Kazakh seeks Indian investments in oil & gas, IT, pharma | business | Hindustan Times
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Kazakh seeks Indian investments in oil & gas, IT, pharma

business Updated: Jan 24, 2009 20:52 IST

Hydrocarbon-rich Kazakhstan on Saturday invited India Inc to invest in oil and gas and various other sectors, saying entrepreneurs should become the "engine of growth."

"I call upon you to come to Kazakhstan and invest in various sectors, including oil and gas, chemicals, pharma, metallurgy, IT," Kazakhstan President Nursultan Nazarbayeu said addressing a business meeting jointly organised by Assocham, Ficci and CII.

Kazakhstan has the world's eighth largest oil reserves and the 15th largest gas reserves which could last for 50-75 years.

The visiting President also said that Kazakhstan was looking to attract investments in the food processing and engineering sectors which is witnessing rapid growth.

He noted that his country had imported engineering goods worth $460 million last year and began exporting meat.

The unique location of Kazakhstan gave investors access to the consumer market of almost half-a-billion people spread across the Central Asian region, Russia and China, he added saying that the nation is developing ancient trade routes that would emerge useful for transportation.

Trade between India and Kazakhstan stood at $332.4 million in January-November period against $179.6 million a year ago showing an increase of over 85 per cent.