AZE.US
Documents covering more than $10 billion in potential investments were signed at the Second Azerbaijan International Investment Forum, while the government plans to shift some state support from direct project financing toward preferential mechanisms for private and non-oil businesses.
Shahmar Movsumov, assistant to Azerbaijan’s president and head of the Presidential Administration’s Department of Economic Policy and Innovative Development, announced the figures on Sept. 26, according to Vesti Baku.
More Than $10 Billion Remains Potential Investment
Movsumov said forum participants manage more than $33 trillion in assets. Documents covering more than $10 billion in potential investments have been signed during the event.
The figure does not mean that all the funds have already entered Azerbaijan’s economy. It covers projects and agreements that still require further preparation and implementation. Conditions have also been created for larger initiatives involving digitalization and technological transformation.
Government Plans New Support Model
The government plans to continue redirecting part of the state budget away from direct financing of individual projects and toward preferential instruments intended to stimulate entire sectors. The main objective is to expand private enterprise and the non-oil and gas economy.
State investment will continue. Movsumov identified infrastructure, mining and agriculture among the areas that will keep receiving public investment.
Transfers from the State Oil Fund to the budget are gradually declining, but Movsumov said the size of investment programs should not fall. The current budget provides for about $7 billion in transfers from the fund.
Officials have not announced the detailed terms of the new preferential mechanisms or when they will begin operating.
AZE.US