Azerbaijan, India to discuss development of trade and economic relations

Azerbaijan, India to discuss development of trade and economic relations

Azerbaijan, Baku, March 31 /Trend, U.Ismaylova /

India and Azerbaijan's economy is developing at a steady pace, the countries have the potential in the development of mutual trade turnover, which reached $ 340 million in 2010, Indian ambassador to Azerbaijan Debnath Shaw said on Thursday.

"Trade and economic relations between Azerbaijan and India are constantly developing. If the trade turnover was $50 million in 2005-2006, this figure reached $340 million in 2010," Shaw said during a meeting of businessmen of Azerbaijan and India.

He said the Indian delegation, which attends the meeting intends to explore the prospects for further development of cooperation in export industries.

The trade relations between Azerbaijan and India were established in 1992, the first meeting of the intergovernmental commission was held in 2009.

Azerbaijani Economic Development Ministry Administration Chief Samir Veliyev said there is potential for developing trade turnover with India.

"Such meetings are organized for the development of trade relations. At present, the sides are considering concluding an agreement on investment protection.

"I hope this document will be signed in the near future," Veliyev said.Shaw said a major part of imports from Azerbaijan to India is crude oil, which is purchased mainly for oil refineries' needs.

"Some 70 percent of India's energy resources are imported. The country needs to obtain a great volume of hydrocarbons, but delivery of Azerbaijani gas is a complex process, both from technological and price point of view. We are working on alternative options of energy supply to India," Shaw said.

According to the EIA, proven gas reserves in India hit 1 trillion cubic meters. Growth of the Indian gas market's needs in 2025 will amount to 113 billion cubic meters a year, and in 2030 - to 132 billion cubic meters. According to IEA forecasts, India will have to import gas: in 2015 - 18 billion cubic meters, in 2025 - 40 billion, in 2030 - 52 billion cubic meters.

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