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At Packed India-Russia Business Forum, Leaders Push For Stronger Trade Ties
At Packed India-Russia Business Forum, Leaders Push For Stronger Trade Ties
Business opportunities between India and Russia are broad and well-established, and both countries are looking to further strengthen bilateral trade and explore new areas of cooperation across multiple sectors, said CEO and Chairman of the Board of the Roscongress Foundation, Alexander Stuglev.
The Roscongress Foundation organises the India-Russia Business Forum.
Stuglev the annual Russia-India forum in India is organised to keep both sides updated. It also helps the countries identify potential barriers and work together to eliminate them. Stuglev noted that apart from this, sector-specific and large-scale events are held in Russia to boost engagement.
“We organise an annual Russia-India forum here in India to keep everyone up to date, to identify potential barriers and work together to eliminate them. But apart from that, we have sector-specific events and large events that we do in Russia… I would like to use this opportunity to invite Indian businessmen to join us there. We will be happy to help you find reliable partners in Russia and develop business there," Stuglev told news agency ANI.
He said sectors like the pharmaceutical industry, IT, AI, cyber security, agricultural and industrial sector, transportation and logistics, energy sector, and tourism already have strong engagement. He added that there is even bigger potential for growth in the coming years.
“Those sectors are indeed very broad ranging, pharmaceutical industry, IT, AI, cyber security, agricultural and industrial sector, transportation and logistics, energy sector, and tourism. Those are the sectors where we have cooperation already, but there is even bigger potential for growth. Specifically, we also talked about the automotive industry today as one of the drivers… We are interested in facilitating trade not just between big enterprises, specifically during this forum we had a presentation of the largest Russian marketplaces and e-commerce platform that enables small and medium-sized Indian enterprises to offer their products to Russian consumers," Stuglev said.
Meanwhile, Prime Minister Narendra Modi in his statement said the world has witnessed many ups and downs over the past eight decades. Humanity has faced numerous challenges and crises. And through all this, the India-Russia friendship has remained like a pole star," Modi said in his media statement.
“This relationship, built on mutual respect and deep trust, has always stood the test of time. Today, we discussed all aspects of cooperation to further strengthen this foundation. Taking economic cooperation to new heights is our shared priority," he added.
Bilateral trade between India and Russia reached a record high of $68.7 billion in FY 2024-25, nearly 5.8 times higher than the pre-pandemic trade of $10.1 billion. It comprises India's exports worth $4.88 billion and imports from Russia amounting to $63.84 billion.
Key Indian exports include agri-products (fish, shrimp, rice, tobacco, tea, coffee, grapes), chemical products, pharmaceuticals, iron and steel, ceramic products, aeroplane components, machinery, glass and glassware, clothing and knitwear, leather goods, rubber articles, electrical machinery, and surgical tools.
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Major imports from Russia are dominated by oil and petroleum products, fertilizers, bituminous substances, mineral fuels, mineral waxes, machinery, equipment, precious metals and stones, wood, pulp and paper products, metals and vegetable oils.
Meanwhile, Russian President Vladimir Putin landed in Delhi on Thursday evening for a two-day State visit to India. During his visit, President Putin will hold the 23rd India-Russia Annual Summit with Prime Minister Narendra Modi in Delhi on December 5.
Source: News18
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