Indian envoy urges Chennai businessmen to invest in Azerbaijan

Chennai:

India is trying to boost its trade ties with Azerbaijan and is urging investors in the city to invest in the country, which is rich in oil and mineral wealth.

During an interactive session on ‘Emerging Business Opportunities between India and Azerbaijan’ organized by Southern India Chamber of Commerce and Industry here on Friday, Indian ambassador to Azerbaijan Vinod Kumar said that Indian businessmen should tap the opportunity to do business in Azerbaijan.

The economy of oil rich central Asian republic, which came into being after the demise of Soviet Union, is growing and the currency, which was valued below the dollar is now trading equal to euro. He urged the businessmen saying that he would provide a local translator for them to help them communicate in setting up business in Azerbaijan.

Interestingly, the trade between Azerbaijan and India has crossed $ 2 billion, which is 345 per cent more compared to the same period of 2011 primarily due to increase in import of Azeri crude oil by Indian refiners.

He also highlighted that ONGC has entered into an agreement with the Azerbaijan Government for purchase of assets worth $ 1 billion in Azerbaijan’s oil fields and pipelines.

The city businessmen highlighted how their products, which are being exported to Iran, Dubai or Turkey, is being sold nearly eight times more the price in Azerbaijan.

“I am ready to export directly to Azerbaijan but I don’t know whom to approach,” said Shabbir, a exporter of adhesives and resins to Iran and Dubai. The envoy vowed to help him as well as the other investors who are keen to invest in Azerbaijan directly.

SICCI vice-president Rafeeque Ahmed suggested the need for early completion of International North-South Transport corridor (INSTC) to improve connectivity problems between the two nations and both India and Azerbaijan should make joint efforts towards identifying issues and impediments in the smooth functioning of the corridor.