TODAY.AZ / Business

Minister: EU ensures over third of foreign investments in Azerbaijan’s non-oil economy

29 November 2013 [15:37] - TODAY.AZ
Around 36.5 percent of investments of foreign countries made in Azerbaijan's non-oil sector falls to the EU. The most active investors in Azerbaijan among European countries are Great Britain, the Netherlands, Germany, France and Italy, Azerbaijani Minister of Economy and Industry Shahin Mustafayev said at the Eastern Partnership second business forum, held in Vilnius on Thursday on the sidelines of the EU Eastern Partnership third summit.

"The investments were made in the Azerbaijani economy to the amount of $156 billion," he said. "Around half of them fall to foreign investments. Around 65 percent of all investments were directed to the non-oil sector.

During the past five years, the annual volume of foreign investments in the non-oil sector exceeds the annual volume of investments in the oil sector by an average of 17 percent. Foreign investments in non-oil sector exceeded investments in oil sector by 25 percent in 2012."

According to Mustafayev, Azerbaijan intends to increase the share of non-oil sector in GDP up to 80 percent by 2020.

"Then, of course, the foreign investments will be used," Mustafayev said. "The chemical industry, agriculture, information technologies and tourism are the priority areas for investments in Azerbaijan."

According to Mustafayev, Azerbaijan signed the agreements on avoidance of double taxation with 20 EU countries, the agreements on encouragement and mutual protection of investments - with 17 EU countries. The work in this direction is underway.

"This will allow the EU countries to increase investments in Azerbaijan's economy in the future and expand the relations in the non-oil sector," the minister said.


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