Assocham inks MOU with EKO to explore greater business ties in India & Kazakhstan

New Delhi, Feb 12 (KNN) Industry body Assocham and East Kazakhstan Oblast (EKO) have signed a Memorandum of Understanding (MoU) for boosting bilateral trade Investment to facilitate companies both in India and Kazakhstan.

The purpose of the MoU is to contribute towards fostering mutual economic development and friendly relations in both the countries through promoting co-operation.

“East Kazakhstan Oblast Region is today a preferred destination for Investors; it attracted investment up to to 8.3 billion U.S. dollars. The focus is on promoting public private partnership, attracting foreign investments through concession projects and the European Bank of Reconstruction and Development”, said Nurymbet Saktaganov, First Deputy Governor, East Kazakhstan Region.

K Nagaraj Naidu, Director (ITP), Ministry of External Affairs said Indian companies are also keen to bid for infrastructure and construction projects in Kazakhstan in the field of road and railway construction, electric power transmission and distribution, telecommunications, power generation etc.

Kazakhstan is India’s largest economic partner in the CIS region, but the quantum of our bilateral trade volume is still modest, compared to our potential, he said adding that the two sides will work together to take economic ties to a new level.

The establishment of a Joint Study Group between India and the Eurasian Economic Union on the feasibility of a Free Trade Agreement (FTA), is expected to boost trade. Both sides agreed to work closely to expand bilateral trade by addressing structural impediments between India and hydrocarbon-rich Kazakhstan.

The ongoing bilateral discussions aimed at setting up a dedicated freight terminal in one of the western sea ports of India for trade with Kazakhstan along with the International North-South Transport Corridor will help improve surface connectivity.

East Kazakhstan region is one of the most industrialized regions of Kazakhstan. The region has essential reserves of mineral resources and the main wealth – polymetallic ores consisting of zinc, lead, copper, rare and precious metals. Nonferrous metallurgy enterprises produce more than a half of the total volume of industrial products in the Oblast region. Enterprises of the region are also famous for the ore mining, processing equipment, oil and gas fittings, condensers and other electric technical and cable products. Agriculture is also well developed and offers good opportunities for collaboration with Indian companies.

Tourism is another area which presents immense possibilities. India has a rich and enterprising middle class who are eager to travel to new destinations and Kazakhstan presents an excellent location in the neighbourhood of the country which, in addition to its unique steppes, lakes and hills, also offers snow clad mountains and ski slopes.

Kazakhstan will be host of the World Expo in 2017. It will be Kazakhstan’s first world fair, as well as the first in Central Asia. The Expo is expected to redefine Kazakhstan’s status as a business and tourism destination. (KNN Bureau)