Modi invites Kazakh sovereign wealth fund to invest in Make in India

Astana (PTI): Prime Minister Narendra Modi on Tuesday invited resource-rich Kazakhstan’s sovereign wealth fund as well as businesses to invest in India’s renewable energy, manufacturing and smart city project.

He said businessmen of both the countries can work together in space, cyber security, health and infrastructure, stressing that India-Kazakhstan partnership is a “win-win situation”.

Modi, who is on a visit to Central Asia and Russia, made these comments while addressing a round-table interaction with CEOs and business leaders of Kazakhstan and India.

“I believe the sovereign wealth fund and your companies can invest in these sector. They have scope for manufacturing sector which is a big requirement for India,” he said.

Observing that the environment has become a big concern for the entire world, Modi said, “India is aggressively trying to deal with this issue. 175 GW renewal energy is being planned. 100 GW in solar and 75 GW in renewal and wind energy.

It is a big ambitious programme offering investment opportunities.” The Prime Minister also invited Kazakh businessmen to participate in ‘Make In India’ initiatives. He invited them to participate in manufacturing sector, especially railways, and Smart City projects.

“We invite you for Make In India. You have raw material, resources and India have youth force. You can participate,” he said, adding that the initiative matches “perfectly with President N Nazarbayev’s Nurly Zhol programme”.
Modi said that business leaders of the two countries can work together in the fields of hydro-carbon, space, cyber security, health, infrastructure, and minerals.

“We have taken up a mission of 100 smart cities. This will interest those working on urban areas and infrastructure,” the he said, adding that “the more our cooperation increases, the more it will be beneficial for our nations”.

Modi said, “As you have changed Astana in the last 20 years, you can help in developing smart cities.”

India has opened up FDI up to to 100% in railways sector and investors can participate in modernising the network, which is second largest in the world. He said both the countries have to work together to improve connectivity and focus on technology and training.

“We are made for each other”, the Prime Minister said, stressing that while Kazakhstan has natural resources in abundance, India is big market with huge demand. He said Kazakhstan could also benefit from India’s strength in the IT sector.

Poor connectivity, he said, is the biggest barrier to deepening of economic engagement between the two countries, and called for improving it. Modi and Prime Minister of Kazakhstan, Karim Massimov, also witnessed the commencement of drilling at the Satpayev Exploration Block, where ONGC Videsh Ltd has a significant stake.

Posted by on July 7, 2015. Filed under Economy, State. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.