Weekly economic review (July 14-18)

Analysis Materials 22 July 2014 14:40 (UTC +04:00)

Foreign investments in Azerbaijan's economy exceed $83 bln since 1995, minister says

Some $83.8 billion worth foreign investments have been attracted to Azerbaijan's economy between 1995 and 2013, and $35 billion out of this amount accounted for the non-oil sector, according to Azerbaijani Economy and Industry Minister Shahin Mustafayev's article.

The article was published by the official press.

"Attracting investments, advanced technologies and management experience from abroad is one of the main directions of the country's economic policy," Mustafayev said.

"The political and macroeconomic stability, secure protection of investors' rights, favorable geographical location, rich natural resources and highly skilled workforce have turned Azerbaijan into one of the most attractive countries for foreign investments," he stressed.

The minister also said in the article that Azerbaijan and foreign partners have signed 46 agreements on promotion and mutual protection of investments.

Mustafayev said foreign investments worth some $10.5 billion were invested in Azerbaijan's economy last year, and added that it is important to direct over half of this amount to the non-oil sector.

"Over a quarter (26 percent) of direct investments made to Azerbaijan from abroad account for Turkey. The second and third largest direct investors in Azerbaijan are Great Britain (16 percent) and the U.S. (12 percent). As for the investments in fixed capital, Great Britain has invested $18 billion in Azerbaijan, the U.S. - $7 billion, and Japan - $4 billion," the minister said.