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Foreign investments in Azerbaijan's economy will grow by almost 11 percent up to 2015

Business Materials 15 October 2010 17:49 (UTC +04:00)

Azerbaijan, Baku, Oct. 15 / Trend I.Khalilova /

Investment in the country's economy is expected to reach $ 11.4 billion manat in 2011, increasing by 17 percent compared to 2010, Economic Development Minister Shahin Mustafayev said on Friday. In the next three years, investments in Azerbaijan's economy will be 37 billion manat.

"In 2011, the foreign investments are expected to reach 4 billion manat, and their volume will increase by an average of 10.6 percent reaching 16 billion manat in the next three years," he said.

The public investments are expected to reach 5.9 billion manat in 2011and non-public - 5.5 billion manat. Investments in oil sector are projected at $ 4 billion manat and non-oil sector - 7.4 billion manat, Mustafayev said.

"Under the state investment program, priority will be given to the completion of ongoing projects and financing of infrastructure projects, irrigation, water supply, energy, environment and agriculture, in particular, social projects (repair and construction of facilities for education, health, culture and sports, creating housing for families of martyrs and  social and living conditions for refugees and IDPs0," he minister.

Nearly 5218.1mln manat was invested in the economy of Azerbaijan in January-August 2010, an increase of 11.3 percent from the figures of the previous year.

Foreign investments with special weight of 21.1 percent amounted to 1103.1 million manat, increasing by 31.5 percent as compared to the same period of the last year. The special weight of internal investments made up 78.9 percent.  Accordingly, of the total volume of capital investments 78.9 percent fell to domestic investment, which amounted to 4.1 billion manat. Most of domestic investment (71.8 percent) is made in state enterprises and organizations, and only 28.2 percent - private enterprise.

Investments in the oil sector made up 30.5 percent of capital investments to country's economy (1591.5 million manat), non-oil sector - 69.5 percent (3626.6 million manat).

The official exchange rate is 0.8015 manat to $1 Oct. 15.

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