Foreign direct investments in national economy hit $60bn

By Azernews

By Ayya Lmahamad

Export and Investment Promotion Foundation Acting Head Yusif Abdullayev has said that the foreign direct investments in Azerbaijan's economy amounted to about $60 billion in the past few years, Trend has reported.

Foreign direct investments totaled about $580 million in the first nine months of 2021 and this is several times more compared to the corresponding period of 2020, he said.

“If such rates of investment in Azerbaijan continue, then we will be able to approach the indicator of 2019 soon. The main driver of investment in Azerbaijan’s economy is the non-oil sector,” Abdullayev added.

Noting that the indicators of non-oil exports are also growing rapidly, he emphasized that “if we compare the figure of December 10 of this year with the figure for 2020, it increased by 44 percent and amounted to about $2.5 billion”.

He added that Azerbaijan’s non-oil exports currently achieved a record level.

“In the near future foreign direct investments in Azerbaijan will reach the pre-pandemic level,” he said.

Earlier it was reported that Turkey is the biggest investor in Azerbaijan's non-oil sector.

Additionally, Economy Minister Mikayil Jabbarov mentioned that this year Azerbaijan's non-oil exports will reach a record high and exceed $2.6 billion. A rise in the non-oil products export is an indicator of the Azerbaijani economy's sustainability, even during the pandemic.

It should be noted that the country's exports totaled $19.8 billion, with the non-oil sector accounting for $2.4 billion in January-November 2021. In the first 11 months of 2021, the non-oil exports increased by $720.8 million or 44 percent, compared to the corresponding period of 2020.

The task is set of sustainable diversification of the economy, and in this regard, it’s planned to develop a concept that will contribute to the growth of the non-oil exports. The volume of the non-oil goods' export is planned to double by 2025.