Baku, Azerbaijan, Jan. 19
By Gulgiz Muradova – Trend:
Indian companies show interest in industrial parks of Azerbaijan, where special benefits are provided to investors, Indian Ambassador Sanjay Rana told Trend in an interview.
The ambassador noted that while trade between Azerbaijan and India is steadily rising, it is still at modest levels and there is a great deal of untapped potential.
"We have chosen some priority areas for developing concrete steps for greater economic and commercial cooperation such as, petrochemicals, agriculture, renewable energy, pharmaceuticals and healthcare, tourism, education, IT services and operationalization of International North-South Transport Corridor (INSTC)," he said.
The ambassador stressed that Indian companies are eager to make use of opportunities in non-oil sectors, like agriculture and pharmaceuticals and information technology, which are being given a lot of support by the Government of Azerbaijan.
"In pharmaceutical sector, many Indian products are in line for registration which would allow people in Azerbaijan to access high quality medicine at reasonable prices," he said.
The ambassador reminded that Indian pharmaceutical major Sun Pharma held a groundbreaking ceremony near Baku in July 2017 for construction of a plant they are building as a joint venture with an Azerbaijani company for production of solid consistency drugs.
Indian Marathi Bandhkam Vyavasayik Association (MBVA) visited Baku last year for the India-Azerbaijan Business Forum, organized in collaboration with the National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan, to look at the opportunities in the real estate sector.
The ambassador noted that a visit by Indian business delegation from the PHD Chamber of Commerce and Industry to Azerbaijan is being planned for March 2018.
According to the State Customs Committee of Azerbaijan, trade turnover with India in 2017 amounted to $462.5 million.