Azerbaijan sees $1.5 billion in foreign direct investment in Q1 2024 Central Bank figures

The volume of foreign direct investment in the economy of Azerbaijan in the first quarter of 2024 amounted to $1.508 billion, according to Caliber.Az, citing Samir Nasirov, head of the Statistics Department of the Central Bank of Azerbaijan.

"During the reporting period, the volume of foreign direct investment in the economy of Azerbaijan totaled $1.5 billion, while Azerbaijan's investments in foreign economies reached $330.5 million. This resulted in a foreign direct investment deficit of $346.7 million," Nasirov said at a briefing on Wednesday.

Nasirov attributed the deficit to the repatriation of attracted investments, which amounted to $1.867 billion during the reporting period.

Additionally, Nasirov highlighted that securities issued by Azerbaijan amounting to $898.8 million expired by the end of the reporting period. This expiration contributes to reducing external public debt and overall financial obligations.

According to the CBA balance of payments report for January- March 2024, the volume of investments attracted in the oil and gas sector totaled $1.322 billion. The repatriation of capital, primarily from international oil and gas consortia in the form of crude oil and natural gas, was $1.679 billion, resulting in net financial liabilities of $357.1 million.

The oil and gas sector accounted for 87.6 percent of foreign direct investment in Azerbaijan's economy. In contrast, the total volume of foreign direct investment in the non-oil and gas sector was estimated at $186.5 million.