Azerbaijan, India to expand economic co-op (UPDATE)
Details added (17:08)
Baku, Azerbaijan, March 12
By Ilkin Shafiyev - Trend:
The chambers of commerce and industry of Azerbaijan and India, the National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan, and the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) will sign a memorandum of understanding on March 13, Indian Ambassador to Baku Sanjay Rana said at a press conference March 12.
The document, aimed at expanding and strengthening economic and trade ties as well as business relations between the two countries, will be signed as part of a business forum, the ambassador added.
In turn, the Secretary General of the Indian Commerce and Industry Chamber Saurabh Sanyal noted that Azerbaijan and India need to expand trade turnover. In 2017, this figure was $462 million, but the figure does not correspond to the available potential, he said.
According to the Azerbaijani State Customs Committee, the trade turnover with India in 2017 amounted to $462.5 million. The export from Azerbaijan to India over the past year amounted to $365.5 million. The legal framework between the countries includes more than 20 documents.