Right time for Indian companies to invest in Azerbaijan: Ambassador

CHENNAI: With a stable political environment, considered as one of the key components to attract foreign investments, Indian Ambassador to Azerbaijan, B M Vinod Kumar today invited Indian companies to invest in the oil-rich nation.

"The old tradition of trade between India and Azerbaijan has to come back now. Factors that are important for business community is a stable political environment and that is there now. 90 per cent of GDP is contributed from oil sector. Now, the country is looking at diversifying and encourage investments in all sectors (from India)...", Kumar said.

He was speaking at a seminar on "Emerging Business Opportunities" between India and Azerbaijan, organised by Southern India Chamber of Commerce and Industry.

Observing that the trade between India and Azerbaijan stood at USD two billion in 2012, he said India was the sixth trading partner to Azerbaijan and now is the right opportunity for Indian entrepreneurs to invest in that country.

He said towards this purpose, Azerbaijan has reduced the number of days for processing of visa applications from the earlier three-week period to the one week at present.

"Opportunity is not only there in oil sector, even in energy, IT, chemicals, agriculture, food processing. We(Indian businessmen) have to capitalise them", he said.