India, Russia talks on ways to boost bilateral trade

The Dollar Business Bureau

Nirmala Sitharaman, Indian Minister for Commerce and Industry, met Denis Manturov, Russian Minister of Trade and Industry, to discuss ways to boost bilateral trade relations between the two countries in several sectors, including the high-end engineering sector.

“There is a strong potential for growth in India-Russia bilateral trade. Be it high-end engineering, or manufacturing, India is moving towards being synonymous to quality, reliability and durability,” Sitharaman said.

Sitharaman, in a meeting with Russian Minister, discussed several specifics to further boost industrial and trading relations, according to a statement.

The Indian Commerce Minister is heading a delegation of businesses to Russia. The businesses are taking part in the INNOPROM 2016 – an international industrial trade fair held every year.

“We feel proud to be a partner nation at INNOPROM 2016. The Indian businesses taking part in the event will showcase the strengths in the fields of innovation and engineering,” Sitharaman said.

The Minister also took part in the India-Russia business forum in which she emphasised on robust business-to-business ties between the two countries.

The business forum is likely to create business ties between several Indian and global companies.

Mentioning that India has relaxed norms for FDI (Foreign Direct Investment) in areas such as pharmaceuticals, defence, civil aviation and food products, she invited Russian firms to partner with India so that the two countries can play a key role in reviving growth globally, said EEPC (Engineering Exports Promotion Council) in a statement, while quoting the Commerce Minister.

Around 110 companies are participating in the INNOPROM 2016, including the Department of Electronics and IT, Department of Heavy Industries, Ministry of New and Renewable Energy, Sun Group, Bharat Forge, NHPC and NTPC. EEPC is also participating in the engineering trade fair.

The bilateral trade between India and Russia stood at $6.18 billion in the fiscal of 2015-16. The two countries have set the target of increasing the bilateral trade to $30 billion and the mutual investment to $15 billion by 2025.