On the Azerbaijan balance of payments statistics the Central Bank says $ 7.5 billion of foreign direct investment into the local economy in the last year (minus 6.2% for the year with an investment at $ 8 billion in 2014).
A large part (88.5%) of the total volume of financial investments was invested in the oil and gas sector. In other sectors of the economy there was invested $ 860.4 million (minus 34.7%).
However, local investors spent abroad in direct investment $ 3 billion 259.7 million (+ 47.6% YoY). $ 1 billion 806 million was invested in oil and gas (+ 21.9%), in other areas - $ 1 billion 453.7 million (+ 100%).
Last year, the net financial assets of Azerbaijan amounted to $ 13 billion 720.8 million (+ 17.3%) with commitments of $ 4 billion 695.6 million (minus 43.2%). --17D-
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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