Bishkek, June 14 (IANS) Prime Minister Narendra Modi said on Friday that the world economy was transforming fast and growth of a big economy like India and its technological progress was a big factor for stability and hope in the world.
Addressing the gathering at the inauguration of India-Kyrgyzstan Business Forum meeting, Modi said that there were three catalysts to promote trade and investment – right atmosphere, connectivity and business-to-business exchange.
“The world economy is transforming fast and growth of a big economy like India and its technological progress is a big factor for stability and hope in the world. India is no doubt a big market. Our youth and enthusiastic innovators will play an important role in making India a five-trillion-dollar economy,” he said.
He said the bilateral trade between India and the Kyrgyz Republic was far below potential and his government has given a final shape to Double Taxation Avoidance Agreement and was actively working on bilateral investment treaty.
“I will like to say that to create conducive atmosphere, we have given final shape to Double Taxation Avoidance Agreement. We are also actively talking on a bilateral investment treaty. These will give a strong foundation for investment. We have created a five-year roadmap to boost bilateral trade. Kyrgyz Republic is a member of Eurasian Economic Union. We are also working on a Preferential Trade Agreement with Eurasian Economic Union to boost trade,” he said.
He said that connectivity was important to ease trade and Chabahar port has emerged as a new link between India and Afghanistan. “We will have to give more attention to connectivity between Central Asia and India,” he said.
Modi said Kyrgyzstan offers opportunities for Indian traders and investors in areas such as medicine, textiles, railways, hydro power, mining, minerals and tourism.
The Prime Minister said that India and Kyrgyztan have had close cultural and economic ties and there was immense potential in the bilateral partnership.