India-Russia can jointly create new technologies than just buying, selling them: Modi

New Delhi, Oct 5: Asserting that India and Russia have a long history of deep ties, Prime Minister Narendra Modi on Friday said both countries can work together to produce new technologies.

Speaking at the at India-Russia Business Summit, the Prime Minister called on Russia to give impetus to 'Make in India initiative'.

"We don't leave a chance to meet each other. The world is changing, but the friendship between India and Russia never changedm" Modi said.

PM Modi and President Putin shaking hands

Modi said trade between the two countries has grown by 20%. Indian IT companies can explore opportunities in Russia, he added.

"We have established a system "Russia plus" to make investment in India easier for Russian companies. 'Joint Working Group' is working to strengthen financial cooperation. Business activities between the two countries will increase due to such cooperation," PM Modi said.

"Our countries are like friends in the field of nuclear energy. Now we do not only buy and sell technology. We can also work together for the production of these products in India. In defense also, we can manufacture here under 'Make In India'," he added.

Modi and Putin at India-Russia Business Summit

Stating that India is the most open economy in respect to FDI, he invited Russians to set up a dedicated defence industrial park in the country and take the traditional relationship forward.

Russian President Vladimir Putin vowed to strengthen cooperation with India.

"Russia is considering building one more nuclear power plant. As we collaborate with India, we will further strengthen our cooperation in this regard. We also want to boost India's business prospects with Russia. We are now trying to reach new heights when it comes to developments, growth. We also see situation is improving in the labour market," Putin said.

Foreign Secretary Vijay Gokhale exchanges the MoU documents with Board of OJSC Russian Railways CEO Oleg Belozerov

India and Russia have signed 8 key pacts after talks between Prime Minister Narendra Modi and Russian President Vladimir Putin

S-400 Missile

India today signed the deal to purchase five S-400 Triumf air defence missiles from Russia. The deal is said to worth $5 billion. S-400 Triumf is one of the world's most advanced air defence systems that can simultaneously track numerous incoming objects - all kinds of aircraft, missiles and UAVs - in a radius of a few hundred kilometres and launch appropriate missiles to neutralise them.