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Russia aiming to treble bilateral trade with India
Our Bureau
New Delhi
May 2
Russia is aiming at $10-billion bilateral trade with India by 2010, from the current level of $3.1 billion. The Russian Federation, in consultation with India, is drawing up a strategy to achieve the target, according to Mr Vyacheslav I. Trubnikov, Russian Ambassador to India.
In his address to the members of the PHD Chamber, the Ambassador expressed the hope that the economic co-operation between the two countries can be taken to the level that existed during the Soviet Union.
"I am convinced that it is high time we translated our good intentions into real action. The key factor of success is the public private partnership on both sides," he said, adding that till date, the focus has been mainly on government-to-government trade dialogue.
Pitching for greater degree of co-operation between Russian and Indian SMEs to facilitate business-to-business contacts, the Russian Ambassador said that efforts are on to boost this relationship.
Sector Focus
The large-scale projects, which have traditionally occupied top positions in Russia-India relations, also would get more focused attention. He identified a few sectors such as space research, power, metallurgy and shipbuilding that should get due importance for engaging the large-scale enterprises in both the countries.
Mr Trubnikov observed that lack of information about business opportunities in both countries was a major deterrent in revamping the bi-lateral trade. In this regard, he mentioned that Russia is setting up a dedicated international chamber to build connectivity with countries such as India in a more meaningful manner.
Underscoring the need for joint production, possible mutual investments and trade in high tech manufactured goods, the Russian Ambassador said that such directional push would create favourable conditions for business-to-business contacts.
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