The Hindu Business Line : Putin for 30 pc growth rate in bilateral trade

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New Delhi Jan. 25 Setting a target of $10 billon for Indo-Russian trade by 2010, the Russian President, Mr Vladimir V. Putin, who is on a two-day visit to India, said the rate of growth of trade needs to be much higher.

"For the trade to reach $10-billon mark by 2010, the rate of growth needs to be 30 per cent per annum compared to the present rate of 20 per cent," he said.

While speaking at a CEOs session organised by FICCI and CII on Thursday, he said that for the trade and investment to grow, there is not enough flow of information between the two countries.

He expressed that India and Russia will work together for a greater flow of information in future for the purpose.

Mr Putin also indicated that his Government is favourably disposed towards financing of investments by Russian companies in India by utilising the money under the rupee-rouble debt agreement. More discussions in this context would open new vistas of co-operation by using the funds available under the agreement.

He also said that his country has vast experience in setting up nuclear plants. "With India setting up so many energy projects, our experience will be required by India," he said, adding that he hopes there will be greater engagement between the two countries in the field.

Mr Putin said there were promising prospects for co-operation in enhancing India's nuclear plant capacity and expressed the interest of the Russian side in expanding co-operation in oil exploration, production and supplies.

Visa availability

However, on the issue of Russian visas, Mr Putin said that Indians use it to finally to go to Europe and the visa availability could be facilitated only after Russia signs a treaty with Europe.

The FICCI President, Mr Habil Khorakiwala, pointed out that there was potential for co-operation between the countries in high technology areas such as biotechnology, nanotechnology, metallurgy, aviation and manufacture of aviation-related equipment.

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