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BW Businessworld

Assocham Signs Pact To Boost Trade Between India And Kazakhstan

The purpose of the MoU is to promote economic development and friendly relations between the two countries

Industry body Assocham on Thursday (February 11) signed a memorandum of understanding (MoU) with East Kazakhstan Oblast (EKO) for facilitating companies doing business in India and Kazakhstan.

The purpose of the MoU is to contribute towards fostering mutual economic development and friendly relations between the two countries.

The East Kazakhstan Oblast region is today a preferred destination for investors and attracted investment of $8.3 billion.

"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 of East Kazakhstan Region.

K. Nagaraj Naidu, director (ITP), Ministry of External Affairs, said that during the visit of Prime Minister Modi to Kazakhstan in July 2015, the two sides inked five key agreements, including a defence pact to enhance military cooperation and a contract for supply of uranium.

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, Nagaraj added.

East Kazakhstan region is one of the most industrialized regions of Kazakhstan. The region has essential reserves of mineral resources consisting of zinc, lead, copper, rare and precious metals.

Kazakhstan will host its first World Expo in 2017.


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