The Hindu Business Line : ‘Indo-Russia trade turnover put at $10 b in two years’

Indo-Russian trade ties are expected to produce a turnover of about $10 billion within the next two years, said Mr Vladimir V Lazarev, Consul General of Russian Federation.

The current annual trade turnover between India and Russia stands at $5 billion. “India currently accounts for a little over one per cent of Russia’s total external trade volume,” said Mr Lazarev, speaking about ‘Enhancing Indo-Russian Business Co-operation’ here, on Monday.

Though the military-technical co-operation between the two countries had been quite stable, there was still a lot to explore in the sphere of trade and economic co-operation. Russia had sold over $10 billion worth of weapons to India over the past five years and contracts worth $9 billion were being worked out, he said.

Private sector

Talking about the importance of private sector in enhancing the trade ties, he said, “The private sector in both countries has been slow to take advantage of the huge expansion that is taking place in the Indian and Russian economies.

“The focus should be on improving visa regimes, removing cargo problems and strengthening market information networks so that private players can step up their activities,” Mr Lazarev said.

He identified energy as one of the high potential areas of mutual interest between the two countries.

“Russia is one of the largest producers of energy and India one of the largest consumers,” he said.

There was also considerable potential for diamond exports from Russia to India, and for joint ventures to be set up between companies in the two countries for diamond processing and marketing, he said.

Titanium plant

Earlier, in February, India and Russia had signed an agreement for the construction of titanium plant in Bhubaneshwar. Mr Lazarev said that there was a possibility of developing a special economic zone and an all-weather sea port in Gopalpur in the next three to four years.

Focussing on the eastern region, particularly West Bengal, Mr Lazarev pointed out that Russian companies such as the Magnitogorsk steel plant, the Russian aluminium giant Rusal, the Chboksar tractor factory, Tekhnokhim Holdings, and the Transaero air carrier have shown an interest in setting up projects there.

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