Over the past five years, the Azerbaijan Investment Company OJSC (AIC) has confidently and successfully advanced its key areas of activity, focusing on sustainable economic growth and attracting foreign investments. This approach aligns fully with the "Azerbaijan 2030: National Priorities for Socio-Economic Development", as approved by the Presidential Decree of the Republic of Azerbaijan.
This period marked a significant milestone for the company. By adopting modern corporate standards and implementing best practices in management, AIC revitalized and enhanced the efficiency of several enterprises. Collaboration with international partners has become an integral part of AIC's strategy, bolstering trust in the Company on the global stage.
Five-Year Results: Sustainable Growth and Development
For AIC, established in 2006, the years 2020–2024 have been a period of active efforts focused on transforming key economic sectors and implementing sustainable development projects.
Over the past five years, the total value of projects funded reached AZN 1.7 billion, of which AIC approved investments of up to AZN 292 million. In addition, AZN 476 million were secured through foreign direct investments.
Notably, the ratio of attracted funds demonstrates the company's efficiency as an investment partner. For every AZN 1 invested by AIC, AZN 6.5 were contributed by international and local investors as well as financial institutions. For foreign direct investments, the ratio was AZN 1.62 for every AZN 1 invested by AIC. This multiplier effect underscores AIC's effectiveness in mobilizing additional funding.
The investments supported the implementation of 23 projects, including the construction of 19 new enterprises. These initiatives aim not only to enhance the country's production capacity but also to create approximately 2,300 new jobs in the coming years. AIC participates in projects that create competitiveness and added value, especially those aimed at export and import substitution. Currently, due to AIC, active production of strategic products in the food and pharmaceutical industries, as well as in the construction materials and clothing sectors is being carried out, which is an important indicator of providing the economy, business and population with vital products.
Along with the strengthening the Azerbaijan’s healthcare infrastructure, special emphasis is given on investments in strategically important sectors, such as pharmaceutical projects that enable the domestic production of high-quality medical supplies and pharmaceuticals meeting the highest international standards. One notable example of such collaboration is the partnership with the Diamed Group of Companies, which has led to the establishment of key manufacturing facilities. One plant specializes in the production of disposable syringes, while another produces essential intravenous infusion solutions such as Sodium Chloride, Ringer’s Lactate, and Glucose.
Besides the mentioned projects, it’s noteworthy to specify significant projects implemented by AIC and aimed at fostering economic development of other regions of Azerbaijan. In the Balakan district, the Balkhoorma and Balacans Agro Food plants are specializing in manufacturing of dried fruit. These projects support local producers, and the products manufactured facilitate the enhancement of the export potential of both the region and the country as a whole.
Among the flagship projects is stone quarry in the Shahbulag village of Aghdam region, and the restored cement plant in Khojaly. The building stone and cement produced in these plants are used in the reconstruction work carried out in the liberated territories. AIC has also invested in the Bafco factory located in the Aghdam Industrial Park, which specializes in the production of high-quality safety footwear designed for workers across various industries.
In Yevlakh, the first phase of a hatchery plant with an annual production capacity of 22 million eggs is completed. This project aims to reduce the country’s dependence on imports and bolster food security by producing high-quality and affordable hatchery eggs.
The construction of several projects aimed at developing strategic sectors of the economy is in its final stages. Among them, is the construction of a factory for manufacturing a broad range of pharmaceuticals in Azerbaijan. In partnership with GEN İlaç ve Sağlık Ürünleri A.Ş., one of Turkey’s largest pharmaceutical companies, the facility is expected to produce approximately 70 types of medicines, including ampoules and tablets, which are of strategic importance for the health and well-being of the country's population.
In Imishli district, construction of a malting plant is at the final stage. This initiative seeks to strengthen Azerbaijan’s position in this sector.
Currently, AIC is actively participating in implementation of green projects in the liberated territories, as well as the projects aimed at improvement of other regions of the country.
Within the framework of support for the development and revival of four ongoing projects in the liberated territories, the company is investing AZN 44.8 million. A standout project in AIC’s portfolio is the restoration of five small hydropower plants in collaboration with Turkey’s Demirören Holding. This project reflects AIC’s commitment to sustainable development, as these hydropower plants will provide the region with renewable energy, reducing reliance on traditional energy sources. Additionally, a major step in advancing the energy infrastructure is AIC’s participation in the construction of the Shafag Solar Power Plant with a capacity of 240 MW in Jabrayil region. Implemented in partnership with SOCAR Green and BP, this project will be one of the largest green energy initiatives in the liberated territories, highlighting AIC’s dedication to promoting renewable energy solutions.
In addition to environmental initiatives implemented in the liberated territories, AIC is actively involved in the development of "green" projects in other regions of the country. One of these projects is the construction of a plastics recycling plant in Sumgayit, developed in collaboration with the Italian company Technip Energies. This facility will implement innovative solutions for processing plastic waste using advanced thermochemical technology. The plant will convert plastic waste into pyrolysis oil, a valuable resource for various industrial applications. AIC’s total investments in green projects amount to AZN 74 million, underscoring the company’s commitment to implementing modern solutions aimed at preserving the environment and fostering sustainable development.
In Gabala, a joint venture with Georgian partners is set to establish a beverage production plant for non-alcoholic and low-alcohol drinks, representing a significant step in advancing the food and beverage industry. Additionally, in Ganja, in collaboration with Azerbazalt OJSC, AIC is developing a basalt extraction and processing project to produce basalt dust and granules. This raw material is in high demand within the construction industry and other sectors, making the project strategically important for the country’s industrial development.
One of the largest and most significant projects is Quality Pack Caspian, implemented in partnership with Hungary’s HELL Energy. Quality Pack Caspian will be the first beverage aluminum can production plant in the South Caucasus. Located in the Alat Free Economic Zone, the plant will feature state-of-the-art facilities with an annual production capacity of over 700 million units. The project is designed to fully meet the demands of the local market while unlocking opportunities to enhance export potential.
In 2024, one of AIC’s key accomplishments was its successful participation in the COP29 conference, where agreements were reached on several environmental initiatives. These include projects focused on collecting plastic and glass containers, advancing carbon capture technologies, and producing stationary battery systems. These agreements underscore AIC’s active engagement in global environmental cooperation, further solidifying its commitment to sustainability and innovative green solutions.
In the future, AIC plans to continue implementing significant projects in collaboration with international partners, further bolstering strategic economic sectors and introducing cutting-edge innovative solutions. In partnership with the Austrian company Fibron Pipe, AIC will launch the production of composite and stainless-steel pipes, ensuring the market is supplied with high-quality products. Additionally, in collaboration with Austria's Grabher Group, a project to produce innovative “smart” textiles which will provide access to state-of-the-art solutions that meet international standards for use in important areas such as medicine and hygiene, is being developed. In the Sumgayit Chemical Industrial Park, AIC, in partnership with China’s BYD Auto Industry Co. Ltd. and Electrify Azerbaijan OJSC, will establish a factory for assembling electric buses, making a significant contribution to the development of eco-friendly transportation and the machinery sector. Another notable initiative, in collaboration with the UAE-based Masdar, involves the processing of household waste to generate clean energy, aligning with sustainable development goals. Through partnerships with 15 countries, AIC continues to expand its international connections, creating new opportunities for mutually beneficial cooperation that strengthens the country’s economy and fosters global integration.
“We see our mission not only in attracting capital but also in building a sustainable infrastructure that will serve future generations. Our projects once again affirm that Azerbaijan is ready to establish itself as a regional hub for promising investments,” stated Ulvi Mansurov, Executive Director of AIC, in one of his speeches.
