There was a great scope for expanding economic ties between India and Kazakhstan, said Kazakh Ambassador to India, Kairat Umarov, at an interaction in Observer Research Foundation in New Delhi.
There was a great scope for expanding economic ties between India and Kazakhstan, said Kazakh Ambassador to India, Kairat Umarov, at an interaction in Observer Research Foundation in New Delhi.
Introducing his country and the potential of promoting a more robust economic relationship, Ambassador Umarov talked about the possibility of Kazakh companies trading on the Bombay Stock Exchange and investments in oil and gas, retail and infrastructure sectors. Ambassador Umarov was talking to a select gathering at the Foundation. The meeting was chaired by Mr Vikram Sood, vice president, ORF Centre for International Studies, and former Secretary, Research and Analysis Wing (RAW).
Stressing on the relationship between the two countries, the Ambassador said India was one of the first countries that President of Independent Kazakhstan N.Nazarbayev paid his official visit to in 1992. “This year we are celebrating the 15th anniversary of diplomatic relations between our countries,” he pointed out. Referring to the level of trade between the two countries, the Ambassador, in his presentation, pointed out that the total quantum of trade between the two countries has increased from $ 78.9 million in 2003 to $ 210 million in 2006. He called the 74 per cent increase a ``quantum jump``.
Kazakh exports to India rose from $5.9 million (2003) to 59.6 million (2006). Kazakh imports from India increased from $ 73.0 million (2003) to 150.5 (2006) million. The export items to India are mineral products; leather and raw materials. While the import items from India are vegetable products; food stuff; chemicals; plastic; machinery and equipment.
Ambassador Umarov said the Kazakhstan and India friendship extended to the areas of textiles, construction materials, leatherwear, plastics, pharmaceuticals, IT, oil and gas, tourism. Companies from India like ONGC Videsh, Punj Lloyd, Larsen and Tourbo have set up units in Kazakhstan. Banks like Punjab National Bank, Allahabad Bank would open their full functioning branch in Kazakhstan, he said. In 2006, the Indian investment to Kazakhstan was $ 16 million, a factor which shows the growing interest of the Indian business community in the region.
Referring to people to people contact initiatives, the Ambassador said the relationship dates back to olden days when the Ancient Silk Route was not only a major trading route between several countries, including India and Kazakhstan but also a melting pot of civilizations. He pointed out that two centers for Indian Studies have been established in the country for promoting cultural and social ties between the two countries. The establishment of Kazakh India Friendship Association was one of the important steps in this regard, he said.
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