Prime Minister Narendra Modi on Friday said India and Kyrgyzstan have prepared a five-year road map to increase the bilateral trade and urged the business communities from both countries to explore the untapped potential in various fields. Addressing the India-Kyrgyz Business Forum, he said that India and Kyrgyztan have given the final shape to the Double Taxation Avoidance Agreement (DTAA) and the bilateral investment treaty, which would help in creating a conducive atmosphere for the bilateral trade.
Modi and Kyrgyz President Sooronbay Jeenbekov jointly inaugurated the India-Kyrgyz Business Forum. Ahead of the Modi's visit to Kyrgyzstan, the Union Cabinet had approved the signing and ratification of bilateral investment treaty between India and Kyrgyzstan.
The bilateral treaty is likely to increase flow of investment between India and Kyrgyzstan and provide protection to investors from the two nations making investments in both the countries. Stressing that the world's economy was rapidly changing and India's economic progress and technological development were the cause of stability and hope for the world, he said, "India is a big market, and young talent and enthusiastic innovators will play an important role in achieving our goal of making India a USD 5 trillion economy."
Modi said that the bilateral trade and economic partnership between India and Kyrgyzstan has not achieved its potential and suggested three ways to give it a boost. "There are three catalysts for the growth of the bilateral trade and investment opportunities. They are conducive atmosphere, connectivity and business-to-business exchanges," he said.
Apart from DTAA and bilateral investment treaty, he said "We have prepared a five-year roadmap to increase the bilateral trade." He asked Kyrgyz business leaders to work to with Indian businessmen, saying various products of India and Kyrgyzstan complement each other. "You all are welcome in India," he added. "Kyrgyz organic produce have good reputation in the market. Honey, walnuts and the dairy products of this country are famous for its ecological purity and natural processing," Modi said.
He also said Kygyzstan provides good opportunities for Indian businessmen in the field of pharmacheuticals, textiles, railways, hydro-power, mining, mineral explorations and tourism. Underlining the importance of ease of connectivity in bilateral trade, Modi said Chabahar port (in Iran) has emerged as a new means of communication between India and Afghanistan.
"There is a need for us to focus on increasing connectivity between India and Central Asia. The Kyrgyzstan republic is part of Eurasian Economic Union, and we are working on a preferential trade agreement to increase trade with the Eurasian Economic Union," he said. Modi said that various initiatives have been taken to increase the business-to-business exchanges under which "Namaskar Euraisa" trade show would be organised.
Modi is in Kyrgyz capital to attend the Shanghai Cooperation Organisation (SCO) Summit. The SCO is a China-led 8-member economic and security bloc with India and Pakistan being admitted to the grouping in 2017. Other members of the grouping are China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)