Foreign direct investment (FDI) in Azerbaijan rose to $1.4 billion for 2002, more than six times the level for 2001

According to a report released on 24 October by the United Nations Trade and Development Agency (UNCTAD), foreign direct investment (FDI) in Azerbaijan rose to $1.4 billion for 2002, more than six times the level for 2001, Reuters reported. According to the UNCTAD figures, slightly under $1 billion of total investment was concentrated in the oil sector, and nearly half of the investment came from European Union countries, with British investment leading all EU states. Also significant was the rise in Russian investment, with Russian companies tripling their investment in Azerbaijan to $64 million in 2002, mainly in the oil industry and now reaching a total of $321 million invested in Azerbaijan. Additional foreign direct investment came from the United States, with American firms investing $310 million last year, up nearly three times over 2001, and Norwegian and Japanese companies both investing around $126 million.