Kazakhstan and India are targeting an increase in bilateral trade to $1 billion in the near future, with a long-term goal of reaching $3 billion, India’s Ambassador to Kazakhstan Sailas Thangal said.

Thangal said political relations between the two countries are developing positively, but trade and economic cooperation have yet to reach their full potential, according to Qazinform.

He identified transport connectivity, infrastructure and customs procedures as the main obstacles to expanding bilateral trade.

At the same time, business contacts between Kazakhstan and India have been gaining momentum.

A delegation representing 46 Indian pharmaceutical companies recently visited Kazakhstan and held meetings with around 200 representatives of local businesses. Meanwhile, about 112 Kazakh entrepreneurs from 70 companies took part in a business forum in India.

Thangal said Kazakhstan could increase supplies of oil, uranium and other mineral resources to the Indian market.

India, in turn, could expand exports of pharmaceuticals, engineering equipment, food products and electronics to Kazakhstan.

Around 600 companies with Indian capital currently operate in Kazakhstan, the ambassador said.