Azernews.Az

BAKU – An investment summit that started in Baku on Wednesday brought together representatives of over 40 foreign companies.

Investors from the United States, Germany, Britain, Spain, France, the United Arab Emirates, Hong Kong and other countries are interested in a wide range of sectors, including finance, agriculture, construction and alternative energy.

Azerbaijani Deputy Minister of Economic Development Niyazi Safarov said in his remarks that political and economic stability reigns in Azerbaijan, and the country is particularly attractive for foreign investors amid the current instability in the neighboring states.

Adil Mammadov, Executive Director of Azerbaijan’s investment promotion agency Azpromo, noted that $95 billion has been invested in the Azerbaijani economy in the past 15 years. $52bn of the amount was placed by foreign investors, with 36 percent of the funds being direct foreign investment.

"This shows that there is a favorable investment climate in the country," Mammadov said.

The two-day summit is being held by the Economic Development Ministry with the support of the Euroconvention Conferences organization.

On Wednesday, discussions focused on business and investment opportunities in the South Caucasus and Caspian regions, banking and financial services, alternative energy markets, and opportunities for doing business in the agriculture and food industry sectors. On Thursday, participants will discuss financing information technologies and telecommunications and the infrastructure boom in Azerbaijan in order to draw direct foreign investment to the country.