By Azernews

By Sara Israfilbayova

Azerbaijan became the largest investor of Georgia in the first half of the year with $136.5 million.

The National Statistics Office of Georgia reported that investments in the first quarter amounted to $56 million, in the second - $80.5 million. Thus, Azerbaijan became the largest investor of Georgia in the first half of this year.

The Czech Republic ($77.9 million) and the Netherlands ($97.8 million) were also among the top three investors.

The volume of direct foreign investment in the economy of the neighboring country in the first half of this year amounted to $676.2 million. The largest volume of investments fell on the energy sector ($117.7 million), transport and communications ($87.2 million) and finance ($174.9 million).

Diplomatic ties between Azerbaijan and Georgia were established on November 18, 1992.

The two countries broadly cooperate in regional energy development, transportation and economic partnership projects such as Baku-Tbilisi-Ceyhan pipeline (BTC), Kars-Tbilisi-Baku railway (BTK), the TRACECA, the BSEC.

Georgian exports to Azerbaijan include cement, locomotives and other railway vehicles, mineral and chemical fertilizers, mineral waters, strong drinks, glass and glass wares, and pharmaceuticals, among other things.

Azerbaijani mainly exports to Georgia oil and petroleum products, natural gas, plastic wares, furniture and building constructions.

Azerbaijani President Ilham Aliyev during his meeting with Georgian Prime Minister Giorgi Kvirikashvili, which took place in March in Baku, noted that Azerbaijan is on the first place in terms of the volume of investments in Georgia, which indicates a high level of interstate relations between the two countries.

“We successfully cooperate in different fields. Azerbaijan is the first among the countries that invest in Georgia. Since 2012, we maintain this position. This shows the best investment climate in your country. In addition, this indicates that our relations are at a high level,” the head of state said.

The trade turnover between the states amounted to more than $584 million in the first half of the year.