EU Investments In Azerbaijan Total $24.7 Billion Over 2012-2023
Date
5/31/2024 5:19:48 AM
(MENAFN- AzerNews)
Nazrin Abdul Read more
Rauf Najafli, adviser to the Minister of Economy, revealed thisfigure during the second annual report meeting of the FlexibleTechnical Assistance Tool for Azerbaijan (AZTAF), funded by the EUand managed by the World Bank, Azernews reports.
"During the years 2012-2023, investments from the European Union(EU) to Azerbaijan amounted to a total volume of 24.7 billion USdollars," Rauf Najafli said.
Highlighting the pivotal role of EU and World Bank cooperationin fostering economic development and innovation, Najafliemphasized Azerbaijan's appeal to European investors. In 2023, theEU's contribution to Azerbaijan's foreign trade reached $24.82billion, with January-April 2024 recording $5.31 billion.
Najafli underscored ongoing efforts, citing the approval of the"Strategy of Socio-Economic Development of the Republic ofAzerbaijan 2022-2026" by President Ilham Aliyev on July 22, 2022 strategy focuses on enhancing the investment climate, promotingenergy efficiency, fostering innovation, and boosting employmentefficiency, anticipating significant economic growth anddevelopment acceleration.
"Within the framework of the strategy, key activities have beenidentified for improving the investment environment for businesses,ensuring energy efficiency, supporting and stimulating innovation,increasing employment efficiency, and a number of other essentialareas. As a result of the implementation of this strategy,significant changes in the country's economy, growth, andacceleration of development rates in priority areas are expected bythe end of 2026," he added.
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