Belarus envoy wants to see EEC-India and NSTC activities
Azerbaijan can provide a convenient access to the lucrative markets of European Union countries, CIS markets, Georgia and Persian countries, Ambassador Ashraf Farhad Shikhaliyev has told Indian business community.
The Azerbaijan transport infrastructure is very well developed for linking the emerging markets, he said, giving an overview on the business opportunities available in his country at the PHD Chamber of Commerce and Industry’s (PHDCCI) 2nd International Conference & Exhibition on Destination CIS on the theme of ‘Partnerships and Inclusive Growth’.
In terms of the trade between India and Azerbaijan in 2020, India imported US$1 billion of crude oil while exported US$136 million worth of electronic machinery, spices and pharmaceuticals, said Shikhaliyev at the conference on 20 Sept 2021
Belarus Ambassador Andrei Rzheussky also told Indian investors that his country is a safe heaven for promising projects and has an easy access to the European markets with a single custom tariff, qualified and experienced labor as well as developed transportation and logistics infrastructure
“Now with a population of around 240 million and US$3 trillion economy, there are enormous opportunities for business. However, new areas of cooperation are yet to be discovered,” said the envoy.
Implementation of Free Trade Agreement between Eurasian Economic Union and India as well as the North-to-South Transport Corridor would enhance further developments, said Rzheussky.
Kyrgyz Republic Ambassador Asein Isaev highlighted that his landlocked country in the heart of Central Asia is the most important transit centre to the regional markets.
He also pointed out that free economic zones provide special customs privileges to exporting and importing companies.
Kyrgyz Republic creates favorable conditions for the development of tourism and business entries into the country and Indian business should take advantage of the opportunities, said Isaev.
Kazakhstan Ambassador Nurlan Zhalgasbayev elaborated on opportunities in his country which is seeking to become one of the most competitive economies in the world. “We have one of the most competitive tax regimes in the region.”
Aiming to diversify its economy, Kazakhstan offers vast opportunities across various sectors. These include agriculture, petrochemistry, metallurgy, tourism, energy including renewable energy, infrastructure, transport & logistics, electronic machine, medical device, ICT, education and pharmaceuticals.
Agreeing with the CIS envoys, Indian Ambassador to Belarus Alok Ranjan Jha underlined the investment benefits in those countries, citing Belarus, as an example, to set up a strategic geographical location with direct access to ЕЕU markets.
Belarus has an attractive investment climate and favorable taxation policies. It has six free economic zones which will help attract investment and boost exports, added Jha.
The CIS region is one such combined market which looks extremely promising despite the impact of pandemic, added Ambassador Anil Wadhwa, Chair, PHDCCI Ambassadors’ Economic Forum.
The past decade has seen a paradigm shift in terms of the economic balance of power. Economic growth in many Arab economies saw financial crisis during the pandemic. However, the emerging markets not only look stronger but are also contributing steadily, he said.
The global dynamics are changing and the developed markets are getting saturated but trade amongst the developing economies around the globe is increasing tremendously, added PHDCCI President Sanjay Aggarwal.
Citing recent data, Aggarwal listed the growth potential of India-CIS trade, pointing out that India’s exports to CIS was nominal at US$3.887 billion, while imports from those markets stood at US$9.126 billion.
He noted that multilateral agencies such as the World Bank, the Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD) are active in funding developmental projects in the CIS region.
The Indian Government, said Aggarwal, is also seeing the huge untapped potential in the CIS region and is initiating programs and schemes to develop close economic cooperation.
“There are good possibilities of investments and joint ventures, particularly for the Indian-CIS MSMEs and they should develop business linkages as these businesses are the backbone for industrial development in any country,” he said.
With a view to explore the bilateral trade and investment opportunities between CIS, GRULAC and UK across various sectors of good and services, the PHDCCI conference’s key focus was to create awareness about the potential economies and business sectors across the CIS region that are beneficial for a bilateral trade window. #exports #manufacturing #investment #infrastructure #trade /fiinews.com
