Indo-Kysgyz trade set to cross 100 million dollars mark by 2010

Kolkata, Jan 18 (UNI) The two-way trade between India and Kyrgyzstan remaining stagnant to less than 50 million dollar per annum for tthe past several years, is now all set for a turnaround and cross the 100 million dollar mark by 2010, because of the huge opportunities in different sectors.

This was stated here today by the Ambassador of Kyrgyz Republic to India Irina Orolbaeva and the Minister-Counsellor of the Kyrgyz Embassy in New Delhi Saktanbek Kadyraliev while participating in an interactive session with members of the Bengal Chamber of Commerce (BCCI) and later talking to media during their maiden visit to the city.

Claiming that Kysgyzstan, which was a part of the erstwhile Soviet Union but later became a free and independent nation, had a huge reserve of oil, natural gas and rich minerals besides potential for hydroelectric power generation of up to 2.5 billion megawatt, the Ambassador said in the wake of the country's joining the World Trade Organisation(WTO) in 2003 it had opened up its economy to the rest of the world through collaborative efforts.

As a result Indian investors were invited in her country for setting up joint venture projects in different sectotrs including infrastruture, power, chemicals, oil and natural gas and tourism among many other areas.

" Our beautiful country is also very with flora and fauna and because of its unparrel scenic and natural beauty the development of tourism had a great potential for every investor, " Ms Orolbaeva, who had recently taken over as the Chief of the country's mission in New Delhi, said.

Regretting that the present volume of trade between the two countries which despite having close ethnic and cultural similarities, was still hovering around 49 million dollars per annum, the Kyrgysz Minister Counsellor said so far 25 Indian companies, including the Kirloskar Brothers, had set up their units at the capital city of Bischek with investment of several million dollars.

Moreover, several others representing different sectors were also evincing keen interest and making serious business enqueries towards various joint venture opportunities, he said.

" On the basis of renewed interest about Kysgysztan among the Indian business community,we are confident that within the next three to four years the total volume of bileteral trade would cross the 100 million dollar mark registering cent per cent increase both in terms of quantity and value, " Mr Kadyraliev said.

Asked about the possiblity of increasing the air connectivity between the Kysgysz capital and the major Indian cities like Delhi, Mumbai, Kolkata and Chennai, both Kysgysz Ambassador and her Deputy replied in the negative because of higher costs.

However, efforts were being made to increase the number of connecting flights to the neighbouring countries of Kysgyszthan, including Russia, Tazakstan and Uzbekistan, from where anyone could travel by road to Kysgyzstan,they said.

Among the potential items of exports to India were oil and natural gas, minerals, wool, goat skins and selected agricultural products, while the major import items from India included enginnering goods, auto components and spare parts, pharmaceutical items and several other finished retail products.

" We are also looking for considerable Indian investment in tourism sector in the form of infrastructure development by setting up good star hotels, resorts, entertainment and cultural centres besides restaurants to attarct more tourists not only from India but also from all the developed and Western countries, " the Kyrsgysz Ambassador said.

She also announced several tax holiday schemes and other financial incentives for the prospective investors in her country.

More than 100 exporters from different sectors attended the meeting.

UNI