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Azerbaijan Invests Nearly $12 Billion Abroad in 2013

Azerbaijan invested $11.8 billion abroad in 2013, the balance of payments for 2013 published by the Central Bank of Azerbaijan (CBA) said.
The amount was generated through direct investments ($1.478 billion), portfolio investments ($322.8 million), and other investments ($9.959 billion). The oil and gas sector received $1.039 billion of the direct investments, while $438.9 million fell to other sectors.

Other investments included trade loans and advances ($4.83 billion), loans and advances ($256 million), and deposits and cash ($4.87 billion).

The commitments worth $5.27 billion were formed in Azerbaijan in 2013, some $2.617 billion of which fell to direct investments, while $1.04 billion fell to portfolio investments.

The balance of payments of 2013 also shows that the total volume of foreign direct investments in Azerbaijan's economy reached $6.3 billion in 2013, and the specific weight of the oil and gas sector in this volume stood at 82.4 percent.

These investments were used to finance work in Azerbaijan, mainly carried out under oil and gas projects by BP Exploration Ltd (Shah Deniz) and the Azerbaijan International Operating Company (AIOC) at the Azeri-Chirag-Gunashli block of fields.

The volume of direct investments in the non-oil sector reached $1.108 billion, accounting for 17.6 percent of the total volume of direct investments attracted in the country, the CBA estimations shows.

The total foreign trade turnover in 2013 reached $42.9 billion, and the trade surplus was $20.6 billion. During that period, trade relations were maintained with 152 countries.

Broad trade relations were observed with Italy, the UK, Turkey, the United States, Russia, Thailand, Indonesia, Germany, Japan, and France, which constitutes 68.9 percent of Azerbaijan's export-import operations.

Source: Azernews

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