India to tap gold in Azerbaijan, Uzbekistan

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Economy 01/05/2007 India to tap gold in Azerbaijan, Uzbekistan

India’s MMTC and the National Mineral Development Corporation (NMDC) unveiled their plan to develop gold fields in Azerbaijan and Uzbekistan, said the Minister of State for Commerce, Shri Jairam Ramesh, APA-Economics reports.

He added that Indian companies are willing to extract gold in cooperation with the local entities or in an independent way.

“The aim is that MMTC and NMDC consolidate their positions in these countries. This will pave the way for long-term reserves,” he noted.

Shri Jairam Ramesh led a multi-sectoral delegation to Azerbaijan and Uzbekistan from April 10-16 2007 to boost bilateral economic relationships covering both investment and trade. The issue was tabled during the meetings within the scope of the official visit.

India is the world’s largest importer of gold (700-800 tonnes per year).

Azerbaijan and Uzbekistan are countries with which India has had long and deep historical and cultural ties extending over millennia. The historic Silk Route connected the three countries and apart from Islam, both Zoroastrianism and Buddhism are common threads. Over the past few years, India has been taking determined steps to build a close economic relationship as well.

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