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  HOME | Business & Economy (Click here for more)

Russia, India Strengthen Trade, Investment Ties

MOSCOW – Russian President Vladimir Putin and Indian Prime Minister Narendra Modi agreed on Wednesday to continue developing bilateral relations in the fields of trade and investment, industry, military-technical cooperation, education and culture.

“A series of important bilateral documents have been agreed in the areas of trade and investment, industry, military-technical relations and education and culture,” Putin said with Modi in the Pacific port city of Vladivostok, in easternmost Russia, where both leaders are taking part in the Eastern Economic Forum.

“The interdepartmental documents and corporate agreements that have just been signed cover a wide variety of areas and, of course, will further expand the multifaceted Russian-Indian relations,” the Russian president continued.

“Our negotiations always take place in a friendly, frank atmosphere, being always informative and constructive. This was the case this time.”

The leaders enjoyed a good exchange during a visit to the shipbuilding complex of Zvezda, in the coastal city of Bolshoi Kamen, where the head of the Russian state oil company Rosneft, Igor Sechin, showcased various projects.

Modi, in turn, noted that cooperation between the two countries is currently developing in several areas, including defense, nuclear energy and space.

He said that the astronauts of the first Indian space mission “Gaganyan” will receive training in Russia.

“Russia is an integral friend and trustworthy partner of India,” Modi said.

Putin also said that both countries will extend their technical-military cooperation for another ten years, until 2030 and explained that the talks to create a free trade zone between India and Russia will begin soon.

Both states are aiming for a trade exchange of $30 billion by 2025, more than double the $11 billion currently generated, said the Russian Minister of Economic Development, Maxim Oreshkin.

According to the minister, the two countries must reduce trade barriers and other obstacles, including regulations on investment, taxation (especially within the financial and banking sectors) and logistics.

Trade ties will be boosted by routes between the ports of Vladivostok and Chennai on the Bay of Bengal.

Energy is another key area in which Russia and India aspire to strengthen their cooperation.

Putin has invited Indian companies to participate in liquefied natural gas projects in Russia, specifically in the Far East and the Arctic.

Modi indicated that the two countries will establish a roadmap for cooperation in the production of hydrocarbons in the far east of Russia over five years.

Several business agreements were signed on the margins of the Eastern Economic Forum.

Russia’s largest independent natural gas producer, Novatek, partnered with two leading Indian natural gas companies, H-Energy Global and Petronet LNG, on the supply of liquefied natural gas to South Asian state.

Another memorandum of understanding between Indian and Russian companies provides for the implementation of joint projects in the field of coal extraction.

 

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