The Kabul times, Afghanistan Trustable News Agency.
EconomicNational

Afghanistan working to boost trade & foreign investment

The Islamic Emirate is working to boost trade and attract foreign investment to reach self-sufficiency. The country’s Ministry of Industry and Commerce (MoIC) has urged regional countries to cooperate with Afghanistan in trade and investment in the country. Currently, regional countries including Iran, Russia and China are interested in trade and investment. With the Islamic Emirate (IEA) takeover, overall security has improved across Afghanistan. For the past almost two years, trade has doubled with neighboring countries, but the cooperation of regional countries with Afghanistan in trade is necessary. Acting Minister of Industry and Commerce, Nooruddin Azizi, who is visiting Russia for the 14th Russian Islamic World ‘Kazanforum’ in his recent remark has urged regional countries to cooperate with Afghanistan in trade by reducing the cost of transport. The country’s Ministry of Industry and Commerce in a statement has said that the minister of industry and com merce held several meetings with delegations of regional countries on the sideline of the Kazanforum. The Islamic Emirate’s aim is to make Afghanistan a trade, transit and communication hub. Silk Road makes Central and South Asia the trade and transportation link between Europe and Asia and helps to convert Afghanistan from Aiddependence to Trade-dependence. Afghanistan, which is located in the heart of Asia, can play a key role in land links within the region, as such it can help overcome bilateral problems including border trade. As now the overall security situation has improved across the country, it is time that trade with regional countries improves. It has been recognized that trade and investment flows have played a crucial role in the economic integration of various regions of the world, and it could have been true for South Asia and Central Asia too. Afghanistan benefits from closer integration with its neighbors which promotes trade and investment in Afghanistan in their competitive self-interest. On his visit to Russia and meeting with regional trade officials of the regional countries, the country’s acting minister of industry and commerce has also urged a leading Russian oil producer to participate in the development of oilfields in Afghanistan. On the sideline of the Kazanforum, acting minister of industry and commerce met Nail Ulfatovich Maganov, chief executive officer of Tatneft, an oil and gas company headquartered in the Republic of Tatarstan. Afghanistan Ministry of Industry and Commerce in a tweet has said that Azizi met his interlocutor on oil reserves in Afghanistan and invited the firm to take part in the development and oil processing. Maganov voiced readiness to take practical steps in the direction, the ministry wrote, without giving further details. Afghanistan’s oil reserves are estimated at around 1.6 billion barrels and natural gas at 440 billion cubic meters. Samiullah Momand

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The Kabul times, Afghanistan Trustable News Agency.