Special Session on India-Kazakhstan Emerging Ties : Focusing on West Bengal 

Merchants’ Chamber of Commerce & Industry (MCCI)organised a Special Session with H.E. Mr. Zhalgasbayev Nurlan, Ambassador of the Republic of Kazakhstan in India on ‘India-Kazakhstan Emerging Ties : Focusing on West Bengal’ on 20 July 2023  at Conference Hall of the Chamber.

MCCI signed a Memorandum of Understanding with EEPC India today at the Session which would pave the way for additional visibility and growth of exports from West Bengal.The MoU was signed by Mr. Namit Bajoria, President, MCCI and Mr. Arun Kr. Garodia, Chairman, EEPC India.

H.E. Mr. Zhalgasbayev Nurlan, Ambassador of the Republic of Kazakhstan in India in his address said that the emerging ties between India and Kazakhstan clearly indicate that despite several roadblocks to the growth of relations, there are immense prospects for future cooperation. The sectors like natural resources, logistics and transportation, digital markets, and Information technology will create opportunities for both countries to expand overall trade.

His Excellency informed that the International North–South Transport Corridor (INSTC) is the multi-mode ship, rail, and road network for low-cost moving freight between India and Central Asia.

Mr. Nurlan mentioned that during the previous year, India and Kazakhstan’s overall trade had registered at $2.4 billion which was 17% higher than the previous year. The sectors including food processing, pharmaceuticals, machinery and engineering, ICT, and green & renewal energy were considered as priority sectors.

To attract Indian investors to Kazakhstan, Mr. Nurlan mentioned that Kazak Invest National Company has already introduced Single Window Support for the investors. Besides this, the country is also providing incentives for investment, import duty exemption, import subsidy, land availability, and legislation stability for the investors. There are 36 Special Economic Zones in Kazakhstan.

Mr. Arun Kr. Garodia, Chairman, EEPC India said that West Bengal is now all set to play a lead role in facilitating bilateral economic and commercial relations with Kazakhstan and such well-defined and focused sessions will pave the way.

Mr. Garodia mentioned that India’s commercial relation with Kazakhstan has been strengthening in recent years withmerchandise export from India rising continuously even during the years of Pandemic andmore than trebled in the last five completed fiscals to reach its all-time high at USD 436.5 million in 2022-23.

Mr. NamitBajoria, President, MCCI in his address suggested that to reap the full potential of bilateral trade between India and Kazakhstan, both the countries should explore prospects of product diversification. He further said that Indian companies can take up new initiatives likesetting up manufacturing units for pharmaceutical products, textiles & leather products to cater to the demands of not only the Kazakh market but also of other fast-growing countries in Central Asia.

Hementioned that there are more opportunities for collaboration at higher levels, such as cooperation between the Indian IT sector, high technological fields like bio- and nano-technology as well as promotion of clean energy. However, he expressed concern over the fact of absence of land connectivity and direct land access between India and Kazakhstan.

Mr. Vishal Jhajharia, Hony. Consul of Kazakhstan in Kolkata and Past President, MCCI viewed that Kazakhstan’s vast mineral resources and energy reserves open up opportunities for Indian investment in various sectors, including energy and infrastructure.

He further added that the West Bengal Government’s proactive approach in promoting investment and industrial development, coupled with Kazakhstan’s commitment to being an investor-friendly destination, creates an ideal environment for mutually beneficial partnerships to flourish.

The Session was concluded with a Hearty Vote of Thanks proposed by Mr. Mahesh Chandra Keyal, Chairman, Council on Foreign Trade, MCCI pointing out the fact that countries need to rework their trade strategy to reflect the current global reality and derive benefits from the comparative advantages of the two partners.

(This story has not been edited by News Mania staff and is published from a Media Release)