India - Azerbaijan Business and Cultural Council

Azerbaijan, located at the crossroads of Eastern Europe and Western Asia, is known for its rich history, diverse culture, and economic wealth from oil and gas. Its capital, Baku, features a blend of modern and ancient architecture.

Ambassador and Consul General

The Global India Business Forum (GIBF) team met the new Ambassador of the Republic of Azerbaijan to the Republic of India and felicitated him with a memento. The GIBF team explained the aims and objectives of GIBF to the ambassador and updated him with GIBF’s work. The ambassador assured the Founder and Global President of GIBF, Dr. Jitendra Joshi and Co-founder and Secretary General, Deepali Gadkari of cooperation and collaboration with GIBF for mutual trade.

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Exports

Oil, Natural gas, Sugar, Fruit, Metals

Imports

Passenger cars, Wheat, Cigarettes, Sugar, Machines

About Azerbaijan

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.

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Exports and Imports Azerbaijan

Overview In 2022, Azerbaijan was the number 73 economy in the world in terms of GDP (current US$), the number 65 in total exports, the number 102 in total imports, the number 87 economy in terms of GDP per capita (current US$) and the number 83 most complex economy according to the Economic Complexity Index (ECI) .

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Top Exports Of Azerbaijan

The top exports of Azerbaijan are Crude Petroleum ($19.4B), Petroleum Gas ($15.5B), Refined Petroleum ($561M), Nitrogenous Fertilizers ($247M), and Gold ($188M), exporting mostly to Italy ($18.3B), Turkey ($3.57B), Israel ($1.68B), India ($1.64B), and Greece ($1.51B).

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Top Imports Of Azerbaijan

The top imports of Azerbaijan are Cars ($1.16B), Refined Petroleum ($654M), Crude Petroleum ($410M), Wheat ($390M), and Packaged Medicaments ($368M), importing mostly from Russia ($2.52B), Turkey ($2.5B), China ($1.51B), United Arab Emirates ($699M), and Georgia ($668M).