New Delhi, Dec 20 (ANI): Union Commerce and Industry Minister Anand Sharma on Monday said India-Russia trade target of US $ 20 billion trade by 2015 is achievable provided all stakeholders put in concerted high efforts to meet it.
Addressing the Plenary Session "Prospects of Russian-Indian Trade and Investment Relations Development" of 4th India-Russia Forum on Trade and Investments, here today, Sharma added that "let us work together for a renewed thrust on bilateral trade and investment".
Speaking on the occasion, Sharma said that there is need to expand the trade basket to include value added items in areas of applied technologies, information technology, telecommunications, automobile components, gems and jewellery and energy.
"There are ample opportunities for investment in two countries and both have us to exploit in our mutual benefit," he added.
Anand Sharma during the interaction stressed that the two sides need to make concerted efforts to reinvigorate economic cooperation and integrate it with market forces.
"While the political responsibility for expanding ties with other countries is the primary task of governments, business to business relations have become a critical element in the overall architecture of interaction between countries in this age of increasingly de-regulated economies, private sector dynamism and globalization," he said.
Sharma further stated that Indian and Russian economies have natural areas of synergy and India is ready to share its experience and expertise in setting up Information Technology parks.
"We need to focus the possibilities of cooperation in the IT sector as the scope is immense. Now it is up to the business communities to seize the initiative", he added.
Regarding infrastructure, Sharma underlined that India's quest for new facilities in power, transportation, urban development, communication, etc has truly taken off.
"In the next seven years, India will be spending $ 1.7 trillion to meet its infrastructure requirements. The government has instituted friendly policies for inviting FDI in these sectors and has addressed many areas to promote public private partnership as a plank of infrastructure development," Sharma said.
"Both countries should make available to each other the investment regulations and ways of doing business. At the same time, I would urge industry associations to increase their presence in each other's countries," he added.
The session was attended by the Deputy Prime Minister of the Russian Federation, Sergei Ivanov, Minister of Economic Development and Trade of the Russian Federation Elvira Nabiullina, R.P. Singh, Secretary, Department of Industrial Policy and Promotion, apex chambers and senior officials from both the sides.
The India Russia Intergovernmental Commission on Trade and Economic Cooperation has been a dedicated facilitator of promoting bilateral economic ties.
The 16th meeting held in November this year, addressed a number of roadblocks to increasing trade and it was stressed that the trade level of less than $ 5 billion in 2009-10 was substantially below the potential that can be attained by two large and rapidly growing economies such as India and Russia. (ANI)