This report is the seventh in a series of publications presenting the findings of a permanent research project concerned with the monitoring of mutual investments in CIS countries and Georgia. The analysis is built on a database that has been maintained on the basis of diverse data obtained from publicly available sources. The database is generated “from the bottom up”, as its creators rely on corporate statements and other primary information. As a result, the project makes it possible to take into consideration such factors as investments made through off shore structures and other “trans-shipping destinations”, and reinvested foreign profits.

The report contains detailed information on the scope,dynamics, geographical and sectoral structure of mutual investments in CIS countries and Georgia as of the end of 2015. Special effort was made to thoroughly analyze mutual direct investments of companies representing member states of the Eurasian Economic Union. The authors also consider, for the first time, mutual cross-border portfolio investments and long-term credits.