Baku took third place in the list of the fastest growing cities with Foreign Direct Investment (FDI) in 2023, Azernews reports, citing FDI Intelligence.

“Ranked third was Azerbaijan’s capital Baku, which last year recorded its highest number of FDI projects since 2017. Alongside several logistics FDI projects, Hungary-based Hell Group plans to invest $211 million into an aluminum beverage can plant in the city’s Alat Free Economic Zone,” reads the report.

The leading city for FDI growth in 2023 was the university hub of Mannheim in southwest Germany, where a number of existing investors like pharma giant Roche have decided to expand their presence.

Craiova, the city home to carmaker Ford in Romania, had the second highest growth of FDI, largely due to a 125 million euros shopping center built by NEPI Rockcastle, which attracted several foreign-branded retail stores.