The Fitch Solutions International rating agency improved the forecast for investment in Azerbaijan.
Fitch Solutions increased the prognosis of investment growth in Azerbaijan from 0.9 percentage points in 2022 (an average of 0.8 percentage point in 2011-21) to 1.3 percentage points in 2023.
Fitch Solutions also believes that, against the backdrop of the strict sanctions of the European Union in connection with the war in Ukraine, Russia redirected its trade from Europe to the East, and Neneftyan and the gas sector of Azerbaijan gained benefits from this. So, trade between Azerbaijan and Russia by November 2022 increased by 23.0% (in annual terms). In other words, the share of Russia in the total foreign trade of Azerbaijan increased from 8.0% in 2021 to 12.0% in 2022. Fitch Solutions predicts that capital flows from Russia to Azerbaijan will be strong in 2023, and investments in the NENEFTYA and the gas sector will continue to grow.