Goyal leads CMs to Vladivostok

India is looking to gain from the investment-friendly Russian stance in the natural resource-rich region during a Commerce and Industry Minister Piyush Goyal-led delegation visit to Vladivostok.

The visit will set the stage for further strengthening of bilateral ties between the two countries. Major announcements are expected on collaborative projects for the economic success of the Far East region of Russia.

Indian entities are already engaged in key sectors like power, coal, oil and gas, and will further increase India’s footprint in the Russian Far East during a strong-delegation visit led by Commerce and Industry Minister Piyush Goyal 11-13 August 2019.

Russia offers significant incentives and tax breaks allowing Indian investments and labour for projects.

The delegation, including Chief Ministers of Goa, Gujarat, Haryana, and Uttar Pradesh and an official from the State of Assam, will explore investment opportunities and strike close partnerships with the Far East provinces.

More than 125 representatives from business stakeholders in the delegation will interact with Russian counterparts on opportunities in the mining and processing of diamond and other rare metals, railways, agriculture, fisheries and food processing, oil and gas, forestry and timber, coal and power, ceramics, tourism, ship building, technical education, healthcare, and pharma sectors and Ayurveda.

Goyal will lead the delegation to explore new areas of cooperation and ensure that India’s participation at the Eastern Economic Forum is meaningful.

The Chief Ministers and delegates will engage with officials and businessmen from the provinces in Russia’s eastern most territory.

The delegation will identify and scope out and work on potential areas of business collaboration in the region. Russia’s Far East offers an important area for use of India’s skilled manpower to develop the region that is vast and under populated, said Commerce and Industry Ministry on 9 August 2019.

Russia ranks first in the world for oil and natural gas production, exports of steel, primary aluminum and nitrogen fertilizers. Russia is also the largest in terms of reserves of tin, zinc, titanium, niobium, nickel, iron ore, drinking water, natural gas, wood, diamonds and silver.

Goyal will mark the beginning of the process where both countries move away from a buyer-seller relationship to one where there is technology transfer, Make in India, job creation and content creation in India during the week.

The Minister’s visit is a precursor to the visit of the Prime Minister, Narendra Modi, to Vladivostok in early September for the 5th edition of the Eastern Economic Forum where he will be the chief guest for the 20th edition of the Forum.

It is an international forum held every year in Vladivostok, Russia, to support the economic development of Russia’s Far East region and to expand international cooperation in the Asia-Pacific region. fiinews.com


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