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U.S. Invests $10B in Azerbaijan's Economy

The U.S. invested $10 billion in Azerbaijan's economy, the country's Deputy Economy Minister Sahil Babayev said.

"Azerbaijan's oil sector alone received investments worth $9 billion," Babayev said. "The volume of investments is constantly increasing, and this shows a favorable investment climate in our country. Azerbaijani investments in the U.S. economy are about $3 billion, and they are mainly invested through the State Oil Fund of Azerbaijan (SOFAZ)."

He added that there are long-term economic relations between Azerbaijan and the U.S., and these relations can be called strategic. He noted that Azerbaijan hopes to attract U.S. investment in the non-oil sector as well, and to diversify their directions.

"It is regrettable that only 10 percent of the U.S. investments are directed to Azerbaijan's non-oil sector," Babayev said. "We hope that in the future we will attract the U.S. investments in other sectors of the Azerbaijani economy as well."

Source: Trend

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