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Cyprus in the top three for investments in Azerbaijan

  • Obyektiv Media
  • Sep 17
  • 1 min read
Cyprus is a top 3 foreign investor in Azerbaijan ($353M) despite no diplomatic ties. Funds likely from Azerbaijani-owned offshore companies.

In the first half of this year, foreign direct investment in Azerbaijan amounted to $3.2 billion, said Samir Nasirov, director of the Statistics Department of the Central Bank of Azerbaijan, on September 17.


According to him, the top 5 countries investing in Azerbaijan were Great Britain ($806 million), Turkey ($629 million), Cyprus ($353 million), Switzerland ($226 million), and Iran ($176 million).


At the same time, Azerbaijan directed $1.349 billion in direct investments abroad during the specified period. The top 5 included Israel ($542 million), Turkey ($177 million), the United Arab Emirates ($156 million), Georgia ($77.6 million), and the United States ($77.1 million), noted the CBA representative.


The presence of Cyprus, with which Baku has no diplomatic relations due to the unresolved problem of the island's division, is noteworthy in the top three of investors in Azerbaijan.


According to observers, it is most likely about investments from companies registered in the offshore zone of Cyprus, and these entities probably have Azerbaijani origins.

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