ASSOCHAM inks MOU with EKO to explore greater business ties in India, Kazakhstan

India's apex industry body ASSOCHAM and East Kazakhstan Oblast (EKO) today have signed a Memorandum of Understanding (MoU) for boosting bilateral trade Investment to facilitate companies both in India and Kazakhstan today.

The MoU was signed between the two organizations by Nurymbet Saktaganov, First Deputy Governor, East Kazakhstan Region and ASSOCHAM.

The purpose of the MoU is to contribute towards fostering mutual economic development and friendly relations in both the countries through promoting co-operation.

"East Kazakhstan Oblast Region is today a preferred destination for Investors; it attracted investment upto to 8.3 billion U.S. dollars. The focus is on promoting public private partnership, attracting foreign investments through concession projects and the European Bank of Reconstruction and Development", said by Nurymbet Saktaganov, First Deputy Governor, East Kazakhstan Region.

K. Nagaraj Naidu, Director (ITP), Ministry of External Affairs said, during the visit of Prime Minister Modi to Kazakhstan in July 2015, the two sides inked five key agreements including a defence pact to enhance military cooperation and a contract for supply of uranium.

PM Modi said that in his vision for India's relations with Central Asia, Kazakhstan will play a "critical role". India greatly values its relationship with Kazakhstan. We have enormous synergies of markets, resources and skills for a strong bilateral relationship. There is a remarkable convergence in our economic policies, approaches and strategies in a number of areas.

India and Kazakhstan actively cooperate under the aegis of Multilateral Fora including CICA, SCO and the UN organizations. Kazakhstan's continued support for India's candidature for a permanent seat in a reformed United Nations Security Council and for a UN Comprehensive Convention on International Terrorism is well appreciated.

Nagaraj also said, defence and security cooperation is an important dimension of strategic partnership between the two countries and both sides want to make it stronger, including in defence manufacturing. We welcome the recently signed Memorandum of Understanding on defence cooperation.

The MoU would further widen the scope of bilateral defence cooperation including regular exchange of visits, consultations, training of military personnel, military- technical cooperation, joint exercises, special-forces exchanges and cooperation in UN peacekeeping operations.

"Kazaksthan is also one of the first countries with which India has launched civil nuclear cooperation through a uranium purchase contract. The signing of the recent contract between "KazAtomProm" and NPCIL for a renewed long term supply of natural uranium to India to meet India's energy requirements, is the second contract that the two countries have in the minerals space and we hope to expand this cooperation in other minerals as well."

The ongoing bilateral discussions aimed at setting up a dedicated freight terminal in one of the western sea ports of India for trade with Kazakhstan along with the International North-South Transport Corridor will help improve surface connectivity.

The recent signing of the Memorandum of Understanding on Technical Cooperation in the sphere of railways between the NC Kazakhstan Temir Zholy JSC and India's railways ministry has added another layer to our economic cooperation.

Tourism is another area which presents immense possibilities. India has a rich and enterprising middle class who are eager to travel to new destinations and Kazakhstan presents an excellent location in the neighborhood of the country which, in addition to its unique steppes, lakes and hills, also offers snow clad mountains and ski slopes.

Kazakhstan will be host of the World Expo in 2017. It will be Kazakhstan's first world fair, as well as the first in Central Asia. The Expo is expected to redefine Kazakhstan's status as a business and tourism destination.