Azerbaijan- Business Opportunities
The Ambassador of Embassy, The Republic of Azerbaijan Dr. Ashraf Shikhaliyev accepted the Honorary Membership of Global India Business Forum, in the presence of Global President Dr. Jitendra Joshi and Global Coordinator Ms. Deepali Gadkari. Realizing the strengths of Global India Business Forum and the Consulate of the Republic of Azerbaijan and conscious of the benefits to be derived by both organizations and its members through this mutual understanding, both parties will be associated with each other in mutual cooperation to facilitate mutual investment, trade and economic cooperation complimented by knowledge sharing, training, certification and networking.
The Republic of Azerbaijan, also called simply as Azerbaijan is a country situated in between Eastern Europe and Western Asia. It has the Caspian Sea to the east and shares its borders with Russia, Georgia, Armenia and Iran. Baku is the capital of Azerbaijan and is the only metropolis in the country. The country was initially known as the Azerbaijan Democratic Republic and first got its independence in the year 1918 and was eventually incorporated in the USSR in 1920. It then came to be known as the Azerbaijan Soviet Socialist Republic. However, when the USSR dissolved in 1991, the country became an independent one. Also, it became the first secular democratic Muslim-majority state. Azerbaijan is also a unitary state where the Central Government is considered as a supreme power. Also, the country is also a semi-presidential republic. It also shares diplomatic relations with over 158 countries and is a member of 38 international organisations like the United Nations, the Council of Europe and the NATO Partnership for Peace (PfP) program. The country also holds an observer position in the World Trade Organisation (WTO). Almost the entire population belongs to the Islam religion. Another interesting fact is that the country’s constitution does not have one religion as its official religion; all the political forces consider themselves a secularist.
Business Opportunities in Azerbaijan
Two-thirds of the country has large deposits of oil and natural gas. Also, the country has a lot of gold, silver, iron, copper and many other metal deposits, thanks to the region of the Lesser Caucasus. These deposits account for most of the country’s precious and other industrial metals. Azerbaijan is considered as a hot spot for oil mining and exploration mainly because there are many Western oil companies who are exploring the country’s untapped oil reserves. Hence, there are several business opportunities for other countries as well.
Exports and Imports in Azerbaijan
Exports of Azerbaijan decreased from $48,48,326.50 in Q4 of 2019 to $44,63,169 in Q1 of 2020. On the other hand, the country’s imports decreased from $32,12,064.50 in Q4 of 2019 to $25,90,101 in Q1 for the year 2020.
Top Exports of Azerbaijan
Oil and natural gas account for 95% of the total export revenue of the country. The country’s other exports include sugar, fruits, metals and polymers. The main export partners are Italy, the United Kingdom, the United States, Israel, Indonesia, France and Turkey.
Top Imports of Azerbaijan
The main part of the country’s imports is passenger cars, wheat, cigarettes, pharmaceutical products, sugar and machines. The main import partners of Azerbaijan are Turkey, Russia, Germany, the United Kingdom, the United States and Italy.