Investment from Italy in Azerbaijan has reached $805m, Azerbaijan’s Energy Minister Parviz Shahbazov said as he met his counterparts in Baku.
“So far, investments from Azerbaijan to Italy amount to $342 million, while Italian investments in Azerbaijan total $805 million,” Shahbazov said while speaking at the sixth intergovernmental commission meeting.
The milestone highlights the deepening economic relationship between the two countries and Italy’s position as one of Azerbaijan’s most significant European partners.
The bulk of Italian investment has been concentrated in Azerbaijan’s energy sector. Italy is already Azerbaijan’s largest trading partner, primarily due to imports of Azerbaijani crude oil.
Italian energy companies have played a major role in the development of Azerbaijan’s oil and gas industry, particularly in offshore projects in the Caspian Sea.
Their involvement has supported production, infrastructure development, and the export of energy resources to European markets.
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has recently acquired a 49% stake in a portfolio of solar power plants in Italy.
Analysts say these investments have helped Azerbaijan strengthen its role as a key energy supplier to Europe at a time of heightened concern over energy security.
Italian companies have also increased their presence in construction, transport, and manufacturing, reflecting Azerbaijan’s efforts to diversify its economy and reduce reliance on oil revenues.
Large-scale infrastructure projects have been a particular focus as Italian firms are involved in the design and construction of roads, logistics facilities, and urban development schemes.
The Azerbaijani government on its part, has prioritised infrastructure spending as part of its long-term development strategy, creating opportunities for foreign investors.
Agriculture and food processing have also emerged as potential growth areas for bilateral cooperation. Azerbaijan has sought foreign technology and expertise to modernise its agricultural sector, while Italian companies are known for advanced practices in food production and packaging
Renewable energy is another sector attracting attention. Although Azerbaijan is a major oil and gas producer, it has set targets to increase the share of renewables in its energy mix. Italian firms specialising in solar and wind power have expressed interest in projects aimed at supporting the country’s transition towards cleaner energy sources.
High-level visits between Baku and Rome, as well as regular meetings of joint economic commissions, have helped facilitate dialogue between governments and the private sector.
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