# Azerbaijan economic diversification and foreign investment > Live situation record from CLSTR: https://clstr.news/situations/azerbaijan-economic-diversification-and-foreign-investment > Updated: 2026-10-06T11:40:17.000Z. Sources: 6. Developments: 2. Azerbaijan is pursuing economic diversification and strengthening international partnerships. At the 2nd Azerbaijan International Investment Forum, President Ilham Aliyev outlined a strategy to transition the national economy from petroleum and natural gas reliance toward a more competitive, multi-sector model. In parallel, Azerbaijan is working to elevate its bilateral relations with the United Kingdom to a strategic partnership level. During the 8th meeting of the Joint Intergovernmental Commission on Trade and Economic Cooperation, officials noted that the United Kingdom is Azerbaijan’s largest foreign investor, with investments exceeding $39 billion. While the energy sector remains a cornerstone of this relationship, trade turnover has seen significant growth, with exports to the United Kingdom increasing 24-fold in the first half of the year. ## Timeline ### 2026-10-06: Azerbaijan and United Kingdom aim for strategic partnership Azerbaijan and the United Kingdom seek to establish a strategic partnership, driven by over $39 billion in British investment and significant growth in bilateral trade and energy cooperation. 3 sources. https://clstr.news/cluster/azerbaijan-and-united-kingdom-aim-for-strategic-partnership ### 2026-09-30: Azerbaijan and Kyrgyzstan pursue economic diversification and regional investment Azerbaijan aims to further diversify its economy beyond energy, while Kyrgyzstan seeks to expand investment and trade ties with Turkmenistan in sectors like renewables and logistics. 3 sources. https://clstr.news/cluster/azerbaijan-and-kyrgyzstan-pursue-economic-diversification-and-regional-investment --- Cite as: Azerbaijan economic diversification and foreign investment. CLSTR, https://clstr.news/situations/azerbaijan-economic-diversification-and-foreign-investment