The Eurasian Development Bank (EDB) has released a new analytical bulletin on mutual investments in the Eurasian region, highlighting strong growth dynamics in the South Caucasus. In the first half of 2024, Armenia’s accumulated foreign direct investment (FDI) surged from $37 million to $841 million, with the country actively pursuing 10 investment projects across the region.
According to the report, which covers the period from 2016 to the first half of 2024, the distribution of attracted investments among the South Caucasus countries is as follows: Azerbaijan secured $5.82 billion, Armenia $3.68 billion, and Georgia $2.86 billion. Meanwhile, Russia, having attracted $3.11 billion in investments, remains the region’s largest investor with a total of $38.27 billion in allocations.
A significant portion of Armenia’s investments is directed toward Russia, with smaller shares going to Kazakhstan, Belarus, and Ukraine.
Across the broader Eurasian region, where the total volume of mutual accumulated FDI reached $46.1 billion, the largest recipients were Kazakhstan ($10.4 billion), Uzbekistan ($10.2 billion), and Azerbaijan ($5.8 billion). These three countries account for approximately 60% of all mutual FDI.
Notably, 68% of the accumulated mutual investments are attributed to private companies. In terms of sectors, the extractive industry leads with 35.6%, followed by manufacturing (15.2%) and transport and logistics (11.6%). The agricultural sector has shown particularly dynamic growth, with an average annual growth rate of 6.7% since 2016.
