India, Kyrgyzstan have prepared 5-yr roadmap to increase bilateral trade: PM Modi

Prime Minister Narendra Modi on Friday said India and Kyrgyzstan have prepared a five-year road map to increase the bilateral trade and urged the business communities from both countries to explore the untapped potential in various fields.

Addressing the India-Kyrgyz Business Forum, he said that India and Kyrgyztan 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.

PM Modi and Kyrgyz President Sooronbay Jeenbekov jointly inaugurated the India-Kyrgyz Business Forum.

PM Modi said that "at a time when the world economy is rapidly changing, we need to look at the opportunities of the economic partnership between the two countries".

"There are three catalysts for the growth of the bilateral trade and investment opportunities. They are proper atmosphere, connectivity and business-to-business exchanges," he said.

Ahead of the Modi's visit to Kyrgyzstan, the Union Cabinet, chaired by Prime Minister Modi, has approved the signing and ratification of a bilateral investment treaty between India and Kyrgyzstan.

The bilateral treaty is likely to increase the flow of investment between India and Kyrgyzstan and provide protection to investors from the two nations making investments in both the countries.

He said Kyrgyzstan provides good opportunities for Indian businessmen in the field of textiles, railways, hydropower, mining and mineral explorations.

He also invited Kyrgyz businessmen to come to India to explore opportunities of bilateral trade. 

Modi said connectivity plays an important role for the ease of trade between two countries and Chabahar port (in Iran) has emerged as new route between India and Afghanistan.

"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 is in Kyrgyz capital to attend the Shanghai Cooperation Organisation (SCO) Summit. The SCO is a China-led 8-member economic and security bloc with India and Pakistan being admitted to the grouping in 2017. Other members of the grouping are China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.