Azerbaijan-Indian business forum was held in Baku with the organization of PHD Chamber of Commerce and Industry, Embassy of India in Azerbaijan and support of the National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan Republic.

The meeting was attended by the representatives of Indian companies producing rice, wheat, plastic materials, household appliances, tea, precious stones and jewelry, clothing, pharmacy, bicycle and bicycle parts and etc, Azerbaijani officials.

In the beginning, the video about history and activity of PHD Chamber of Commerce and Industry was shown.

The first deputy minister of Ecology and Natural Resources of Azerbaijan Republic, Firdovsi Aliyev addressed the event. He said Indian-Azerbaijani relations have deep historical roots, both countries respect the principle of 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 create a basis for development of new co-operational areas,”- said deputy minister.

The deputy minister stated that Azerbaijan successfully cooperates with India in the areas of oil and pharmacy. An agreement has been reached to establish joint ventures with     Indian pharmaceutical companies for medicine production in Azerbaijan. It was noted that India’s oil companies invested in the development project of Azeri-Chirag-Gunashli oil and gas fields in the Azerbaijani sector of the Caspian Sea. He added that the preparations are underway to launch the direct charter flights between the two countries.

The President of the National Confederation of Entrepreneurs (Employers) Organizations of the Republic of Azerbaijan, Mammad Musayev, said that the Confederation is pleased to sign a Memorandum of Understanding on cooperation with the PHD Chamber of Commerce and Industry, which is one of the oldest and largest trade chamber in India and as the first successful example of cooperation to be a partner of the Best Indian Exhibition:

“This exhibition is a great opportunity for Indian companies to demonstrate their new products and services, and hold b2b meetings with their potential business partners and consumers in Azerbaijan. I believe that this event will further strengthen the ties between business sectors of Azerbaijan and India, and will play a great role in creating new opportunities for mutual trade and investment between the two countries,” said M.Musayev.

Noting that the trade turnover between Azerbaijan and India has been continuously rising, the president of the AEC noted that while trade turnover in 2015 was $50 million, in 2017 this figure reached $460 million.

President of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Rufat Mammadov said that favorable conditions have been created for Indian companies operating in Azerbaijan. President of AZPROMO added that India is one of the 15 biggest partners of Azerbaijan, made investments in the amount of $ 200 million in Azerbaijan. He noted that the registration of companies in our country become very easy, digitalization of services quite simplified the work of entrepreneurs:

“Favorable conditions are offered to foreign investors in industrial parks of Azerbaijan. They are exempt from VAT, land tax and customs duties when importing equipment, technological equipment and facilities for production purposes. In addition, owners of the Investment Promotion Document are exempt of 50% of the income (profit) tax rate.

Afterwards a 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 Mammad Musayev, on the other side by Saurabh Sania, Secretary General of the Chamber.