Foreign direct investments in Azerbaijan’s economy reach $60B over past few years

The direct foreign investments in Azerbaijan’s economy over the recent years amounted to nearly $60 billion, acting head of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Yusif Abdullayev told Trend.

According to Abdullayev, in the first nine months of 2021, this indicator made up around $580 million, which is several times higher than the figure for the same period last year.

“If such rates of investment in Azerbaijan continue, then we’ll be able to approach the indicator of 2019 [in terms of investment] soon. The main driver of investment in the economy of Azerbaijan is the non-oil sector,” he noted. “The indicators of non-oil exports are also growing rapidly. As of December 10, this figure amounted to nearly $2.5 billion, thus rising by 44 percent compared to the same date in 2020.”

He also said that currently, Azerbaijan’s non-oil exports achieved a record level.

“In the near future foreign direct investments in Azerbaijan will reach the pre-COVID-19-pandemic level,” added Abdullayev.

 

Source: Trend News Agency

Big filling station under construction in Azerbaijan’s Shusha – SOCAR

A big filling station is being built in Azerbaijan’s Shusha city, filling stations are also under construction in Aghdam and Fuzuli districts, Trend’s Karabakh bureau reports referring to president of the State Oil Company of the Azerbaijan Republic SOCAR Rovnag Abdullayev.

Abdullayev added that the first filling station has been built in Eastern Zangazur.

“The construction work has already begun in Azerbaijan under the leadership of President Ilham Aliyev,” the president of SOCAR added. “The first gas station built on the Goris-Gafan road has been commissioned.”

“This filling station is international,” Abdullayev said. “Along with Azerbaijani cars, transit foreign cars will also fill up here. A perfect infrastructure has been created here.”

The president of SOCAR said that the work is being actively carried out in Eastern Zangazur.

“As you know, a program for providing the Azerbaijani lands liberated from the Armenian occupation with gas is being developed upon President Ilham Aliyev’s instructions,” Abdullayev said. “The stations for supplying fuel are under construction in Aghdam and Fuzuli. Kapital Bank has opened a branch here. It will be possible to buy fuel by paying in any currency here.”

 

Source: Trend News Agency

Azerbaijan shared data on investments in industrial parks from 2016 through 2021

The Azerbaijani industrial parks attracted investments worth more than $6 million from 2016 through 2021, Executive Director of the Azerbaijani Center for Analysis of Economic Reforms and Communication, Doctor of Economics, Professor Vusal Gasimli said at a press conference on the monitoring and evaluation report of the “Strategic Roadmaps for the National Economy and Key Sectors of the Economy of the Republic of Azerbaijan” for 2017-2021, Trend reports on Dec. 20.

“About 9,500 jobs were created there,” Gasimli said. “The growth rate of the Azerbaijani non-oil industry was less than 10 percent until 2018, today this figure exceeds 20 percent.”

The professor added that 586 million manat ($344 million) was allocated from the state budget to support agriculture and entrepreneurship in 2016.

“So far, this figure has grown by several times,” Gasimli said. “Moreover, the subsidies have been paid to the entrepreneurs working in this industry since 2020. The programs have been prepared to stimulate this sector.”

The professor said that a number of legal acts were adopted in the field of education, various funds were created to support and protect this sector, 24 specialized centers were established.

 

Source: Trend News Agency

Real GDP growth to reach 5.1% in Azerbaijan in 2021

Azerbaijan’s real GDP growth will reach 5.1 percent in 2021, Executive Director of the Azerbaijani Center for Analysis of Economic Reforms and Communication, Doctor of Economics, Professor Vusal Gasimli said at a press conference on the monitoring and evaluation report of the “Strategic Roadmaps for the National Economy and Key Sectors of the Economy of the Republic of Azerbaijan” for 2017-2021, Trend reports on Dec. 20.

“The main goal was achieved as a result of the implementation of the “Strategic Road Maps for the National Economy and Key Sectors of the Economy” under the leadership of Azerbaijani President Ilham Aliyev,” Gasimli said. “Azerbaijan’s economy has stabilized in the short term.”

“Despite the consequences of low oil prices, climate change, COVID-19 pandemic and second Karabakh war, the immunity acquired by the Azerbaijani economy allowed to minimize the consequences of the crisis we faced in 2020,” the executive director added.

Gasimli said that as a result of the successful implementation of the strategic roadmaps, the goal was set to ensure the real average annual GDP growth of more than three percent in Azerbaijan by 2025.

The executive director said that the real growth of Azerbaijan’s GDP will reach 5.1 percent this year, including the non-oil sector.

Gasimli stressed that GDP growth is projected at 6 percent while economic growth – 3.9 percent in 2022.

“Proceeding from an increase in export volume of the non-oil products from $170 per capita in 2015 to $260 this year, it is possible to gain $450 in 2025,” the executive director said.

“The strategy of Azerbaijan’s social and economic development and the Action Plan for 2022-2026 has been prepared and presented,” Gasimli added.

“After the approval of the new strategic document and the Action Plan, the implementation period of the “Strategic Road Maps for the National Economy and Key Sectors of the Economy” will expire from January 1, 2022,” Gasimli said.

“The additional funds were not allocated from the state budget for the development, implementation, monitoring and evaluation of the Strategic Roadmaps for the National Economy and Key Sectors of the Economy while the state structures took all measures within the funds allocated from the budget,” the executive director said.

 

Source: Trend News Agency

Omicron variant of coronavirus may appear in Azerbaijan – infectologist

Omicron variant of coronavirus that is considered dangerous around the world already exists in neighboring countries and may appear in Azerbaijan as well, specialist for infectious diseases, hepatologist Mardan Aliyev said, Trend reports.

According to Aliyev, the situation with the pandemic is stable in Azerbaijan.

“The number of active patients is also stable. The Omicron variant is spreading faster than others. This means that the risk for our country is very high. Azerbaijani citizens travel to Turkey and Iran. They can import and spread the virus not even knowing this”, added the specialist.

On Dec. 19, the first case of infection with the omicron variant was registered in Tehran (Iran), 25 cases in Russia, and six in Turkey.

 

Source: Trend News Agency

SOCAR Turkey acquires 30% of Petlim

SOCAR Turkey, subsidiary of Azerbaijan’s state oil company SOCAR, has acquired 30 percent stake of Goldman Sachs in Petlim, a container terminal in the Aegean region, Trend reports with reference to Turkey’s Public Disclosure Platform.

Seventy percent of Petlim is owned by Petkim, a subsidiary of SOCAR Turkey.

“Goldman Sachs acquired a stake in SOCAR Turkey, as well as in Petlim (later renamed SOCAR Terminal) in 2015, on the terms of a temporary put option. This year was the period of buyback. In the summer, we announced the buyout of a 13 percent from Goldman Sachs, and now we’ve acquired 30 percent in Petlim (SOCAR Terminal),” Ibrahim Ahmadov, deputy head of the public relations and events department at SOCAR told Trend.

SOCAR Turkey, one of the most deep-rooted global oil and natural gas companies, initiated its business operations in Turkey upon acquisition of 51 percent of the shares of Petkim from the Privatization Administration in 2008.

Drawing attention with its giant projects realized one after another which will have a total investment value of $19.5 billion once completed, SOCAR Turkey encompasses the best-in-breed companies such as Petkim, TANAP, STAR Refinery, SOCAR Terminal, Petkim RES (Wind Power Plant), Bursagaz, Kayserigaz, Enervis, SOCAR Enerji Ticaret, Millenicom, SOCAR Ticaret and SOCAR Depolama.

 

Source: Trend News Agency