VLADIVOSTOK: Describing India as a “longstanding friend of Russia,” a top Russian official stressed the need for strengthening bilateral economic ties.
Alexei Chekunov, Russian minister of development of the Far East and Arctic, was speaking at the 8th Eastern Economic Forum on Wednesday in Vladivostok.
The minister highlighted the importance of his country’s ties with New Delhi calling it a “business, cultural, and political partner.”
The trade volume between the two countries between January and May 2023 amounted to $27.1 billion, data from the Indian Ministry of Trade and Industry showed.
A special session was organized at the forum to discuss ways to boost bilateral ties and identify challenges hampering the growth of business between the two countries. Participants of the discussion sought to explore the potential areas of investment on both sides.
Chekunov said that the trade between the two countries is growing rapidly, as India is “our key and most reliable trading partners.”
It would be pertinent to mention that the trade volume between Russia and India exceeded $35 billion in 2022, 2.5 times more than in the previous year.
The minister also expressed his country’s desire to explore investment opportunities across different sectors in the Far East.
He said Indian investors have hands-on experience in implementing projects in the Far East and their expertise can prove to be very helpful as several new projects are being planned in sectors such as mining, shipbuilding, gas chemistry, logistics, pharmaceuticals, construction and development.
Representatives from both countries also discussed ways to diversify and expand cooperation beyond the traditional fuel and energy sector.
With the emphasis on the development of the Eastern Sea Corridor and cooperation within the framework of the Northern Sea Route, opportunities for investors from India and other countries in different sectors are set to receive a boost.
Participants of the discussion agreed that multiparty cooperation within the framework of the expanded BRICS will open up new growth opportunities for Russia and India and turn this community (BRICS+) into a leading global economic bloc.
