Investors' interest in Azerbaijani economy growing dynamically

By Azernews

By Ayya Lmahamad

Economy Minister Mikayil Jabbarov has said that the interest of investors from a number of countries in Azerbaijan’s economy is growing dynamically, Trend has reported.

The minister noted that Russia, Turkey and the Central Asian countries account for most of the direct foreign investments in the Azerbaijani economy. He added that the goal was set to continuously improve the investment climate in the country.

“After the liberation of Azerbaijani territories from Armenia's occupation, a new geopolitical and geoeconomic reality has been created in the region,” he said.

Noting that Azerbaijan mostly sees investments from western and developed countries, Jabbarov stated that this shows Azerbaijan’s growing importance in the region.

Jabbarov underlined that Azerbaijan's macroeconomic stability and stable exchange rate of the national currency contribute to growing interest in the country’s investment environment.

"We were able to achieve these results through long-term investments from the state budget in Azerbaijan's infrastructure. Today we see that Azerbaijan not only maintains leading positions in international reports but also moves forward. This process should be constant because there is a competition," he said.

Earlier, Export and Investment Promotion Foundation Acting Head Yusif Abdullayev stated that the foreign direct investments in Azerbaijan's economy amounted to about $60 billion in the past few years. He added that the foreign direct investments totaled about $580 million in the first nine months of 2021 and this is several times more compared to the corresponding period of 2020.

“In the near future foreign direct investments in Azerbaijan will reach the pre-pandemic level,” he said.

It should be noted that Turkey is the biggest investor in Azerbaijan's non-oil sector.