Azerbaijan Investment Company
Azerbaijan's state-owned investment company that takes minority stakes in non-oil sector projects to attract local and foreign capital.
Last updated September 28, 2026
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Overview
Azerbaijan Investment Company (AIC; Azerbaijani: Azərbaycan İnvestisiya Şirkəti ASC) is a state-owned investment company of Azerbaijan, established as an open joint-stock company by Presidential Decree No. 1395 of 30 March 2006, titled "On additional measures to stimulate investment activity." Its mandate is to make long-term investments by purchasing shares and equity stakes in companies and commercial organizations operating in Azerbaijan's non-oil sector, to attract local and foreign investment into the national economy, and to contribute to the development of the country's capital market. AIC's priority sectors for cooperation include heavy industry, pharmaceuticals, food processing, agricultural product processing, logistics, and alternative energy. The company typically takes a minority stake of up to 30% in projects and participates in the supervisory board or board of directors of the companies it invests in. Its highest governing body is a Supervisory Board chaired by the Minister of Economy of Azerbaijan. AIC's investment activity spans a range of sectors and geographies. In 2010 it commissioned the Masazyr salt plant together with the Azersun holding. By 2022 its charter capital stood at 224 million manats, and it had invested 268 million manats in 20 projects across food, pharmaceuticals, logistics, and heavy industry. In 2022 it signed an investment agreement with Diamed Development Group LLC to build an infusion solutions (liquid medicine) plant, which was commissioned on 15 August 2023. In November 2022 it signed a contract with StarMining LLC for joint investment in the Shahbulag quarry project in Aghdam district, and Shahbulag Mining LLC was created on 26 January 2023. In 2023 AIC signed agreements with Israel's Shaniray Technologies and Azerbaijan Poultry Company to build an egg production plant in the Yevlakh agropark (capacity 18 million eggs per year); with Hungary's Hell Energy to build a plant producing and filling aluminium beverage cans in the Alat free economic zone; and with Gen İlaç ve Sağlık Ürünleri Sanayi ve Ticaret A.Ş to create a pharmaceutical company, with construction of the Gen Pharma Caucasus Manufacturing Operations LLC plant starting in the Pirallahi industrial park on 7 December 2023. On 20 September 2023 AIC, together with SOCAR and BP, signed an agreement to build the Shafag solar power plant in Jabrayil district, with an estimated construction cost of USD 200 million. On 27 December 2023 AIC, Turkey's Demirören Yatırım Holding A.Ş. and Arges Enerji Team LLC signed an agreement for joint participation in the restoration and reconstruction of five small hydroelectric power stations on the Hakari and Tartar rivers in the Kalbajar and Lachin districts. In 2023 AIC also invested in Israel's Largix (industrial products from polypropylene and polyethylene using cold 3D printing technology) and Israel's C2A Security (cybersecurity platform development). In total, AIC reviewed 109 investment projects in 2023, approving 8 projects with an investment value of 560 million manats, of which AIC's participation would amount to 42 million manats. With AIC's participation, the Azerbaijan-Uzbekistan Investment Fund was created on 20 July 2023, and the Azerbaijan-Uzbekistan Investment Company was created on 14 October 2023 with charter capital of USD 500 million. In 2024 AIC planned to participate in the construction of an electric bus plant in Azerbaijan. AIC also cooperates with international partners: at the Baku Shipyard it works with Singapore's Keppel Corporation, and in the completed Holcim-Azerbaijan project it worked with Holcim Ltd. and the European Bank for Reconstruction and Development. The company is also a shareholder in the Caspian International Investment Company alongside the Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector, Yemen's Al Ahmar Group, and Kuwait's AREF Investment Group.
History
Azerbaijan Investment Company (AIC) was established by Presidential Decree No. 1395 of 30 March 2006, "On additional measures to stimulate investment activity," as an open joint-stock company. Its purpose was to make long-term investments by acquiring shares and equity stakes in companies and commercial organizations operating in Azerbaijan's non-oil sector, to attract local and foreign investment into the economy, and to contribute to the development of the country's capital market. On 21 July 2010, the Masazyr salt plant was commissioned, built by AIC together with the Azersun holding. By Presidential Decree No. 288 of 8 October 2014, "On the creation and organization of activities of industrial districts," the organization and regulation of industrial districts in the regions was entrusted to AIC. Subsequently, by a corresponding presidential decree of 22 January 2021, the Neftchala, Masalli, Hajigabul, and Sabirabad industrial districts were transferred to the Economic Zones Development Agency, created on the basis of the Sumgait Chemical Industrial Park LLC. By 2022, AIC's charter capital amounted to 224 million manats, and the company had invested 268 million manats in 20 projects in areas such as food industry, pharmaceuticals, logistics, and heavy industry. In 2022, an investment agreement was concluded with Diamed Development Group LLC for the construction of a plant producing infusion solutions (liquid medicines); the plant was commissioned on 15 August 2023. In November 2022, a contract was signed with StarMining LLC for joint participation in investing in the Shahbulag quarry project in Aghdam district; on 26 January 2023, Shahbulag Mining LLC was created, and the quarry is in operation. In 2023, AIC continued to expand its investment portfolio. On 1 March 2023, AIC, Israel's Shaniray Technologies, and Azerbaijan Poultry Company LLC signed an agreement to build an egg production plant in the Yevlakh agropark, with a capacity of 18 million eggs per year. On 10 July 2023, an agreement was signed with Hungary's Hell Energy to build a plant producing and filling aluminium beverage cans, to be located in the Alat free economic zone. On 31 July 2023, an agreement was signed with Gen İlaç ve Sağlık Ürünleri Sanayi ve Ticaret A.Ş to create a pharmaceutical company; on 7 December 2023, construction began on the Gen Pharma Caucasus Manufacturing Operations LLC pharmaceutical production plant in the Pirallahi industrial park. On 20 September 2023, AIC, together with SOCAR and BP, signed an agreement to build the Shafag solar power plant in Jabrayil district, with an estimated construction cost of USD 200 million. AIC participated in two projects for the restoration of returned territories in Aghdam, Kalbajar, and Lachin districts. On 27 December 2023, AIC, Turkey's Demirören Yatırım Holding A.Ş., and Arges Enerji Team LLC signed an agreement for joint participation in the restoration and reconstruction of five small hydroelectric power stations on the Hakari and Tartar rivers in the Kalbajar and Lachin districts. In 2023, AIC also invested in Israel's Largix (production of industrial products from polypropylene and polyethylene using cold 3D printing technology) and Israel's C2A Security (development of cybersecurity platforms). In total, in 2023 AIC reviewed 109 investment projects and approved 8 projects with an investment value of 560 million manats, of which AIC's participation would amount to 42 million manats. With AIC's participation, the Azerbaijan-Uzbekistan Investment Fund was created on 20 July 2023, and the Azerbaijan-Uzbekistan Investment Company was created on 14 October 2023 with charter capital of USD 500 million. In 2024, AIC planned to participate in the construction of an electric bus plant in Azerbaijan. AIC's highest governing body is the Supervisory Board, chaired by the Minister of Economy of Azerbaijan. According to the company's Charter, its principles include commercial efficiency; alignment with investment goals; ensuring high added value of goods and services from investment projects; competitiveness of products; presence of a strategic investor (group of investors) ensuring a high level of project organization and with sufficient experience; maintaining financial (accounting) records in accordance with International Standards; external audit of financial statements; application of corporate governance principles protecting the rights of investors, shareholders, and other stakeholders; AIC's minority share in the project (up to 30%); and AIC's participation in the company's Supervisory Board (Board of Directors). AIC cooperates with international partners: at the Baku Shipyard it works with Singapore's Keppel Corporation, and in the completed Holcim-Azerbaijan project it worked with Holcim Ltd. and the European Bank for Reconstruction and Development. The company is also a shareholder in the Caspian International Investment Company alongside the Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector, Yemen's Al Ahmar Group, and Kuwait's AREF Investment Group.
- 2024
Planned participation in the construction of an electric bus plant in Azerbaijan.
- 2023
Shahbulag Mining LLC created on 26 January 2023.
- 2023
Agreement signed on 1 March 2023 with Shaniray Technologies and Azerbaijan Poultry Company for an egg production plant in Yevlakh agropark.
- 2023
Agreement signed on 10 July 2023 with Hell Energy to build an aluminium beverage can plant in the Alat free economic zone.
- 2023
Azerbaijan-Uzbekistan Investment Fund created on 20 July 2023 with AIC participation.
- 2023
Agreement signed on 31 July 2023 with Gen İlaç to create a pharmaceutical company; construction of Gen Pharma Caucasus plant began on 7 December 2023.
- 2023
Infusion solutions plant commissioned on 15 August 2023.
- 2023
Agreement signed on 20 September 2023 with SOCAR and BP to build the Shafag solar power plant in Jabrayil district, estimated cost USD 200 million.
- 2023
Azerbaijan-Uzbekistan Investment Company created on 14 October 2023 with charter capital of USD 500 million.
- 2023
Agreement signed on 27 December 2023 with Demirören Yatırım Holding and Arges Enerji Team for five small hydroelectric power stations.
Products and positioning
State-owned investment company focused on long-term minority investments in Azerbaijan's non-oil sector, attracting local and foreign capital and developing the domestic capital market.
Masazyr salt plant
Salt production plant commissioned in 2010, built with Azersun holding.
Shafag solar power plant
Solar power plant in Jabrayil district, developed with SOCAR and BP, estimated cost USD 200 million.
Azerbaijan-Uzbekistan Investment Fund
Investment fund created in 2023 with AIC participation.
Azerbaijan-Uzbekistan Investment Company
Joint investment company created in 2023 with charter capital of USD 500 million.
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