Central asia new destination for indian investment PHD Chamber delegation to visit central asia

July 25, 2008, New Delhi - The Government is actively considering steps to boost its trade and investment relations with Central Asian Countries through a host of measures including joint ventures in oil and gas exploration, mining and power generation.

This was disclosed by Mr. N K Gupta, Joint Secretary, Ministry of Commerce and Industry while addressing a meeting of the Ambassadors and senior diplomats of CIS countries with the members of the PHD Chamber yesterday evening in New Delhi.  Ambassadors and charge de affaires of Kazakhstan, Kyrgyz Republic, Tajikistan and Uzbekistan were present at the meeting. He said that the Government will actively support the private sector initiatives in this regard.

Mr. Gupta suggested Indian companies to scout Central Asia for more investment since the region is rich in mineral resources. The Indian investment abroad is pegged at US $35 billion and the share of Central Asia can be increased manifold. He also underscored the need for resorting to swap and barter deals between India and countries in the region to facilitate bilateral trade. The countries in the region also can be used as manufacturing hubs and value addition centers for third country exports.

The diplomats showcased the vast resources and mining potentials of the region. They also have also referred to the growing number of Indian companies setting bases in the region such as Mittals, public sector banks etc. The focus areas for investment included oil exploration, power generation, mining, infrastructure building, IT and tourism. Every country in the region can be the idyllic destination for Indian tourists.

In his response, Mr. Ravi Wig, Chairman NRD Council, PHD Chamber said that PHD Chamber would be shortly sponsoring a delegation to Central Asian countries to cement the business and investment ties. He also hoped that opening up a land route to the region through Pakistan would be materialized soon and that would leverage the trade and investment activities.