CII inks MoU with the Russian Chamber of Commerce and Industry
In order to strengthen bilateral economic cooperation between India and Russia, the Confederation of Indian Industry (CII) signed an MoU with the Russian Chamber of Commerce and Industry. The industry body is also leading a CEO delegation to St. Petersburg International Economic Forum (SPIEF) which is being held in Russia. Commerce Minister Nirmala Sitharaman had an interaction with the delegation wherein they discussed the potential collaboration with their Russian counterparts. Some of the issues highlighted during the meeting included the possibility of Rupee-Rouble trade, financing for oil trade, barter trade in commodities etc. She said that efforts are being made by the Indian government to address these issues with the Russian government. “Russian Government was keen to engage with India and Indian businesses more aggressively,” she further added. The minister was of the view that Indian companies should focus on specific business issues and share it with the government and embassy, so that an appropriate platform can be created to address and resolve these issues. For the ‘ease of doing business’, she reiterated the commitment of the government to help wherever possible. CII President Sumit Mazumder highlighted the immense opportunity that the forum offers for Indian businessmen to connect with their Russian counterparts and understand the dynamics of the Russian market. As a result, he said that, “every year new companies from India join the delegation to explore business opportunities.” The industry body is keen on working closely with its partner institutions. Every year, new companies from India join the delegation to explore business opportunities. Director General of CII, Chandrajit Banerjee said that they will explore by bringing sectoral delegations to Russia and to its regions. SPIEF provides an excellent platform for this. The delegation to Russia includes companies like Essar, Sun Group, Dr Reddys Labs, L&T, Rajshree Sugars & Chemicals, Asia Motor Works, M3M, Innovest India, among others. Meanwhile, in FY 2014-15, Indo-Russia bilateral was around USD 6,346.18 million, up by 5.4%. India exported goods worth USD 2,096 million to Russia. Pharmaceutical products, tea, aircraft engines are our major exports to Russia. While on the other hand, Russia’s top exports to India includes diamond, silver, mineral and chemical fertilizer and asbestos.
June 20, 2015 | 04:46 pm IST.
to success.