Russia – India Business Dialogue will take place during the St. Petersburg International Economic Forum in May 2018.
The event has been agreed upon during the course of the visit of Maxim Oreshkin, the Minister of Economic Development of the Russian Federation to India in March 2018.
Top managers of the largest Russian and Indian companies participating in the event will discuss future prospects of bilateral economic relations and areas of collaboration, define the steps to expand industrial and technological cooperation between the economies of Russia and India, estimate the opportunities of interregional cooperation and joint investment projects.
Anton Kobyakov, Advisor to the President of the Russian Federation elaborated on the prospects of expanding Russian-Indian economic cooperation: “Current economic cooperation between Russia and India is maintained in the fields of power industry, metallurgy, mechanical and aircraft engineering, high technology transfer, and infrastructure development. Trade turnover between the two states reached nearly $10 billion in 2017, which exceeded the result of the previous year by 21.5%. It is evident that there is potential for further development of trade and economic relations. In this regards, the leaders of Russia and India have established a goal to increase joint trade by 3 times to reach $30 billion by 2025.”
To achieve the established goal Russia and India are involved in active cooperation in several areas including business event management. In particular, India took part in SPIEF 2017 as a guest country with Prime Minister Narenda Modi heading the delegation. During the course of the forum, India declared the intention to invest $ 150 billion to modernize its military forces. On top of that, Russia and India signed a General Framework Agreement for the construction of the 3rd stage of the Kundankulam Nuclear Power Plant in India. Memorandum of understanding between the Roscongress Foundation and Invest India Agency was signed under the auspices of the Forum. The document provides for cooperation in the areas of trade, investment promotion, information and strategic support with the purpose of expanding possibilities for direct investment and assistance to Russian and Indian companies.
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