India invests $317M in Kazakhstan

NUR-SULTAN. KAZINFORM - India remains one of the key trade, economic and investment partners of Kazakhstan in South Asia. Over 2005-2018, the gross inflow of foreign direct investment from India into the Kazakh economy amounted US$317 million, Kazinform cites the Ministry of Foreign Affairs of the Republic of Kazakhstan.

Kazakhstan's Foreign Ministry continues to work to further strengthen cooperation with the Indian business to attract new investors.

Recently, 8 Indian companies, including 5 transnational visited Kazakhstan to participate in the XII Astana Economic Forum and the III Global Investment Round Table, during which a number of significant agreements were reached.

One of the successful results of bilateral agreements is the construction of a family entertainment park such as Disney Land in Shymkent. It is expected that the project will include the construction of an amusement park, Aqua Park, indoor entertainment center, hotel, spa, cottage town, Nature Park and golf club. The investor of this project is the owner of a large conglomerate CG Corp Global Binod Chaudhary also expressed an interest in building similar tourist complex in Almaty.

RV Healthcare is planning to start production of counter diabetic pills. In the case of the successful implementation of this project, Kazakhstan would fully substitute the import of these pills for 100% and become the main supplier of insulin in the region.

Meanwhile, negotiations are currently underway with a number of Indian companies to attract them in the mining, agricultural and other industries.

In general, over the past 5 months of 2019, Kazakhstan's Foreign Ministry has identified about 10 new projects with the participation of potential Indian investors.

To conclude, the Indian business today is demonstrating a noticeable activity and interest in the Kazakh economy. In turn, economic diplomacy will continue to increase bilateral cooperation, using the built-in mechanism of work.