BAKU, Azerbaijan, December 19. Azerbaijan is strengthening its economic position in the Eurasian region, ranking third in terms of the volume of exported investments with a share of 7.3 percent ($3.56 billion) out of the total investment volume ($48.8 billion) in the region for the first half of 2023, Trend reports via the Eurasian Development Bank (EDB).
The EDB data showed that over the past three years starting from 2018, Azerbaijan increased the total FDI (Foreign Direct Investment) volume in the Commonwealth of Independent States (CIS) from $2 billion to $3.6 billion, indicating an average annual growth of $500 million.
"In 2022, the flow of investments slowed down and stabilized at the level of $3.6 billion. It is likely to remain at this level in the future due to the reorientation of the strategy towards domestic projects in the face of uncertainty in global markets," the bank said.
The bank's data shows that Russia continues to be the main exporter of capital investments in the region, maintaining a share of 78.9 percent (nearly $38.5 billion), which is slightly lower compared to 80.3 percent at the end of 2021.
Kazakhstan holds the second position in the ranking, contributing 9.5 percent to the total FDI exports (about $4.6 billion).
The bank also highlighted that Azerbaijan's share in accumulated mutual investments in the region is 8.7 percent ($4.2 billion), and this indicator for Azerbaijan is supported by 24 investment projects from CIS countries.
Azerbaijan continues to attract attention from investors due to its promising projects and stable economic environment. Against the backdrop of changing economic landscapes in the region, Azerbaijan's strengthening position among the major sources of investment exports underscores the country's strategic importance to the global economy.
Foreign direct investment (FDI) in the Azerbaijani economy from January through September 2023 amounted to $4.5 billion, according to the Central Bank of Azerbaijan. The top five leading countries in terms of FDI in the Azerbaijani economy are the UK at $1.4 billion, Türkiye at $872 million, Cyprus at $593 million, Iran at $296 million, and Russia at $295 million.