Foreign direct investment in Azerbaijan up 0.5% to $1.51 bln in Q1 - Central Bank

BAKU. June 13 (Interfax) - Foreign direct investment in Azerbaijan rose 0.5% to $1.509 billion in Q1 2024 from $1.501 billion in Q1 2023, the Central Bank of Azerbaijan told Interfax.

According to the balance of payments, the oil and gas sector accounted for 87.6% of total FDI compared with 77.5% a year previously, and the non-oil sector for 12.4% compared with 22.5%.

The top three countries by FDI in Azerbaijan in Q1 2024 were the UK with $443.218 million, down 4.6%; Turkey - - $261.408 million, down 9.7%; and Cyprus - $129 million, down 4.7%.

They are followed by the UAE with $190.686 million, up 3.5-fold; Iran - $94.839 million, down 5.7%; Japan - $60.891 million; Russia - $55.546 million, up 8.4%; Hungary - $45.335 million; Norway - $35.202 million and the United States - $32.225 million.

FDI in Azerbaijan rose 6.1% to $6.658 billion in 2023.