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    Kazakhstan

    Kazakhstan strengthens bilateral ties with India at 10th Vibrant Gujarat Summit

    Kazakhstan strengthens bilateral ties with India at 10th Vibrant Gujarat Summit

    Kazakhstan showcased its commitment to strengthening bilateral ties with India as Vice Minister of Trade and Integration, Kairat Torebayev addressed the country session at the 10th Global Summit "Vibrant Gujarat," the Ministry of Trade and Integration of Kazakhstan reported. The summit, themed "Industry 4.0 – The Industrial Revolution, Technology, and Innovation: Fostering Inclusive Growth and Moving Towards Sustainable Development," convened in Gandhinagar from January 10 to 12.

    Photo: 10th Global Summit in Gandhinagar focuses on 'Industry 4.0,' bringing nations together for inclusive growth
    Source: Ministry of Trade and Integration of Kazakhstan

    Initiated by Indian Prime Minister Narendra Modi in 2003, the Gujarat Summit provides a platform for participating nations to deliberate on issues of socio-economic development and explore promising projects for foreign investment.

    In February, Kazakhstan and India are set to commemorate the 32nd anniversary of diplomatic relations. The two nations collaborate within major international organizations such as the United Nations (UN), Shanghai Cooperation Organisation (SCO), Conference on Interaction and Confidence Measures in Asia (CICA), and the Central Asia – India Dialogue. While trade relations between the countries have been on an upward trajectory, the volume of trade decreased to $811.2mn over the first 10 months of 2023, aligning with the pandemic levels of 2020-21.

    Photo: Vice Minister of Trade and Integration, Kairat Torebayev
    Source: Ministry of Trade and Integration of Kazakhstan

    Vice Minister Torebayev expressed Kazakhstan's eagerness to further boost the trade turnover with India by an additional $148.1mn. Kazakhstan, endowed with substantial natural resources in the energy sector, stands as a reliable partner for India in ensuring a stable supply of oil, gas, and other energy resources. Simultaneously, the vast Indian market presents opportunities for Kazakhstani exporters in various sectors.

    "In particular, Kazakh enterprises are well-positioned to increase the supply of products from the metallurgical, chemical, food, construction, and machine-building industries," stated Vice Minister Torebayev during his address.

    The plenary session saw discussions on deepening cooperation, increasing mutual investments, and implementing joint projects, particularly in the areas of digitalization, innovation, healthcare, education, and tourism.

    Photo: Kazakhstan commits to boosting trade with India as the two nations commemorate their 32nd diplomatic anniversary
    Source: Ministry of Trade and Integration of Kazakhstan

    Currently, about 400 legal entities with Indian capital are registered in Kazakhstan, with the inflow of foreign direct investment from India to Kazakhstan reaching $414mn over the past 25 years.

    Kazakhstan is actively working to attract Indian investors, having lifted entry restrictions and resumed visa-free travel for citizens of 91 countries. The country also introduced a service for electronic visa issuance through the Visa-Migration Portal. Since 2022, Indian citizens enjoy a visa-free 14-day regime in Kazakhstan.

    Photo: Discussions at the summit explore deepening cooperation, mutual investments, and joint projects
    Source: Ministry of Trade and Integration of Kazakhstan

    On the sidelines of the Gujarat summit, Vice Minister Torebayev engaged in discussions with Indian representatives regarding the 15th meeting of the Kazakh-Indian Intergovernmental Commission on Trade, Economic, Scientific, Technical, Industrial, and Cultural Cooperation. The previous meeting took place in June 2022 in New Delhi.

    For reference: In January-October 2023, the trade turnover between Kazakhstan and India amounted to $811.2mn, with exports at $312.7mn and imports at $498.5mn. The decline in Kazakhstan's exports is attributed to a decrease in oil supplies to India. Kazakhstan exports crude oil, hydrogen, inert gases, and other non-metals, asbestos, and ferroalloys to India. The main imports from India include medicines, aircraft, equipment for sorting and grinding soil, telephone sets, and tea.

     

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    12.01.2024, 17:50   Comments (0)   2006
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