Vladivostok: India and Russia decided Wednesday to step up industrial cooperation and create new technological and investment partnership, especially in advanced high-tech areas, with an aim to increase bilateral trade to USD 30 billion by 2025. India-Russia bilateral merchandise trade was about USD 8.2 billion during 2018-19.
According to a joint statement issued by the Russian government after 29th India–Russia Annual Summit, Prime Minister Narendra Modi and President Vladimir Putin also agreed that the work on promoting mutual settlements of payments in national currencies will be continued. Both the leaders expressed satisfaction with the stable mutual growth of trade turnover, the statement said.
“To bring it to USD 30 billion by 2025, they (Modi and Putin) agreed to more actively engage the impressive resource and human resources potential of India and Russia, enhance industrial cooperation, create new technological and investment partnership, especially in advanced high-tech areas and find new avenues and forms of cooperation,” the statement said.
Both the sides expressed their interest in expanding the participation of Russian business in ‘Make in India’ programme and that of Indian companies in investment projects in Russia.
In this context, the statement informed that the two countries agreed to speed up preparations for signing of the ‘India-Russia Intergovernmental Agreement on Promotion and Mutual Protection of Investments’. It was also agreed to intensify work for eliminating trade barriers.
The statement further said India is ready to play a significant role in the Arctic Council, while Russia expressed its readiness to participate in major infrastructural and other projects in India.
The two sides have also agreed to cooperate in supply of coking coal from Russian Far East to India. “The leaders are determined to forge cooperation in geological exploration and joint development of oil and gas fields in Russia and India, including offshore fields,” the statement said.
India and Russia have also agreed to consider prospects for expanding cooperation in hydro and thermal power, energy efficiency as well as for designing and constructing facilities that generate energy from non-conventional sources.
“With the signing of the Roadmap for cooperation in Hydrocarbons for 2019–24 during the Summit, both sides expect bilateral cooperation in this sector to touch new heights in the next five years,” the statement added.
PTI