(MENAFN - AzerNews) By Abdul Kerimkhanov
Relations of Azerbaijan and India are at a stage of a rather intensive development.
Azerbaijan is interested in exporting non-oil products to India, said Shahin Mustafayev, Azerbaijani Economy Minister, at a meeting with Bawitlung Vanlalvawna, newly appointed Indian ambassador to Baku.
Discussing the prospects for the development of the economic relations, Mustafayev noted the great potential of cooperation in the industry, energy, agriculture and tourism fields.
The minister invited Indian companies to take advantage of favorable conditions for activities in industrial parks in Azerbaijan and called on Indian companies to create joint ventures with Azerbaijani companies.
He noted that currently, as many as 230 companies with Indian capital operate in Azerbaijan, whose investments in the country's economy totaled $1.2 billion.
"The trade turnover between Azerbaijan and India increased by 84 percent in 2018, and by the results of January-March 2019, it increased by 66 percent and reached $300 million," Mustafayev mentioned.
He also stressed that a legal base was established between Azerbaijan and India, and work is underway on the agreement preparation on the promotion and mutual protection of investments.
Mustafayev informed the Indian ambassador about projects implemented with the Azerbaijani participation, transit opportunities and advantages of transport corridors passing through the country.
Diplomatic relations between India and Azerbaijan were established in 1993. The Indian embassy opened in Baku in 1999.
Indian companies are interested in developing mutually beneficial partnership with Azerbaijan, particularly in agriculture, IT and communications, healthcare, pharmaceuticals and education. India and Azerbaijan also cooperate in the development of International North-South Transport Corridor, which will give a big boost to trade and commercial exchanges in the region.
India developed the Chabahar port in Iran, which began operating in November 2017, and this port will link Indian ports with Azerbaijan and other countries.
Azerbaijan is developing the non-oil sector and Indian companies are interested in using opportunities for non-oil sector development in such areas as agriculture, industry, pharmaceuticals and information technology.
India is very strong in pharmaceutical sector and its companies are keen to enhance their presence in Azerbaijan. Sun Pharma of India is building a pharmaceutical factory near Baku within a joint venture with Azerbaijani partners. Indian companies are also interested in many incentives provided by the Azerbaijani Government for investors in technology and agro parks.