Financial Daily from THE HINDU group of publications
Saturday, Mar 18, 2006
Financial Daily from THE HINDU group of publications Saturday, Mar 18, 2006 |
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Industry & Economy - Power India, Russia to co-operate in nuclear energy Our Bureau
Boosting ties Joint study group to boost cooperation in trade and investment with aim of raising the bilateral trade volume to $10 billion by 2010. Two pacts related to implementation of cooperation in respect of the Global Satellite Navigation System. IOC, Stroytransgaz sign pact for pursuing petro-infrastructure projects worldwide jointly through a consortium.
WARMING UP: The Russian Prime Minister, Mr Mikhail Fradkov, with his Indian counterpart, Dr Manmohan Singh, at Hyderabad House in the Capital on Friday. - Kamal Narang
New Delhi , March 17 To overcome the shortage of hydrocarbon, India has sought expansion of the civil nuclear co-operation with Russia, besides talking about the possibility of using its expertise in the Iran-India gas pipeline project. Thanking Russia for its decision to supply 60 tonnes of uranium to Tarapur Atomic Plant Station (TAPS), the Prime Minister, Dr Manmohan Singh said, "I would like to convey our warm appreciation to the Russian Government for responding positively to meet the requirements for nuclear fuel supplies to Tarapur I and II. I am confident that both countries will utilise opportunities to expand our partnership in civil nuclear energy cooperation." After a two-hour-long discussion with his Russian counterpart Mr Mikhail Fradkov, here, the two countries announced the setting up of a joint study group to enhance cooperation in trade and investment with an aim of raising the bilateral trade volume to $10 billion by 2010 and have agreed to soon conclude an agreement allowing investment of funds from the rupee-rouble debt account in India. The two countries signed various agreements, including two related to implementation of cooperation in respect of the Global Satellite Navigation System (GLONASS). Dr Singh said the two countries could co-operate in energy, information technology, bio-technology and high-technology commerce. "While we explore ways at the Government level to promote our economic ties, business communities must develop greater interaction and business-to-business contacts. Private sector partnerships must be the new cementing force in our relations. Greater facilitation of business travel will help in this regard," he said. Dr Singh also said that "ways and means can be explored" to involve Russia in the proposed Iran-Pakistan-India gas pipeline project as Moscow has considerable experience and expertise in building such pipelines. Mr Fradkov said if such a suggestion is put forward, Russia would consider it. Mr Fradkov also assured that the procedural problems related to visa requirements would be amicably sorted out. It was also felt that traditional exports to Russia such as tea, tobacco and pharmaceuticals should be strengthened.
Sign 7 pacts
India and Russia today signed seven agreements in various sectors, including space and banking. The EXIM bank has agreed to open a $100 million line of credit with Russian Vneshtorg Bank, the largest such credit line extended so far by it.
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