Almost 98% of Industrial Investment in Azerbaijan Invested in Production of Raw Materials
From January to April the industry of Azerbaijan was invested 2 billion 307.8 million manat (minus 12.8% to the end of March last year), which corresponds to 80.2% of all financial investments in the local economy, the website of the State Statistics Committee of Azerbaijan said.
Almost all (97.53% or 2 billion 250.9 million manat) of the investments were in mining industry with a downturn of 6.5% for the year.
In addition, the state invested 127.7 million manat (minus 46.2%) in transport and storage, 125 million manat (minus 56.5%) in housing, 18.2 million manat (minus 55.5%) in processing industry, while other positions were less important. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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