Eurasian Integration Yearbook 2012

The Economics of the Post-Sovietand Eurasian Integrationmay be based on incorrect preliminary estimates. In Russia, for example, theUNCTAD relies exclusively on data supplied by the Russian Central Bank, butit receives this data from the CB for preparing its annual FDI reports in spring,whereas the CB publishes its final data only in summer.As a result, at the end of 2010 UNCTAD’s figures showed $433.7 billion ofaccumulated Russian FDI, whereas the CB showed only $368.7 billion (infact, the latter figure was used for international comparison by the IMF whichprepared its report later than the UNCTAD). Both the IMF and the UNCTADalso show different data on Kazakhstan and Armenia (see Tables 8.1 and 8.2).Table 8.2.The geographyof accumulateddirect investmentof CIS countriesas at late 2010Source: IMF, 2010The official CIS statistics clearly reflect the “neighbourhood effect” in FDIgeography, which is more pronounced in countries with insignificant capitalexport volumes (see Table 8.2). Whereas in Russia, according to officialstatistics, only 4.4% of all accumulated overseas direct investment was made inthe CIS, the respective proportion is 10.9% in Kazakhstan, 46% in Azerbaijan,and as much as 90.7% in Belarus.The main recipients of FDI from Kazakhstan are Russia and Kyrgyzstan, andGeorgia receives nearly the same amount of Kazakh capital as Ukraine. TheAccumulated direct investment ($ million)Recipient countryRussia Kazakhstan Azerbaijan Belarus Armenia KyrgyzstanTotal 368,737 15,682 5,790 205 83 2Azerbaijan 17 8 – 0 0 0Armenia 1,753 10 0 0 – 0Belarus 5,702 39 0 – 0 0Georgia 290 162 2,578 0 0 0Kazakhstan 2,036 – 26 1 0 0Kyrgyzstan 106 257 0 0 0 –Moldova 387 1 0 0 0 0Russia – 891 44 156 6 0Tajikistan 264 44 0 0 0 1Turkmenistan 173 1 0 0 0 0Uzbekistan 991 127 0 0 0 0Ukraine 4,333 166 13 29 0 0Total, 12 post-Soviet countries 16,052 1,706 2,661 186 6 1Cyprus 153,934 496 0 0 0 0The Netherlands 39,668 9,228 68 0 0 0British Virgin Islands 38,762 687 0 0 0 0The UK 10,278 2,433 18 0 0 0The US 9,825 599 15 1 0 0132 EDB Eurasian Integration Yearbook 2012