STOCK MARKET BSE NSE

PM Modi invites businesses in Kyrgyzstan to invest in India

Modi said that while the two countries share close cultural and economic ties, it is more important to boost relations in the key areas including trade and investment.

Published: 14th June 2019 09:17 PM  |   Last Updated: 14th June 2019 09:17 PM   |  A+A-

Prime Minister Narendra Modi shakes hands with Krygz President Jeenbekov

Prime Minister Narendra Modi shakes hands with Krygz President Jeenbekov (Photo| Twitter/ Narendra Modi)

By ANI

BISHKEK: Prime Minister Narendra Modi on Friday invited Kyrgyz businesses to invest in India, saying the country has a huge market and is determined to become a five trillion dollar economy in the next five years.

"The country offers a skilled workforce, ease of doing business and double taxation avoidance besides excellent connectivity for trade and investment to prosper. I welcome Kyrgyzstan businesses to invest with our Indian businesses and you are always welcome to India," he said after jointly inaugurating the India-Kyrgyzstan Business Forum with Kyrgyz President Sooronbay Jeenbekov.

Modi said that while the two countries share close cultural and economic ties, it is more important to boost relations in the key areas including trade and investment. "It is clear that currently our trade and economic cooperation is lower than the possibilities. Therefore, the need for a business forum has come at the right time," the Prime Minister said.

"Growth in economic status and advancement in technology in India are the prominent reasons for development across the globe. Besides, youth and innovators of India will play a significant role in the attainment of India's goal of five trillion dollars," Modi added.

Modi is on a two-day visit to Kyrgyzstan and attended the Shanghai Cooperation Organisation (SCO) Summit, besides holding bilateral meetings with several leaders including Chinese President Xi Jinping, Russian President Vladimir Putin and Afghan President Ashraf Ghani.

The Prime Minister underlined that there are three catalysts for boosting trade and economy -- conducive atmosphere, connectivity and business-to-business. Modi said that both India and Central Asian countries should focus on enhancing connectivity. "Chabahar Port has emerged as a new way for connection between India and Kyrgyzstan," he added.

He said that Kyrgyzstan is renowned for organic products, mountain honey, walnuts, dairy products, textiles, railways, hydropower and mineral tourism and India wants to seek cooperation in these sectors. The Prime Minister informed that in order to boost business-to-business between India and Central Asia, a 'Namaskar Eurasia' trade fair will be organised in Bishkek this year.

The trade between the two countries was USD 24.98 million in 2016-17. India's exports to Kyrgyzstan was USD 22.66 million whereas Kyrgyz exports to India was USD 2.32 million. Apparel and clothing, leather goods, drugs and pharmaceuticals, fine chemicals and tea are some of the important items that India exports to Kyrgyzstan. Kyrgyz exports to India consist of raw hides, metalliferous ores and metal scrap.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp