The Hindu Business Line : India for more trade with Azerbaijan, Uzbekistan

New Delhi April 8 In a significant move to boost bilateral economic relationship encompassing both trade and investment, the Minister of State for Commerce, Mr Jairam Ramesh, is leading a multi-sectoral Indian delegation to Azerbaijan and Uzbekistan from April 10-16.

In Baku, Mr Ramesh will sign the first-ever agreement with Azerbaijan for establishing the India-Azerbaijan Intergovernmental Commission on Trade, Economic, Scientific and Technological Cooperation. Along with the Managing Director of ONGC Videsh, he will also pursue India's interests for oil and gas exploration in that country. ONGC Videsh has identified some promising prospects, which it would like to develop.

Mineral sector

As Azerbaijan possesses abundant resources of minerals and metals, senior officials from Minerals and Metals Trading Corporation and the National Mineral Development Corporation are accompanying the Minister to explore the possibilities of entering into a memorandum of understanding for cooperation in the mineral sector with the Azerbaijan Government.

The delegation would also explore opportunities for heightened cooperation in gold with Uzbekistan being the fourth largest gold reserves in the world and India being the largest importer of the yellow metal.

GAIL projects

In Tashkent, Mr Ramesh will chair the Seventh Session of the India-Uzbekistan Intergovernmental Commission. Accompanied by senior officials of GAIL, Ministry of Petroleum and National Gas, he will pursue with the Uzbek government, the projects identified by GAIL for investment in Uzbekistan in petrochemicals, LPG and city gas distribution.

In addition, Mr Ramesh will review the status of implementation of the MoU signed in November 2006 between the Uzbekistan Government and the Cotton Textiles Export Promotion Council of India for enhancing cooperation in the cotton textile sector.

The public sector State Trading Corporation is also exploring a $10-million investment in Uzbekistan for cottonseed processing. An Indian private company Spentex has already acquired two cotton-spinning factories in Uzbekistan investing close to $80 million.

For both Azerbaijan and Uzbekistan, Mr Ramesh is also accompanied by senior officials of the Department of Commerce, Ministry of External Affairs, Culture, Petroleum and Natural Gas and Science and Technology, apart from representatives of Rail India Technical and Economic Services, and business delegations from Federation of Indian Chambers of Commerce and Industry, Confederation of Indian Industry and the Indo-CIS Chamber of Commerce in case of Uzbekistan, an official release issued here said.

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