Eurasian countries are growing rapidly and is almost equal to the US market, Ravi Capoor, Joint Secretary, Ministry of Commerce, has said.

While doing business with this region, the biggest hurdle is information deficit, he said. Many people do not know about the business opportunities in the region.

Cordial ties He was making a presentation on India's trade with Eurasian countries and opportunities in key sectors at the CIS Outreach programme here, jointly organised by Ministry of Commerce and External Affairs along with FICCI.

Commonwealth of Independent States was established in 1991 to ensure continued cooperation in trade and military policy and recognition of borders between the States which formed part of the erstwhile USSR. Relations between India and countries of the CIS region have remained cordial since the Soviet era.

Vast potential However, bilateral trade and commercial relations are still miniscule and does not reflect the true potential. They would be encouraged to engage in a more comprehensive manner with the CIS, Capoor said.

He pointed out that doing business with CIS countries have its own challenges and structural problems. Lack of information on the existing opportunities, logistics, language blockade, concerns over getting payment, finding the right partner etc are some of the major challenges that ought to be overcome.

Ajay Bisaria, Joint Secretary, Ministry of External Affairs gave an overall picture on India’s Focus on CIS Policy. As the global business engagement with Eurasian countries has remained below potential, FICCI in partnership with Ministry of External Affairs and Ministry of Commerce would like to sensitise the Indian companies in select States about the business potential of the CIS region.

Alikhan Akhmetov, Commissioner Counsellor, Embassy of Kazakhstan, gave detailed deliberations on ‘Business opportunities in Kazakhstan.’ A short film on Kazakhstan was also shown.

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