India- Azerbaijan trade records more than 60 pct growth in 2016
The trade and economic exchanges between India and Azerbaijan progressed from strength to strength in 2016. Ambassador of India Sanjay Rana informed that the two sides successfully held several meetings at governmental level in 2016 devoted to trade and economic relations, including the 4th Session of consultations between the Foreign Ministries in July 2016, and the 4th Session of Inter-governmental Commission in Baku in October 2016. Following the discussions of the India- Azerbaijan Inter-governmental Commission, the two sides signed a Protocol listing the areas of collaboration and cooperation in areas such as trade, investment, transportation, energy, industrial production, agriculture, tourism, healthcare, pharmaceuticals, education and Information technology.
Ambassador Rana informed that the bilateral trade between India and Azerbaijan has increased by 63% in 2016as compared to 2015. He said that in year 2017, India hopes to achieve new milestones in its relationship with Azerbaijan. Building on India’s ONGC Videsh presence as a shareholder in Azeri– Chirag–Gunashli oilfield and BakuTbilisi-Ceyhan (BTC), Indian companies are keen for partnership in undertaking projects in petrochemical sector such as building and renovating oil refineries. Indian companies are also eager to make use of opportunities in non-oil sectors, like agriculture and pharmaceuticals and information technology, which are being given a lot of support by the Government of Azerbaijan.
The Embassy of Indian in Baku and the National Confederation of Entrepreneurs’ (Emloyers’) Organization of the Republic of Azerbaijan jointly organized a business Seminar on “Make in India” on 12 February 2016 in Hyatt Regency Baku. Around 70 entrepreneurs and companies from different sectors participated in the event.
Ambassador informed that during his recent meeting with PHARMEXCIL (Pharmaceuticals Export Promotion Council of India) in Mumbai in December 2016, many Indian pharmaceutical companies indicated their readiness to visit Azerbaijan and look at the opportunities for business, including joint ventures with Azerbaijani companies and possibilities of setting up manufacturing or packing units for pharmaceuticals.