Private sector urged to enhance bilateral trade.

Prime Minister Narendra Modi said India and Russia are close to achieving the target of US$30 billion worth of investment by 2025.

He has described energy cooperation as one of the cornerstones of the relationship between India and Russia.

The cooperation is in the nuclear, hydrocarbon, and renewable energy sectors.

India and Russia have agreed on Units 5 and 6 of the Kudankulam Nuclear Power Plant.

The Prime Minister emphasized the role of the private sector in enhancing trade and commerical ties between the two countries.

Speaking on the theme of connectivity during his visit to Russia on 1 June 2017, Modi stressed on the cooperation between the two countries in the International North South Transport Corridor.

Among other initiatives, he called for the “bridge to innovation” to promote startups and entrepreneurship, and the forthcoming commencement of discussions on a Free Trade Agreement with the Eurasian Economic Union.

Underlining the time-tested strategic dimension of the India-Russia relationship, the Prime Minister pointed out the importance of the forthcoming first Tri-services exercise – INDRA 2017, between the two countries.

The defence cooperation includes joint ventures for the production of Kamov 226 helicopters and frigates in India.

On the cultural side, the Prime Minister said the deep awareness of Russian culture in India, and of Yoga and Ayurveda in Russia, was a matter of deep satisfaction.

The Prime Minister has also addressed CEOs of both countries, and invited Russian companies to invest in key sectors of the Indian economy, and particularly mentioned opportunities in the strategic sector.

India and Russia signed five agreements in sectors covering nuclear energy, railways, gems and jewellery, traditional knowledge and cultural exchanges.

The five agreements are:

The program of cultural exchanges between the Ministry of Culture of the Russian Federation and the Ministry of Culture of India for 2017-2019.

The General Framework Agreement for the construction of the third stage of the Kudankulam NPP (KK5 & KK6) along with the Credit Protocol.

Agreement between the Federal Service for Intellectual Property (Rospatent) and the Council of India on Scientific and Industrial Research on granting access to Rospatent experts to the Indian Digital Library of Traditional Knowledge (TKDL).

The contract between JSC (Russian Railways) and India’s Ministry of Railways on the preparation of the justification for the implementation of the high-speed service at the Nagpur-Secunderabad section.

Memorandum of cooperation between ALROSA Joint Stock Company (Public Joint Stock Company) and the Council for the Promotion of the Export of Precious Stones and Jewellery of India. fii-news.com