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).