Azerbaijan is Georgian largest investor

By Azernews

By Naila Huseynli

Azerbaijan is in the first place with this indicator among foreign countries investing in economy of Georgia.

Last year, $1.8 billion foreign investment was invested in the Georgian economy which is 20.6 percent more than in 2016.  

As many as $465 million of foreign investments or 24.6 percent of total investments in the economy of Georgia accounted for Azerbaijan.

The second largest investor in the economy of the country is the Netherlands with $ 356.7 million, and the third is Turkey with $ 286.3 million in accordance with information given by National Statistics Office of Georgia.

Foreign investments in the Georgian economy in 2017 amounted to 12.5 percent of the country's gross domestic product (GDP). In the first quarter of 2017 Azerbaijan’s direct investments in Georgia amounted to $127.2 million.

Moreover, Azerbaijan is one of the main trade partners of Georgia among the CIS countries. Georgia mostly imported from Azerbaijan oil and oil products, gypsum, anhydrite, plaster, as well as broadly cooperates in regional energy development, transportation and economic partnership projects such as Baku-Tbilisi-Ceyhan pipeline (BTC), Kars-Tbilisi-Baku railway (BTK), the TRACECA, and the BSEC.

SOCAR also is deeply involved in the energy market in Georgia which was established in 2006. The company's activity includes retail and bulk selling of fuel in Georgia, importing of petroleum and liquid gas, construction of oil terminals and warehouses. At present, there are over 70 filling stations operating in the country.