Foreign investors have repatriated $1.2 billion of funds last year
According to the Central Bank report, repatriation of investments under the production sharing agreements followed significant amounts of funds for construction and installation works in 2017.
Repatriation of profits has long prevented development and attracting investment in the country, as it was hard to do due to the complicated financial mechanisms.
Repatriation of investment amounted mainly, due to an increase in payments made by enterprises in oil and gas sector. At the same time, reinvestment of earnings by foreign investors increased by 46% and amounted to USD 693 million in 2018.
Net inflows of foreign direct investment in 2018 amounted to
USD 624 million. Repatriation of investments under the production sharing agreements (PSA) amounted to USD 1 billion in 2018 (USD 524 million in 2017).
Reinvestment of earnings by foreign investors amounted to USD 693 million, which is USD 217 million more in comparison with 2017. Moreover, the volume of net portfolio investments by foreign investors experienced growth from USD 3 million in 2017 to USD 13 million in 2018.
Also, the Central Bank report cites data on foreign trade turnover for 2018, which amounted to $ 28,536.3 billion, which is almost 17% more than in 2017.
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