* The Peruvian government seeks to attract investment -- both foreign and domestic -- in nearly all sectors of the economy. The Peruvian Minister of Economy and Finance announced at a January 2012 international investment fair that Peru seeks $50 billion in foreign investment within the next three years. * In 1991, the Peruvian government began an extensive privatization program, encouraging foreign investors to participate. From 1991 through September 2005, privatization revenues totaled $9.4 billion, of which foreign investors were responsible for the vast majority. * The Peruvian government does not screen foreign direct investment nor does it require foreign investors to register their investments. * Foreign investors have the same rights as national investors to benefit from any investment incentives, such as tax exemptions. And Foreign investment does not require prior approval, except in banking and defense-related industries. But Foreign investors are advised to register with ProInversion to obtain the guarantee that they will be able to repatriate capital, profits, and royalties. * Some laws require that Peruvians own a majority share in companies operating in certain sectors: media, air and land transportation, and private security surveillance services. * In addition, under the Constitution, foreign interests cannot "acquire or possess under any title, mines, lands, forests, waters, or fuel or energy sources" within 50 kilometers of Peru's international borders. But with the authorization from Joint Command of the Armed Forces, foriegners can obtain concessions and rights with the restricted areas. * Peru’s efforts to reform business start-up procedures made significant advances in 2011 but declined by one place in the World Bank’s business start-up ranking from 54 in 2011 to 55 in 2012. At the same time, Peru lowered the