India-Central Asia Business Council launched in New Delhi

The Ministry of External Affairs along with FICCI (Federation of Indian Chambers of Commerce and Industry) recently launched the India-Central Asia Business Council. They were joined by 5 countries namely Tajikistan, Uzbekistan, Turkmenistan, Kazakhstan and Kyrgyz Republic. The Council will act as a common platform for the businesses of Central Asia and India.

Highlights

According to the External Ministry trade between the countries stand at 2 billion USD. The Council discussed on making the Chabahar port commercially attractive. The Council will also aim at promoting trade and investment between India and the four countries. They will focus on oil and gas, renewable and non-renewable energy, life sciences, pharmaceutical, agro-food processing, IT, urban infrastructure, tourism and transport.

Background

The Council is the outcome of India and Central Asia Dialogue that was held in Samarkand, Uzbekistan in 2019. The Dialogue and the Council formed are part of India’s Central Asia Policy. Under Central Asia Policy India aims to build strong political relations and will aim to strengthen security cooperation.

Month: Current Affairs - February, 2020