AZPROMO revenues up 59.8% in 2023 despite asset drop

In 2023, the revenues of the Export and Investment Promotion Agency (AZPROMO) amounted to 6.158 million manats, while expenses totaled 6.187 million manats, Azernews reports.

This represents an increase of 59.8% and 2.4 times, respectively, compared to 2022.

As of January 1 this year, AZPROMO's assets were 1.213 million manats, which is a 45.4% decrease compared to a year earlier. During the reporting period, the agency's liabilities decreased 58.6 times to 17 thousand manats, and its balance capital (net assets) fell by 2.4% to 1.196 million manats.

AZPROMO was established in 2021 on the basis of the Export and Investment Promotion Fund, which has been operating since 2003. The agency's mission is to achieve the goals set by the country's leadership for the development of the non-oil sector in Azerbaijan, promote domestically produced goods in foreign markets, organize various international events abroad, inform foreign buyers about Azerbaijani products, and connect them with local companies.

Additionally, AZPROMO provides support and services based on the "one-stop-shop" principle to foreign companies interested in gathering detailed information about the Azerbaijani investment climate and making investments.