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Last updated: 29 Jan, 2019  

Handshake.9.Thmb.jpg Kyrgyzstan, India mulling mechanisms to boost bilateral trade

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SME Times News Bureau | 29 Jan, 2019

Kyrgyzstan and India are considering establishment of joint financing mechanisms to accelerate two-way investment and trade in a range of areas, said visiting Kyrgyzstan Foreign Affairs Minister, Chingiz Aidarbekov.

Addressing the  India-Kyrgyzstan Business Forum -From Intentions to Action - Only One Step', organised by FICCI, Aidarbekov said that Kyrgyzstan is seeking two-way trade relation in fields like energy, IT, mining, textiles, education, medical and pharmaceutical sectors.

He added that Kyrgyzstan -India relations have risen to a new level. Yet the full potential is yet to be realised for which it was imperative to remove barriers to trade and investment.

He said a special department on economic diplomacy had been set in the Kyrgyz Foreign Affairs Ministry and provinces were being encouraged to do the same.

Aidarbekov said there was huge scope for investment from India in Kyrgyzstan's energy sector, especially in hydropower generation. Likewise, there was potential in mining and education, he added.

Manoj K. Bharti, Additional Secretary, Economic Diplomacy and States, Ministry of External Affairs, spoke of the need for ease of land and aerial connectivity between the two countries for greater people-to-people contact.

This could also be facilitated by the screening of Indian films on a commercial basis, he added.

Shailendra Singh, Additional Secretary, DIPP, Ministry of Commerce and Industry, outlined the reforms undertaken by India by way of liberalising the FDI regime, simplification and rationalisation of rules, introduction of GST, simplification in procuring construction permits and introduction of the Insolvency and Bankruptcy Code.

Sandip Somany, President, FICCI and Vice Chairman & Managing Director, HSIL Ltd., held out FICCI's three-point agenda focussing on enhancing cooperation in energy, education, railways, machinery, mining and metallurgy, IT, tourism and textiles; connecting Indian States with the provinces in Kyrgyzstan and deepening partnership in innovation and technology.

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