Azerbaidjão: Investir no Azerbaidjão
According to UNCTAD's 2023 World Investment Report, FDI inflows to Azerbaijan were negative by USD 4.4 billion in 2022, marking the second consecutive year of divestment, due to payment of dividends in the extractive industries. In the same year, the total stock of FDI stood at USD 29.4 billion, around 42.1% of the country’s GDP. Azerbaijan inflows focus on the oil and gas sector, although one of the top priorities of the Azerbaijani Government is to diversify the country’s economy and attract FDI to agriculture, transportation, tourism, and information/communication technology. Russia is the main source of FDI, but beyond that, the country is part of the customs union between Russia, Kazakhstan, Armenia, and Belarus that, in terms of volume, is the most important in the region and is almost exclusively involved in major projects for oil/gas pipelines and related services. According to the latest figures by the Central Bank of Azerbaijan, in the six nine months of 2023, FDI inflows totaled USD 3 billion.
The Azerbaijani Government has stressed the importance of improving the business climate and it does not screen inbound foreign investment. According to Azerbaijani law, foreign investments receive comprehensive legal protection and are safeguarded against nationalization or appropriation, except in specific circumstances. Private entities have the freedom to establish, acquire, and divest interests in business enterprises. While foreign citizens, organizations, and enterprises can lease land, ownership rights are restricted to Azerbaijani nationals. Foreigners can establish business entities in Azerbaijan through three avenues: setting up a wholly-owned subsidiary, purchasing shares of an existing company, or forming a joint venture with a local partner. Additionally, foreign companies have the option to operate in Azerbaijan without establishing a local legal entity by registering a representative or branch office with tax authorities. Azerbaijan is expected to continue to attract investment as an alternative transit route due to the risks associated with the Russian route following the invasion of Ukraine. Nevertheless, the problem of corruption remains unresolved and may act as an impediment to the country's development: Azerbaijan ranked 154th out of 180 countries on Transparency International's Corruption Perceptions Index 2023. Furthermore, a small group of government-connected holding companies dominates the economy, the country remains very dependent on the hydrocarbon sector (which represents on average more than 90% of its exports) and has a fragile dollarized banking system with an underdeveloped private sector credit. Azerbaijan ranks 89th among the 132 economies on the Global Innovation Index 2023 and 70th out of 184 countries on the latest Index of Economic Freedom.
Foreign Direct Investment | 2020 | 2021 | 2022 |
FDI Inward Flow (million USD) | 507 | -1,708 | -4,474 |
FDI Stock (million USD) | 36,366 | 34,320 | 29,436 |
Number of Greenfield Investments* | 6 | 3 | 9 |
Value of Greenfield Investments (million USD) | 344 | 43 | 674 |
Source: UNCTAD, Latest available data
Note: * Greenfield Investments are a form of Foreign Direct Investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up.
Country Comparison For the Protection of Investors | Azerbaijan | Eastern Europe & Central Asia | Estados Unidos | Alemanha |
Index of Transaction Transparency* | 10.0 | 7.5 | 7.0 | 5.0 |
Index of Manager’s Responsibility** | 7.0 | 5.0 | 9.0 | 5.0 |
Index of Shareholders’ Power*** | 8.0 | 6.8 | 9.0 | 5.0 |
Source: Doing Business, Latest available data
Note: *The Greater the Index, the More Transparent the Conditions of Transactions. **The Greater the Index, the More the Manager is Personally Responsible. *** The Greater the Index, the Easier it Will Be For Shareholders to Take Legal Action.
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