WTC Mumbai proposes to boost ties with Kazakhstan

Dec 23, 2022

Kazakhstan is the largest country in Central Asia and 9th largest in the world, while India is the second most populous country in the world. However, the current level of bilateral trade, which is below USD 570 million, belies true potential. In order to explore areas to strengthen bilateral trade, investment and technology cooperation, MVIRDC WTC Mumbai organised an interactive meeting for a 14-member in-bound business delegation from Kazakhstan at WTC Mumbai.

Mr. Kazybek Shaikh, President, National Association of Cooperatives and Other Forms of Economic Communities of the Republic of Kazakhstan led the trade delegation. Speaking at this interactive meeting, Mr. Shaikh informed, “Kazakhstan is going to organize a mega exhibition in the month of March 2023 to promote Indian products in the 11-country CIS region. The exhibition will promote Indian products across pharmaceuticals, engineering, agro commodities and other sectors. We have identified 300 products where there is potential to promote trade among India, Kazakhstan and Russia. Kazakhstan has friendly relation with almost all the countries in the world and hence we can help Indian companies in accessing the vast market of central Asia and Europe. Kazakhstan can also play an important role in facilitating rupee-rouble trade between India and Russia. Currently, India is the fifth largest economy in the world and it is set to lead the globe due to its economic and cultural supremacy,”

Mr. Shaikh sought the support of WTC Mumbai in establishing a World Trade Center in Kazakhstan that will strengthen business relation between India, Kazakhstan and other Central Asian and European countries. “WTC Mumbai is our preferred gateway to doing business in India. We want to establish a WTC in Kazakhstan to promote India’s trade and investment in central Asia and Europe,” Mr. Shaikh added.

Mr. Serik Nugerbekov, Head, International Secretariat of G-Global was also a senior member in the visiting delegation. In his remarks, Mr. Nugerbekov pointed out, “We can promote India’s trade with Kazakhstan and other neighbouring countries in Eurasia with the establishment of a WTC. Kazakhstan already has an Astana International Financial Centre (AIFC) which is positioning itself as a global centre to foster trade and financial ties between Central Asia and Europe. I propose to set up a new age digital platform to promote online trade & other business transactions between India, Central Asia and Europe with integrated features such as online government approvals, marketplace, buyer-seller meetings, smart contracts, crypto currency etc.”

Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, WTC Mumbai mentioned that WTC Mumbai and AIAI proposed to set up a joint working group along with the Kazakhstan Association of Cooperatives for exchange of trade delegations, organizing buyer-seller meets and trade fairs to promote trade, investment, technology exchange and joint ventures between both the countries.

He pointed out that the current bilateral trade volume of USD 500 million can be doubled in the next few years if we facilitate exchange of trade delegations and focus on a few sectors to start with. Indian companies in pharmaceuticals, auto-components and other sectors can set up production unit in Kazakhstan and consider it as a gateway to the 210 million consumer market of CIS region. 

Kazakhstan being a mineral-rich country, Dr. Kalantri suggested the industry in Kazakhstan to supply raw materials to India for value addition and re-export to rest of the world.  WTC Mumbai can facilitate an Indian trade delegation to Kazakhstan to identify business and investment opportunities.

The event was followed by B2B networking session between delegates from India and the visiting business delegation of 14 members from Kazakhstan. The members of the Kazakh business delegation represented sectors like agriculture, housing, pharmaceuticals, engineering, education, women-owned enterprises, micro business associations, cooperatives and importers of shopping items.

Mr. Ajoykaant Ruia, Vice Chairman, MVIRDC WTC Mumbai proposed vote of thanks for the event.

In Photo: Mr. Kazybek Shaikh, President of the National Association of Cooperatives and Other Forms of Economic Communities of the Republic of Kazakhstan (second from left) being felicitated by Dr. Vijay Kalantri, Chairman, WTC Mumbai. Also seen on the dais are (from left to right): Mr. Ajoykaant Ruia, Vice Chairman, WTC Mumbai and Mr. Serik Nugerbekov, Head, International Secretariat of G-Global