Azerbaijan used the second Azerbaijan International Investment Forum in Baku to make a clear statement: the country wants to be seen as more than an energy exporter. It wants to be a capital destination.

Billions In Prospective Deals

Speaking to Euronews, Economy Minister Mikayil Jabbarov said the forum produced about $10.8 billion in confirmed business across 26 contracts spanning artificial intelligence, energy, manufacturing and production. He said the country is increasingly looking beyond its own borders to unlock growth through partnerships with overseas investors and companies.

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“We tend to look at opportunities not only within our geographical borders but also through partnerships,” Jabbarov said, noting Azerbaijan’s growing commercial links with markets including the United States and Italy. The forum’s investment tally adds to more than $10 billion in agreements announced at the inaugural event, with a large share tied to the non-oil economy.

A Bid To Broaden The Economic Base

The scale of the commitments reflects a broader policy challenge: diversifying an economy long shaped by oil and gas. According to President Ilham Aliyev, the non-oil sector accounted for 72% of GDP in 2025, while real non-oil GDP growth has averaged 5% annually since 2020.

Aliyev told delegates that Azerbaijan’s investment strategy now extends across manufacturing, transport and logistics, renewable energy, digital technologies, agriculture, tourism and infrastructure. Yet he also underlined the importance of the energy sector, arguing that long-standing oil and gas contracts have reinforced the country’s credibility with international investors.

Global Capital Takes Notice

The forum drew companies representing roughly $30 trillion in assets across the Azerbaijan International Investment Forum and the Azerbaijan Infrastructure Investment Dialogue, according to the presidential administration. Among the participants were BlackRock, Global Infrastructure Partners and Brookfield Asset Management, some of the most influential names in global finance.

BlackRock, which manages trillions in assets, has become a particularly visible player in Azerbaijan’s investment push. The infrastructure dialogue was hosted with Azerbaijan’s sovereign wealth fund, SOFAZ, underscoring the government’s intention to position the country as a serious partner for large-scale capital deployment.

Data from Azerbaijan’s Central Bank shows that foreign direct investment exceeded $3 billion in the first six months of 2026, up 13.8% year on year. The main sources of FDI were the United Kingdom, Türkiye, Cyprus, Russia and Iran. At the same time, Azerbaijani capital flowing outward topped $5 billion in the same period, with Italy, Türkiye, the UK, the UAE and Georgia among the main destinations.

Marketing, Scale And Private Sector Momentum

For domestic business leaders, Azerbaijan’s rising profile is being driven not only by policy, but also by brand-building. Orkhan Mustafayev, founder and chairman of Sabah Investment Group, told Euronews that sustained marketing efforts have helped projects such as Sea Breeze gain international traction.

He said overseas sales are rising by about 20% year on year and that the buyer mix has shifted from overwhelmingly local to roughly 70% domestic and 30% international. He argued that public-private cooperation, roadshows and global presentations are helping unlock returns for smaller investors as well.

George Walker, chief executive of Neuberger Berman, said Azerbaijan’s appeal lies in its continued economic progress and growing international relevance. He described the country as increasingly respected as a strategic partner, adding that its reputation is strengthening with global investors.

Tourism And Urban Development Enter The Picture

That narrative is visible in Sea Breeze, a large-scale coastal development on the Caspian Sea that has become one of Azerbaijan’s most prominent private projects. Its founder, singer and entrepreneur Emin Agalarov, said the vision is being carried forward by multiple international partners rather than by a single developer alone.

“When you’re not alone, there’s speed. There’s expertise and there’s results,” he said, pointing to the involvement of companies from Israel, the UAE and other markets. Tourism, hospitality, property and urban development are increasingly being presented as additional gateways for international capital.

Florian Sengstschmid, chief executive of the Azerbaijan Tourism Board, said a new state programme is designed to support both demand and supply in the sector. He said Baku has positioned itself as a regional meeting hub and that this momentum can be translated into future business.

Infrastructure As The Core Investment Story

Azerbaijan is now marketing itself as a strategic platform linking Central Asia, the South Caucasus, Türkiye and European markets. That message is likely to resonate with infrastructure investors focused on transport corridors, ports, rail, renewable energy, data infrastructure and industrial production.

Brookfield’s regional head of the Middle East, Jad Ellawn, said the country’s governance has been a major factor in attracting interest. “Good governance is the best type of marketing,” he said, arguing that trust in institutions has helped Azerbaijan stand out.

The central question after AIIF is whether the pledges made in Baku will translate into deployable capital and completed projects. For now, Azerbaijan has succeeded in reframing itself: not merely as an oil producer, but as a market seeking to anchor broader regional investment flows.

With billions in prospective agreements and some of the world’s largest asset managers in the room, the country is signaling that its ambitions are no longer confined to hydrocarbons.