Kazakhstan is ready to increase exports of 40 types of products to India in the amount of $ 148.1 million. Thus, it is possible to increase the supply of products from the following industries: metallurgical, chemical, food, machine-building and construction, Zhalgasbayev informed.
He was speaking on the occasion of October 25 (It was on this day in 1990 that the Declaration on State Sovereignty of Kazakhstan was adopted. The Oct 25 declaration enshrined principles of statehood, including territorial integrity, indivisibility, inviolability, the development of the cultures and languages of the nation’s people, and the strengthening of national identity. The document also proclaimed the principle of independently resolving political, economic, and social issues).
A visa-free 14-day regime has also been introduced, including for Indian citizens and this has resulted in a big increase in Indian tourists. There are three daily flights between the two countries.
Zhalgasbayev pointed out that Kazakhstan attaches great importance to its relations with India. “In Astana, India is considered one of the key players in political, economic, regional and global affairs. We welcome India’s growth and fully appreciate the opportunities that this growth opens up for the region and for our part of the world.”
“Kazakhstan’s relations with India have always been warm and friendly. The bilateral relations between Astana and New Delhi are based on strategic partnership, mutual respect and understanding. The ties between the two countries, which are strengthening from year to year, demonstrate great potential for bringing Kazakh-Indian relations to a new level of cooperation. The establishment of new contacts and the signing of large-scale projects indicate the progressive development of bilateral mutually beneficial cooperation,” the envoy noted. Since Independence, Kazakhstan has managed to attract more than 441 billion USD in foreign direct investment (FDI). Today Kazakhstan creates comfortable conditions for foreign investrs including from India, the Ambassador pointed out. “We introduced the principle of customized support for each investor on a “turnkey” basis. KAZAKH INVEST was established in Kazakhstan, which is the National Agency for Investment Attraction, a single investment operator of the Republic of Kazakhstan. It provides a full range of services to support investment activities and promote specific projects. KAZAKH INVEST can act as your main investment guide in Kazakhstan. In this context, I would like to highlight the Astana International Financial Centre (AIFC), which is actively cooperating with the Dubai International Financial Center and the Abu Dhabi Global Market,” the Ambassador mentioned and pointed out that this will assist Indian investors.
Due to its geographical location, Kazakhstan is one of the central trade hubs between Europe and Asia. There is an active development of road and rail transport potential, the envoy pointed out. “We invite global investors, businesses, and innovators including from India to harness the bold spirit of our population, explore Kazakhstan’s many opportunities, engage with our vibrant economy, and contribute to a shared vision of sustainable progress,” the envoy noted.
By the end of 2023, the trade turnover between Kazakhstan and India amounted to 1.0 billion US dollars, having decreased by 58% (in 2022 – 2.5 billion US dollars). But according to the results of 8 months of current year, there has been an increase in bilateral trade (+11.5%).Thus, in January-August 2024, the trade turnover between the two countries reached 789.0 million US dollars, according to the Ambassador.
At the same time, exports from Kazakhstan to India increased by 52.1% and amounted to 424.4 million US dollars.
The main exports from Kazakhstan to India are: crude oil – 304.8 million US dollars (with a share of 71.8%), hydrogen, inert gases and other non-metals – 41.8 million US dollars (9.8%), silver – 36.9 million US dollars (8.7%), coal – 11.5 million US dollars (2.7%), ferroalloys – 10.2 million US dollars (2.4%), asbestos – 7.3 million US dollars (1.7%), titanium and products made from it – 6.1 million US dollars (1.4%), dried legumes – 1.8 million US dollars (0.41%), nitrogen fertilizers – 1.2 million US dollars (0.28%), wheat gluten – 675.2 thousand US dollars (0.16%).
Imports from India to Kazakhstan decreased by 14.9% and amounted to 364.6 million US dollars.
The main imports to Kazakhstan from India are: medicines, packaged – 106.5 million US dollars (with a share of 29.2%), telephones – 67.2 million US dollars (18.4%), equipment for sorting and grinding soil – 14.9 million US dollars (4.1%), tea – 13.9 million US dollars (3.8%), vaccines, blood serums, blood – 10.3 million US dollars (2.8%), unglazed ceramic tiles – 8.4 million US dollars (2.3%), trucks – 5.5 million US dollars (1.5%), road and construction equipment – 4.5 million US dollars (1.2%).
The gross inflow of foreign direct investments (FDI) from India to Kazakhstan as of the first half of 2024 amounted to 26.2 million US dollars, which is 42% higher than in the same period of 2023 (15.3 million US dollars).
In the period from 2005 to 2nd quarter of 2024 gross FDI inflows from India to Kazakhstan amounted to 460 million US dollars.
In the period from 2005 to 2nd quarter of 2024, the gross outflow of FDI from Kazakhstan to India amounted to 107 million US dollars.
As of October 1, 2024 there are about 548 legal entities, branches and joint ventures with Indian capital in Kazakhstan. Kazakhstan is a member of the Eurasian Economic Union – a market with a total GDP of about 2 trillion USD, mutual trade volume of 72.6 billion USD, and population of 184 million people. India-EAEU proposed FTA will be mutually beneficial, the Ambassador noted.
The last few years have been especially transformative for Kazakhstan. The country has achieved substantial progress in its democratization journey, exemplified by the implementation of wide-ranging political reforms.
These changes have enhanced the democratic fabric of the nation by enabling diverse political perspectives and by redistributing power in favour of the elected legislative body.
Kazakhstan’s commitment to progress is also evident in the country’s economic story, one that has earned international acclaim, the Ambassador pointed out.
In his latest state of the nation address on 2 September 2024 titled “Just Kazakhstan: Law and Order, Economic Growth, Public Optimism”, President Tokayev outlined nine strategic directions, focusing on sustainable socio-economic progress. Shifting focus to new tasks and priorities, the President emphasized the need to address imbalances between monetary and fiscal policies, particularly through tax reforms and enhancing the investment climate, according to the envoy.
Infrastructure development, particularly in the energy and transport sectors, has been identified as a key priority. “Kazakhstan’s location in the heart of Eurasia is our competitive advantage. The investments that we are making in transport infrastructure will certainly pay off,” according to the Kazakh President. Kazakhstan wants to modernise the energy and utility sectors, improving the condition of highways, and developing air hubs. It is part of INSTC and wants to join Chabahar Port for connectivity with India.
“Born Bold” is Kazakhstan’s recent international promotion campaign to showcase the country’s dynamic, forward-thinking approach to economic growth, social progress and innovation. The campaign highlights Kazakhstan’s strategic sectors such as energy, logistics, education, and tourism, positioning the country as a bold and attractive destination for global businesses, investments, and cultural exchange.