Baku to host II meeting of Azerbaijani-Indian intergovernmental commission on cooperation

Business Materials 27 July 2011 18:53 (UTC +04:00)

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

Baku plans to host the II meeting of the Azerbaijani-Indian intergovernmental commission on trade, economic, scientific and technological cooperation in November and December 2011, Indian Ambassador to Azerbaijan Debnad Show.

The first meeting of the commission was held in 2009. The co-chairman of the intergovernmental commission from the Azerbaijani side is Minister of Environment and Natural Resources Huseyn Bagirov.

Baku hosts the Azerbaijan-Indian Business Forum on "Investing and Doing Business in India" on Wednesday. The diplomat stressed that organizing these meetings of the business community of the two countries plays an important role in increasing the trade turnover.
Show 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."

The trade turnover between the two countries amounted to only $ 56 million in 2005. But it increased six-fold for five years.

The trade relations between Azerbaijan and India were established in 1992.

The Azerbaijani National Confederation of Entrepreneurs and the Federation of Indian Chambers of Commerce (FICCI) signed a memorandum of cooperation in March for closer cooperation between business circles of both countries.