Azerbaijan Quadruples Direct Investment In Uzbekistan In 2024

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 29.​ Azerbaijan has significantly increased its investment in Uzbekistan's economy, with the total investment reaching $93.1 million in 2024.

Data obtained by Trend from the Central Bank of Azerbaijan indicates that this marks a fourfold increase compared to 2023, with an additional $69.9 million invested.

In terms of total foreign direct investments, Azerbaijan's investments in Uzbekistan accounted for 5.3 percent of the overall total.

Meanwhile, Azerbaijan's investment in Uzbekistan was $23.2 million in 2023.

In 2024, direct foreign investments into Azerbaijan's economy exceeded $7 billion, reflecting an increase of $388.1 million, or 5.83 percent, compared to the previous year.

Additionally, during the reporting period, Azerbaijan's direct investments abroad amounted to approximately $1.8 billion, which represents a decrease of $1.4 billion, or 43.3 percent, compared to the previous year.

To note, the volume of remittances of individuals from Azerbaijan to Uzbekistan amounted to $4.6 million in 2024.

This metric experienced an uptick of $953,000, representing a 26 percent escalation relative to the corresponding timeframe of 2023.

The proportion of Uzbekistan within the aggregate remittance volume for the fiscal year was quantified at 0.9 percent.

Furthermore, in the preceding fiscal year, the aggregate remittance flow from individuals in Uzbekistan to Azerbaijan reached a total of $10.96 million, reflecting a decrement of $937,000 or a contraction of 7.9 percent compared to the year 2023.

The proportion of Uzbekistan in the aggregate remittance inflow to the nation during the reporting period constituted 1 percent.

In 2023, the aggregate remittance flow from individuals residing in Azerbaijan to their counterparts in Uzbekistan reached an impressive $3.7 million, while the reciprocal remittance inflow amounted to a substantial $11.9 million.

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