VZCZCXYZ0001
RR RUEHWEB

DE RUEHKI #0045/01 0151214
ZNR UUUUU ZZH
R 151214Z JAN 09
FM AMEMBASSY KINSHASA
TO RUEHC/SECSTATE WASHDC 9045
INFO RUEATRS/DEPT OF TREASURY WASH DC
RUCPDOC/USDOC WASHDC
RUCPCIM/CIMS NTDB WASHDC

UNCLAS KINSHASA 000045 
 
SIPDIS 
 
STATE FOR EB/IFD/OIA 
STATE PLEASE PASS TO USTR 
 
E.O. 12958:  N/A 
TAGS: EINV EFIN ETRD ECON ELAB KTDB PGOV OPIC USTR CG
SUBJECT: DRC: 2009 INVESTMENT CLIMATE STATEMENT 
 
REF:  STATE 123907 
 
¶1. (U) Per reftel, following is the text of the Investment Climate 
Statement for the DRC for 2009. 
 
OPENNESS TO FOREIGN INVESTMENT 
------------------------------- 
 
¶2. (U) The DRC's rich endowment of natural resources, large 
population size (approximately 65 million) and generally open 
trading system provide significant potential opportunities for U.S. 
investors.  At the same time, the DRC remains a highly challenging 
environment in which to do business. For the past two years, the 
World Bank's Doing Business report rated the DRC as the most 
difficult country in the world in which to do business. 
Underdeveloped infrastructure, inadequate contract enforcement, 
limited access to credit, continued insecurity in the eastern part 
of the DRC, lack of adequate property rights protection, and high 
levels of both bureaucracy and corruption continue to constrain 
private sector development. 
 
¶3. (U) Since the democratic Presidential, Parliamentary and 
provincial elections in 2006, the Democratic Republic of the Congo 
(DRC) has continued to make progress, albeit slowly, in addressing 
the country's significant political, economic, and social 
challenges. 
The DRC seeks to attract foreign investors in order to boost 
production and increase economic growth.  Congolese investment 
regulations, codified in the Investment Code, do not discriminate 
against foreign investors, except in some specific cases dealing 
with labor and related taxes.  To overcome previous hurdles and to 
simplify and facilitate investment, the GDRC has created a one-stop 
agency called the National Agency for Investment Promotion (ANAPI). 
This agency is using provisions of the new Investment Code to work 
to simplify new investments and to make the procedure more 
transparent. 
 
¶4. (U) Broadly, there are no formal limits or screening mechanisms 
imposed upon foreign ownership of businesses in the DRC.  Small 
businesses, however, are still subject to the presidential decrees 
number 79-021 of August 2, 1979 and number 90-046 of August 8, 1990, 
which prohibit foreign investors from engaging in retail commerce. 
The processes of granting permits and licenses in the mining and 
telecommunication sectors often suffer from arbitrariness, lack of 
transparency, and corruption. 
 
¶5. (U) All investors in the DRC suffer from multiple audits by 
various government enforcement agencies seeking evidence of 
violations of tax laws or price controls.  Foreigners and Congolese 
alike suffer the consequences of nonfunctional judicial 
institutions.  The inadequate physical infrastructure - including 
internal transportation, energy, and social infrastructure - is a 
result of years of civil war and literally decades of mismanagement, 
negligence, and a lack of clear public policies in the 
infrastructure sector.  International donors and a recently 
concluded multi-billion dollar Sino-Congolese agreement will provide 
critically needed resources for infrastructure development, but 
constraints will exist in the short-term. 
 
¶6. (U) Restructuring of approximately 60 Congolese parastatals, 
including perennial money losers such as the national electricity 
(SNEL), river transportation (ONATRA) and rail (SNCC) companies, 
continues, though slowly.  The GDRC acknowledges the need for reform 
and the Portfolio Ministry continues to work to improve the 
situation.  The government and state-owned Societe Nationale 
d'Electricite (SNEL) have begun to open the energy sector to private 
investment. 
 
¶7. (U) The DRC's economic environment changed dramatically during 
the course of 2008 as a result of the impact of the global financial 
crisis in the final quarter of the year.  Earlier, double-digit GDP 
growth projections for 2008, forecast as recently as October, have 
been revised downward to 8 percent.  GDP growth for 2009 is 
projected at below 5 percent.  The once robust mining sector 
significantly contracted towards the end of the year due to falling 
international commodities prices, a tightening of international 
credit, and dampened investor confidence in the sector. 
 
CONVERSION AND TRANSFER POLICIES 
--------------------------------------- 
 
¶8. (U) The DRC adopted a freely floating exchange policy in 2001 as 
part of the implementation of broader economic reforms.  The DRC has 
also lifted restrictions on business transactions nationwide. 
International transfers of funds take place freely when transacted 
through a local commercial bank.  The bank declaration requirement 
and payments for international transfers now take less than one week 
to complete, on average. 
 
¶9. (U) The Congolese franc had remained relatively stable for the 
past several years because of the GDRC's tight monetary policy. 
However, the Congolese franc has recently experienced increasing 
volatility due to the impact of the global financial crisis on the 
DRC's economy.  In 2008, the Congolese franc depreciated by 27 
percent on the official market.  The largest banknote currently in 
circulation is the 500 Congo franc note; larger denominations (1,000 
Congo francs and 5,000 Congo francs) may be put into circulation in 
¶2009.  The only currency restriction imposed on travelers is a USD 
10,000 limit on the amount an individual can carry when entering or 
leaving the DRC.  The DRC's economy remains highly dollarized. 
 
EXPROPRIATION AND COMPENSATION 
------------------------------ 
 
¶10. (U) There have been no expropriation actions against U.S. 
citizens in the recent past.  Post is aware of a number of existing 
claims against the GDRC that date from 1991 to 2002, some of which 
were taken to arbitration (see Dispute Settlement section below). 
Arbitration judgments against the GDRC, however, have not been paid 
in a timely manner, if at all.  There are no laws forcing local 
ownership, although parastatal companies involved in the petroleum 
and mining sectors maintain minority shares of most foreign-owned 
projects. 
 
¶11. (U) A recently completed GDRC review of 61 mining contracts 
between DRC public enterprises and private companies between 
1997-2002 was plagued by numerous delays and a lack of transparency. 
 Many of the largest foreign investors did not reach agreement with 
the GDRC during the review process and continue negotiations.  A 
recent review of concessions in the logging sector aimed at 
cleaning-up corruption in the sector resulted in the cancellation of 
approximately two-thirds of the over 150 timber logging contracts. 
 
 
DISPUTE SETTLEMENT 
------------------ 
 
¶12. (U) The U.S.-DRC Bilateral Investment Treaty (BIT) provides for 
International Center for Settlement of Investment Disputes (ICSID) 
reconciliation or binding arbitration in the case of investment 
disputes.  A number of U.S. firms pursued claims against the GDRC 
for damages resulting from civil disturbance by military mutinies in 
1991 and 1993.  Two investors have won settlements from the ICSID. 
In early 2004, a claimant under the BIT won a settlement from ICSID 
but has not yet collected payment from the GDRC.  The other 
investor, who successfully collected the compensation awarded by 
ICSID, received damages in 1999. 
 
¶13. (U) On paper, the DRC's official policies are satisfactory and 
even attractive to business, but in recent years they have often 
been inoperative in practice due to problems with the judicial 
system.  Courts are marked by a high degree of corruption, public 
administration is not reliable, and both expatriates and nationals 
are subject to selective application of a complex legal code. 
Official channels often do not provide direct and transparent 
recourse in the event of property seizure, for which legal standing 
can rarely be determined.  Seizures have been made via the police 
and/or military, often supported by questionable decisions from the 
courts.  Foreign enterprises may have slightly better security of 
ownership due to the presence and intervention of their diplomatic 
missions.  Many Congolese business contracts provide for external 
arbitration, but this is an expensive and time-consuming option with 
little value for resolving routine, day-to-day business problems. 
 
¶14. (U) In 2008, the DRC established commercial courts in Kinshasa 
and Lubumbashi for the first time, with additional commercial courts 
scheduled to be established shortly in the remaining DRC provinces. 
These courts are slated to be led by professional judges with 
expertise in commercial matters and may assist investors address 
commercial claims within an otherwise inadequate judicial system. 
 
PERFORMANCE REQUIREMENTS AND INCENTIVES 
--------------------------------------- 
 
¶15. (U) The new DRC Investment Code is a simplified and improved 
version of its predecessor.  Although there are no specific 
performance requirements for foreign investors, there are investment 
conditions that must be agreed upon with the GDRC.  These conditions 
are discussed and agreed upon initially with the DRC investment 
agency, ANAPI, which assures equitable treatment and procedures for 
all qualified foreign investments.  The DRC has shortened this 
agreement procedure to approximately 30 days, and has created a 
number of incentives to attract foreign investment to the country. 
Pro-business incentives range from tax breaks to duty exemptions 
granted for three to five years, and are dependent upon the location 
and type of enterprise, the number of jobs created, the extent of 
training and promotion of local staff, and the export-producing 
potential of the operation.  The Ministry of Labor controls 
expatriate residence and work permits.  For U.S. companies, the BIT 
assures the right to hire staff of their choice to fill some 
management positions, but the companies agree to pay a special tax 
on expatriate salaries. 
 
¶16. (U) Performance requirements agreed upon initially with ANAPI 
include a timeframe for the investment, the use of Congolese 
accounting procedures and periodic authorized GDRC audits, the 
protection of the environment, periodic progress reports to ANAPI, 
and the maintenance of international and local norms for the 
provision of goods and services.  The investor must also agree that 
all imported equipment and capital will remain in place for at least 
five years.  There is no discriminatory or excessively onerous visa, 
residence or work permit requirement designed to prevent or 
discourage foreigners from investing in the DRC. 
 
¶17. (U) According to the terms of the Investment Code, the GDRC may 
require compliance with an investment agreement within 30 days of 
notification.  Continued violations of an agreement may result in 
sanctions, including repayment of benefits received (such as tax 
exemptions) and eventual nullification of the agreement. 
 
¶18. (U) In the case of a dispute between a U.S. investor and a GDRC 
agency, the investor is subject to the Congolese civil code and 
legal system.  If the parties cannot reach agreement, under the 
terms of the U.S.-DRC BIT the dispute is taken to the ICSID or to 
the Paris-based International Chamber of Commerce (ICC). 
 
¶19. (U) GDRC public administration reforms implemented since 2002 
have allowed foreign investors to bid on government contracts just 
as domestic investors, with no discriminatory terms.  Foreign firms 
may even be favored in the bidding process because they can more 
easily access and present international insurance funding 
guarantees.  With the sponsorship and technical assistance of the 
World Bank, a tender board now works under the supervision of the 
Ministry of Budget.  Normally, however, public companies and/or 
parastatals do not participate in the bidding process, due to the 
financing guarantees required beforehand.  In addition, contracts 
are often negotiated directly with the GDRC, not through an 
international tender process, thus reducing transparency. 
 
RIGHT TO PRIVATE OWNERSHIP AND ESTABLISHMENT 
--------------------------------------------- 
 
¶20. (U) The recently approved DRC Constitution (chapter 2, articles 
34-40) protects private ownership without discrimination between 
foreign and domestic investors.  It also protects investments 
against takeover, unless the investment conflicts with some 
overriding public interest.  In this case, there are legal 
provisions for equitable and appropriate compensation for the 
parties involved. 
 
¶21. (U) The GDRC has restricted one category of small businesses to 
Congolese nationals.  This covers artisanal production sector 
activities, small public transport firms, small restaurants, and 
hotels with fewer than ten beds.  Despite GDRC restrictions, some 
foreign-owned small retailers, particularly Chinese-owned stores, 
have recently appeared on the market. 
 
PROTECTION OF PROPERTY RIGHTS 
----------------------------- 
 
¶22. (U) Despite the new DRC Constitution and attempts to enforce 
existing legal provisions, protection of property rights remains 
weak and dependent upon a currently dysfunctional public 
administration and judicial system.  Some senior-level officials are 
making efforts to restore and improve the legal and administrative 
frameworks, but the challenge remains to implement these changes at 
a practical level. 
 
¶23. (U) Ownership interest in movable properties (e.g. equipment, 
vehicles, etc.) is secured and registered through the Ministry of 
the Interior's Office of the Notary.  Real estate property (e.g. 
buildings and land) is secured and registered at the Ministry of 
Land's Office of the Mortgage Registrar. 
 
¶24. (U) In principle, intellectual property rights are legally 
protected in the DRC.  However, this protection does not always 
exist in practice.  The country is a signatory to a number of 
international agreements with organizations such as the World 
Intellectual Property Organization (WIPO), and the Paris Convention 
for Protection of Intellectual Properties, which protects trademarks 
and patents.  The DRC is also a member of the Berne Convention that 
protects copyright, artistic works, and literary rights.  The 
maximum protection that these conventions provide is 20 years for 
patents and 20 years, renewable, for trademarks, beginning from the 
date of registration.  If it is not used within three years, a 
trademark can be cancelled.  The DRC has not yet signed the WIPO 
Internet Treaties. 
 
¶25. (U) The GDRC continues to undertake efforts to improve 
IPR-related legislation and build capacity to improve implementation 
and enforcement.  The Minister of Justice has presented a law to the 
government that seeks to rectify the flaws of the existing 1986 IPR 
law.  The law is still pending Parliamentary approval. 
 
TRANSPARENCY OF THE REGULATORY SYSTEM 
------------------------------------- 
 
¶26. (U) Implementing a transparent regulatory system is still a 
challenge in the DRC.  The GDRC is making some effort to improve the 
situation, including through appropriate legislation enacted by the 
parliament.  Implementation and compliance, however, are still far 
from securing a complete legal and regulatory framework for the 
orderly conduct of business and the protection of investment.  The 
GDRC authority on business standards, the Congolese Office of 
Control (OCC), oversees participation by foreign businesses. 
 
¶27. (U) There are no formal or informal provisions by any private or 
public structure, in any business-related environment, used to 
impede foreign investment.  Problems encountered within the GDRC 
tend to be administrative and/or bureaucratic in nature since 
reforms and improved laws and regulations are often poorly or 
unevenly applied.  Proposed laws and regulations are not published 
in draft format for public discussion and comments.  Normally the 
only discussion occurs within the governmental or administrative 
entity that drafts them and at the parliament prior to a vote.  The 
Congolese public, as well as foreign and domestic investors, do not 
receive an adequate opportunity to discuss or comment on these 
proposals. 
 
¶28. (U) The IMF and the World Bank are working with the GDRC to 
bring the country into compliance with international business norms 
for accounting, legal, and regulatory systems.  The World Bank's 
International Finance Corporation (IFC) has also launched a program 
to establish "Special Economic Zones" to help jumpstart investments. 
 The GDRC has made progress towards joining the Organization for the 
Harmonization of Business Law in Africa (OHADA) to help the DRC to 
modernize its legal standards. 
 
¶29. (U) In 2008, the DRC became a candidate country for the 
Extractive Industries Transparency Initiative (EITI), a 
multi-stakeholder effort to increase transparency in transactions 
between governments and companies in the extractive industries. 
Though the GDRC has taken some positive steps under EITI, including 
establishment of a National EITI Committee, implementation of 
necessary steps toward validation has been slow to date. 
 
EFFICIENT CAPITAL MARKETS AND PORTFOLIO INVESTMENT 
--------------------------------------------- --------- 
 
¶30. (U) Efforts are being made to reinvigorate financial market and 
credit instruments.  EconomicQrowth in the DRC since 2002 has 
increased the flow of money in the finished goods and raw materials 
market.  Credit markets also are becoming more active, mainly in the 
commercial project and medium-term project sectors.  All economic 
operators, foreign and domestic, have access to credit markets in 
the DRC without discrimination, as long as they can provide credible 
guarantees.  Foreign investors, though, are more likely to benefit 
from this type of credit, since they are able to provide guarantees 
and collateral secured by foreign banks. 
 
¶31. (U) The commercial banking system has undergone a full 
reorganization, although there is still only one bank branch for 
each 1.5 million Congolese.  The BCC (Congolese Central Bank) and 
the IMF are working togeQer on a program of banking reforms.  Two 
main objectives are to restore confidence in the commercial banks 
and to promote the intermediary role of the banking system in the 
DRC.  There are currently 18 commercial banks, two specialized 
financial institutions, one savings bank, eighty-two co-operative 
banks, and fourteen micro-finance institutions, with a total of 
200,000 accounts.  The volume of savings increased from USD 97.2 
million in 2001 to USD 934 million at the end of June 2008, a growth 
of 861 percent.  Credits grew from USD 48 million to USD 576 million 
during the same period, an increase of over 1,000 percent. 
 
¶32. (U) Business practices in the DRC are still at a fairly 
rudimentary level.  Cross-shareholding and stable shareholding 
arrangements are not common in the DRC.  There are occasional 
complaints about unfair competition between investors in profitable 
sectors such as mining and telecommunications. 
 
POLITICAL VIOLENCE 
------------------ 
 
¶33. (U) The DRC has suffered bouts of civil unrest and conflict for 
many years.  Large-scale military looting in 1991 and 1993, for 
example, resulted in a significant loss of economic productive 
capacity. In addition, widespreadlooting and destruction associated 
with wars in he DRC from 1996-1997 and from 1998-2003 further 
damaged Congolese economic activity. 
 
¶34. (U) Natonal and provincial governments were elected at th end 
of 2006 in the country's first democratic ntional elections in more 
than 40 years.  Despitetechnical and logistical difficulties, 
coupled with isolated incidents of violence and intimidation,the 
elections were held in a largely calm and orerly fashion.    The 
November 2007 Nairobi Commuique and the subsequent January 2008 
conference n peace and security in Goma provide the foundation for 
improved security in eastern DRC, though theful implementation of 
the agreements remains frgile.  Recently, hostilities between the 
rebel CDP group and government forces have resumed.  In adition to 
continuing instability in the eastern DC, strikes by civil servants 
and teachers over slary and benefit issues have occurred and 
contine to pose a potential source of social upheaval.  ilitary 
and police personnel remain poorly paid and trained. 
 
CORRUPTION 
----------- 
 
¶35. (U) U.S. businesses often comlain about corruption in the DRC, 
citing it as aprincipal constraint to doing business in the 
country.  The Mobutu regime created a culture of corrution in the 
 
DRC during more than 30 years of rul.  This ingrained culture 
permeated the private,public, administrative, and business 
environment and has been difficult to root out.  The DRC was rted 
as the tenth most corrupt country out of 180nations on Transparency 
International's 2008 Coruption Perception Index. 
 
¶36. (U) In principle, here are legal provisions to fight and 
sanction orruption.  The DRC is a member of the UN Anti-Corrption 
Convention and passed its own anti-corrupton law in 2004. 
Additional legislation includes he 2004 Money Laundering Act, under 
which the DR cooperates with African and European crime-fightig 
organizations.  Despite these reform efforts, hwever, bribery is 
still routine in public and private business transactions, 
especially in the areas of government procurement, dispute 
settlement, and taxation. 
 
¶37. (U) Bribery is illegal in the DRC and in principle it is 
investigated and prosecuted.  The law calls for imprisonment and 
fines for both parties to the bribery no matter the circumstances. 
However, law enforcement remains a challenge in this area. 
 
BILATERAL INVESTMENT TREATIES 
----------------------------- 
 
¶38. (U) The United States and the DRC (then-Zaire) signed a 
Bilateral Investment Treaty (BIT) in 1984 that entered into force in 
¶1989.  This treaty guarantees reciprocal rights and privileges to 
each country's investors.  The BIT provides for binding third-party 
arbitration in the event of an investment expropriation dispute. 
 
¶39. (U) Germany, France, Belgium, Italy, South Korea, South Africa, 
and China (PRC) have signed bilateral investment agreements with the 
DRC.  Lebanon, Ivory Cost, and Burkina Faso have negotiated, but not 
yet signed, bilateral investment treaties with the DRC. 
 
OPIC AND OTHER INVESTMENT INSURANCE PROGRAMS 
--------------------------------------------- 
 
¶40. (U) The U.S. Overseas Private Investment Corporation (OPIC), 
which provides political risk insurance and project financing to 
U.S. investors and non-governmental organizations, ceased operations 
in the DRC for a time following the events of 1991.  Since the 
establishment of the transitional government in June 2003, OPIC has 
granted three political risk insurance contracts in 2004, another in 
2005, and is currently reviewing additional applications by 
American-owned companies.  In March 2006, the DRC signed an accord 
with OPIC that will expedite the process of obtaining political risk 
insurance and financing. 
 
¶41. (U) The DRC is a member of the World Bank's Multilateral 
Investment Guarantee Agency (MIGA), which offers insurance on new 
foreign investments to protect against foreign exchange losses, 
expropriation, and civil unrest.  Recently, MIGA agreed to provide 
insurance to a mining concern in Katanga province.  The GDRC is 
negotiating now for complete resumption of the MIGA program, which 
would allow for investment insurance in other sectors of the 
economy.  The DRC is also a member of the African Trade Insurance 
Agency, which also provides political risk insurance. 
¶42. (U) The projected annual exchange rate for the purpose of the 
2009 DRC national budget is 580 CF/USD.  The average annual rate for 
2007 was 500 CF/USD. The exchange rate was (estimate) 600 CF/USD at 
the end of December 2008.  The U.S. Embassy purchases local 
Congolese currency at the official rate for payroll and 
administrative needs.  The exchange rate had been stable (FC 
560/USD) over the first half of 2008, but began to depreciate 
rapidly as a result of fiscal pressures from the continuing conflict 
in eastern DRC and a drop in revenues from lower international 
commodities prices due to the global financial crisis. 
 
LABOR 
------ 
¶43. (U) The DRC's large urban population provides a ready pool of 
available labor, including a significant number of high school and 
university graduates, a few of whom have studied at American 
universities.  Employers cannot, however, take diplomas at face 
value.  Skilled industrial labor is in short supply and must often 
be trained by individual companies. 
¶44. (U) The GDRC sets regional minimum wages for all workers in 
private enterprise, with the highest pay scales applied in the 
cities of Kinshasa and Lubumbashi.  Wages have not kept pace with 
the DRC's rate of inflation.  While most foreign employers pay 
higher wages than the official minimum wage, the average Congolese 
worker has had to cope with falling real wages for over a decade. 
¶45. (U) The country's labor legislation was modified by the October 
2002 Labor Code, which is in compliance with the conventions and 
recommendations of the International Labor Organization.  The code 
provides for tight control of labor practices and regulates 
recruitment, contracts, the employment of women and children, and 
general working conditions.  Strict labor laws can make termination 
of employees difficult.  The code also provides for equal pay for 
equal work without regard to origin, sex, or age.  The new code 
formally permits a woman to gain employment outside of her home 
without her husband's permission. 
¶46. (U) Employers must cover medical and accident expenses.  Larger 
firms are required to have medical staff and facilities on site, 
with the obligations increasing with the number of employees. 
Mandated medical benefits are a major cost for most firms. 
Employers must provide family allowances based on the number of 
children, and paid holidays and annual vacations, based on the years 
of service.  Employers must also provide daily transportation for 
their workers or pay an allowance in areas served by public 
transportation.  Outside the major cities, large companies often 
assist by providing infrastructure, such as roads, schools and 
hospitals. Many labor regulations have been only sporadically 
enforced in recent years.  The Ministry of Labor must grant 
permission for staff reductions.  Generous pension and severance 
packages are required by the labor code. 
 
FOREIGN TRADE ZONES / FREE PORTS 
-------------------------------- 
 
¶47. (U) The DRC does not have any areas designated as free trade 
zones or have any free ports.  The DRC is a member of the Southern 
African Development Community (SADC) and the Common Market of 
Eastern and Southern Africa (COMESA), but has not yet joined either 
the COMESA or SADC free trade areas (FTAs). 
 
FOREIGN DIRECT INVESTMENTS STATISTICS 
------------------------------------- 
 
¶48. (U) Obtaining reliable statistical data on foreign direct 
investment (FDI) in the DRC remains a challenge.  There are two 
sources: the Central Bank (BCC) and the National Agency for 
Investment Promotion (ANAPI).  At the time of writing this report, 
the 2008 figures were not yet available. 
 
¶49. (U) BCC statistics are based on funds reported to the bank from 
actual investment projects underway, and are more accurate than 
those of ANAPI.  These figures, however, may not capture all FDI 
flowing in the DRC; therefore, the quality of the BCC data is 
undetermined.  Actual FDI amounts are probably higher than the BCC 
figures shown here.  For the last three years, BCC has published the 
following totals: 
 
 
FDI (in USD million) 
 
  2006     2007   2008 
 
Total 304      720     256 (estimates at the end of November 2008) 
 
ANAPI registers data are obtained from proposals by potential 
foreign investors.  Figures related to 2008 are related to the 11 
months of the fiscal year 2008. They summarize approved projects in 
services, manufacturing sector, the food sector, pharmaceuticals, 
forestry and agriculture, and infrastructure.  The bulk of 
investments are oriented towards services (telecommunications, 
health, and housing), representing almost 60 percent of investments 
reported by ANAPI. 
 
FDI (in USD million) 
 
     2006    2007        2008 
 
Services    1,246   812,460    750.66 
Infrastructure           35               70.45 
Food               10               66.66 
Pharmaceuticals         4                0.00 
Beverages/Brewery          0                0.00 
Agriculture/Forestry       29              231.25 
Manufacturing       131     54,738   152.72 
     -----   --------  -------- 
Total      171,455    867,198 1,271.76 
 
 
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