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Azerbaijan offers India business council establishment

Business Materials 27 July 2011 13:58
Azerbaijan proposed establishing a council for cooperation between Indian and Azerbaijani entrepreneurs on Wednesday.
Azerbaijan offers India business council establishment

Azerbaijan, Baku, July 27 / Trend A. Akhundov /

Azerbaijan proposed establishing a council for cooperation between Indian and Azerbaijani entrepreneurs on Wednesday.

The president of the Azerbaijani National Confederation of Entrepreneurs Mammad Musayev made this proposal during the Azerbaijani-Indian business forum on "Investing and Doing Business in India".

"We have such a council with other countries, such as Latvia", Musayev said. "We propose establishing a council with India."

Musayev offered creating a catalog of Indian entrepreneurs, willing to work with Azerbaijan and Azerbaijani businessmen who would be willing to work with India.

"During the forum last year we agreed to hold a business forum in the second half of this year", Musayav said. "I think this proposal is valid and we will organize trips by Azerbaijani businessmen to India in November and December."

Musayev said that the main purpose of this forum is to promote economic relations between the two countries, as well as to explore areas of investment of interest to Indian and Azerbaijani businessmen.

"Azerbaijani entrepreneurs abroad mainly invest in Russia, Moldova and Turkey", Musayev said. "We also would like to see India on this list."

Indian Ambassador to Azerbaijan Debnad Show said that the only shortage of relations between Azerbaijan and India that can be seen as developing throughout all areas is their low mutual awareness.

"We are conducting the business forum to resolve this problem", Shaw said.

He said that trade turnover between the countries last year totaled $330 million, but the level of growth was also significant during the first five months of 2011.

"Most trade turnover falls to the export of oil products from Azerbaijan to India", the diplomat said. "About $50 million falls to the production share of the non-oil sector. We want to increase this share, mainly due to exports of traditional Indian goods such as meat, tea, medicines, and clothes to Azerbaijan."

He said that India is a promising area for foreign investments like Azerbaijan. "We closely work with all CIS countries, including Azerbaijan, to attract investments", he said.

Azerbaijani and Indian entrepreneurs, representatives of the council, and the Azerbaijani Ministry of Economic Development attended the business-forum.

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