Minister: Political stability in Azerbaijan attracts foreign investors

The state investments in Azerbaijan's economy amounted to 4.2 billion manat in 2010, Minister of Economic Development Shahin Mustafayev said in an interview with state TV channel AzTV.

"These investments were spent at financing infrastructure projects, transport and social sectors, ecological and agricultural projects," Mustafayev said.

He said that Azerbaijani companies started to invest in neighboring countries' economies over the last few years.

"The total volume of investments in the country's economy amounted to $15.5 billion increasing by 19.2 percent per year. Roughly $9.3 billion of this amount fall to the share of non-oil sector," the minister said.

He said that the economy of Azerbaijan successfully developed in 2009-2010. The foundations were laid by a competent policy conducted in the country in 1990 of the last century.

"The investors' increased interest in Azerbaijan is explained, first of all, by political stability in the country. Azerbaijan has also created attractive investment sphere. At present, there is a very encouraging factor that 75% of total investments fall to local investment, 70% of the total amount invested in the development of non-oil sector," he said.

He said that Azerbaijan has a leading position among the CIS countries in terms of the investments per capita made since the country gained its independence. It points to the country's investment attractiveness.

The share of Azerbaijan's economy in South Caucasus exceeded 70%. So, the share of non-oil GDP of the country exceeded 51% of total non-oil GDP of the region. It is more than the corresponding figure of the other two countries in the region.

"These figures are given as of nine months of 2010, because they have not been analyzed as of the year. According to our expectations, Azerbaijan's share will also increase in the future," Mustafayev said.


/Trend/