Vice Minister of Trade and Integration of Kazakhstan Kairat Torebayev spoke at the country session of the 10th Global Dynamic Gujarat Summit, which is taking place in India from January 10 to 12, 2024. The theme of the summit is "Industry 4.0 – Industrial Revolution, Technology and Innovation: Stimulating Inclusive Growth and Transition to Sustainable Development," the El.kz reports with reference to the press service of the ministry.
The Gujarati Summit has been held in Gandhinagar since 2003 at the initiative of Indian Prime Minister Narendra Modi. On its platform, the participating countries discuss issues of socio-economic development and promising projects for foreign investment.
In February, Kazakhstan and India will celebrate the 32nd anniversary of cooperation since the establishment of diplomatic relations. Our countries cooperate within the framework of such major international organizations as the UN, the SCO, CICA, and the Central Asia-India Dialogue. Trade relations between Kazakhstan and India continue to develop. In 2022, mutual trade reached $2.5 billion.
At the same time, for 10 months of 2023, the volume of trade between our countries decreased to $811.2 million, which corresponds to the level of the pandemic years of 2020-21.
Kazakhstan is India's main trading partner among the Central Asian countries and is ready to further increase trade turnover in the amount of $148.1 million. Possessing significant natural resources in the field of energy, our country is a reliable partner for India in ensuring the supply of oil, gas and other energy resources. In turn, Kazakh exporters of goods and services are interested in the capacious Indian market" Kairat Torebayev said in his speech.
In particular, Kazakh enterprises can increase the supply of products of the metallurgical, chemical, food, construction and engineering industries.
During the plenary session, the Vice Minister of Trade and Integration of Kazakhstan expressed the need to deepen cooperation between the two countries, as well as increase mutual investments and the implementation of joint projects in areas with great potential for growth.
Projects in the field of digitalization, innovation, healthcare, education and tourism may become the most promising for expanding cooperation.
Today, about 400 legal entities with the participation of Indian capital are registered in Kazakhstan. The inflow of foreign direct investment from India to Kazakhstan over the past 25 years amounted to $414 million.
For its part, our country is creating all the conditions for attracting Indian investors and developing mutually beneficial business ties. Kazakhstan has lifted entry restrictions, resumed a visa-free regime for citizens of 91 countries, and also launched a service for issuing electronic visas through the Visa and Migration Portal of the Republic of Kazakhstan. Since 2022, a visa-free 14-day regime has been open for Indian citizens.
On the sidelines of the Gujarat Summit, Kairat Torebayev discussed with representatives of the Indian side the holding of the 15th meeting of the Kazakh-Indian Intergovernmental Commission on Trade, Economic, Scientific, Technical, Industrial and Cultural Cooperation in Astana. The previous meeting of the IGC was held in June 2022 in New Delhi.