Azerbaijan sees strong growth in foreign investments from Hungary reaching over $1 billion

The Central Bank of Azerbaijan has announced that direct foreign investments (FDI) from Hungary into Azerbaijan’s economy surged to $1.018 billion in 2024, marking a significant increase from the previous year.

The volume of FDI from Hungary rose 5.15 times, amounting to an increase of $821.195 million, Caliber.Az reports via local media.

Hungary's contribution now accounts for 14.5 per cent of the total foreign investments flowing into Azerbaijan, underscoring the growing economic ties between the two countries. Overall, direct foreign investments into Azerbaijan’s economy in 2024 reached a total of $7.046 billion, representing a 5.83 per cent increase compared to the previous year.

Earlier, Director of the Statistics Department at the Central Bank of Azerbaijan Samir Nasirov said during a briefing that in 2024, foreign direct investment (FDI) in Azerbaijan's economy totaled $7 billion, while investment repatriation amounted to $7.3 billion.  

Nasirov said the top investors in Azerbaijan’s economy for the year included the UK ($1.8 billion), Türkiye ($1.2 billion), Hungary ($1 billion), Cyprus ($746 million), and the UAE ($490 million). Meanwhile, Azerbaijan’s FDI abroad reached $1.8 billion. The top five countries receiving Azerbaijani investments were the UAE ($458 million), Türkiye ($249 million), Georgia ($165 million), the UK ($111 million), and Uzbekistan ($93 million).

By Naila Huseynova