By Nigar Abbasova
The Azerbaijan Export and Investments Promotion Foundation (AZPROMO) has updated its catalogue of the investment projects by including 65 projects, said a message from the country’s Ministry of Economy. The purpose of updating the catalog is to promote the attraction of foreign investment in the non-oil sector of Azerbaijan.
The catalogue comprises projects covering the spheres of agriculture, heavy and light industry, alternative energy, tourism, information technologies, construction and others that are considered to be priority areas of the national economy and are able to catch interest of investors. The projects cover many regions of the country.
Azerbaijan plans to minimize its oil dependence, which requires ensuring growth of non-oil sector of economy and increasing the volume of foreign investment in this field.
Being considered one of the most important sectors of the economy, agriculture is one of the most attractive sectors for foreign investors. The fertile lands, abundance of water and climatic diversity create favorable conditions for a strong agricultural sector in the country. The country seeks to further develop its agriculture and food industry both for import substitution and export.
Priority investment areas in the sphere of tourism are construction of hotels, tourism complexes, recreation zones, as well as development of touristic sites.
Sphere of construction is also considered to be very competitive with increasing number of strong local and foreign companies able to deliver the highest international standards in the field. Priority areas in the sphere of construction are production and building of finishing materials, construction materials, production of aluminum, lime, ceramics, construction glass as well as construction of logical warehouses and machinery plants.
Favorable geographic location promises expansion of transport routes, which will further increase the country’s attractiveness to investors in terms of easy delivery of products made in Azerbaijan to other markets.
The catalogue can be found on the websites of Azerbaijan’s Economy Ministry (www.economy.gov.az) and AZPROMO (www.azpromo.az).
AZPROMO is a joint public-private-initiative, established by the Ministry of Economy and Industry of Azerbaijan in 2003 with the aim to contribute to the economic development through attracting foreign investments in the non-oil sectors of economy and stimulating expansion of country's exports of non-oil goods to the overseas markets. The company is engaged in assisting and advising foreign-based companies interested in investigating and utilizing investment opportunities in Azerbaijan.
Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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