India and Kyrgystan have prepared a five-year road map to increase bilateral trade, says the Indian Prime Minister Narendra Modi. He said the two countries have given final shape to the Double Taxation Avoidance Agreement (DTAA) and the bilateral investment treaty, which would help in creating a proper atmosphere for bilateral trade.
Modi urged the business communities of India and Kyrgyzstan to explore the untapped potential in various field. “There are three catalysts for the growth of bilateral trade and investment opportunities. They are proper atmosphere, connectivity and business-to-business (B2B) exchanges,” said the PM at the India – Kyrgyz Business Forum. “Kyrgyzstan provides good opportunities for Indian businessmen in the field of textiles, railways, hydropower, mining and mineral explorations.”
The PM explained that connectivity plays an important role for the ease of trade between the two countries and Iran’s Chabahar port has emerged as a new route between India and Afghanistan. “There is a need for us to focus on increasing connectivity between India and Central Asia. The Republic of Kyrgyzstan is part of the Eurasian Union and we are working to increase the trade with the Eurasian Union.”
For more than a decade, India has been eyeing Central Asia for geographical and economic benefits. Experts say that historically, India has had close relations with Kyrgzstan, which was one of the few Central Asian countries to be part of the Ancient Silk Route. Even much later during the Soviet era, India and Kyrgyzstan had political, economic and cultural contacts. Moreover, India was one of the first countries to establish diplomatic relations with the nation in 1992 when Kyrgyz Republic became independent in August of 1991. In today’s times, India and Kyrgyzstan share mutual concerns on terrorism, extremism and drug-trafficking.