India invests $200M in Azerbaijan (UPDATE)

Business Materials 14 March 2018 10:12 (UTC +04:00)

Details added (first version posted on March 13, 20:19)

Baku, Azerbaijan, March 13

By Anvar Mammadov – Trend:

India has invested $200 million in Azerbaijan so far, Rufat Mammadov, head of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO), said.

Mammadov made the remarks at the Azerbaijani-Indian business forum in Baku.

He added that currently, 15 companies with Indian capital work in Azerbaijan.

“Meanwhile, India is one of the biggest trade partners of Azerbaijan. In recent years, trade turnover with India has grown rapidly and amounted to about $0.5 billion in late 2017. This is a very important indicator,” he noted.

“India is also one of the biggest importers of Azerbaijani products – it accounted for 2.65 percent of Azerbaijani exports last year,” Mammadov added.

According to Azerbaijan’s State Customs Committee, trade turnover with India amounted to $462.5 million in 2017. Exports from Azerbaijan to India totaled $365.5 million. More than 20 documents have been signed between the two countries so far.