No. PR- 107
September 21, 2021
New Delhi
PHDCCI organized the 2nd International Conference & Exhibition on Destination CIS in Hybrid mode with focus theme – Partnerships and Inclusive Growth.
With a view to explore the bilateral trade and investment opportunities between with CIS, GRULAC and UK across various sectors of good and services, the PHD Chamber of Commerce and Industry (PHDCCI) has organized its 2nd International Conference & Exhibition on Destination CIS on the theme of Partnerships and Inclusive Growth. In the hybrid event held on 20th September, 2021 the key focus was to create awareness about the potential economies and business sectors across the CIS region that are beneficial for a bilateral trade window.
While delivering his introductory remarks, Amb. Anil Wadhwa, Chair, PHDCCI Ambassadors’ Economic Forum, said that the past decade has seen a paradigm shift in terms of the economic balance of power; economic growth in many Arab economies saw financial crisis during the pandemic. However, the emerging markets not only look stronger but are also contributing steadily. The CIS region is one such region which looks extremely promising. The covid-19 pandemic indeed has changed the business landscapes but has also drawn up some very good opportunities. It has been a constant endeavor to sensitize the business of houses of India about the opportunities that exist between India and other countries around the world. PHDCCI over the years has conducted over a hundred interactive sessions with foreign nations.
He further informed that, some specific areas wherein India and CIS can immediately cooperate are pharmaceuticals, engineering, machinery & mechanical appliances, mining, power generation and transmission. There is also potential for cooperation in agri-business & food, textiles including yarn & carpets, leather as well as rubber sectors.
Reflecting upon the trade figures, Mr. Sanjay Aggarwal, President, PHDCCI mentioned that, India’s total trade with CIS countries stood at a total of USD 13.01 billion, out of which India’s export to CIS countries stood at USD 3.887 million and our imports from the region stood at USD 9.126 million. But as the global dynamics are changing and the developed markets are getting saturated, trade amongst the developing economies around the globe is increasing tremendously. The CIS region is among the four fastest growing regions of the world. According to the International Monetary Fund’s, World Economic Outlook, 4 of the world’s fastest growing economies lie in the CIS region.
He further added that, multilateral agencies such as the World Bank, the Asian Development Bank (ADB), and the European Bank for Reconstruction and Development (EBRD) are active in funding developmental projects in the CIS region. The Indian Government also seeing the huge untapped potential in the CIS region is initiating programs and schemes to develop close economic cooperation. There are good possibilities of investments and joint ventures, particularly for the MSME’s of both the countries and they should be focused to develop business linkages as they are the backbone for industrial development in any country
While giving an overview on the business opportunities available in the Republic of Azerbaijan, H.E. Mr. Ashraf Farhad Shikhaliyev, Ambassador and Plenipotentiary, Embassy of the Republic of Azerbaijan, shared that, the transport infrastructure in Azerbaijan is very well developed and if companies are targeting the three very lucrative markets of – European union countries, CIS counties & Georgia, as well as Persian countries; Azerbaijan can provide a convenient access to those markets. In terms of the trade between India and Azerbaijan in 2020; the imports of India from Azerbaijan was one billion US dollar for crude oil. Exports from India to Azerbaijan were around 136 million US dollar for electronic machinery, spices and pharmaceuticals.
He further mentioned that, according to a report by the World Economic Forum the in terms of Governments long term strategy, Azerbaijan is on the 10th place and on the government’s political stability agenda which is very important for the investors, it is on the 11th place; this survey was done amongst 74 developing countries.
H.E. Mr. Andrei Rzheussky, Ambassador and Plenipotentiary, Embassy of the Republic of Belarus, said that, since the economies of the CIS countries began to change, the custom rules along with import and export rules have been simplified; the economic corporation between CIS countries has also increased. Now with a population of around 240 million and 3 trillion dollar economy, there are enormous opportunities for business. However, new areas corporation are yet to be discovered. Implementation of Free Trade Agreement Eurasian Economic Union and India as well as the project of North-to-South transport corridor would enhance further developments.
He also stated that, the main reasons to invest in Belarus – an easy access to the European markets with a single custom tariff, qualified and experienced labor, and developed transportation and logistics infrastructure. All these can be utilized by Indian investors as safe haven for promising projects.
H.E. Mr. Asein Isaev, Ambassador, Embassy of Kyrgyz Republic in his remarks mentioned that Kyrgyz Republic is a landlocked country located in the heart of Central Asia. It is the most important transit country in Central Asia. Free economic zones provide special customs privileges to exporting and importing companies.
Kyrgyz Republic creates favorable conditions for the development of tourism and business entries into the country and Indian business should take advantage of the opportunities.
H.E. Mr. Nurlan Zhalgasbayev, Ambassador, Embassy of the Republic of Kazakhstan highlighted that Kazakhstan is a country with rich historical past, a country of great opportunities seeking to become one of the most competitive economies in the world and has one of the most competitive tax regimes in the region.
Aiming to diversify its economy, Kazakhstan offers vast opportunities across various sectors. These include agriculture, petrochemistry, metallurgy, tourism, Energy including renewable energy, infrastructure, Transport & logistics, electronic machine, medical device, ICT, Education and pharmaceuticals.
H.E. Mr. Alok Ranjan Jha, Ambassador of India to Belarus gave an overview of the benefits of investment in Belarus and business operation. He said Belarus is a strategic geographical location with direct access to ЕЕU markets. Its has an attractive investment climate and favorable taxation policies and 6 free economic zones which will help attract investment and boost exports.
H.E. Mr. Akhatov Dilshod Khamidovich, Ambassador, Embassy of Uzbekistan said Uzbekistan is a resource-rich, most populated country, strategically located in the heart of Central Asia. He highlighted current trends in investment in large-scale infrastructure projects.
Uzbekistan has made significant strides to attract more international business and investment, overhauling v every facet of doing business in the country in an attempt to facilitate and increase foreign direct investment (FDI).
Mr. Murodbek Aslamzoda, Charge d’Affaires, Embassy of the Republic of Tajikistan spoke on positive reform dynamics & diverse investment opportunities. He mentioned that Tajikistan has a window of opportunity to start transitioning toward becoming a continental energy and trade hub, with access to huge markets.
Mr. Saurabh Sanyal, Secretary General, PHDCCI expressed his sincere gratitude to all the dignitaries present and mentioned that its the opportune time for the Indian businessmen to engage and work in a deeper cooperation for attracting incoming investments and sectors and areas for economic cooperation.
The session was moderated by Mr. Naveen Seth, ASG, PHDCCI and witnessed the participation of more than 150 Industry stalwarts from India and CIS Region. The session was followed by B2B meeting between both the nations. PHDCCI’s webinar was supported by Annual Sponsors such as DLF India; Multani Pharmaceuticals; UFLEX; JK Tyre & Industries; Marble City; Paramount Cables; SMC Investments and Advisors; Blossom Kochhar Aroma Magic; Comtech Interio; DCM Shriram Industries; Radico Khaitan; R.E. Rogers India; Ajit Industries; EaseMyTrip; Synergy Environics; Continental Carriers; Timberworkz; Jindal Stainless; Modern Automobiles; P S Bedi & Co; IFFCO and Hindware.
End
Media Division
PHD Chamber of Commerce and Industry