Business News | Russia and India Strengthen Economic Ties: Bilateral Trade Growth Discussed at Mumbai Forum

VMPL

Mumbai (Maharashtra) [India], November 20: The Russia-India Business Forum, held in Mumbai on November 11, 2024, with support from the Roscongress Foundation, brought together business and industry leaders from both countries. The forum focused on strategies to enhance trade between Russia and India and foster cooperation in key sectors, including the development of Russia's Far East, smart city technologies, industry, IT, finance, and participation in various business forums and conferences.

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Representatives from government agencies, business associations, and businesses of large and medium sizes attended, aiming to devise collaborative solutions that would improve the business environment and ensure optimal conditions for operations. The forum, organised by the Moscow Government and the Federation of Indian Chambers of Commerce and Industry (FICCI), set a central goal of achieving $100 billion in trade turnover between the two countries by 2030.

During the plenary session, External Affairs Minister of India, Subrahmanyam Jaishankar, noted that trade between the two countries has already reached $66 billion, making the $100 billion target more than achievable. However, adjustments are needed to balance trade between the countries. First Deputy Prime Minister of Russia Denis Manturov confirmed that the structure of Russia-India trade needs to be diversified to increase the share of non-commodity, high-tech products. Minister of the Government of Moscow, Head of the Department for External Economic and International Relations of Moscow Sergey Cheremin, stated that Russia is open to cooperation across all sectors to address this challenge and further increase trade turnover.

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Another significant step in advancing bilateral cooperation is encouraging Indian businesses to participate in Russia's largest economic events, such as the St. Petersburg International Economic Forum (SPIEF), the Eastern Economic Forum (EEF), and other forums organized by the Roscongress Foundation. For instance, during the 27th SPIEF, three agreements worth 14.6 billion rubles were signed with Indian companies, not including deals under commercial confidentiality.

At the session titled "Trends in the Manufacturing Sector, IT, Smart and Safe City Technologies," Alexey Valkov, Deputy Director of the Roscongress Foundation and Director of the St. Petersburg International Economic Forum, spoke in detail about opportunities for cooperation with Russian partners through the Roscongress project ecosystem.

A dedicated meeting was also held for Indian business representatives, where the Roscongress Foundation's ecosystem was thoroughly presented, alongside events that help foreign companies enter the Russian market. These included the Eastern Economic Forum, the Russian Tourism Forum "Let's Travel!", Russian Energy Week, and the importance of SPIEF in strengthening business relations.

The meeting attracted representatives from various sectors, including timber, automotive, oil refining, metallurgy, and asset management. Discussions centred on forum participation, event organization, and the signing of agreements.

Additionally, during the forum, an agreement was signed between the Roscongress Foundation and the Indian Chamber of Commerce. The signed document outlined bilateral agreements on the development of effective communication between expert communities, business, and political circles in Russia and India.

The St. Petersburg International Economic Forum will take place from June 18 to 21, 2025. Official event website: forumspb.com

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