BUSINESS

Kazakhstan invites Indian investments

STRENGTHENING COOPERATION: Nursultan Nazarbayev (centre), President, Republic of Kazakhstan, with Ashwani Kumar, Minister of State for Industry (left), and Sajjan Jindal, President, Assocham, during a meeting with Indian businessmen in New Delhi on Saturday.

STRENGTHENING COOPERATION: Nursultan Nazarbayev (centre), President, Republic of Kazakhstan, with Ashwani Kumar, Minister of State for Industry (left), and Sajjan Jindal, President, Assocham, during a meeting with Indian businessmen in New Delhi on Saturday.   | Photo Credit: — PHOTO: SHANKER CHAKRAVARTY

Special Correspondent

Identifies pharma, IT, financial services as potential areas for cooperation

NEW DELHI: Kazakhstan President Nursultan Nazarbayev on Saturday sought investments by Indian industry in sectors such as pharmaceutical, information technology, financial and banking services along with joint participation in oil and gas sectors.

Addressing the captains of industry here, Mr. Nazarbayev said Kazakhstan imported nearly $500 million worth of pharmaceutical requirements every year and it wanted Indian companies to set up facilities in this area. In addition, he said, investments were being solicited in sectors such as banking and financial, IT, metallurgy and related areas.

“India and Kazakhstan have 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. My visit to India would result into establishment of long-term relationship in areas identified above,” he added.

He said oil and gas was the highly prospective area for collaboration between the two countries as his country had oil reserves for 50 years and gas reserves for 75 years.

Exports

V. S. Shkolink, Minister of Industry and Trade, Kazakhstan, said exports from Kazakhstan to India were more than three times higher at $150 million in January-November 2008 as compared to the same period last year. Imports from India during the period stood at $182.7 million, registering a 37.8-per cent increase.

Economy on right track

Minister of State for Industry Ashwani Kumar said the Indian economy was on the right track and had touched the $1-trillion mark.

The Minister further said that it was appropriate to mention a few areas where the two countries could enhance active cooperation including IT, health care, transfer of technology, textile and to top it all tourism.

The establishment of a software technology park in Almaty and establishment of IT centres in the universities could further be strengthened as the scope for cooperation was enormous.

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