• PAGE ONE
• INDEX
• HOME

Central Asia corpus fund mooted

Our Bureau

NEW DELHI, Sept. 13

THE creation of a Central Asia corpus fund to promote business opportunities between India and the resource-rich Central Asian nations has been suggested by Mr Aloke Sen, Joint Secretary in the Ministry of External Affairs (MEA).

The Fund, to be managed by a lead bank, would enable investments and greater participation from Indian companies in the development process of these nations, he said in his presentation at the two-day, India-Central Asia seminar organised by the Institut e for Defence Studies and Analysis (IDSA) here.

Mr Sen felt that in addition to the big opportunities for Indian oil companies, especially in the background of oil finds in some of these countries, the other areas of interest would be commercial farming in Kazhakasthan and construction and infrastruct ure building industry in Turkmenistan.

The political climate in the Central Asian countries is very positive to India and hence it was the ideal time for private sector companies to take the initiative, said Mr C.V. Ranganathan, a former diplomat, who chaired the session.

The representatives from Kazhakasthan and Turkmenistan urged India to take the initiative and come up with projects. Air Commodore Jasjit Singh, Director of IDSA, said in response ``there is no lacking in enthusiasm from the Indian side, it was only a qu estion of getting to know the right areas where these countries need India's participation''.

The seminar also delved on energy security and the political and security issues which have taken centre-stage. There is tremendous interest for India in the transportation of natural gas via pipelines route as well as import of oil from the Central Asia n countries.

Indian oil companies such as Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC) have already started negotiations for developing gas fields in Bangladesh, Myanmar, Turkmenistan, Iran, and Russia.