India, Russia Witnessing Trade Diversification: Alexey Valkov

The Russian-Indian Business Council is opening its permanent office in New Delhi, this highlights the high level of cooperation between the tow nations. Speaking on the sidelines of the Russian Indian Business Forum in Mumbai, Alexey Valkov, Director of St Petersburg International Economic Forum stated that India and Russia are witnessing a lot of diversification in trade as there are sectors that could be useful for both sides. The mission of the forum is to create a platform to assist businesses in both nations while offering Russian tech and products among other services

He said, "We got a great level of mutual relations right now. Actually, I'm here in Mumbai to participate in Russia-India Business Forum. It's really a great event with a huge representative from both sides. And for us, it's really important to keep moving forward to the goals that were aimed by our leaders in the mutual relations. There are a lot of traditional sectors between our countries, but now we see that diversification of the mutual trade is going now."

Meanwhile, German Maslov, Vice President of Liner and Logistics opined that India-Russia Business Forum is an important event, opening new opportunities between both countries.

"This is a huge development for the last 2-3 years of India-Russian business...we see more and more opportunities...we as FESCO, are increasing the capacity of our fleet between India and Russia and we have tripled it already...we believe that the trade between India and Russia will be growing up," he said.

Russia-India Business Forum provides an opportunity to interact with the visiting business delegation and understand the emerging trade and investment opportunities between India and Russia.

During the event delegates of both countries discussed on trade opportunities in sectors such as Infrastructure and logistics, Finance, Energy, Mining, Manufacturing, IT and general trade.

Speaking at the event, Indian Minister of External Affairs Dr S Jaishankar said by 2030 India-Russia bilateral trade will cross USD 100 billion.

The minister outlined ten critical areas of development that signal a promising trajectory for strengthening bilateral trade and investment relations between the two countries.

Highlighting the vision set forth by the leaders of India and Russia, Jaishankar underlined opportunities for deeper economic engagement, aiming for a Comprehensive Economic Partnership by 2030.

Jaishankar emphasised the importance of accelerating negotiations on a Bilateral Investment Treaty to bolster investor confidence. (ANI)