EU investments in Azerbaijan total $24.7 billion over 2012-2023

Rauf Najafli, adviser to the Minister of Economy, revealed this figure during the second annual report meeting of the Flexible Technical Assistance Tool for Azerbaijan (AZTAF), funded by the EU and managed by the World Bank, Azernews reports.

"During the years 2012-2023, investments from the European Union (EU) to Azerbaijan amounted to a total volume of 24.7 billion US dollars," Rauf Najafli said.

Highlighting the pivotal role of EU and World Bank cooperation in fostering economic development and innovation, Najafli emphasized Azerbaijan's appeal to European investors. In 2023, the EU's contribution to Azerbaijan's foreign trade reached $24.82 billion, with January-April 2024 recording $5.31 billion.

Najafli underscored ongoing efforts, citing the approval of the "Strategy of Socio-Economic Development of the Republic of Azerbaijan 2022-2026" by President Ilham Aliyev on July 22, 2022. The strategy focuses on enhancing the investment climate, promoting energy efficiency, fostering innovation, and boosting employment efficiency, anticipating significant economic growth and development acceleration.

"Within the framework of the strategy, key activities have been identified for improving the investment environment for businesses, ensuring energy efficiency, supporting and stimulating innovation, increasing employment efficiency, and a number of other essential areas. As a result of the implementation of this strategy, significant changes in the country's economy, growth, and acceleration of development rates in priority areas are expected by the end of 2026," he added.