President of Republic of Kazakhstan, H.E. Nursultan Nazarbayev announced that India and his country has formed strategic partnership for setting up of joint projects in many areas such as construction, oil and gas, minerals, metallurgy as also supply of uranium to India for peaceful purpose.
Addressing the Indian industry under joint aegis of ASSOCHAM, CII and FIICI , Mr. Nursultan Nazarbayev said that his visit to India would result into establishment of long term relationship in areas identified above between Kazakh and Indian industry.
The visiting President has find host of Memoranda of Understanding between Government of India and Government of Kazakhstan for exploration of oil and gas as Kazakh offered 5 blocks for discovery of gas and oil to India.
He said that oil and gas is highly prospective area for collaboration between India and Kazakhstan as his country has oil reserves for 50 years and gas reserves for 75 years. Soliciting investments from India, the visiting President especially emphasized the need for setting up manufacturing facilities in pharma in Kazakhstan as each year it imports medicines to an extent of US$ 500 million.
In pharmaceutical, said Mr. Nazarbayev, Kazakh needed the largest volumes of investments as India has an edge in this sector. Another sector for cooperation identified by the President include IT, financial and banking services.
In his keynote address, Mr. V S Shkolink, Minister of Industry and Trade, Kazakhstan said that the export from Kazakhstan to India in January-November 2008 amounted to 149.7 mln. US dollars, which is 3.2 times higher in comparison with the similar period in 2007 (47 mln. US dollars). The import from India to Kazakhstan in January-November 2008 rose to 182.7 mln. US dollars and in comparison with the similar period in 2007 (132.6 mln. US dollars) increased by 37.8%.
He also informed that the Indian IT companies working in Kazakhstan are NIIT, 3-i Infotech, Larsen and Toubro, Punj LLoyd, Panjab National Bank, KEC International in the energy sphere. Besides, 74 Indian pharmaceutical companies supply their products to the Kazakhstan market. The Kazakhstan companies in India are Souztranslink Transport Company, KazStroiService Corporation and Kazakhstancaspishelf, which is a sub-contractor of Indian oil company “Shivani” operating in the sphere of seismic research of oil fields in the Indian state of Assam.
Dr. Ashwani Kumar, Minister of Industry said that in India, economy has been on the right track, having already touched USD 1 trillion mark. With over a billion population, and a well established network of institutions imparting knowledge in all spheres, India enjoyed one of the largest reserves of educated, skilled and semi-skilled cadres of professional and technical support. Matched with the steady growth of economy and education attainment, India is confidently forging ahead to achieve targets of progress and prosperity for its people.
The Minister further said that it was appropriate to mention a few areas where our two countries can enhance active co-operation. These include oil and gas, information technology, health care, transfer of technology, textile and above all tourism. Tourism immensely holds promise for collaborations in developing resorts and various tourism facilities. The establishment of a software technology park in Almaty and establishment of IT centres in the Universities can further be strengthened as the scope for co-operation is enormous.
Mr. Sajjan Jindal, ASSOCHAM President said that the economic relations between India and Kazakhstan have also witnessed a steady growth over the years. For instance, from around US $ 80 million in 2004, the bilateral trade presently stand at 225 million.
Major commodities of export from India to Kazakhstan are tea, pharmaceuticals, medical equipments, machinery, tobacco and consumer items. He further said that major items of import by India are steel, aluminium, wool, raw hides and soft wheat. The major Indian presence is in pharmaceuticals and tea market. Almost all the major pharmaceutical companies have their operations in Kazakhstan. Mittal steel is a major NRI investment worth nearly US $ 2 billion; Punj Lloyd Kazakhstan Limited and KEC International Limited have signed major contracts for construction of oil pipelines and power grid respectively.
Source: ASSOCHAM
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