Azernews.Az

By Gunay Hasanova

India’s Minister for Commerce and Industry Nirmala Sitharaman will visit Baku to participate in the 4th meeting of the Azerbaijani-Indian intergovernmental commission in late October, the Azerbaijan Entrepreneurs’ Confederation said on October 21.

During the Baku visit, a meeting of entrepreneurs of both countries will be held on October 25. Mutual investments and other issues are to be discussed at the meeting.

Deputy Economy Minister Sahil Babayev, President of Azerbaijan’s Confederation of Entrepreneurs Mammad Musayev, Head of Azerbaijan’s Export and Investment Promotion Foundation (AZPROMO) Rufat Mammadov and others will also take part in the event.

India and Azerbaijan have growing bilateral cooperation in oil as well as non-oil sectors. Indian company ONGC-Videsh is a partner in the Azeri-Chirag-Guneshli (ACG) oil fields and Baku-Tbilisi-Ceyhan (BTC) pipeline.

Also, Indian companies are interested in developing a mutually beneficial partnership in Azerbaijan, particularly in agriculture, IT and communications, healthcare, pharmaceuticals and education.

India and Azerbaijan are also cooperating in the development of International North-South Transport Corridor (INSTC) which will give a big boost to trade and commercial exchanges in the region.

The trade turnover between India and Azerbaijan amounted to $142.36 million in January-June 2016 (compared to $180.89 million in the same period of 2015), according to Azerbaijan’s State Statistics Committee.

The items of direct and indirect imports from India are clothes and textiles, information technologies, food items and heavy machinery.

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Gunay Hasanova is AzerNews’ staff journalist, follow her on Twitter: @gunhasanova

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