Azernews.Az

By Amina Nazarli

Azerbaijan has once again become the largest investor in neighboring Georgia.

The volume of foreign direct investment (FDI) made in Georgia in 2016 amounted to $1.645 billion, and the figure is 22 percent higher than in 2015.

The share of the largest investors in foreign direct investment made in the country -- was 59 percent. Azerbaijan ranks first with 35 percent, followed by Turkey with 17 percent and the UK with 7 percent.

In the same period, the volume of reinvestment amounted to 32 percent of foreign direct investment, according to Gruzstat.

The largest amount of FDI was made in the sphere of transport and communications and amounted to $645 million. This makes 39 percent of direct foreign investments. The second is energy sector with $203 million, followed by construction with $163 million.

Azerbaijan and Georgia, the two neighboring countries with long-standing and successful relations established diplomatic relations in 1992. The countries are actively cooperating in trade, transport and energy spheres.

Currently, the countries are involved in a number of regional projects such as the Baku-Tbilisi-Kars, Baku-Tbilisi-Erzurum, and Southern Gas Corridor project.

Azerbaijan mainly exports petroleum, petroleum oils and gases, gypsum, anhydrite, plaster and other products to Georgia, while motor cars, live bovine animals, bars and rods of iron, as well as cement, make up the majority of imported goods from Georgia to Azerbaijan.

Moreover, Azerbaijan’s state oil company SOCAR is deeply involved in the energy market in the neighboring South Caucasus republic.

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

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