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Azerbaijan may become new global investment hub

Economy Materials 28 January 2021 17:09
Azerbaijan may become new global investment hub

BAKU, Azerbaijan, Jan. 28

By Sadraddin Aghjayev - Trend:

Despite the fact that 2020 was very difficult for the entire world economy due to the COVID-19 pandemic, this did not affect investments in the innovation sector, the Azerbaijani Innovation Agency told Trend.

According to the agency, in 2020, more than 20,000 investment rounds were made (the stage of raising funds, the funds of which allow a startup to develop a product), which made up nearly $300 billion.

These figures are 4 percent higher than the 2019’s, the agency said.

A brief statistics on the volume of investments allocated to startups at different levels of development:

- startups at the level of ideas (E category) - $13.6 billion;

- early-stage startups (D category) - $91.4 billion;

- new startups (C, B, A categories) - $198.4 billion.

Moreover, Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communications (CAERC) of Azerbaijan, Doctor of Economics, stated that Azerbaijan is the best investment space.

He noted that Azerbaijan, whose economy has tripled over the past 15 years, aims to double it in the next ten years.

According to the ‘2020 World Investment Report’, Azerbaijan is ranking among three transition countries that attracted the most foreign direct investment in 2014-2019, as well as among the TOP-10 most reforming countries in the Doing Business report.

“A favorable business climate in Azerbaijan, the privatization agenda and opportunities for public-private cooperation, as well as the process of reconstruction in Karabakh will create a new wave of investments,” Gasimli said.

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