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Over 90pct of US investments in Azerbaijan account for oil, gas industry

24 May 2020 15:10 (UTC+04:00)
Over 90pct of US investments in Azerbaijan account for oil, gas industry

By Trend

The volume of the US investments in the Azerbaijani economy has reached $14 billion, of which $12.8 billion relates to the oil and gas industry, Trend reports referring to Azerbaijani Economy Minister Mikayil Jabbarov.

Jabbarov made the remark at a video conference organized by the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) together with the American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan).

Thus, the US is the second biggest investor in Azerbaijan.

Jabbarov stressed that Azerbaijan is interested in developing trade and economic ties with the US and is taking important steps to expand cooperation.

“So, presently, 257 US companies operate in various sectors of the Azerbaijani economy, including industry, agriculture, construction, services and others,” the minister added.

Jabbarov also emphasized that AmCham Azerbaijan is making a significant contribution to the process of preparing a new bill on investment activity.

“The priorities for investment activity of the US companies in Azerbaijan are construction industry, mining sector, petrochemical industry, digital economy, transport sector, trade and logistics, telecommunications, agriculture, processing industry and the development of the tourism sector,” the minister said.

“Moreover, the factor of wider application of the mechanism of public-private partnership on a number of projects, including infrastructure projects, by the Azerbaijani government creates favorable opportunities for expanding the relations with investors,” the minister said.

Moreover, Jabbarov stressed the importance of creating a regional center of the World Economic Forum on the Fourth Industrial Revolution in Baku and Azerbaijan’s readiness to cooperate with the US in building the digital economy.

US Ambassador to Azerbaijan Lee Litzenberger stressed Azerbaijan’s successful economic policy, the importance of ongoing reforms in the field of further improving the business and investment environment, as well as attractive tourism resources.

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