External Affairs Minister S Jaishankar addressed the India-Central Asia Business Council on Thursday, highlighting expanding trade opportunities between India and Central Asian countries. With leaders from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan present, he emphasized mutual business interest and the importance of strengthening B2B ties. “The presence of Indian and Central Asian business participants in such significant numbers today is a sure indicator of mutual interest in forging stronger B2B ties,” he stated. He described India’s relationship with the region as one of extended neighbourhood and high strategic and economic importance.
India Proposes Trade Diversification And Predictability With Central Asia
Jaishankar suggested India and Central Asia deepen cooperation in both quality and volume of trade. He urged diversification of trade baskets to offer more choices in economic exchanges. Referring to India’s economy growing at 6–8% annually and valued at over USD 4 trillion, he said it will create new demands. “We have more competition, and in a way we are looking for new opportunities… it will create new demands for products, for services, and… new demands out of more prosperous lifestyles,” he said. He stressed the need for long-term contracts in sectors like crude oil, uranium, gas, coal, mining, and fertilizers.
Digital Payments And Banking Ties To Boost India-Central Asia Trade
Jaishankar pointed out that economic interaction must gain predictability through stronger banking engagement. He supported using digital public infrastructure like UPI and suggested enabling mutual trade settlements in local currencies. “Some beginnings have been made regarding the opening of special rupee Vostro accounts in Indian banks by Central Asian banks,” he said. He also discussed integrating UPI for easier transactions. “Certainly, greater use of digital technologies and AI applications will help us unlock the full potential… and it will be a great help to our tourists, to our students, to our medical travellers,” he added.
Highlighting logistics, Jaishankar underlined the need to improve land and air connectivity and simplify customs. He encouraged the use of the Chabahar port to reduce distance and cost between India and Central Asia.
