Deputy minister reveals volume of investments by Indian companies in Azerbaijan

Deputy minister reveals volume of investments by Indian companies in Azerbaijan

BAKU, Azerbaijan, Jan. 23

By Leman Zeynalova – Trend:

Presently, 230 companies with Indian capital operate in Azerbaijan, Azerbaijani Deputy Foreign Minister Ramiz Hasanov said.

Hasanov made the remark in Baku at the event dedicated to the Republic Day of India, Trend reports on Jan. 23.

"Azerbaijan and India have historical cultural relations,” the deputy foreign minister said. “The participation of the Indian vice-president in the meeting of the Non-Aligned Movement in Baku in 2019 and the bilateral meetings played an important role in the development of relations."

“The economic relations are rapidly developing between India and Azerbaijan,” Hasanov added.

"The joint intergovernmental commission operates successfully,” Hasanov said. “The volume of bilateral trade between Azerbaijan and India amounted to $1.1 billion in 2019. Presently, 230 companies with Indian capital operate in Azerbaijan. So far, Indian companies have invested $1.2 billion in the Azerbaijani economy. Azerbaijan and India also have common interests in the transport sector.”

“Two countries are participating in the North-South International Transport Corridor project through which goods may be supplied to Europe in a shorter period of time and at lower prices than via traditional routes,” the deputy foreign minister said.

“The relations are also developing rapidly in the energy sphere,” Hasanov said. “The Indian ONGC Videsh company owns a stake in the project of development of the Azeri-Chirag-Gunashli block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.”

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