Kazakh can be gateway to the 210-million consumer market of CIS region

“I extend my hearty greetings to the people of Kazakhstan on the occasion of Nauryz New Year. I hope this Year will bring renewed momentum to India-Kazakhstan relation. Kazakhstan is the largest country in central Asia and it can be a gateway to 11-country Commonwealth of Independent States (CIS) region. The current India-Kazakhstan trade volume of USD 500 million is far below potential and it can be doubled in the next few years with a visionary strategy. As part of this strategy, Kazakh government may allocate two Free Trade Zones, one for pharmaceuticals and the other for auto-components sector, for Indian investors. Secondly, Kazakh government may simplify clearance process for Indian investments in that country,” said Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai at the SHYMKENT INVESTMENT FORUМ. The Forum was organized at the Kazakh city of Shymkent to showcase the investment attractiveness of the southern region of this country and Dr. Kalantri addressed this event virtually as Guest of Honour.

Dr. Kalantri expressed gratitude to the Kazakh government for offering red carpet invite to Indian delegates at the Forum and he suggested the government to allocate land, power and other infrastructure to Indian investors at concessional cost.

Speaking about the potential for bilateral relation, Dr. Kalantri remarked, “India is the fastest growing world economy with a GDP growth of 7% and Kazakhstan has huge mineral reserves to meet the demand of a growing economy. Apart from mining, there is huge potential for bilateral cooperation in chemicals, auto-components, pharmaceuticals, FMCG, oil and gas. Information technology was traditionally the prominent sector of India and in the post-pandemic era, India has also become a popular supplier of drugs & pharmaceuticals as well.”

Dr. Kalantri invited Mr. Serik Zhumangarin, Minister of Trade and Integration, Kazakhstan and Mr. Murat Aitenov, Mayor of Shymkent city to India with a high level business delegation to explore trade and investment potential.

Dr. Kalantri stressed on the need for frequent exchange of business delegation between both the countries to strengthen commercial ties. He invited Kazakh companies to explore business opportunities in India and suggested Indian companies to consider Kazakhstan as a gateway to the 210-million consumer market of CIS region.

Earlier in his welcome remarks, Mr. Marat Karabayev, Minister of Industry and Infrastructural Development, Kazakhstan assured all administrative support to Indian investors looking for trade and investment opportunities in his country.

In his remarks, Mr. Aitenov, Mayor of Shymkent endorsed the views and suggestions of Dr. Kalantri and said, “India is the fast growing economy with tremendous potential for trade and investment. We are sincerely looking to strengthen commercial relation with India.”

The three-day Investment Forum features exhibitions, investment MoU signing ceremonies, cultural program, panel sessions and presentations on investment opportunities in Shymkent and neighbouring cities. The event is being attended by foreign investors, financial institutions and traders from Asia and CIS countries.

WTC Mumbai has led a 10-member delegation, comprising of officials from agro-processing, pharma, auto-components, mining and other sectors to this forum.

The Forum will lead to signing of more than 20 investment MoUs on the second day (March 21, 2023), according to Ministry of Industry and Infrastructural Development of the Republic of Kazakhstan.