India's trade with Turkmenistan is about $114 million a year, and there are ways to increase it

India's trade with Turkmenistan is about $114 million a year, and there are ways to increase it

India's trade with Turkmenistan is about US$114 million per year. According to this indicator, Turkmenistan ranks third among the countries of Central Asia (Kazakhstan – about 2 billion, Uzbekistan – 342 million, Tajikistan – less than 75 million, Kyrgyzstan – 34 million US dollars).

The figures were announced during the international seminar "India and Central Asia: Challenges and Opportunities", information about which was published on the website of the Indian Foreign Ministry on Friday.

The material notes that India could share with Turkmenistan its experience in the field of renewable energy, especially in solar energy. The need to resolve the geopolitical issues of the TAPI gas pipeline is also emphasized, and the member companies of the TAPI consortium are encouraged to work on business solutions to reduce various risks.

India is currently the world's third largest energy consumer and imports provide 85% of the country's crude oil and about 50% natural gas needs. But the share of Central Asian countries in India's oil and gas imports remains insignificant, highlighting the need for improved connectivity between the Indian subcontinent and the CA region.

The biggest trade barrier between India and Central Asia has been figuratively called the "elephant in the room" in the lack of overland communication. The International North-South Transport Corridor and Chabahar Port Promotion, Ashgabat Agreement are ongoing efforts to improve connectivity.

Delhi attaches great importance to cooperation with the countries of Central Asia, which are considered the "core" of the SCO. “As the current Chairman of the SCO, we look forward to welcoming the heads of state of Central Asia to the next SCO summit in India,” the Indian Foreign Ministry said in a statement.

The agency also emphasizes the common interest in ensuring peace and stability in the region through the joint fight against terrorism, drug trafficking and the radicalization of the youth.

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Photo: fortuneindia.com