India and Kyrgyzstan have prepared a five-year road map to raise bilateral trade and urged business communities from both sides to explore the untapped potential in various fields, Prime Minister Narendra Modi told the India-Kyrgyz Business Forum, which was jointly inaugurated by him and Kyrgyz President Sooronbay Jeenbekov recently in Bishkek.
Kygyzstan offers good opportunities for Indian businessmen in textiles, railways, hydro power, mining and mineral exploration, Modi said. Both the countries have given the final shape to the Double Taxation Avoidance Agreement (DTAA) and the bilateral investment treaty, which would help in creating a proper atmosphere for the bilateral trade, a news agency report quoted the Prime Minister as saying. Ahead of the Modi’s visit to Kyrgyzstan, the Indian cabinet approved the signing and ratification of bilateral investment treaty between both the countries. The bilateral treaty is likely to increase flow of investment between India and Kyrgyzstan and provide protection to investors from the two nations making investments in both the countries.
“There is a need for us to focus on increasing connectivity between India and Central Asia. The Republic of Kyrgyzstan is part of Eurasian Union and we are working to increase the trade with the Eurasian Union,” he said. Modi was in the Kyrgyz capital to attend the Shanghai Cooperation Organisation (SCO) Summit.