Though a small country, Azerbaijan has a huge potential, he said at a session organised by BNCCI here on Friday.
Some of the sectors which had good potential for exchanges were information and communication, transport, petrochemical and chemicals, hospitality, tourism, agriculture and food processing.
Shikhaliyev said Azerbaijan would also be a suitable destination for MICE (Meetings, Incentives, Conferencing, Exhibitions) tourism for Indian companies as it had the potential to bring it back to India.
Filming in Azerbaijan was also a feasible area as cost of shooting was much lower than Europe and the country was blessed with mountains, forests and the sea.
Direct flight from Baku, capital do Azerbaijan, to New Delhi would start shortly, he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)