12:30 - 29.07.2022

---

July 29, Fineko/abc.az. The overall investment climate in Azerbaijan continues to develop, but some important challenges remain.

ABC.AZ reports that this is stated in a document entitled "Investment Reports 2022: Azerbaijan" published by the U.S. State Department.

According to the document, the Azerbaijani government, through reforms aimed at diversifying the economy and stimulating economic growth based on the private sector, seeks to raise foreign investments to the country.

The document says that Azerbaijan's economy depends on oil and gas, and its share in the country's total revenues is 88% and half of the State Budget.

At that, it was noted that Azerbaijan's economy grew by 5.6% in 2021, in contrast to 2020, when it shrank by 4.3%.