Rauf Najafli: EU invested $24.7B in Azerbaijan over past 12 years

Azerbaijan received investment inflows totaling $24.7 billion from the European Union (EU) from 2012 through 2023, Rauf Najafli, an advisor to Azerbaijan's Economy Minister Rauf Najafli said at the second annual report meeting of the Azerbaijan Rapid Technical Assistance Facility (AZTAF) funded by the European Union (EU) and managed by the World Bank (WB), Report informs.

According to him, cooperation with the EU and the WB under various programs and projects plays a significant role in ensuring economic development and adapting innovative approaches.

Najafli emphasized that cooperation with the EU is one of the important directions in the foreign policy of Azerbaijan: “In the growing dynamics of relations between the parties, trade is one of the main areas of our bilateral cooperation. At the same time, Azerbaijan is an attractive market for European investors. In 2023, the EU’s contribution to our country’s foreign trade amounted to $24.82 billion. For the period from January to April of 2024, the figure stood at $5.31 billion.

The official also pointed out that as a continuation of the measures implemented in the relevant field, the Socio-economic development strategy of the Republic of Azerbaijan in 2022-2026 was approved by the decree of President Ilham Aliyev dated July 22, 2022:

"Within the framework of the strategy, improving the investment environment for business, ensuring energy efficiency, supporting and stimulating innovation, increasing the efficiency of employment and a number of key activities have been determined. As a result of the implementation of this strategy, major changes in the country's economy, growth in priority areas, and acceleration of development rates are expected by the end of 2026.”