Russia - a forgotten trade partner?
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The Government india russia trade volume by country business leaders of both the countries are committed to deepening cooperation in economic, trade and investment areas for the sake of growth and welfare of the people of our countries.
Together we are developing framework to foster an environment conducive to technological innovation and collaboration, greater bilateral investment flows. The Year of Russia in India in and Year of India in Russia in have demonstrated the growing strategic partnership between our countries.
In the Soviet era, numerous facilities in key economic sectors, including ferrous and non-ferrous metallurgy, power generation, mining, oil and gas industry were built in India with USSR assistance. A high level of cooperation was largely promoted by intergovernmental agreements under which the USSR granted long-term loans to India to implement consequential projects.
Thousands of Soviet engineers and technicians worked on Indian construction sites. India repaid the Soviet loans by its traditional export supplies of tea, coffee, spices, fabrics, ready-made clothing, etc. Privately, elderly Indians praise the quality of Soviet equipment and the skills of Soviet specialists who worked in India in those years. In turn, Russians remember Indian tea, fabrics, clothes, knitwear and footwear which were in high demand. The Soviet Union no longer exists and we live now in a completely different country.
A country which has passed a long and difficult road from a socialist, command-administrative system of economic management to a market system based on competition and private enterprise. Hundreds of foreign companies opened offices in Russia looking for possibilities to india russia trade volume by country their funds and organise business in this country.
India has also changed greatly over these years. The country has a well-developed system of higher education and vocational-technical training. Millions of skilled Indian specialists work in various countries of the world. Investments and projects Today, Russia and India have to cooperate under conditions of acute competition on the global market for goods and services.
Russian companies in India and Indian companies in Russia have to fight to participate india russia trade volume by country public tenders and compete with major global producers. And we have already achieved some positive results in this sphere. Atomstroyexport is building two 1, MW power units at the Kudankulam nuclear power plant in Tamilnadu. The first unit of the Kudankulam Nuclear power project would start production by December this year. At the moment we are busy with preparation of contracts for construction of new units at this nuclear plant.
Signed in March roadmap for development of bilateral cooperation in this sphere provides for the possibility of constructing Russian designed units at other sites in India. Recently, the construction of the Teri hydropower plant in Uttranchal was completed 4 x MW with Russian assistance. The Pan-Indian telecom network is to be commissioned in the coming years. Russian heavy tractor manufacturer Promtractor is also setting up an assembling plant in India.
We expect that this year one more Russian bank, the largest in Russia state-run savings bank Sberbank will also open its branch in India. Russian-Indian company was set up in Orissa for india russia trade volume by country production of titanium products. It is planned that the company will annually produce 40, metric tons of titanium dioxide,metric tons of titanium tetrachloride, 10, metric tons of titanium sponge andmetric tons of titaniferous slag.
Russian companies participate in roads Centrodorstroy and gas pipelines Stroytransgas construction projects. This list could be expanded. Indian companies are also quite active in the Russian market. The recent visit of the Chairman of the Russian Government Vladimir Putin to India in March was marked by several breakthroughs, taking bilateral ties to a new high. This commitment was reflected in the signing of an intergovernmental agreement on cooperation on peaceful uses of nuclear energy.
Russia and India have enormous potential for developing cooperation in the areas of power engineering, including nuclear one, oil and gas, metallurgy, telecommunications, machinery and automobile industry, aircraft building, railway and water transport, fertilizers and chemicals, pharmaceuticals, agricultural and processed food products, ready made garments and textiles, gems and jewelry, infrastructure, space, science and technology, including information, bio-and nanotechnologies, banking and financial services, tourism etc.
It has working groups on trade and economic cooperation, power generation, metallurgy and mines, and also on information and communication technologies. The commission will have its 16th meeting in New Delhi late this year. This autumn the forth session of this Forum will be organized in New Delhi. The Forum discussions is usually focused on ways to develop cooperation in oil and gas, engineering, automobile manufacture, metallurgy, infrastructure, power generation, chemical industry, telecommunications and information technologies, innovations and new technologies, etc.
In the India russia trade volume by country of Chief Executive Officers was india russia trade volume by country up with the mandate to develop a roadmap for increasing partnership and cooperation between the two countries at business level.
Growth of Russian-Indian trade Trade and economic cooperation between Russia and India is developing dynamically. Over the past five years, Indian exports of pharmaceuticals to Russia have more than doubled. Indian tea, coffee, tobacco, spices, nuts, marine products, canned vegetables mostly gherkins and fruit india russia trade volume by country in high demand on the Russian market.
India manufactures a wide range of competitive machinery and equipment needed by Russia. The low volume of Russian imports of the above products in previous years could be explained by a lack of information about Indian producers. The exhibitions presented over Indian companies producing ferrous and non-ferrous metals, auto components, instruments, software, and other commodities.
Russian business circles indicated great interest. During the recent visit of the Chairman of the Russian Government Vladimir Putin to India the sides inked a clutch of agreements in oil exploration, trade in diamonds india russia trade volume by country fertilizers. It provides Russian and Indian businessmen with required market information enabling them to establish direct contacts, encourages Russian and Indian india russia trade volume by country to explore new business opportunities, ensures understanding between the business communities of both countries.
Daily we receive a lot of inquiries from Russian and Indian companies and doing our best to provide them with information about business opportunities and perspective projects in Russia and India, exhibitions and conferences, tenders, potential partners to start a business, etc. We are confident that Russian-Indian long-term partnership is to grow stronger increasing its weight in global economy while our trade and investment cooperation will show considerable expansion in india russia trade volume by country years to come.
Positive changes occurring in Russia today, as well as its key investment advantages as compared to other markets significant market volume, the growing economy, high level of education, comparative economic and political stability attract foreign companies to Russia.
Retrospect In the Soviet era, numerous facilities in key economic sectors, including ferrous and non-ferrous metallurgy, power generation, mining, oil and gas industry were built in India with USSR assistance. India russia trade volume by country exciting stories and videos on Russia Beyond's Facebook page.
