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During the period of 1995-2015, investments in the Azerbaijani economy totaled $220.4 billion, Shahin Mustafayev, Azerbaijani economy minister, said in an interview with The Business Year magazine.

He said that the political and economic stability in Azerbaijan and the protection of the rights and interests of investors are important indicators of the business and investment climate of the country.

“Furthermore, the geographical location, hydrocarbon reserves, rich raw resources of precious metals and building materials, and a favorable climate for agriculture and tourism create many opportunities for local and foreign investors,” Mustafayev said.

“To increase the efficiency of transit and logistics operations, the Coordinating Council was established to regulate the transit of goods,” he said. “Cargo transportation tariffs were also reduced, creating favorable conditions for increasing the transit cargo transportation capacity of the country.”

Within investment promotion measures carried out in 2015 alone, Azerbaijan Export and Investment Promotion Foundation (AZPROMO) organized 261 events, out of which 177 took place in Azerbaijan and 84 abroad, according to him.

“These events showcased investment opportunities in the country to local and foreign businessmen, promoted Azerbaijani products for exports, and saw export contracts signed with foreign partners,” he said. “Exemplifying Azerbaijan's investment attractiveness in the world, in 2015 alone over $20 billion was invested in the country's economy.”

“In total, during the period of 1995-2015, investments in the Azerbaijani economy totaled $220.4 billion, about half of which came from foreign investments,” he said. “In addition, there are more than 7,000 foreign-invested companies currently operating in various fields.”

Organizing the Formula One Grand Prix in Azerbaijan after the first European Games in 2015 is the result of political and economic stability, the international reputation of Azerbaijan, and the country's experience in holding major events and competitions, Shahin Mustafayev further said.

Formula One Grand Prix of Europe will be held in Baku June 17-19, 2016.

Azerbaijan is considered a sporting nation throughout the world, Mustafayev said, adding that holding the Formula One Grand Prix will have a significant impact on sport development, it will contribute to the economy, and the increase in the number of visitors will stimulate the tourism and service sectors.

“In addition, the positive image of the country will be highlighted and long-term investments will increase,” he said. “The athletes and guests taking part in the competition will have an opportunity to get acquainted with the country and observe the successful development model of Azerbaijan.”

The minister went on to add that the number of tourists visiting our country and the revenues gained from this sector have considerably increased.

“Attracting local and foreign investment in the tourism sector, further improving the quality of services, and hosting international sporting and cultural events provide additional stimulus for the development of tourism,” he said.

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