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DIRECT FOREIGN INVESTMENT
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The foreign investment figures shown by PROINVERSIÓN are based on registration statements by the companies/investors pursuant to Article 19 of Legislative Decree 662. This information has been complemented by information provided by CONASEV and Public Registry in order to obtain the most accurate data.
Those figures refer to different kind of capital contributions (it includes reductions and transfer of participation) regarding the established companies in the country, in other words, it refers to investments that have been carried out effectively. In contrast to the information spread by other sources, these figures do not include loans, merchandise valuation or any other assets not assigned to the local company equity. Legislative Decree Nº 662 requires the registration of foreign investment, but neither deadline nor punishment for failing registration is established therein.
Consequently, it must be noted that above figures may reflect some lagging behind in time.
According to the information declared to PROINVERSIÓN, as of December 31th, 2009, the stock of foreign direct investment totals US$ 18,840 billion.
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FDI BY COUNTRIES
Spain, the U.S and the UK are the main sources of investment for Peru making up 57.5% of investment stock, while the first 10 countries originate 87.8% of accrued investment.
It must be taken into consideration that many international businesses not necessarily channel their investments from their head offices, but through sudsidiaries abroad ( i.e. Telefónica de España in Teleatento Del Perú S.A.C. was made through its subsidiary, Atento N.V., domiciled in Holland ). Part of the investment flows coming from the Netherlands, Panama and the United Kingdom, among other countries, reflect this situation. (Table 1).
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COUNTRY
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2009 (1)
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%
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SPAIN
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4,291.8
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22.78%
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UNITED KINGDOM
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3,782.7
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20.08%
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USA
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2,760.2
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14.65%
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NETHERLANDS
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1,403.7
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7.45%
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CHILE
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1,290.1
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6.85%
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PANAMA
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929.0
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4.93%
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COLOMBIA
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751.1
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3.99%
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BRAZIL
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487.2
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2.59%
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MEXICO
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454.8
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2.41%
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SINGAPORE
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399.4
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2.12%
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CANADA
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323.3
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1.72%
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SWITZERLAND
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312.3
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1.66%
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URUGUAY
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224.4
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1.19%
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FRANCE
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205.0
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1.09%
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OTHER
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1225.0
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6.5%
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TOTAL
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18840.2
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100%
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(p) FDI stock as of December 2009 - Source: ProInversion
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LAST ORIGIN COUNTRY
Figures in Table 2 the countries are arranged by the last origin country or the head offices domicile (Spain in the example of Teleatento Peru S.A.C). Therefore, Spain, the United States, South Africa, Chile and Switzerland are the origin of 60% of the registered contributions. Only Spain and the United States represents 36.7% of the accumulated total stock.
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TABLE 2
FDI STOCK BY DESTINATION SECTORS
(US$ MILLIONS)
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COUNTRY /2
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2008 (p)
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%
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SPAIN
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4440.2
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23.57%
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USA
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2481.8
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13.17%
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SOUTH AFRICA
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1805.1
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9.58%
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CHILE
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1566.4
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8.31%
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SWITZERLAND
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931.9
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4.95%
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UNITED KINDOM
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906.3
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4.81%
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MEXICO
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868.1
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4.61%
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CANADA
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726.4
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3.86%
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ITALY
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682.4
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3.62%
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BRAZIL
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680.7
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3.61%
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JAPAN
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442.9
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2.35%
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NORWAY
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436.6
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2.32%
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FRANCE
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317.0
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1.68%
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CHINA
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261.7
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1.43%
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OTHER
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2292.5
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1.38%
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TOTAL
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18840.2
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100%
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Source. ProInversion
(p) FDI stocks as of June, 2008
2/ origin of investment by head office.
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FDI BY SECTOR
The mining sector gathers the largest percentage of IED stock (21%). Most of these investment amounts were performed in the last five years when several projects were executed. Among the main companies in the sector are Southern Peru, Xstrata, Gold Fields, Yanacocha, Cerro Verde, Antamina and Cajamarquilla. During 2009, investments for over US$ 30 billion were announced for the coming years, among which stand out the investments of Chinalco, Grupo México, Xstrata and Shougang.
The communications sector, with 20.92% shows the investments of Telefónica de España stemming from their participation in the privatization process of the State owned company in the 90s and later expansion investments, as well as the investments of cell phone operators made primarily between 2000 and 2005. The development of this sector has been dynamized by the development of an aggressive concession program aimed at expanding telephone coverage in rural areas.
The industrial sector (15.1%), finance (15.3%) and energy (13.8%), complement the five main destination sectors of the IED, which as whole represent 84.7% of the IED stock in Peru.
It is important to point out that the energy sector shows very promising development because of the great hydroenergy potential and the possibilities to develop gas reserves. Companies such as Electrobras, OAS, Endesa, Inkia and SK, have already shown interest in investing in several projects more than 20 billion dollars.
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TABLE 3
FDI STOCK BY MAIN COUNTRIES
(Millions US$)
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SECTOR
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2008(P)
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%
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AGRICULTURE
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44.7
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0.24%
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COMMERCE
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755.8
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4.01%
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COMMUNICATIONS
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3675.0
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19.51%
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CONSTRUCTION
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191.9
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1.02%
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ENERGY
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2603.3
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13.82%
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FINANCE
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2872.2
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15.25%
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INDUSTRY
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2842.0
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15.08%
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MINING
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3963.5
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21.04%
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FISHING
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163.0
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0.87%
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OIL
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356.2
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1.89%
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SERVICES
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485.7
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2.58%
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SILVICULTURE
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1.2
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0.01%
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TRANSPORT
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295.4
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1.57%
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TOURISM
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64.3
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0.34%
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HOUSING
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525.8
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2.79%
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TOTAL
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18840.2
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100%
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MAIN INVESTORS
The main investors that carry out any capital movements whether they are through contributions or shares acquisitions in the period 2008– 2009 are the following
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INVESTORS
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COUNTRY
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CENCOSUD INTERNATIONAL LIMITED
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CHILE
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ENDESA LATINOAMERICA S.A.
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SPAIN
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GOLD FIELDS CORONA BVI LIMI
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UNITED KINDOM
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SN POWER PERU PTE LTD
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SINGAPORE
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COMPAÑIA MINERA LATINO - AMERICANA LTDA. (CMLA)
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CHILE
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PERENCO LTD
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FRANCE
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GERDAU S.A
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BRAZIL
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ANGLO AMERICAN PLC
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INVERCABLE S,A
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CHILE
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ASA IBEROAMERICANA S.L
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SPAIN
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The Central Reserve Bank of Peru, reported a flow of US$ 4,76 billion in Foreign Direct Investments for 2009 in Peru, 31% less than the previous year, due primarily to the smaller reinvestment of earnings in a not favorable international economic environment.
Capital contributions (figures registered by ProInversion), reached US$ 772.65 million dollars, with the mining and finance sectors as the ones which attracted more investment. Of these operations, Miski Mayo, Sider Perú, Michiquillay, Holding Continental, DP World Callao, Makro Supermayorista, Calidda, Nextel, Falabella, Abengoa, Minera Quechua, HSBC and Pure Biofuels, received contributions upwards of US$ 15 million, which in total adds up to 94% of all contributions received in 2009.
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