Economic Case Study Comparison Between India And Kazakhstan
What are the international concern chances of kazakhistaan compare the economic indexs with India and bilateral trade understanding between the two states.
Introduction to Kazakhstan:
Kazakhstan, is an Asiatic state which is ranked as the 9th largest state in the universe. It is besides the universe ‘s largest landlocked state. Its district of 2,727,300A kmA? is greater than Western Europe. It is neighbored clockwise from the north by Russia, China, Kyrgyzstan, Uzbekistan, Turkmenistan, and besides boundary lines on a important portion of the Caspian Sea. The capital moved in 1997 to Astana from Almaty, Kazakhstan ‘s largest metropolis.
Geographic state of affairs: –
Kazakhstan is located on the junction of two continents – Europe and Asia, between 45 and 87 grades of east longitude, 40 and 55 grades of northern comprehensiveness. The geographical centre of the European-Asian subcontinent is in Kazakhstan ( on an intersection 78 acmes with 50 analogues ) – in epicentre of former Semipalatinsk atomic zone. Kazakhstan occupies a square equal to 2724,9 1000 sq. kilometer. ( 1048,3 thousand sq. stat mis ) besides is stretching to east from the Caspian sea and Volga ‘s of fields up to mountain Altai from Tjan-Shan foothills in the South and southeast up to the West-Siberian lowland in north. The extent of it ‘s territory exceeds 3000 kilometer from West to east ( 1150 stat mis ) , from the South to north – 1700 kilometer ( 650 stat mis ) . Kazakhstan is on the 9th topographic point in the universe sing the territiry occupied, i.e. USA, Brazil, Australia, India and Argentina enter the top 10 of largest provinces of the universe – after Russia, Canada, China. On Kazakhstan ‘s district can incorporate seven largest European provinces as France, Spain, Sweden, Germany, Finland, Italy and Great Britain, or such provinces of Asia, as Pakistan, Turkey, Iraq, Japan and Vietnam taken together. Merely this can attest the immense possible possibilities of the this part on the Earth.
Currency Of Kazakhistaan: –
The tenge ( Kazakh: N‚?µO????µ , tenge ) is the currency of Kazakhstan. It is divided into 100 tA?A±n ( N‚??N‹?? , besides transliterated as tiyin or tijn ) . It was introduced on 15th of November 1993 to replace the Soviet ruble at a rate of 1 tenge = 500 rubles. The ISO-4217 codification is KZT.
The word tenge in the Kazakh and most other Turkic linguistic communications means a set of graduated tables. The beginning of the word is the Turkic teAY- which means being equal, balance. The name of this currency is therefore similar to the lira, lb and peso. The name of the currencyis related to the Russian word for money Russian: ???µ??N????? / den’gi, which was borrowed from Turkic.
Business Enviornment of Kazakhstan: –
Business in Kazakhstan is frequently focused on the oil and gas sector, which has been responsible for the state ‘s strong economic enlargement over the last decade.A Kazakhstan, nevertheless, is besides developing into the most of import market in Central Asia and is unambiguously positioned to function as an economic and trade leader in the region.A Though frequently overshadowed by the concern imperativeness received by neighbouring BRIC1 states Russia and China, Kazakhstan is developing as the trade and investing gateway for Central Asia and has the potency to play an of import function as a theodolite path between China and Europe.A Kazakhstan is besides actively seeking ways to utilize its new mineral wealth to diversify its economy.A These attempts, combined with a turning in-between category, are supplying trade and investing chances for U.S. houses seeking new chances in one of the most dynamic of the “ emerging ” emerging markets, Kazakhstan is still traveling through the long procedure of developing a transparent and effectual concern civilization that is attractive to foreign investment.A Though the authorities of Kazakhstan publically supports economic reform, alterations are slow and commercialism is plagued by a bureaucratism that is unable to originate needed change.A New Torahs and ordinances that should better the concern environment are frequently falsely implemented at the local level.A Foreign investors, every bit good as local houses, complain about onerous ordinances that frequently reflect a manner of making concern that is evocative of the Soviet Union.A Challenges remain in turn toing jobs related to the state ‘s fight and economic variegation, its over-reliance on the oil sector, continued corruptness, need for increased regulation of jurisprudence, and concentration of political power.
Kazakhstan ‘s economic growing has slowed over the last two old ages, and it will be several old ages before they can recover the one-year 9-10 % growing degrees experienced from 2000-2006.A The state was impacted by the planetary liquidness crises every bit early as August 2007, and as a consequence concluding GDP growing in 2007 was 8.5 % . The continued downswing in worldwide markets further wedged Kazakhstan ‘s growing in 2008, as GDP increased by merely 3.2 % . Harmonizing to one World Bank economic expert, much of this growing took topographic point in the first half of 2008, and there was no growing in the last six months. Additionally, it is hypothesized that if the oil rich part of Western Kazakhstan is taken out of the equation, GDP would hold been level or negative for the state as a whole. GDP is projected to turn by merely 2 % in 2009.
Rising GDP per capita reached $ 5,010 in 2007 ( Atlas methodology2 ) , or $ 11,100 in footings of buying power parity3.A This represents a 32 % and 26 % addition from 2006, respectively.A This ranks Kazakhstan steadfastly as the figure two state in the former Soviet Union in footings of per capita economic prosperity, and places them in front of cardinal U.S. export markets like China, Brazil, and India, and on par with developing states in Eastern Europe, like Bulgaria and Romania.
Annual foreign direct investing in the Kazakhstani economic system grew 66 % in 2007 to $ 17.5 billion harmonizing to the National Bank.A Out of South East Europe and the Commonwealth of Independent States ( CIS ) , merely Russia and Romania pull more investing, and merely Hungary has a higher per capita FDI.A UNCTAD4 studies FDI influxs of $ 10.3 billion in 2007, a 65 % addition from what the organisation reported Kazakhstan received in 2006.
Over a 100 U.S. houses are active in the state through subordinates, joint ventures, representative offices, or as contractors.A In add-on to the integrated oil houses and oil & A ; gas equipment providers and service companies, there are besides an increasing figure of service sector houses ( international jurisprudence houses, the Big Four accounting houses, and Citibank ) , every bit good as telecom, consumer goods, hotels and others.
Despite the recognition crunch that began in 2007, Kazakhstan continues to hold a healthy appetency for imported goods.A U.S. exports to Kazakhstan reached $ 731 million in 2007, a 15 % addition from the old twelvemonth, and Kazakhstan reported $ 32.8 billion in entire imports for 2007, a astonishing 72 % addition from 2006. Jan-Nov 2008 National Bank statistics indicate that import growing will slow to 15 % , twelvemonth on twelvemonth. Based on presently available terminal of twelvemonth informations, U.S. exports increased by 31 % in 2008, making $ 985 million. A Bilaterally, our states conducted over $ 2.5 billion in trade in 2008 ( 25 % addition ) , as Kazakhstan maintained its place as our 79th largest trade spouse.
The most recent study from the Heritage Foundation ‘s Index of Economic Freedom5 rated the state as “ reasonably free ” and ranked it 83 out of 179 states, good above neighbouring Russia and China and merely below the planetary average.A This mark is one point lower than last twelvemonth, chiefly reflecting purported diminutions in freedom from corruptness and regard for belongings rights. The Foundation ‘s study scored Kazakhstan extremely in trade freedom, financial freedom, authorities size, and labour freedom.A “ However, challenges to economic freedom remain. The economic system has considerable defects in three countries: investing freedom, belongings rights, and freedom from corruptness. Foreign investing is hindered by ad hoc barriers and favouritism toward domestic houses. The weak regulation of jurisprudence allows for important corruptness and insecure belongings rights. “ A
Market Challenge: –
Over the past decennary, Kazakhstan has made some advancement in transforming its economic system to make a more crystalline, less regulated and more market-driven concern environment.A Nonetheless, this advancement continues to be increasingly undermined by continued developments that have caused increased concern for U.S. investors and their authorities likewise. Firms that have experience in Russia, the Ukraine and other post-Soviet economic systems will be familiar with some of these challenges:
Continuing concerns over reading of Torahs by local functionaries, which frequently is at discrepancy with that of the cardinal authorities, particularly in the execution of Kazakhstan ‘s system of revenue enhancement and aggregation of revenues.A U.S. investors report revenue enhancement as one of their top concerns, describing frequent torments by local and national ‘financial constabulary ‘ and other revenue enhancement governments through by and large intrusive inspections.A Quite frequently, colony of these instances with the revenue enhancement governments has led to condemnable charges by local governmental functionaries as a force per unit area tactic. On January 1, 2009, Kazakhstan implemented a new, more streamlined revenue enhancement codification, but it is excessively early to judge whether this will ease the revenue enhancement load encountered by most foreign houses making concern here.
As the Heritage Foundation studies, “ the authorities invariably challenges contractual rights and legislates to prefer domestic investors over foreign 1s, all of which significantly deters foreign investing. “ A The investing clime took a bend for the worse in 2007 with the transition of an amendment to the “ Law on Subsoil and Subsoil Use ” .A Harmonizing to the amendment, the GOK has the right to coerce renegotiation of undersoil contracts if an bing contract harms the state ‘s national economic involvements.
Despite efforts to better the concern environment and fall in the World Economic Forum ‘s “ Global Competitiveness ” 6 Top 50, Kazakhstan continues to fall in the rankings.A Their 2006 ranking of 56th ( mark of 4.19 ) fell to 61st in 2007 ( mark of 4.14 ) and to 66th in 2008 ( mark of 4.11 ) .
As elsewhere in the universe, the one time weak dollar has gained strength, doing U.S. exports less monetary value competitive.A Though the tenge had been slackly pegged to the US dollar over the last two old ages, remaining in a KZT 119-122 set, a hebdomad before this study went to press the Kazakh tenge devalued to KZT 150/USD1.A The National Bank studies that their purpose is to stabilise the tenge at KZT 150/USD1, with a +/- 3 % fluctuation.
Though the World Bank reported that Eastern Europe and Central Asia led among universe parts in respects to reforms to concern ordinances, Kazakhstan demonstrated small betterment on the World Bank ‘s Ease of Doing Business Report7 for 2009, ranking 70th out of 181 states ( though still good in front of Eurasia ‘s other dominant economic systems, Russia and Ukraine ) .A Of the assorted indexs used, Kazakhstan experienced lower rankings in “ Get downing a Business, ” “ Using Workers ” , and “ Protecting Investors ” , while demoing important betterment in “ Registering Property ” and “ Geting Credit ” .A Kazakhstan saw small alteration to the study ‘s other indexs, with close bottom rankings in “ Trading Across Borders ” and “ Covering with Licenses ” . The authorities is utilizing the newest World Bank study as a justification to redouble its committedness to reforms and to better the legal environment for business.A In November 2008, Prime Minister Masimov ordered each relevant ministry to fix a comprehensive action program to better the concern environment through a focal point on the indexs used in the study.
Corruptness increases the cost and trouble of making concern for foreign and local houses likewise, particularly as it relates to customs.A Corruption remains widespread, and the bench is frequently perceived as an arm of the executive subdivision instead than as an hatchet man of contracts and defender of belongings rights.A Kazakhstan is ranked 145 out of 180 states in Transparency International ‘s Corruption Perceptions Index8 for 2008.A The state was ranked 150th in 2007.
In a new recognition analysis study, Fitch warned of the impact of weaker trade good monetary values and the planetary fiscal crisis on Kazakhstan ‘s economic system and its recognition profile.A Kazakhstan ‘s evaluations remain supported by low public debt and net creditor position, reflecting old prudent economy of energy sector revenues.A However, these strengths are likely to be eroded by lower trade good monetary values and by deployment of autonomous resources to back up the domestic economic system and banking sector, which are traveling through a crisp lag, adding to downward force per unit area on Kazakhstan ‘s evaluations and justifying a Negative Outlook.
Kazakhstan is beleaguered by a imposts government that is hampered by the uncomplete execution of imposts codifications, ordinances and instructions, inordinate and ill-defined certification demands and the necessity to supply ‘facilitation payments’.A Though Kazakhstan boasts the most improved imposts disposal in Central Asia, it is far from effective.A The authorities is presently working on developing a new imposts codification that will streamline the procedure and diminish the chance for corruptness from local functionaries.
Government disbursement and new authorities plans are expected to take a hit from the diminution in oil monetary values and the demand to make an economic stimulation bundle. In late 2008 the authorities of Kazakhstan modified its three-year budget with grosss recalculated using $ 40 per barrel as the mean oil monetary value in 2009 and USD 50 per barrel in 2010 and 2011 ( down from $ 60 per barrel in the initial bill of exchange ) .A A The revised monetary value projections diminish what the authorities had been trusting to gain over the following three old ages by a 3rd. Additionally, the authorities expanded its economic stabilisation plan to $ 18.1 billion, a part of this traveling to buying major bets in the state ‘s largest Bankss.
Competition is increasing, as Russia and China vie for entree to the state ‘s energy resources and turning purchasing power.A The EU is besides a major participant, and as a group is Kazakhstan ‘s individual largest investor.A Turkey is another formidable rival, utilizing its strong presence in the building and retail sector to better place itself.
The ability to make a modern trade path through Central Asia is hampered by the reluctance of Central Asiatic states to work together to increase cross-border traffic.A This impacts Kazakhstan ‘s programs to place itself as a theodolite country for goods between Asia and Europe, and the authorities of Kazakhstan is progressively prosecuting its ain programs of developing route and inveigh links between China and Russia.
Market Opporutnities: –
Kazakhstan ‘s strategic aspiration is to go a modern, diversified economic system with a high value-added and hi-tech constituent, good integrated in to the planetary economic system, and they are aware of the demand for foreign expertness to carry through this.A Like other former Soviet democracies, Kazakhstan ‘s substructure is developing, particularly roads, transit, and telecommunications.A Likewise, countries such as wellness and environment need an extract of investing to make European standards.A There is no inquiry that the planetary economic crisis will impact Kazakhstan ‘s end of pulling FDI outside the oil and gas sector, the gait at which it repairs its crumbling substructure, and the appetency for consumer merchandises that its turning in-between category has demonstrated.A However, houses that seize this minute to research the state ‘s many concern chances may be rewarded in the long term.
Business Oppournities in Kazhakstan: –
Kazakhstan ‘s economic system has great possible, due to its significant militias of oil, gas, metals and minerals. Basic substructure troubles need to be overcome, including grapevine paths, and there are chances for UK companies to acquire involved in the state ‘s modernization programme. UK Trade & A ; Investment has identified these precedence sectors for UK companies:
Oil and gas
Metallic elements, minerals and excavation
TransportA – route, rail and air power
Kazakhstan can truly claim to be the impulsive force and the most advanced of all the Central Asian countries.Governed since independency in 1991 by President Nursultan Nazarbajev ‘s semidictatorship, the state has chiefly based its economic growing on working its huge oil militias. Taking into history the recent find of the Kashagan sedimentation in the Caspian Sea, it is now one of the largest oil manufacturers in the universe. The oil militias are intensely exploited by pool with immense bets held by the large American oil companies, making a conspicuous American economic and cultural presence in the country.Kazakhstan aims to take great paces towards economic development and wellbeing by keeping a careful balance between Russia ( Kazakhstan was one time entirely dependent economically on its former swayer ) , China ( a neighbouring power and adversary in economic and political footings ) and the USA, which sees Kazakhstan as strategic political and economic outstation.
Traveling on to more general economic considerations, we see the state is get downing to retrieve after the crisis following the liberalization of the dollar-tenge exchange rate in Spring 1999. This caused high rising prices, a decrease in demand and a drastic cutback in imports.
Signs of recovery, nevertheless, are seeable in the very visual aspect of Almaty ( the former
capital, after the creative activity of the new capital at Astana, but still the economic hub of the state ) . Over the last two old ages the metropolis has been visibly transformed into a widely distributed Western-style capital.
The Kazakh authorities is promoting the development of private endeavor and local production in the sectors of consumer goods and engineering in order to cut down dependance on foreign imports and to develop the internal market. Western merchandises are still strong inthe market niche in which there is a demand for top-quality, interior decorator or high-tech finished merchandises, but particularly for goods non yet available on the local market.
The INFORMEST experience: –
Having grasped the strategic importance of Kazakhstan and the extent of its market, INFORMEST was one of the first Italian bureaus to run in the state. For several old ages it has provided a service called the Kazakhstan Business Guide, a utile online IT tool offering Italian concern business communities all the information refering macro-economics, imposts steps, commercial jurisprudence, etc. , required for operations in the state.
Given the turning involvement shown by Italian business communities in the new market, INFORMEST has besides promoted the direct engagement of Italian companies in the state by taking portion in two trade carnivals for the furniture sector at Almaty in 1998 and 2000. In 2000
INFORMEST organised the really successful corporate engagement of 10 Italian companies at the 4th edition of the “ Insides 2000 ” carnival. The event attracted 15,000 visitants ( local makers and bargainers ) and the presence of a 150 exhibitioners from over 10 European states ( Italy, Germany, France, Finland, Belgium, Slovakia, Poland, Czech Republic and Turkey ) . INFORMEST organised the Italian presence, by geting and pull offing the exhibition infinite, put ining the bases, organizing the conveyance of exhibits and supplying translators.
The Friuli Venezia Giulia part provided grants to help its ain local companies, therefore well cut downing ( by 50 per cent ) the cost of engagement.
To back up Italian man of affairs in Kazakhstan, INFORMEST has besides developed local market research surveies. This involves analyzing, on one manus, the furniture and trappingss sector and on the other the vino and vine-growing sector, with a particular focal point on production and bottling activities.
Bilateral understanding of Kazakhstan: –
: State-owned Nuclear Power Corporation and Kazakh national atomic house Kazatomprom are working on a uranium supply trade, which may finally see India ‘s exclusive N-power house puting up its first abroad works in Central Asia ‘s fastest-growing economic system. A squad of Kazatomprom executives is coming to India for advanced dialogues. The two sides will seek and run up up negotiations so that a trade may be signed when the Kazakh president Nursultan Nazarbayev visits India as the Republic Day main invitee. The negotiations will foremost concentrate on acquiring atomic supplies from Kazakhstan and could subsequently travel to puting up reactors in joint ventures.
India will besides back up Kazakhstan for its accession to the planetary trade organic structure WTO. One of the grounds for it is that Kazakhstan has got universe ‘s 2nd largest U sedimentations, with 15 % of planetary militias, after Australia, and will be the top atomic exporter by 2010. Indo-Kazakh trade ties are headed for a major encouragement during the Kazakh president ‘s visit. Kazakhstan ‘s deputy curate for trade and industries, Zhanar S Aitzhanova, said her state was acute to better trade ties with India non merely in the energy sector but besides in services, IT and the fabric industry. Aitzhanova said that both the states are expected to subscribe a host of trade understandings including the 1 on ‘protection of rational belongings rights and geographical indicants for Indian merchandises like basmati rice, alphonso Mangifera indicas and darjeeling tea ‘ . She besides said that her state was looking for cooperation in countries of fiscal and other services sectors with India. The visiting curate, who is besides the main negotiant for Kazakhstan ‘s WTO rank, said her state was seeking India ‘s support for the state ‘s entree to the planetary trade organic structure.
“ We have completed WTO-related negotiations with 22 states and are still in dialogues with India, the US, the EU and Saudi Arabia, ” she said.
Aitzhanova said economic policies of the country-which has its one-year GDP pegged about $ 135 billion-were being reformed as per WTO guidelines. Kazakhstan, she said, has attracted foreign direct investing of $ 72 billion, thanks to the state ‘s ‘open economic policies ‘ .
Bilateral trade between India and Kazakhstan in the first 10 months of last twelvemonth touched the $ 232 million mark-an addition of over 300 % from $ 80 million in 2004. Of this, the curate said, oil and allied exports to India hold contributed $ 100 million, constructing stuff like asbestos $ 15 million and metal exports $ 20 million.
India and Kazakhstan will subscribe two understandings, including one on rational belongings rights. The two sides concluded dialogues for the IPR and a treaty on safety criterions during Aitzhanova ‘s visit. Under the criterions understanding, the two sides will accept safety criterions issued by the two states for pharmaceuticals and processed nutrient.
“ A joint declaration on strategic partnership between Kazakhstan and India, signed by Presidents Pratibha Patil and Nursultan Nazarbayev during the latter ‘s visit to Delhi Jan. 23-26, lineations programs for a figure of bilateral undertakings. In the energy sector, Indian crude oil company ONGC-Mittal Energy Ltd. will purchase up to 40 per centum of the Satpayev oil field in the Kazakh part of the Caspian Sea. Initial estimates peg militias at that place at 253 million metric tons.
India and Kazakhstan signed a bilateral understanding on Kazakhstan ‘s command to come in the World Trade Organization, and are taking stairss to increase trade turnover between them. Over the first 11 months of 2008, commercialism between India and Kazakhstan was valued at US $ 332 million, including Indian exports of US $ 183 million, which was more than half of India ‘s entire trade with Central Asia.
Kazakhstan is surrounded with state-empires, in which tierce of the universe population lives. It is clear that the talk is about its nearest neighbour China and another quickly developing state India, which are like existent hegemonies are more typical to fight for domains of influence in the part every bit good as for its markets.
INDIA MAKES WAY TO OTHER PLAYERS: –
India with its scope of production and volume of industry strives to be equal with Russia and China in external political activity with Kazakhstan. However, it had n’t yet managed. Harmonizing to consequences of 2008 India did n’t come in even in the top 10 states spouses of Kazakhstan on the trade degree: for the period fromm January to September 2008, Russia with trade turnover of USD15,5 billion is rated the first, China with USD8,7 billion – Forth, allowing Italy and Switzerland be in front 2008.
Whereas the trade turnover of India and Kazakhstan for 11 months of 2008 reached USD332,4 million ( Kazakhstani export – USD149,7 million and import from India – USD182,7million ) .On the consequences of 2007 trade turnover between Kazakhstan and India made up USD195,7 million ( Kazakhstani export – USD48,1 million, import – USD147,6 million ) .
Although figures say of turning kineticss of trade turnover, states did n’t still recognize their possible in full.
Common RELATIONS: –
The president of Kazakhstan, Nursultan Nazarbayev, paid an official visit to India on January 23 – 26. In the models of the visit, the caput of Kazakhstan held dialogues with Pratibha Devisingh Patil, the president of India, and Shri Pranab Mukherjee, the curate of foreign personal businesss of India. During dialogues, the sides discussed the chances of economic, societal and cultural cooperation between the provinces. In the models of the meeting, the sides signed joint declaration, protocol on Kazakhstan entry into WTO, understanding on cooperation rules between “ Kazmunaygas ” national company and ONGC Mittal Energy Ltd. , the memoranda of understanding between “ Kazatomprom ” and Nuclear Power Corporation of India Ltd. Currently these two national companies are sing the chances of Kazakhstani uranium bringing to India.
Nursultan Nazarbayev marked, that the dialogues and signed paperss convey Kazakhstani-Indian dealingss to a new degree of strategic partnership. Besides that, Kazakhstani president took portion in business-forum, which united taking Kazakhstani and Indian concern figures. Kazakhstani leader applied to the leaders of Indian concern naming to do investings into Kazakhstan. Along with this, he marked, that Kazakhstan has some concrete proposals and undertakings on possible joint execution.
The sides besides concerned the issue of terrorist act. The caput of Kazakhstan blamed terrorist Acts of the Apostless in Mumbai and stated about necessity of planetary cooperation constitution directed on battle with international terrorist act. He besides marked, that Kazakhstan supports the attempts of India on terrorist act neutralization. Both sides stated about necessity of soonest sign language of cosmopolitan convention on battle with international terrorist act in the models of the United Nations.
Along with this, the sides marked, that the volume of common trade turnover is much lower the bing potencies. Due to this, Kazakhstani and Indian leaders ordered the authoritiess to concentrate farther work on this issue and specify the types of goods and undertakings able to intensify economic interaction. At the same clip, taking to spread out economic cooperation in the domains, where India has rich experience, Indian side offered Kazakhstani governments to set up a works on fertilisers manufacture based on gas.
During the visit to India, Nursultan Nazarbayev presented Indian audience two of his books titled as “ Critical decennary ” and “ Kazakhstani manner ” , which have been translated into Hindi linguistic communication. Besides that, Indian side welcomed Kazakhstani leader at the jubilation of Indian twenty-four hours in New Delhi.
Addressing the captains of industry, N. Nazarbayev said Kazakhstan imported about $ 500 million worth of pharmaceutical demands every twelvemonth and it wanted Indian companies to put up installations in this country. In add-on, he said, investings were being solicited in sectors such as banking and fiscal, IT, metallurgy and related countries.
“ India and Kazakhstan have formed strategic partnership for puting up of joint undertakings in many countries such as building, oil and gas, minerals, metallurgy as besides supply of U. My visit to India would ensue into constitution of long-run relationship in countries identified above, ” he added.
He said oil and gas was the extremely prospective country for coaction between the two states as his state had oil militias for 50 old ages and gas militias for 75 old ages.
Despite governments ‘ dissatisfaction with little volume of trade good circulation between the provinces, the figures have been turning over the last several old ages. Harmonizing to the consequences of 2007 the trade good circulation between the provinces reached $ 195.7 million, up to $ 48.1 million went to Kazakhstani export and $ 147.6 million was the portion of Indian import. In 1 months of last twelvemonth, the trade turnover between Kazakhstan and India reached $ 332.4 million, up to $ 149.7 million was the portion of Kazakhstani export and $ 182.7 million was Indian import. As for today, the entire volume of Kazakhstani investings to India reached $ 63.3 million, while India has invested $ 61.9 milllion into Kazakhstani economic system. Today, such Indian companies as Punj Lloyd, OVL, Punjab National Bank and Mittal Steel work in Kazakhstan.
The act that Indian Nationalized Punjab National Bank ( PNB ) opened its representative office on the CIS district in 1998, peculiarly in Kazakhstan, proves, that our democracy is the most attractive and promising fiscal market with chance to gain good money. More so, harmonizing to the latest troubles of the planetary recognition system, harmonizing to Nalind Saxena, main representative of PNB, there are even more chances for acquisition of local Bankss. At the minute the dialogues are started on purchase of control portion bundle in one of three Kazakshtani medium Bankss or Bankss with non large assets. The names of the Bankss are still kept secret. For this end in July 2008 senior officer of PNB came to Kazakhstan, which is a bank figure one among nationalized with turnover USD75 billion.
Despite, it was the fourth official visit of Kazakhstani president to India, the first visit was paid in 1992, when the companies established economic cooperation links, harmonizing to Indian business communities, there are still many bureaucratic barriers, which prevent doing concern for Indian representatives in Kazakhstan
India-Kazakhstan signed Nuclear Cooperation trade: –
India and Kazakhstan on Saturday signed five understandings, including cooperation in the civil atomic field.
President Pratibha Patil and her Kazakhstan opposite number, Nursultan Nazarbayev signed on the understandings after a deputation degree talk between the two states.
The Kazakh President had arrived in India last dark on a four-day visit.
This is Nazarbayev ” s 4th visit to India, who will besides be the main invitee at the Republic Day parade this twelvemonth.
The other understandings signed by the two states are- a memoranda of understanding for cooperation in infinite and an understanding on carbo-hydron sector are the other high spots of the enhanced cooperation between the two states.
An Extradition Treaty between the two sides and a protocol on accession of Kazakhstan to the WTO were besides signed after the decisive negotiations.
After a ceremonial response Nazarbayev said that Kazakhstan is a major trade spouse of India and understandings on oil geographic expedition, bringing of U for atomic power workss and cooperation in IT industry will further beef up the bilateral dealingss.
Vice President Mohammed Hamid Ansari, UPA president Sonia Gandhi and the leader of the Opposition L. K. Advani will name on Nazarbayev in the eventide. ( ANI )
Nazarbayev to subscribe Indo-Kazakh Civil atomic understanding
Kazakhstan President, Nursultan Nazarbayev, who is on a four twenty-four hours visit to India, stated here today that the India-Kazakh civil atomic understanding is of great importance for bilateral dealingss between the two states.
India and Kazakhstan are expected to subscribe a civil atomic understanding and a few other treaties in the presence of President Pratibha Patil at the Rashtrapati Bhavan.
External Affairs Minister Pranab Mukherjee will keep the deputation degree negotiations with Nazarbayev as Prime Minister Manmohan Singh will stay ailing.
Nazarbayev, who is on his 4th visit to India since Kazakhstan separated from erstwhile Union of Soviet Socialist Republics ( USSR ) in 1991, will besides go to the Republic twenty-four hours parade as the main invitee.
The treaty will guarantee a smooth running of India ” s atomic workss, as Kazakhstan is the 3rd largest portion of uranium production and programs to go the 2nd largest manufacturer of the mineral by 2010 by raising end product to 15,500 metric tons.
Besides the uranium supply, the understanding will besides include joint geographic expedition of atomic fuel and building of more atomic workss.
India has entered into similar civil atomic cooperation trades with US, France and Russia in the past three months. ( ANI )