Against the backdrop of the financial losses from falling stock prices of oil in January almost doubled (+ 95.6%) the volume of foreign investments, including foreign companies and international financial institutions. According to the State Statistics Committee, last month, the local economy received a recharge in the amount of 423 million 318.4 thousand manat.
The usual leaders were the British, as their business investments in January were 146 million 227.2 thousand manat (34.5% of all investments with growth of 94.7%). 5.6 times growth was observed at investors from Norway (82 million 105.8 thousand manat), and in the third place were the Turks - their investment in the local economy was 33 million 213.1 thousand manat (+67.7%).
The leader among international financial institutions is the World Bank (27 million 836.2 thousand manat or +43.16% compared to January of last year), while Asian Development Bank invested 6 million 449.3 thousand manat (minus 61.8 %). --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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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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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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