Page 55 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.70, # 1, 2013, pp. 46-76

recent years like fruit and vegetable juices, refined tobacco, fur and leather, refined

cotton, cotton oil, seafloor oil turned into the competitive products on world-wide

market. At the same time the products made by the chemistry industry like politer,

propylene and plastic have also competitive advantages. On other hand the

products of non-oil industry like pumps, liquid elevators, gas/water/electricity

meters, towing ships, magnate strips and etc. have also competitive advantages.

Considering all above mentioned factors we came to conclusion that Azerbaijani

industry can develop sectors other that oil and gas industry and gain competitive

advantage there. At the same time developing of chemistry industry will provide an

opportunity to produce other diversified products.

Table 4. Investments directed to Azerbaijani Industry

2005 2010 2011
Total Industry 4 176 4 276 5 370
Foreign investments 3 350 1 917 2 125
Local investments 826 2 359 3 245
Mining 3 730 2 952 3 244
Foreign investments 3 210 1 883 1 894
Local investments 520.6 1 069 1 350
Crude oil and natural 3 606 2 933 3 022
Foreign investments 3 210 1 881 1 894
Local investments 396.0 1 052 1 128
Refinary 115.8 510.2 847.9
Foreign investments 35.9 1.1 0.2
Local investments 79.9 509.1 847.7
Production of goodies and food 28.0 27.1 46.5
Foreign investments 8.9 1.1 -
Local investments 19.0 26.0 46.5
Weaving 2.1 9.8 0.2
Local investments 2.1 9.8 0.2
Production of oil products 26.8 25.4 48.4

54