Govt extends $1bn to explore and invest in Russia
Russia’s Tula region has offered steel, agriculture and confectionary products among others to increase bilateral trade with India.
“We are ready to increase our exports to India and apart from the common commodities of exchange, we have more to offer such as steel, agricultural products, confectionery products, etc.,” said Marcel Maksimovich Kepteinar, Minister of Economic Development, Tula Region.
Imports from India to Tula comprised Food Products, Nuts, Chemicals, Plastic, and the export basket included Chemicals, Fertilizers and Medical equipment, he pointed out.
“Collaboration between the Indian States and Russian Provinces can diversify and strengthen the Indo-Russian partnership,” added Dushyant Thakor, Vice President, Invest India (States Team).
He noted the significant and appreciable development made by Gujarat, Orissa, Maharashtra, and Tamil Nadu in terms of improving the ease of doing business and promoting the Single-Window System.
Thakor also highlighted the tremendous development made by the Tula region in terms of improving the ease of doing business.
Dr Alexander Leonidovich Rybas, Trade Commissioner, Trade Representation of Russia to India, encouraged the Indian States and Indian Industry to collaborate with the Tula Region in the priority areas of metallurgy, chemicals, agriculture, and mechanical engineering.
India and Russia recorded trade of US$11 billion in 2019, which is 2.3% more than it was in 2018. Exports from Russia to India were around US$7.3 billion and imports were around US$4.0 billion. Overall trade between India and the Tula region for the first half of the year is US$15.9 million for which Tula region exports to India amount to US$11.2 million and imports amount to US$4.7 million.
Aseem Vohra, First Secretary, Embassy of India, Moscow, highlighted the initiatives taken by the Government such as extending the line of credit, amounting to US$1 billion to Indian businesses willing to explore and invest in Russia.
“Engagement in sectors such as food processing, agriculture, infrastructure, medical equipment, and education will further strengthen strategic India-Russia cooperation. Various leading hospitals in India are willing to explore the opportunities offered by the healthcare sector of Russia,” said Vohra.
“We are seeking to increase the economic content of our collaboration to include sectors like agriculture, chemicals, FMCG, Food processing, coal, pharmaceuticals, healthcare, digital & IT sectors, exchange of skilled manpower, and cooperation between the regions,” said S.K. Jindal, Chairman, National Council of Commodity Markets, ASSOCHAM.
He also reiterated that India and Russia have collaborated in defence, nuclear energy and space to date.
“India-Russia partnership is based on similar civilizational values, time-tested friendship, historic milestones, unparalleled mutual respect, and trust, common interests, and concurrence on fundamental issues of development and global affairs,” underlined Jindal, also Chairman, Jindal Exports & Imports Private Limited.
Olga Kulikova, Business Ambassador to India from Business Russia shared her perspective on the regional cooperation and expressed how significant it is, given the long relations and geographical positions of India and Russia.
Business Russia has pan Russia presence and the Tula Region is an important component of it, said Olga, Member of General Council of All Russia public organization Business Russia.
“With Business Russia working closely with ASSOCHAM, we can make Russian companies meet regional businesses of Maharashtra, Tamil Nadu, Orrisa, and Tamil Nadu for future collaborations,” Kulikova added.
The officials spoke at a webinar on interregional cooperation between the Indian States and Industry and the Tula Region of Russia by ASSOCHAM on 9 Sept 2020. #exports #imports #trade #agriculture #products #chemicals @steel /fiinews.com
