Russia and India are to triple their trade turnover in 10 years’ time

By 2025, Russia and India are planning to reach a $ 30 billion turnover and 15 billion dollars of mutual investments. This was announced today at the Innoprom International Exhibition by the Minister of State for Trade and Industry of India Nirmala Sitharaman.

In 2014 the trade turnover between the countries amounted to 9.5 billion dollars, of which Indian exports amounted to 3.5 billion, and Russian imports totaled $ 6.3 billion, in 2015 the figure was 6.1 billion. Indian businesses have invested about $ 8 billion in Russia. This is the "Sakhalin-1" (the oil and gas consortium, which includes companies from Russia, Japan, India and the United States), Volgograd plant of abrasive materials, the Imperial Energy mining company, registered in Tomsk, on the joint development of the Arctic shelf Oil India, Indian Oil, Bharat Petroresources and "Rosneft", as well as a number of projects in the banking sector. Russia has invested about $ 3 billion into the economy of its eastern partner. Among the key investors are "Kamaz", VTB, Sberbank and a number of telecommunication companies.

Russia is the first country, which has agreed to make investments in the framework of the Make in India program in the two key areas: nuclear energy and defense industries. Hopefully INNOPROM will help further development of this program, - stressed the head of the Engineering export promotion Council (EEPC) Tarvinder Singh Bhasin. June 20, 2016 the Government of India has opened shipbuilding and pharmaceuticals for foreign direct investment – next in line are the construction industry and civil aviation. This is a great opportunity for foreign companies to enter our market. At the end of 2016 we expect no less than 60 billion dollars of direct foreign investment.

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