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    September 6, 2007 | By The Info Sage In National News Updates |

    New Delhi, Sept.6 (ANI): The Government of Kazakhstan is keen on the North-South Economic Corridor through Iran, and the country is discussing the issue with their Indian counterpart, said Kairat Umarov, Ambassador of Kazakhstan in India.

    He said that the North -South Economic Corridor through Iran can enhance trade relations between India and Central Asia.

    He was addressing a meeting on ‘Doing Business with Kazakhstan’ organized by the Confederation of Indian Industry (CII), here on Wednesday.

    Kazakhstan will introduce one more flight to India by October to add to the existing two weekly flights between India and Kazakhstan, the Ambassador said.

    connectivity among the countries in Central Asia to provide energy security, said Umarov.

    The Ambassador said that predictability, stability and tolerance are the key elements to the success of Kazakhstan and the country has created a conducive environment for investment. India and Kazakhstan are working together in the field of science, technology and military cooperation, he informed.

    Government of Kazakhstan has also formed industrial clusters in tourism, energy, construction and other prominent business sectors. India and Kazakhstan can work together in power sector projects as Kazakhstan is focusing on hydro and atomic power as the future source of energy, he added.

    Umarov said that companies from more than 60 countries are working in Kazakhstan and are satisfied with the business environment the country offers. The Ambassador hopes that the existing bilateral trade of 210 million dollars in 2006 will increase favourably by initiatives from the governments of both the countries.

    Sandeep Garg, Regional Director (Caspian Region), Punj Lloyd Ltd said Kazakhstan is rich in oil, gas, iron ore, coal, copper, zinc, bauxites, gold, silver, chrome, uranium and other metals that comprise 95 percent of the periodic table. Sharing the experience of the Indian companies in Kazakhstan, he said that the country requires a huge infrastructure build-up for business growth.

    Extreme temperature, mobilization issues, availability of local skilled manpower, language barriers and unavailability of a single window system for the investor are the key challenges for business growth in Kazakhstan, said Mr. Garg. Kazakhstan has begun to implement important structural reforms aimed at transforming its economy into a more transparent, less regulated and more market driven economy, he said.

    Garg said, Indian companies should focus on customer integration, safety, quality control and tie-ups with local partners to utilize the available business potential in Kazakhstan. He mentioned that respect to local laws, values and customs are the additional success factors. Indian companies should meet the benchmark practices in construction management, health and environment to show a long-term commitment to Kazakhstan, added Garg.

    India has a huge requirement for energy and Kazakhstan with vast resources can be a long-term partner to India’s need, said Mr. V K Mathur, Chairman. Inapex Ltd. Speaking on behalf of CII, he said that India and Kazakhstan should align structures and mechanisms to take the advantages of changes in the global market. Government policies must be formulated to explore new opportunities and exploit the resources for mutual benefit of both the countries, said Mathur. (ANI)

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