India, Russia resolve to deepen trade ties

Ekaterinburg (Russia), July 11 (IANS) Indian and Russia on Monday resolved to strengthen bilateral trade ties and enhance cooperation so that the two countries can play a major role in reviving global growth.

Indian Commerce Minister Nirmala Sitharaman met Russian Minister of Trade and Industry Denis Manturov here, the venue of Russia’s biggest manufacturing trade fair – Innoprom – where India is the partner country this year.

“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 according to a statement by India’s commerce ministry.

Sitharaman and Manturov discussed various specifics to further strengthen industrial and trading ties, the statement said.

Later, addressing the India-Russia business forum, Sitharaman invited Russian companies to partner with India so that the two nations “can play a major role in reviving global growth”.

“We will discover the full potential of inter-regional cooperation. Over the last years cooperation between Russia and India has grown significantly. We are ready to intensify our cooperation with all the interested business, investors and financial organisations,” Manturov said addressing the forum.

“India is doing Make in India programme, and its course to open the economy and attract foreign capital makes it interesting for Russian business to invest in your country,” he added.

As many as 110 Indian companies are taking part in Innoprom 2016, including the Department of Heavy Industries, Department of Electronics and IT, Ministry of New and Renewable Energy, Bharat Forge, Sun Group, NTPC, NHPC and the Engineering Exports Promotion Council (EEPC).

“We are proud to be the partner country at Innoprom 2016. The Indian companies participating will highlight the strengths in the area of engineering and innovation,” Sitharaman said at the Innoprom inauguration.

Noting that India’s Tata and Sun Groups are exploring investment options in Russia in the natural resources, construction, smart cities and engineering services, Sitharaman said: “Russia is the first country to welcome the ‘Make in India’ programme.”

Manturov said Russia is realising its programme to build industrial and technoparks in 50 regions of the country, like the Skolkovo City near Moscow.

–IANS

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