Azerbaijan sees rise in oil & gas sector investments

By Azernews

By Amina Nazarli

Azerbaijan has turned into one of the most attractive countries for foreign investments with its fast economic growth, a favorable geographic location, rich natural resources, and highly skilled workforce.

Foreign investments in Azerbaijan's oil and gas sector increased by 20.4 percent making up about 8.62 billion manats  ($4.56 billion) in 2016 compared to 7.16 billion manats ($3.78 billion) in 2015.  

The country’s State Statistics Committee reports that total volume of investments in Azerbaijan’s industrial sector amounted to 9.64 billion manats ($5.1 billion) in 2016 that is by 14.9 percent less than in 2015.

About 8.55 billion manats ($4.52 billion) out of this amount were invested in mining industry that is by 13.1 percent less than in 2015.

Investments in production, distribution and supply of electricity, gas and heat amounted to 319.2 million manats ($168.8 million) in 2016 that is by 2.3 percent more than in 2015.

Attracting foreign investment, advanced technology, managing experience from abroad, and promoting its non-oil sector are the most important parts of the strategy of economic development determined by the Azerbaijan government.

The political stability and economic development in the country have increased the interest of foreign states in long-term investing in the country.

Azerbaijan has achieved most of its goals in this field and successfully attracted $220.4 billion, worth foreign investment from 1995 to 2015.