Russian PM : Trade with India is boosted by banking,engineering

Moscow, Nov 12 (UNI) Russian Prime Minister Viktor Zubkov today at his talks with Prime Minister Manmohan Singh highlighted banking and engineering as factors boosting bilateral trade between the two countries.

''Trade with India is becoming more diversified and the share of cooperation in the engineering sector was on the rise,'' he said.

He added bilateral trade, which grew 27% to reach 4 billion dollars last year, involved, among other things, active cooperation in the banking sector.

Russia's state-owned Vneshtorgbank had been authorized to open a branch in India, he added.

''The operations of the first branch of a Russian bank in India will hopefully help to increase mutual trade more dramatically," Mr Zubkov noted.

He said direct contacts between Russian and Indian businessmen had bright prospects and a project to launch a joint trade and economy Website would accelerate partnership in this area.

Substantial progress, he said, had been made in forming a joint venture to produce titanium dioxide in India's state of Orissa, which the Indian government plans to turn into a special economic zone (SEZ).

He said the founding documents were now being drawn up.

UNI