Azerbaijan keen to lure investments from QIA
Azerbaijan , the $53bn economy which is currently on a mission to double its GDP by 2020, is keen on attracting investments from Qatar Investment Authority (QIA), The Peninsula reports.
The country’s investment promotion arm AZPROMO (Azerbaijan Export and Investment Promotion Foundation) met with the QIA yesterday and made a presentations on the investment opportunities available in that country's various sectors. “It’s too early to say whether QIA are interested in any specific sectors.
Petrochemicals, real estate and construction;, agriculture and food industry; and tourism are the projects we proposed to the QIA”, Rufat Mammadov (pictured), President, AZPROMO told The Peninsula yesterday.
"We believe QIA is interested in Azerbaijan. We understand the QIA authorities will analyse our proposal and the feasibilities of the proposed projects. As next step, we will discuss, where, when and how we can move forward”, Rufat said.
Rufat, who is heading a trade delegation representing the heads of 28 major companies in Azerbaijan, said the delegation has also met with officials of some large and famous Qatari companies. The delegation members also held individual meetings with their potential counterparts and partners in Qatar.
According to him, Azerbaijan witnessed an estimated $6-7bn foreign direct investment inflow in 2016. Until last year, the large portion of FDI had been directed to energy sectors, especially to the oil and gas. The inflow into the oil sector is witnessing a slowdown due to the slump in oil prices. But the volume is still increasing into the non-oil sectors. So the new projects are, somehow balanicng the FDI inflow into the energy sector. Industry makes up a lion’s share of Azerbaijan’s GDP. The positive performance of this sector is a result of favourable investment climate., renovated energy and transport infrastructure, raw materials resources and easy access to foreign markets and huge financial opportunities.
Azerbaijan’s food industry is the largest manufacturing sector in terms of production volume. In 2015, volume of food production accounted for $2.698bn. Between 2003 and 2015 food industry attracted $1.236bn of investments into fixed capital.
AZPROMO is a joint public-private-initaitve, established by the Ministry of Economy of Azerbaijan, with the aim to contribute to the economic development through attracting foreign investments in the non-oil sectors of economy .
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