Astana, Apr.24: The 11th meeting of the Kazakh-India Inter Governmental Commission (IGC) started here today.
Kazakhstan and India held discussions on trade, economic, scientific, technological, industrial and cultural cooperation.
The Indian delegation is headed Petroleum and Natural Gas Secretary Mr.Saurabh Chandra. A meeting with Kazakhstan’s Minister for Oil and Gas, Mr. Uzakbay Karabalin, and the President of KazMunaiGas, Mr. Sauat Mynbayev, is scheduled for tomorrow as well as the IGC meeting Protocol signing.
Today, Kazakhstan accounts for more than half of India’s trade with the Central Asian countries.
Bilateral trade between India and Kazakhstan increased from USD 120 million in 2005 to almost half billion USD in 2012. It has reached 676,9 US million dollars in 2013.
Currently, India has been invited to be part of the Eurasia project to develop oil and gas assets in the north Caspian Sea.
ONGC Videsh Limited (OVL) is keen to participate in it. Currently, OVL in close cooperation with Kazmunaigaz (KMG) finalize preparations to start drilling on Satpayev exploration project. Indian side proposal to establish joint working group to study the possibility of constructing the pipeline Shymkent (southern part of Kazakhstan)-border of India has received positive feedback in Kazakhstan.
Since 2010, Kazakhstan’s KazStroyService (KSS) engineering, procurement and construction (EPC) company’s exposure in Indian infrastructure projects exceeded six hundred million USD. Another Kazakhstan JSC Azimut Energy Services signed the contract with Cairn India Ltd to work on implementation of seismic survey in Rajasthan.
Nowadays, several private sector Indian companies have a significant presence in Kazakhstan, like Punj Lloyd Kazakhstan Limited, KEC International Limited, TCS etc. have been active in this market in the area of construction of oil and gas pipelines, electric transmission lines, IT etc. Indian companies also keen to bid for infrastructure and construction projects in Kazakhstan in the field of road and railway construction, electric power transmission and distribution, telecommunications, power generation etc.
According to the statistics more than 500 joint ventures registered in Kazakhstan, 190 of them with 100 per cent Indian capital. (ANI)