Azerbaijan lands $10.8 billion in deals with investment heavyweights – Euronews

A total of 26 investment contracts worth $10.8 billion were signed during the second Azerbaijan International Investment Forum (AIIF) in Baku, Azerbaijani Economy Minister Mikayil Jabbarov told Euronews.

According to Jabbarov, the agreements cover a range of sectors, from artificial intelligence and energy to manufacturing. He noted that Azerbaijan is seeking to develop opportunities not only within the country but also through partnerships in foreign markets.

The forum builds on Baku’s investment policy. At the first AIIF in 2025, agreements worth more than $10 billion were signed, with more than $7 billion involving the non-oil sector.

The latest forum and the Azerbaijan Infrastructure Investment Dialogue brought together major global investment firms, including BlackRock, Global Infrastructure Partners and Brookfield Asset Management. A separate closed-door dialogue on infrastructure investment was organized by the State Oil Fund of Azerbaijan (SOFAZ) and BlackRock.

President Ilham Aliyev said the non-oil sector accounted for 72% of Azerbaijan’s GDP in 2025, while real annual growth in the non-oil economy had averaged 5% since 2020. He identified manufacturing, transport and logistics, renewable energy, digital technologies, agriculture, tourism and infrastructure among the promising areas for further development.

Energy, meanwhile, remains one of the key sectors. Aliyev emphasized that oil and gas contracts signed around 30 years ago continue to operate without changes, describing this, among other factors, as contributing to foreign investors’ confidence in Azerbaijan.

According to the Central Bank of Azerbaijan, more than $3 billion in foreign direct investment was attracted to the country’s economy in the first half of 2026, up 13.8% from the same period last year. The main investors were the United Kingdom, Türkiye, Cyprus, Russia and Iran.

At the same time, Azerbaijan is actively investing abroad. During the first six months of 2026, the country’s investments in foreign economies exceeded $5 billion. The main destinations were Italy, Türkiye, the United Kingdom, the United Arab Emirates and Georgia.

One example of non-oil sector development presented at the forum was the Sea Breeze project on the Caspian coast. Its owner, Emin Agalarov, said around 20 companies from Israel and other countries are involved in the project. According to him, international cooperation helps accelerate project implementation and bring in additional expertise.

Tourism, hospitality, real estate and urban development also received particular attention at the forum. Florian Sengstschmid, CEO of the Azerbaijan Tourism Board, spoke about a new state tourism development program designed to stimulate demand while also supporting supply. He noted that Baku is strengthening its position as an international business and tourism hub in the region.

Overall, Baku is seeking to position Azerbaijan not only as an energy producer but also as an investment and logistics platform connecting Central Asia, the South Caucasus, Türkiye and European markets. Key areas also include transport corridors, ports, railways, renewable energy, digital infrastructure and industry.

At the same time, the $10.8 billion announced at the forum represents signed agreements, making the practical implementation of these projects one of the key issues following the conclusion of AIIF.

By Jeyhun Aghazada