Azerbaijan's non-oil sector shines bright with record-breaking foreign investments

Politically and economically stable Azerbaijan is expanding its horizons beyond the oil industry. With its strategic role in global and regional transport corridors, sustainable and constantly developing economy, favorable business environment ensured by supportive government policies, advantageous climate conditions, skilled workforce, and rich economic potential, Azerbaijan offers attractive opportunities for investors as a destination for non-oil investments.

These factors are reflected in official statistics. The process of prioritizing the non-oil sector actively influences the dynamics of numbers. In 2023, more than $2 billion of foreign direct investments (FDI) were made directly into Azerbaijan's non-oil economy, which is the highest figure on record. FDI attracted to the non-oil sector increased by 9% compared to 2022. The share of foreign direct investments in the non-oil sector in total FDI reached 30% for the first time in the reporting year.

Among the leading countries that made direct investments in Azerbaijan's non-oil sector in 2023 were Russia, Türkiye, the United Arab Emirates (UAE), the Netherlands, and Switzerland.

Azerbaijan ranked 7th in the TOP-10 ranking of countries with the highest prospects for FDI for 2024, according to the FDI Intelligence publication of the Financial Times.