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3.45 bln manats invested in Azerbaijan's oil sector

22 August 2014 12:42 (UTC+04:00)
3.45 bln manats invested in Azerbaijan's oil sector

By Aynur Jafarova

Some 3.45 billion manats were invested in Azerbaijan's oil sector in the first half of 2014.

This figure is 30.4 percent more compared to the same period of last year, the State Statistics Committee said.

In 2013 investment worth some 4.82 billion manats were made in the country's oil sector, which is a 24.2-percent increase over 2012.

In January-July total capital investments in the industrial sector of Azerbaijan amounted to 4.17 billion manats, which is 5.4 percent more than the same period of 2013.

Also, 3.44 billion manats of the abovementioned sum was invested into the mining industry, which is 29.5 percent more compared to January-July 2013.

The total volume of capital investments in the industrial sector of Azerbaijan in 2013 amounted to 7.08 billion manats, which is a 16.4 percent increase compared to 2012. Some 4.7 billion manats of that amount was invested into the mining industry - a 20.6-percent increase over 2012.

Political and macroeconomic stability, secure protection of investors' rights, favorable geographical location, rich natural resources and highly skilled workforce have turned Azerbaijan into one of the most attractive countries for foreign investment.

Some $10.5 billion foreign investment was invested in Azerbaijan's economy last year.

Azerbaijan's government has set a goal to minimize the dependence of its national economy on the oil factor and to double the country's GDP by developing its non-oil sector by 2020.

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