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H1 trade turnover between Azerbaijan and India makes $640 mln

25 September 2014 10:56 (UTC +04:00)

Baku. RafÉ™t Ahmadzadeh - APA. A business-conference on establishment of relations between Azerbaijani and Indian businessmen and opportunities of investing in India has been held in the Indian Embassy in Azerbaijan.

APA reports that the event was attended by businessmen from both countries and “Make in India” International Business Forum organized in New-Delhi was lively watched.

Indian ambassador to Azerbaijan Vinod Kumar said that formation and development of sustainable industry sector in India is the priority of the government. He noted that the government takes measures to involve foreign investment and create good condition for businessmen: “Good condition for businessmen is on the focus. Granting license for production is carried out online and period of the license stretched from two years to three years. A number of concessions made in tax sphere. Investment opportunities have been created in defense industry and foreign investments rose to 49% from 24%. 9 free economic zones have been established for foreign investors”.

According to him, Azerbaijani businessmen also should invest in industry sector in India. Kumar added that a reviving is observed in Azerbaijan-India relations: “Trade turnover with Azerbaijan exceeded $2 bln in 2012, $1.2 bln in 2013 due to reduction of oil import. In January-July, 2014, the trade turnover makes $640 mln. The relations are currently developing in trade sector. However, we want Azerbaijani companies to invest in Indian industry. We have businessmen here who established enterprises in construction, service, catering and electrical equipment spheres”.