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Azerbaijan’s trade turnover with India reaches $1.1bn
The trade turnover between Azerbaijan and India increased to approximately $1.1 billion in 2019, Deputy Foreign Minister Ramiz Hasanov said during the event in Baku to mark the 71st Republic Day of India, Azernews reported.
“The development of economic relations between our countries should be emphasized. The bilateral intergovernmental commission is operating successfully and the trade turnover between the two countries has increased to approximately 1.1 billion in 2019,” Hasanov said.
There are over 230 Indian companies operating in Azerbaijan, which invested $1.2 billion invested in the country’s economy. “Two countries are participating in the North-South International Transport Corridor project through which goods may be supplied to Europe in a shorter period of time and at lower prices than via traditional routes,” Hasanov said.
Noting that relations in the energy sector are also developing rapidly, the minister noted that the Indian ONGC Videsh company owns a stake in the project of development of the Azeri-Chirag-Gunashli block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.
He further emphasized the importance of tourism in terms of developing relations between the two countries, adding that certain steps have already been taken in this direction. Touching upon cultural ties, Hasanov stressed that as a result of mutually beneficial cooperation between Azerbaijan and India, today Azerbaijani culture is widely promoted in India.
Addressing the event, Indian Ambassador to Azerbaijan Bawitlung Vanlalvawna spoke about India’s successes in various fields, as well as the relations with Azerbaijan. He said India was one of the first countries to establish diplomatic relations with Azerbaijan after the country regained its independence.
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