The President of Kazakhstan, Nursultan Abishuly Nazarbayev has concluded his four-day visit to India by heading his contingent to complete formalities on bilateral ties including a broad spectrum economic cooperation. Close on heels to the signing of civil nuclear pact on Saturday, both countries have extended their co-operation in several areas including construction, oil & gas and minerals by signing various associated MOUs.
Nazarbayev stated the bilateral ties would help Indian companies to engage in successful oil & gas exploration and production as the country holds oil reserves for next 50 years and 75 years of gas reserves. He invited Indian companies in setting up manufacturing units in the Kazakh pharma industry. Kazakhstan mainly depends on imports of medicines, and it is estimated at $500mn. However, he pointed out besides the mentioned fields; IT, financial and banking sectors were also potential areas needed co-operation and had scope to succeed.
Earlier, India has signed a civil nuclear accord with Kazakhstan under which the second largest uranium-rich country would supply required fuel to nuclear plants of the country. India was able to enter in such a deal with Kazakhstan as the country had obtained clearance from the 45-nation Nuclear Suppliers Group (NSG) to conduct civil nuclear commerce with other nations.
The recent trade pact between both the nations is regarded as an extension to the ongoing trade relations. According to Sajjan Jindal, the president of the Associated Chambers of Commerce and Industry of India (ASSOCHAM), already the two-way trade has risen to around $225mn in 2008 from about $80mn of 2004.
Figures show that Kazakhstan imported goods from India worth $182.7mn during the period of January to November 2008 recording 37.8 percent growth when compared to the previous year’s $132.6mn. On the other hand, Kazakhstan minister for industry and trade, Vladimir Sergeyevich Shkolnik observed exports from Kazakhstan to India during the same period witnessed a three-fold growth at about $150mn from the previous year of 2007.