host Country Data: Statistical Committee of the Republic of Armenia

Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward $5,373 100% Total Outward $245 100%
Russia $1,978 36.8% Georgia $72 29.4%
Cyprus $510 9.5% Latvia $56 22.9%
Jersey $375 7.0% Bulgaria $36 14.7%
United Kingdom $300 5.6% United States $3 1.2%
The Netherlands $299 5.6% N/A N/A N/A
“0” reflects amounts rounded to +/- USD 500,000.

Source: IMF Consolidated Direct Investment Survey (CDIS) (2019) $351 million of inward direct investment is not specified by origin in the CDIS. $77 million of outward direct investment is not specified by destination in the CDIS.

$351 million of inward direct investment is not specified by origin in the CDIS. $77 million of outward direct investment is not specified by destination in the CDIS.

Table 4: Sources of Portfolio Investment
Data not available.

Azerbaijan

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International Source of Data: BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) ($M USD) 2020 $42,607 2019 $48,048 https://data.worldbank.org/country/azerbaijan 
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data: BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) N/A BEA data available at
https://www.bea.gov/international/
direct-investment-and-multinational-
enterprises-comprehensive-data 
Host country’s FDI in the United States ($M USD, stock positions) N/A BEA data available at
https://www.bea.gov/international/
direct-investment-and-multinational-
enterprises-comprehensive-data 
Total inbound stock of FDI as % host GDP No reliable data 2017 76.6% UNCTAD data available at
https://unctad.org/en/Pages/DIAE/
World%20Investment%20Report/
Country-Fact-Sheets.aspx 
* Source for Host Country Data: Azerbaijan State Statistical Committee
Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward $29,314 100% Total Outward $20,461 100%
United Kingdom $6,317 22% Turkey $10,761 53%
Turkey $5,797 20% Georgia $2,984 15%
Norway $3,063 10% Switzerland $1,237 6%
Iran $2,523 9% United Kingdom $1,013 5%
Cyprus $1,907 7% United States $594 3%
“0” reflects amounts rounded to +/- USD 500,000.

Table 4: Sources of Portfolio Investment
Data not available.

Georgia

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International Source of Data:  BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount  
Host Country Gross Domestic Product (GDP) ($M USD) 2020 $15,900 2019 $17.5 www.worldbank.org/en/country
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data:  BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2020 $93.3 2018 $35 BEA data available at
https://apps.bea.gov/
international/factsheet/
Host country’s FDI in the United States ($M USD, stock positions) 2020 N/A N/A N/A BEA data available at
https://www.bea.gov/international/
direct-investment-and-multinational-
enterprises-comprehensive-data
Total inbound stock of FDI as % host GDP 2020 3.9% 2019 7.3% UNCTAD data available at
https://unctad.org/topic/investment/
world-investment-report 

* Source for Host Country Data: GeoStat (Georgia National Statistics Department)

Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward Amount 100% Total Outward N/A 100%
Azerbaijan 4,032 20.9% N/A N/A N/A
UK 2,476 12.8% N/A N/A N/A
Netherlands 1,585 8.2% N/A N/A N/A
Cyprus 1,226 6.4% N/A N/A N/A
Turkey 1,212 6.3% N/A N/A N/A
“0” reflects amounts rounded to +/- USD 500,000.

Table 4: Sources of Portfolio Investment
IMF Coordinated Portfolio Investment Survey data is not available for Georgia

Latvia

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International Source of Data:  BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount  
Host Country Gross Domestic Product (GDP) ($M USD) 2019 EUR 29.334 billion 2019 $34.103 billion www.worldbank.org/en/country
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data:  BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2020 EUR 142 million 2019 $153 million IMF data available at http://data.imf.org/regular.aspx?key=61227424
Host country’s FDI in the United States ($M USD, stock positions) 2020 EUR 74 million 2019 $78 million IMF data available at http://data.imf.org/regular.aspx?key=61227424
Total inbound stock of FDI as % host GDP 2019 52% 2019 52.34% UNCTAD data available at

Beyond 20/20 WDS – Table view – Foreign direct investment: Inward and outward flows and stock, annual (unctad.org)

* Source for Host Country Data:

http://www.fm.gov.lv/en/s/macroeconomics/main_macroeconomic_indicators/ 
https://statdb.bank.lv 
https://www.macroeconomics.lv/ 

Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward 17,890 100% Total Outward 2,184 100%
Sweden 2,729 15% Lithuania 425 19%
Estonia 2,425 14% Estonia 271 12%
Russia 1,805 10% Russia 162 7%
Cyprus 1,283 7% Bulgaria 149 7%
Netherlands 1,272 7% Cyprus 117 5%
“0” reflects amounts rounded to +/- USD 500,000.
Table 4: Sources of Portfolio Investment
Portfolio Investment Assets
Top Five Partners (Millions, current US Dollars)
Total Equity Securities Total Debt Securities
All Countries 17,070 100% All Countries 4,037 100% All Countries 13,029 100%
International Organizations 5,577 33% Ireland 1,839 46% International Organizations 5,577 43%
Luxembourg 3,229 19% Luxembourg 1,557 39% Luxembourg 1,672 13%
Ireland 2,068 12% Estonia 153 4% Lithuania 991 8%
Lithuania 1,017 6% Germany 117 3% Italy 565 4%
Italy 567 3% United States 84 2% Spain 430 3%

Moldova

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International Source of Data: BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) ($M USD) 2020 $11,914 2020 $11,900 www.worldbank.org/en/country 
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data: BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2019 $73.6 2019 $26.0 BEA data available at https://apps.bea.gov/international/factsheet/ 
Host country’s FDI in the United States ($M USD, stock positions) N/A N/A 2019 0 BEA data available at https://www.bea.gov/international/direct-investment-and-multinational-enterprises-comprehensive-data 
Total inbound stock of FDI as % host GDP 2019 40.5% 2019 40.1% UNCTAD data available at https://stats.unctad.org/handbook/EconomicTrends/Fdi.html 

*National Bureau of Statistics and National Bank of Moldova are the primary source of the information. The FDI figure is preliminary.

Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward 4,269 100% Total Outward N/A N/A
Russia 869 20% N/A N/A N/A
Cyprus 716 17% N/A N/A N/A
The Netherlands 538 13% N/A N/A N/A
Romania 363 9% N/A N/A N/A
Germany 273 6% N/A N/A N/A
“0” reflects amounts rounded to +/- USD 500,000.

Table 4: Sources of Portfolio Investment
Data not available.

Note: Moldova does not submit data for the IMF’s Coordinated Portfolio Investment Survey (CPIS). However, according to the National Bank of Moldova, the preliminary figure for total foreign portfolio investment amounted to USD 26.51 million in 2020. A breakdown by country for all portfolio investments is not available.

Ukraine

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

 

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International Source of Data:  BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) ($M USD) 2019 $142,071 2019 $139,100 www.worldbank.org/en/country/ukraine/overview
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data:  BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2018 $489 2019 $596 BEA data available at

https://apps.bea.gov/international/factsheet/factsheet.cfm
Host country’s FDI in the United States ($M USD, stock positions) 2018 $ 0.6 N/A N/A BEA data available at https://www.bea.gov/international/direct-investment-and-multinational-enterprises-comprehensive-data
Total inbound stock of FDI as % host GDP 2018 29.4% 2019 33.9% UNCTAD data available at

https://unctad.org/en/Pages/DIAE/World%20Investment%20Report/Country-Fact-Sheets.aspx

* Source for Host Country Data: State Statistics Service of Ukraine

Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward $48.934 100% Total Outward $2,881 100%
Cyprus $14,958 30.5 % Cyprus $1,093 38.0%
Netherlands $10,004 20.4% Latvia $81.0 2.8%
Switzerland $2,758 5,6% Russia $67.6 2.3%
Germany $2,301 4.7% Lithuania $8,4 0.3%
Other $15.959 32.6 Switzerland $7.7 0.26%
“0” reflects amounts rounded to +/- USD 500,000.

Source: State Statistics Service of Ukraine

Table 4: Sources of Portfolio Investment
Portfolio Investment Assets
Top Five Partners (Millions, current US Dollars)
Total Equity Securities Total Debt Securities
All Countries 152 100% All Countries 78 100% All Countries 74 100%
USA 98 64.1% USA 71 90.2% Austria 96 130.3%
Austria 96 63.1% Cyprus 21 26.4% France 56 76.0%
France 56 36.8% % USA 27 36.4%
Cyprus 24 15.5% Other countries -13 – Cyprus 3 3.9
Germany -102 -% Germany -102 –
Other countries -6 –

Uzbekistan

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International
Source of Data: BEA;
IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) ($M USD) 2020 $57,698 2019 $57,921 www.worldbank.org/en/country 
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international
Source of data: BEA;
IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2019 N/A 2019 $82 BEA data available at
https://apps.bea.gov/
international/factsheet/ 
Host country’s FDI in the United States ($M USD, stock positions) 2019 N/A 2019 $0 BEA data available at
https://www.bea.gov/international/
direct-investment-and-
multinational-enterprises-comprehensive-data 
Total inbound stock of FDI as % host GDP 2020 5.7% 2019 4.1% UNCTAD data available at https://stats.unctad.org/
handbook/Economic
Trends/Fdi.html 

* Source for Host Country Data: BEA and the World Bank

Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward $2,484 100% Total Outward $1,032 100%
China $1,010 40.7% Russia $839 81.3%
The Netherlands $324 13% Cyprus $52 5%
Republic of Korea $269 10.8% Latvia $36 3.5%
Turkey $184 7.4% UK $34 3.3%
Russia $127 5.1% Azerbaijan $17 1.6%
“0” reflects amounts rounded to +/- USD 500,000.
Table 4: Sources of Portfolio Investment
Portfolio Investment Assets
Top Five Partners (Millions, current US Dollars)
Total Equity Securities Total Debt Securities
All Countries $1,003 100% All Countries Amount 100% All Countries Amount 100%
Luxemburg $502 50% Country #1 N/A N/A% Country #1 N/A N/A%
Netherlands $100 10% Country #2 N/A N/A% Country #2 N/A N/A%
Germany $100 10% Country #3 N/A N/A% Country #3 N/A N/A%
Denmark $63 6.3% Country #4 N/A N/A% Country #4 N/A N/A%
Ireland $61 6.1% Country #5 N/A N/A% Country #5 N/A N/A%

Investment Climate Statements
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