On October 25, 2023, the 6th meeting of the Intergovernmental Commission on trade, economic, scientific and technological cooperation between the Republic of Azerbaijan and the Republic of India was held at the Ministry of Ecology and Natural Resources.
The Chairman of the Board of Alat Free Economic Zone (AFEZ) Authority Mr. Valeh Alasgarov participated at the meeting and informed participants of the event about business friendly operating environment created for investors.
In the framework of the 6th meeting of the Intergovernmental Commission, "AzerGold" CJSC , "AZERBAIJAN INVESTMENT COMPANY" OJSC and Indian “Devngi Innovations LLP” have signed the Memorandum of Understanding on mutual cooperation. The tripartite memorandum was signed by the Chairman of the Executive Board of "AzerGold" Mr. Zakir Ibrahimov, Executive Director of Azerbaijan Investment Company Mr. Ulvi Mansurov and an authorized representative of Devngi Innovations LLP Mr. Sanat Nareshkumar Vaviya at the event held in the Ministry of Ecology and Natural Resources.
The Memorandum aims to identify the opportunities to launch the lab-grown diamond production industry and natural diamond processing infrastructure, and establish a joint venture within the partnership of Azerbaijan and India. A joint venture will be established in Alat Free Economic Zone within the first phase of the project and the initiation of a non-traditional industry in Azerbaijan.