English | 中文版 |  Русский

Breaking News:

Source: www.asiaecon.org |

INDO-KAZAKH NUCLEAR PACT


On Saturday, the Central Asian republic of Kazakhstan became the fourth nation after the US, France and Russia to sign a civil nuclear cooperation agreement with India. According to the agreement, Kazakhstan will provide uranium and related products under the Memorandum of Understanding (MoU) between the  Nuclear Power Corporation of India (NPCIL) and KazAtomProm. The MoU was signed by NPCIL CMD S K Jain and KazAtomProm President Moukhtar Dzhakishev.


On Saturday, the Central Asian republic of Kazakhstan became the fourth nation after the US, France and Russia to sign a civil nuclear cooperation agreement with India.

According to the agreement, Kazakhstan will provide uranium and related products under the Memorandum of Understanding (MoU) between the  Nuclear Power Corporation of India (NPCIL) and KazAtomProm. The MoU was signed by NPCIL CMD S K Jain and KazAtomProm President Moukhtar Dzhakishev.
 
Kazakhstan, which has the world’s second largest uranium reserves, under the MoU, indicated its interest in  opening up possibilities of joint exploration of uranium within its Indian shared borders a while encouraging India to build atomic power plants in the Central Asian country.

Moreover, the two countries also signed a protocol on the accession of Kazakhstan to the World Trade Organization (WTO); a Memorandum of Understanding between the Indian Space Research Organization and National Space Agency and between ONGC Mittal Energy Ltd and National Company KazMunai.

Indian Minister of State for Commerce and Power Jairam Ramesh, who signed the agreement on the WTO accession, said: “It is a big step forward towards achieving our targets for generating nearly 30,000 MW of nuclear power by 2020. This is a historic agreement between the two nations and would strengthen ties and bilateral cooperation”.

He also added that Kazakhstan currently shares 280 enterprises with India, including oil and natural gas. He also added that trade between the two countries in overall terms is relatively small even though it has tripled in the last year alone, and encouraged increased investments from both sides. President Nazarbayev of Kazakhstan assured his Indian counterparts of his country’s full support of India’s quest for energy and for its peaceful use of civil nuclear energy where he states: “Long-term cooperation (in supply of uranium) will lead to the solving of India’s problem of power,” during the course of his address at the summit that was jointly organized by the CII, FICCI and ASSOCHAM.   .

Both countries are growing at a fast pace which leaves a lot of room for investments between the two. Thus, the current $ 350 million trade turnover between the two countries has a lot of opportunity for expansion in the coming period. Kazakhstan’s Industry Minister, V. Shkolnik, said in his address that the visit of President Nazarbayev should be seen as a new stage in the development of Indo-Kazakh ties. He also added that economic progress between the two nations needs to be much more, adding that one way to achieve this objective was through joint venture cooperation.


Source: www.AsiaEcon.org
Please send comments and constructive suggestions to feedback@AsiaEcon.org

Source: www.asiaecon.org |


More Special Articles - Asia Business & Economy Articles