Nearly three-quarters of capital investments in January (71.5%) in Azerbaijan's economy on account of foreign investment is equivalent to 629.4 million manat.
The total volume of investments in the starting month, according to the State Statistics Committee, totaled 880.7 million manat (minus 23.2% in last year's January.) The bulk of the funds 772 million or 87.6% is directed to the production facilities, and only 4.9% or 43 million – for the construction of housing. The government has invested in the fixed capital 115.4 million manat (13,1%), on account of privateers - 765.3 million manat (86.9%.) --17D-
Economics
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The new law on "Political Parties," adopted two years ago, came into effect early last year and has been criticized by the Venice Commission, is already making its impact felt. On December 4, the activities of two political parties—the Freedom Party and the Party of Free Democrats—were halted through court orders. The Ministry of Justice cited discrepancies in the documentation of these parties as the reason for its appeal to the court.
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In the first ten months of 2024, Baku's trade turnover registered a 4.4% increase compared to the same period last year, reaching a substantial 28.2 billion manat, according to the Baku City Statistics Department.
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In a significant move to bolster its financial capabilities, Azerbaijan's state-owned energy company SOCAR has signed an agreement with Italy's Intesa Sanpaolo bank. The pact, which underscores growing cooperation between the two entities, marks a step forward in securing financial resources for SOCAR's ambitious projects, including its ventures in green energy.
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In the first 11 months of 2024, Azerbaijan experienced a robust recovery in its tourism sector, with 2.41 million foreign and stateless individuals visiting the country, marking a 27.4% increase compared to the same period last year, according to the State Border Service. This growth reflects Azerbaijan’s increasing appeal as a travel destination, bolstered by diversification in source markets and improved transport infrastructure.
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