Modi and Nazarbayev had also agreed to collaborate in the hydrocarbons sector and welcomed the formal commencement of drilling of the first exploratory well in the Satpayev block which coincided with the Indian PM’s visit.With India increasingly determined to diversify it’s energy supplies, Kazakhstan has emerged as an import destination in recent times.
Trade turnover between the two countries reached 1.57 billion USD in January-May 2020, an increase of two times compared to the same period in 2019.”India has a great interest in investing into key industries in Kazakhstan, especially in mineral resources including oil producing blocks. In addition, India is engaged in expanding cooperation in tourism and education,” Indian Ambassador in Kazakhstan, Prabhat Kumar told The Astana Times in an interview recently.
Kazakhstan is India’s largest trade and investment partner in Central Asia, with the balance of trade tilted in favour of Kazakhstan. Given deepening trade ties and that Kazakhstan is a landlocked country the first joint Indo-Kazakh joint working group on connectivity was held.
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With both countries participating in the Shanghai Cooperation Organisation multilateral forum, there are regular meetings between both sides.
The Kazakh President Tokayev is slated to visit India sometime this year.
