Research Information System
37th International Scientific Conference on Economic and Social Development - Socio Economic Problems of Sustainable Development, Baku, Azerbaijan, 14 - 15 February 2019, pp.469-478
According to this article, attracting of foreign investment is a central issue of reconstruction of foreign economic policy and reforming of economic system of the republic. The purpose of this issue is to study the features of attracting foreign direct investment to the industry of Azerbaijan. In the course of the study, the following tasks were settled: investment environment of Azerbaijan was described, investments were analyzed and the direction of foreign investment in the country's economy was determined, and ways to stimulate investment in industry were identified. The research methodology is based on the works of foreign scientists to attract foreign direct investment. The study period covers the period of 1995-2017. The results of the study indicate that the oil sector has been and still remains as the main direction of attracting foreign direct investment in industry. Oil in Azerbaijan is the most attractive area of the national economy for a foreign investor. Due to the fact that the majority of companies engaged in the oil sector are foreign, mostly foreign investments are attracted to this sector. The main direct foreign investors in the economy of Azerbaijan are residents of the UK, USA, Turkey, Japan and Norway. With regard to the signing of international gas agreements, an increase is expected in foreign investment in the energy sector of Azerbaijan. It was revealed that the state investment policy focuses on creating a favorable investment climate in the country, on stimulating the attraction of private capital, as well as finding new forms of joint investment in promising projects.