Kazakhstan identifies 300 products to promote bilateral trade

“Kazakhstan is going to organize a mega exhibition in the month of March 2023 to promote Indian products in the 11-country CIS region. The exhibition will promote Indian products across pharmaceuticals, engineering, agro commodities and other sectors. We have identified 300 products where there is potential to promote trade among India, Kazakhstan and Russia. Kazakhstan has friendly relation with almost all the countries in the world and hence we can help Indian companies in accessing the vast market of central Asia and Europe. Kazakhstan can also play an important role in facilitating rupee-rouble trade between India and Russia Currently India is the fifth largest economy in the world and it is set to lead the globe due to its economic and cultural supremacy,” Mr. Kazybek SHAIKH, President of the National Association of Cooperatives and Other Forms of Economic Communities of the Republic of Kazakhstan said at an interactive meeting at WTC Mumbai.Mr. SHAIKH led a 14-member trade delegation from Kazakhstan to India to identify opportunities for commercial cooperation. The event was organized jointly by WTC Mumbai and All India Association of Industries.

Mr. SHAIKH sought the support of WTC Mumbai in establishing a World Trade Center in Kazakhstan that will strengthen business relation between India, Kazakhstan and other Central Asian and European countries. “WTC Mumbai is our preferred gateway to doing business in India. We want to establish a WTC in Kazakhstan to promote India’s trade and investment in central Asia and Europe, ” Mr. SHAIKH added.

Speaking on this occasion, Mr. Serik NUGERBEKOV, Head, International Secretariat of G-Global remarked, “We can promote India’s trade with Kazakhstan and other neighbouring countries in Eurasia with the establishment of a WTC. Already, Kazakhstan has Astana International Financial Centre (AIFC) which is positioning itself as a global centre to foster trade and financial ties between Central Asia and Europe. I propose to set up a new age digital platform to promote online trade & other business transactions between India, Central Asia and Europe with integrated features such as online government approvals, marketplace, buyer-seller meetings, smart contracts, cryptocurrency etc.”

Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, WTC Mumbai mentioned that WTC Mumbai and AIAI proposed to set up a joint working group along with the Kazakhstan Association of Cooperatives for exchange of trade delegations, organising buyer-seller meets and trade fairs to promote trade, investment, technology exchange and joint ventures between both the countries.

He pointed out that the current bilateral trade volume of USD 500 million can be doubled in the next few years if we facilitate exchange of trade delegations and focus on a few sectors to start with. Indian companies in pharmaceuticals, auto-components and other sectors can set up production unit in Kazakhstan and consider it as a gateway to the 210 million consumer market of CIS region.

Kazakhstan being a mineral-rich country, Dr. Kalantri suggested the industry in Kazakhstan to supply raw materials to India for value addition and re-export to rest of the world. WTC Mumbai can facilitate an Indian trade delegation to Kazakhstan to identify business and investment opportunities.

The event was followed by B2B networking session between delegates from India and the visiting business delegation of 14 members from Kazakhstan. The members of the Kazakh business delegation represent agriculture, housing, pharmaceuticals, engineering, education, women-owned enterprises, micro business associations, cooperatives and importers of shopping items.

Mr. Ajoykaant Ruia, Vice Chairman, MVIRDC WTC Mumbai proposed vote of thanks for the event.