November 13, 2024
The India-Kazakhstan Business Conference in Astana focused on collaboration across electronics and engineering goods
Key discussions involved market entry for Indian firms and partnerships in Kazakhstan’s growing digital economy
Ambassador Prasad highlighted India’s leadership in electronics, backed by initiatives like ‘Make in India’ and the PLI scheme
India’s expertise in digital payments and engineering is seen as a boost to Kazakhstan's infrastructure and digital initiatives
India and Kazakhstan are strengthening their trade and technological partnerships in electronics and manufacturing. The India-Kazakhstan Business Conference on Electronics Equipment and Engineering Goods held at the Astana International Financial Centre (AIFC) in Kazakhstan, brought together business leaders, officials, and executives from both countries to explore joint ventures, technological partnerships, and expanding business opportunities in these growing sectors.
The conference, held in a hybrid format, focused on facilitating Indian companies’ entry into the Kazakh market. According to the Indian Ambassador to Kazakhstan, Dr T.V. Nagendra Prasad, India and Kazakhstan’s bilateral trade reached roughly US$ 1 billion in 2023, a figure still short of its potential. Ambassador Prasad emphasised India’s electronics strengths, which are driven by the ‘Make-in-India’ initiative and the Productivity Linked Incentive (PLI) scheme, which continues to attract multinational manufacturers.
The event, which saw participation from around 50 companies and featured sector-specific sessions, highlighted India’s potential to support Kazakhstan’s ‘Digital Kazakhstan’ initiative, which underpins Kazakhstan’s infrastructure modernisation. Prasad underscored the relevance of India’s digital payments expertise, particularly the Unified Payment Interface (UPI), in supporting Kazakhstan’s digital transformation efforts.
Additionally, India’s engineering capabilities align well with Kazakhstan’s ambitious projects, from smart city development to energy-efficient infrastructure. The conference outlined promising partnership areas, including electronics manufacturing, industrial machinery, and electrical components, setting the stage for greater trade and technological cooperation between India and Kazakhstan.
Source: Economic Times