Azerbaijan's non-oil sector attracts record-breaking foreign investments in 2023

Over the past five years (2019-2023), Azerbaijan has attracted a staggering $6.2 billion in FDI into its non-oil industries, the Azerbaijan Export and Investment Promotion Agency (AZPROMO) told Report.

Notably, 2023 has emerged as a landmark year, with over $2 billion in FDI flowing into Azerbaijan's non-oil sector – the highest annual figure ever recorded. This represents a remarkable 9% increase compared to the previous year.

Among the top investors in Azerbaijan's non-oil economy in 2022 were Russia, Türkiye, the United Arab Emirates (UAE), the Netherlands, and Switzerland.