ASSOCHAM signs pact with East Kazakhstan for trade & investment

East Kazakhstan one of the most industrialized regions of the country has become a preferred destination for investors The Dollar Business Bureau

Indian companies are keen to bid for infrastructure and construction projects in Kazakhstan in the field of road and railway construction, power transmission and distribution, and telecommunications.

  India’s apex industry body Associated Chamber of Commerce and Industry (ASSOCHAM) and East Kazakhstan Oblast (EKO) have entered into an agreement to boost bilateral trade and investment between the two countries. The MoU was signed between Nurymbet Saktaganov, First Deputy Governor, East Kazakhstan Region, and ASSOCHAM in New Delhi. “East Kazakhstan Oblast Region is today a preferred destination for investors; it attracted investment up to $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, EKR. Addressing the conference, K Nagaraj Naidu, Director (ITP), Ministry of External Affairs, said, defence and security cooperation is an important dimension of strategic partnership and both sides want to make it stronger, including in defence manufacturing. He expressed hope that the recently signed five key agreements, including a pact to enhance military cooperation and a contract for supply of uranium, will widen the scope of bilateral defence cooperation between the two countries. “The signing of the recent contract between ‘KazAtomProm’ and NPCIL for a renewed long term supply of natural uranium to India to meet India’s energy requirements is the second contract that the two countries have in the minerals space and we hope to expand this cooperation in other minerals as well,” he added. He said that various Indian companies are keen to bid for infrastructure and construction projects in Kazakhstan in the field of road and railway construction, power transmission and distribution, and telecommunications. Nagraj also said that 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. Besides, both sides are also under discussions for setting up a dedicated freight terminal at one of the western sea ports of India for trade with Kazakhstan along with the International North-South Transport Corridor which will help improve surface connectivity. The signing of an agreement on technical cooperation in the sphere of railways between the NC Kazakhstan Temir Zholy JSC and Indian Railway Ministry has added another layer to the bilateral economic cooperation, he added. East Kazakhstan is one of the most industrialized regions of that country. The region has huge reserves of mineral resources and the main wealth – polymetallic ores consisting of zinc, lead, copper, rare and precious metals. Enterprises of the region are also famous for the ore mining, processing equipment, oil and gas fittings, and making condensers and other electric technical and cable products.  

Feburary 12, 2016 | 3:06pm IST.