BAKU, Oct. 3 (Xinhua) -- Baku has a good chance for hosting the 2020 Olympics, Azerbaijan's minister of youth and sports Azad Rahimov said on Monday.

Rahimov made the remarks at the first meeting of the Baku bid organizing committee for the 2020 Games.

Also joining the bid race alongside Baku is Rome, Madrid, Tokyo, Istanbul and Doha.

According to Rahimov, Istanbul is Baku's main rival as Rome and Madrid are plagued with economic crisis, Tokyo has suffered from the earthquake and tsunami, while blistering summer heat in the Gulf is unfavorable for Doha.

Baku has hosted many sporting events, including rhythmic gymnastics world championships in 2005 and wrestling world championships in 2007. The AIBA boxing championships is underway in Baku.