The Memorandum of Understanding signed between the Azerbaijan Entrepreneurs Confederation and Indian Chamber of Commerce and Industry
An Azerbaijani-Indian Business Forum was held in Baku with the support of India’s PHD Chamber of Commerce and Industry and the Indian Embassy in Azerbaijan and with the support of the National Confederation of Entrepreneurs (Employers’) Organizations of the Republic of Azerbaijan. Representatives of Indian companies representing rice, wheat, plastic materials, household appliances, tea, precious stones and jewelry, clothing, pharmacy, bicycle and bicycle parts and other sectors and officials of Azerbaijani state agencies took part in the event.
Firstly, the video about the activity and history of Indian Chamber of Commerce presented to participants of the event.
Speaking at the event, First Deputy Minister of Ecology and Natural Resources Firdovsi Aliyev informed that the Indian-Azerbaijani relations have deep historical roots, both countries respect territorial integrity and sovereignty. “There are great opportunities to expand cooperation between our countries. Today’s business forum will encourage businessmen from both sides to more actively cooperate and lead to successful results. We believe that this event will also contribute to the development of new cooperation areas”,the deputy Minister said, adding that Azerbaijan also successfully cooperates with India in oil and pharmaceutical areas. An agreement was reached to establish joint ventures with pharmaceutical companies in India for drug production in Azerbaijan. It was noted that Indian oil companies invested in the development of the Azeri-Chirag-Gunashli oil and gas block in the Azerbaijani sector of the Caspian Sea. The Deputy Minister expressed preparations for the launch of direct charter flights between the two countries are under way.
The President of the National Confederation of Entrepreneurs (Employers’) Organizations of the Republic of Azerbaijan, Mammad Musayev, stated that the Confederation was to sign a Memorandum of Understanding on cooperation with the Chamber of Commerce and Industry of India, which is one of the oldest and largest trade chamber in India and the partner of the exhibition “The Best of India”“This exhibition is a great opportunity for Indian companies to demonstrate their new products and services, and meet face-to-face potential business partners and consumers from Azerbaijan. I believe that this event will further strengthen the link between business sectors in Azerbaijan and India and will play a great role in creating new opportunities for mutual trade and investment between the two countries”, Musayev said.
Noting that the trade turnover between Azerbaijan and India has been steadily rising, the President of the AEC noted that if in 2015 trade turnover was $ 50 million, in 2017 this figure exceeded $460 million.
President of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Rufat Mammadov said that very good conditions have been created for Indian companies operating in Azerbaijan. India is one of the 15 biggest partners in Azerbaijan, AZPROMO head said that India invested $ 200 million in Azerbaijan. He also noted that registration of companies in our country is very convenient, electronicization of services made it much easier for entrepreneurs:
“Favorable conditions for foreign investors in industrial parks are offered in Azerbaijan. They are exempt from VAT, customs duties and land tax when importing equipment, technological equipment and facilities imported for production purposes. In addition, owners of the Investment Promotion Document pay 50% of the profits tax”.
Later Memorandum of Understanding was signed between the National Confederation of Entrepreneurs (Employers) Organizations of the Republic of Azerbaijan and Chamber of Commerce and Industry of India. The document was signed by ASK President Mammad Musayev, and Secretary General of the Chamber, Saurabh Sania.