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Foreign investments flow-out observed in Georgia

Business Materials 18 June 2009 16:09 (UTC +04:00)

Georgia, Baku, June 18 / Trend , N.Kirtskhalia/

Foreign investments in Georgia declined to $124.7 million for the first quarter of 2009, compared to $537.6 million during the same period last year, the Economy Ministry Statistics Department of Georgia reported.

"The flow-out of capital was evident in the areas of transport and communications, also in the banking sector in the amount of $22.7 million and $5.5 million, respectively," the Department said.

In the first quarter of last year, the transport and communications spheres attracted $416.6 million, while the banking sector - $136.9 million.

In January-March 2009, foreign direct investments in the energy sector accounted for $26.2 million while the figure was $362.5 million during the same period of 2008. As a real estate investments of $23.6 million against $104.2 million, the business sector - $18.3 million ($398.2 million) and construction - $6.2 million ($171.8 million).

In the first quarter of the year, huge investments were made by the United Arab Emirates - $50.1 million, followed by Great Britain - $24.8 million, Czech Republic - $23.7 million, Turkey - $21 million, the Kingdom of the Netherlands - $19.9 million and Japan - $12.2 million.

In 2008, foreign direct investments in Georgia were $1,564 billion compared to $2.014 billion in 2007.

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