The economic ties between Azerbaijan and India do not reflect the existing potential and opportunities, therefore, entrepreneurs of both countries must cooperate more closely, Mammad Musayev, president of the Azerbaijani National Confederation of Entrepreneurs (Employers) Organizations, said.

Musayev made the remarks in Baku at the meeting with Indian Extraordinary and Plenipotentiary Ambassador to Azerbaijan Bawitlung Vanlalvawna, Trend reports.

He said that the Confederation is ready to support the work to be carried out in this sphere.

“India is one of the major partners importing oil and oil products from Azerbaijan,” he said. “At the same time, cooperation is developing in the fields of pharmaceutics, IT, and healthcare.”

Musayev informed the guest about the investment environment, state support for entrepreneurship, reforms in Azerbaijan, invited Indian entrepreneurs to invest in the country.

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“Azerbaijan has a geostrategic location and industrial parks have been created in our country,” Musayev added. “India may invest in the textile and pharmaceutical industry of these agricultural parks and thus may get the simplified access to even bigger markets.”

Vanlalvawna stressed that Indian entrepreneurs are exploring investment opportunities in Azerbaijan and the appeals have been already made to the embassy in this regard.

He urged the Confederation to help draw up a more complete response to these appeals and to determine the most attractive areas for making investments.

“A delegation of the Indian Industrial Corporation will visit Azerbaijan on Nov. 6-8,” Vanlalvawna said.

“This visit is a very good opportunity to do certain work and we would like the delegation to meet with representatives of the Confederation,” the ambassador added.