Statement by President Ilham Aliyev at the Cabinet meeting on plans to create conditions for increasing foreign investment caused skepticism among independent experts. "In order to attract foreign investment, in the first place, the country should have normal judicial system," told Natig Jafarli, Executive Secretary of REAL Movement.
There may be some political and other problems in the country, but an indispensable condition for attracting foreign investment is the existence of an independent judiciary. "The situation with oil contracts was different. Behind them was a state support and guarantees, and therefore it was possible to attract large investments," said Jafarli.
Small investments in the non-oil sector are explained by the absence of such a reliable supply, as an independent court. It is for this reason foreign investors refrain from investment in Azerbaijan, said on.-05B-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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