India should make use of the vast investment potential in CIS countries, especially in areas like food, agri-business, ICT and energy, experts have said.
'Eurasian countries are growing rapidly with its economic strength almost equal to the US market and is among the fastest growing economic sectors of the world', said Ravi Capoor, Joint Secretary in Commerce Ministry while speaking at 'CIS Outreach Programme' organised by industry body FICCI here.
He said there were problems of physical logistics with CIS countries and once the International North South Transport Corridor, which will connect India to Central Asia through Iran becomes a reality, cargo transportation time and transactions costs would be reduced by half.
He added that discussions have been held with Federation of Freight Forwarders Association of India in Mumbai and modalities are being worked out for sending two containers of Indian goods to CIS countries this month through the corridor.
The potential sectors for collaboration between India and CIS are food, agri-business, pharmaceuticals, healthcare, ICT, textiles and energy.
Of the 12 countries in CIS, four -- Russia, Kazakhstan, Turkmenistan and Azeerbaijan -- are rich in oil. "This is future Middle East of the World", he said.
These countries are opening up their economies and a lot of trade can happen, he added.
Alikhan Akhmetov, Charge d'Affairs, Embassy of Kazakhstan, said the biggest handicap for trade between the two countries was lack of connectivity.
Kazakhastan will be offering exemption from income tax and property taxes for investors, he said, urging Indian companies to take an 'active role' in investing in his country.
