Azerbaijan seals nearly $11 billion in deals at Baku investment forum
The second Azerbaijan International Investment Forum in Baku closed with 26 contracts worth almost $11 billion across sectors. The country continues courting major global investment firms as it works to reduce reliance on oil and gas.
Azerbaijan's capital Baku hosted the second Azerbaijan International Investment Forum (AIIF) this week, where Economy Minister Mikayil Jabbarov announced that 26 contracts worth nearly $11 billion (about €9.7 billion) had been finalised. The agreements span multiple sectors, from artificial intelligence and energy to manufacturing.
Jabbarov noted that Azerbaijani companies are increasingly pursuing partnerships not just regionally but in more distant markets such as the United States and Italy. Last year's inaugural forum produced agreements worth over $10 billion, most of it tied to non-oil industries.
This year's event, alongside the related Infrastructure Investment Dialogue, brought together companies managing a combined $30 trillion in assets, including major names such as BlackRock, Global Infrastructure Partners and Brookfield Asset Management.
Oil sector still dominant
In his address, President Ilham Aliyev said the non-oil sector made up 72% of GDP in 2025, with that segment averaging 5% annual growth since 2020. Still, he acknowledged energy investment remains the dominant force, pointing out that oil and gas contracts signed three decades ago have never been altered — something he described as a sign of Azerbaijan's reliability as a partner.
According to the Central Bank of Azerbaijan, foreign direct investment reached more than $3 billion in the first half of this year, up 13.8% year-on-year, led by the United Kingdom, Türkiye, Cyprus, Russia and Iran. Over the same period, Azerbaijan exported more than $5 billion in capital abroad, mainly to Italy, Türkiye, the UK, the UAE and Georgia.
Tourism and infrastructure in focus
The forum also highlighted opportunities in tourism and infrastructure, including the large Caspian coastal development Sea Breeze. Investor representatives pointed to strong institutional governance as a key reason for growing confidence in the country. Whether the billions discussed in Baku translate into completed projects remains to be seen.
