BAKU, Azerbaijan, March 27. Latvia has really put its money where its mouth is, significantly ramping up its direct foreign investments in Azerbaijan's economy, with the investment volume hitting a whopping $24.4 million in 2024.
Data obtained by Trend from the Central Bank of Azerbaijan indicates that this marks an increase of $11.4 million, or 1.9 times more, compared to the same period in 2023.
Latvia’s share in the total foreign direct investments (FDI) in Azerbaijan was 0.3 percent in the reporting period.
Meanwhile, Latvia's investments in Azerbaijan's economy amounted to $13 million in 2023.
To note, foreign direct investments in the Azerbaijani economy exceeded $7 billion in 2024. This is $388.1 million, or 5.83 percent, more than in 2023.
However, the volume of foreign direct investment directed from Azerbaijan to the foreign economy in the reporting year amounted to $1.8 billion, which is $1.4 billion or 43.3 percent less than in 2023.