International North South Transport Corridor (INSTC)
linking India to Central Asia is likely to get operationalised shortly
Talks have been initiated for signing of an FTA between
India and Kyrgyztan and the Eurasian Economic Union (EAEU) (Kyrgyzstan being
one of the countries in the Union). The International North South Transport
Corridor (INSTC) linking India to Central Asia is likely to get operationalised
shortly which would offer a shorter and cost effective trade route for India’s
bilateral trade with CIS countries.
This was stated today at Indo-Kyrgyz Business Investment
Forum, organized jointly by The PHD Chamber of Commerce and Industry, the Investment Promotion Agency of Kyrgyz
Republic under The Ministry of Economy, in collaboration with Lark Logistics
Pvt. Ltd, Ministry of Tourism - Kyrgyz Republic, The Kyrgyz Embassy in India,
at PHD House, New Delhi.
The Kyrgyz delegation was led by H.E. Mr. Alymbek
Orozbekov, Deputy Minister of Economy of the Kyrgyz Republic & Director
State Agency for Promoting Investment, Kyrgyz Govt Officials and industrialists
from Kyrgyz Republic.
Mr. Amar Sinha, Secretary-Economic Relations, Ministry of
External Affairs, Govt of India, while speaking at the Forum meeting said that
India is keen to enhance economic relations with the Kyrgyz Republic and with
Eurasia. There is a need to increase bilatarel trade between India and Kyrgz Republic, given the huge
economic potential both countries can offer to each other, he added.
Mr. Alymbek Orozbekov, Deputy Minister of Economy of the
Kyrgyz Republic & Director State Agency for Promoting Investment said that
Kyrgyz Republic considers India as a strategic economic partner. He added that
Kyrgyz Republic offers easy visa regime, liberal economic policies, has
strategic geographical location in Central Asia, is on the ancient Silk Road,
offers stable macro-economic environment, and has one of the lowest and most
competitive tax regimes.
Mrs. Samarglul
Adamkulova, Ambassador of the Kyrgyz Republic in India said that her
Government offers wide investment opportunities in such varied sectors as
agriculture, tourism, and particularly in mining, such as gold, tin, rare
earth, copper, coal, mineral and ground fresh water, tungsten, antimony and
mercury. She said India has been a friendly
political and economic partner for the last 25 years.
Mr. Saurabh Sanyal, Secretary General, PHD Chamber of
Commerce and Industry stated that the global dynamics are changing and
developed markets are saturating, and hence there is a need for Indian
businesses to look for alternative markets. The CIS region offers countless
opportunities for developing economic and commercial ties for Indian businesses
but there is a dearth of information about the economic scenario and available
business opportunities in CIS.
Even after 25 years of diplomatic relations, economic
ties between India and Kyrgyz Republic have remained modest and cooperation
between the two hasn’t reached desirable levels, he added. Sh. Saurabh Sanyal
also stated that there is no doubt that the need of the hour is to develop
strong economic relations with developing countries around the globe and Kyrgyz
Republic is one of the prominent countries in the CIS region.
India is coming up in a strong way with growing middle
class, rapid urbanization, increasing disposable income, and an abundant labour
force which gives Kyrgyz Republic a prospective market for its products and
services.
India is rapidly progressing at all fronts at the global
level which can be majorly attributed to path breaking initiatives taken by the
Government of India and schemes like the Ease of Doing Business, Make In India,
Skill India, Digital India, Smart Cities, Clean India, amongst others that are
aimed at increasing exports from India and making it a manufacturing hub.
It is a well-known fact that culture binds people. Hence,
apart from trade and investment, both India and Kyrgyz Republic should promote
tourism and cultural exchanges as people to people contact is very important to
build long-lasting relationships.
There is great potential and opportunities for
cooperation in sectors such as – Construction, Energy, Tourism, Agriculture,
Medicine, Transport, Telecommunications, Mining, Textile, Industry, Banking,
amongst others.
Some of the potential sectors, wherein significant
investment projects are available in Kyrgyz Republic, are –
Sector Amount of
Investment (in thousands of USD)
Construction
34,233
Energy 69,235
Tourism 76,822
Agriculture
2,15,196
Medicine
4,250
Transport
62,800
Telecommunications
67,300
Mining 1,81,805
Textile 951
Industry
2,600
Banking
The Indo-Kyrgyz Business Investment Forum, will extend an
excellent opportunity to explore business avenues in Kyrgyz Republic and
discover channels for trade and joint ventures. The Forum will provide a
platform to members who look forward to interact with the delegation and gain
firsthand information on the intricacies involved in doing business in Kyrgyz
Republic and discuss about the existing challenges present there.
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