ASTANA (TCA) — Kazakhstan and India plan to drastically increase bilateral trade turnover up to $5 billion during the next 2-3 years, Novosti-Kazakhstan news agency reported citing Yerzhan Shaikenov, co-chairman of the Kazakhstan-India Business Council.
“We hope that the Business Council will help increase mutual trade and investments. I expect that in two-three years we will be able to increase bilateral trade to at least $5 billion,” Shaikenov said at the meeting of the Kazakhstan-India Business Council on May 19.
According to Kazakh Ambassador to India, Bulat Sarsenbayev, trade between Kazakhstan and India now stands at more than $1 billion a year.
“It is several times more than with all Central Asian states put together. At the same time, both parties realize that the figure could be much more. Our cooperation is expanding and the interest is very big. I think that with time we will be able to raise our economic relations onto a level that will satisfy our two countries,” the ambassador said.
He said that Kazakhstan is now interested in importing construction materials from India and India needs mineral fertilizer and metals from Kazakhstan. The two countries also plan establishing joint ventures and Indian companies are invited to work in Kazakhstan.
“According to statistics, more than 400 companies with Indian capital are registered in Kazakhstan now, but they mainly represent small and medium business. We would like that large Indian companies come to Kazakhstan,” the ambassador said.
