Pharma, Railways and infrastructure key areas of cooperation between India and Russia

New Delhi, Oct 5: India and Russia have decided to go beyond the conventional areas of cooperation like defence cooperation and technology support. They have now decided to increase cooperation in the business and investment as well. Russian President has invited Prime Minister Narendra Modi to attend as the main guest at the business event at Vladivostok in Russia in September 2019.

Sources said that despite India and Russia having a long standing relations with each other the bilateral trade between both the countries just stands for $10 billions. So there are many areas where bilateral trade between both the countries might be taken to a next level.

Russia has invited India to invest in the Russian Far East. India welcomed the decision to open an office of the Far East Agency in Mumbai. The Indian delegation, which was led by the Minister for Commerce and Industry, and Civil Aviation Suresh Prabhu, participated in the Eastern Economic Forum in Vladivostok in September 2018. A high level Russian delegation would visit India to organize investment road-shows and promote greater Indian investments in the Far East.

The progress on the achievement of the goal to increase two-way investment to $30 billion by the year 2025 and noted with satisfaction that both countries were on the way to achieving this target. They noted that in 2017 bilateral trade increased by more than 20 per cent and agreed to work towards its further increase and diversification. They expressed their support to promoting bilateral trade in national currencies. The first meeting of the Strategic Economic Dialogue between NITI Aayog of India and the Ministry of Economic Development of the Russian Federation would be held later in 2018 in Russia.

Implementation of Priority Investment Projects in the spheres of mining, metallurgy, power, oil and gas, railways, pharmaceuticals, Information Technology, chemicals, infrastructure, automobile, aviation, space, shipbuilding and manufacturing of different equipment. India and Russia welcomed the establishment of a pharmaceutical plant by Advance Pharma Company in Russia. The Indian Side conveyed its intention to increase import of fertilizers from Russia. The Sides noted the importance of expansion of collaboration in aluminium sector.

Infrastructure development is an important priority for both countries. India invited Russian companies to participate in the development of industrial corridors in India, including in areas of road and rail infrastructure, smart cities, construction of wagons and creation of a joint transportation logistics company. They welcomed the proposed trilateral meeting between the India, Russian and Iran on the sidelines of "Transport Week - 2018" in Moscow, on the issue of Indian goods transportation through the territory of Iran to Russia.

They supported the early launch of the Green Corridor project aimed at the simplification of customs operations in respect of goods being transported between India and Russia. They regarded this as an important step towards enhancing mutual trade. After the start of the project Customs administrations of both countries will be committed to its further expansion. They also agreed to work together to explore joint projects for productive, efficient and economic use of natural resources in each other's country through application of appropriate technologies while ensuring affordable environment friendly utilization of natural resources.