New Delhi:India and five Central Asian countries on Friday expressed interest in joint exploration of rare earth and critical minerals, as New Delhi aims to reduce dependence on shipments from China, which has curbed the exports of rare earth materials.
It was conveyed during the 4th meeting of the India-Central Asia Dialogue held in New Delhi, the Ministry of External Affairs said in a statement.
Appreciating the outcomes of the first India-Central Asia Rare Earth Forum held in September 2024 in New Delhi, the Ministers called upon the relevant authorities to hold the second India-Central Asia Rare Earth Forum meeting at the earliest convenience.
The Ministers also encouraged the exchange of delegations to explore new areas of cooperation in critical minerals. The Indian government wants to develop domestic manufacturing capabilities and is reportedly considering offering production-based fiscal incentives to companies in the field of rare earth materials.
Meanwhile, the Ministers of Foreign Affairs of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan noted the current level of trade and investment between India and Central Asian countries and stressed the importance of making concerted efforts to realise the full potential of mutual trade, especially in sectors like pharmaceuticals, information technology, agriculture, energy, textiles, gems and jewellery, etc.
According to the MEA statement, the Ministers underlined the importance of greater financial connectivity between India and Central Asian countries, including through digital payment systems, enhanced interbank relations, and trade in national currencies to encourage greater trade, investment, tourism and people-to-people exchanges.
Recognising the important role of financial and banking linkages, the Sides also expressed interest in establishing a Joint Working Group to explore ways to further deepen banking and financial connectivity between India and Central Asian partners, according to the statement.
The Central Asian countries noted the importance of India Stack in accelerating digital transformation and providing public service delivery at scale. India agreed to provide assistance in developing Digital Public Infrastructure (DPI) in Central Asian countries. The Ministers also agreed to establish the India-Central Asia Digital Partnership Forum and welcomed Uzbekistan’s offer to host the inaugural meeting.
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