VTB Bank CEO Suggests India Should Export More To Russia

Chairman and CEO of VTB Bank, Andrey Kostin, the second largest bank in Russia, on Tuesday suggested that India must export more to Russia.

Talking to ANI during the official visit of Prime Minister Narendra Modi to Russia, Kostin said, "Our bank, our task is to help our the companies and the Indian companies who want to trade with Russia to promote business to promote economic relationship, and I think there's a lot we can do. I think unfortunately we don't see much of Indian goods in Russia, even tea by the way."

VTB Bank has a branch in Delhi since 2008.

"I think there's a lot which India can do in order to increase exports from India to Russia. Of course, India consumes a lot of Russian goods, including oil and some others, which is quite important for India," Andrey Kostin said.

Regarding PM Modi's visit, Kostin said it was extremely important for both countries. "I participated during the last visits before when Putin visited India. We view it as a further big step in the development of our relationship, which is for us quite important, and I think for India as well," Kostin said.

India has a high trade deficit with Russia, having been importing a large portion of its energy needs from Russia over the past couple of years.

Alex Repik, Chairman of the Russian entrepreneurial union Business Russia and founder of the major pharmaceutical company Artpharm, said, "It is a great pleasure for us to welcome the Indian delegation. It is a very important step to increase the intensity of our business contacts. That's important for us. And initiative for His Excellency Prime Minister Modi to visit Moscow as a type of first state visit after he's re-elected and re-established himself as a national leader."

He added that his company had been a partner for many years with prominent Indian companies like Dr. Reddy's and Sun Pharma, among others.

"It's quite a good sign for business in both countries that we should follow some type of vector defined by our leaders and try to find more opportunities to generate value for our countries, for our nations in those areas which are critical for economies. Our cooperation energy is quite good and makes India a very more competitive since the type of increase of supply from Russia as a source of the type of affordable energy," Repik added.

Repik suggested that joint trade and investments, including in biotech, pharma, and medical equipment, could serve the needs of the populations of both India and Russia.

Prime Minister Narendra Modi was ceremoniously presented with the Order of St Andrew the Apostle the First-Called, Russia's highest civilian honour, at St Catherine's Hall of the Moscow Kremlin on Tuesday. Notably, the award was bestowed on PM Modi in the year 2019, but he received it physically today.

PM Modi is on an official visit to Russia. He held a bilateral meeting with Russian President Vladimir Putin on Tuesday.

PM Modi also addressed the Indian community in Moscow. He spoke about the ties between India and Russia and the contribution of the Indian diaspora in strengthening these ties. He also announced the opening of Indian Consulates in Kazan and Yekaterinburg. The Prime Minister stressed that the ties between India and Russia are giving new energy to global prosperity. He praised the Indian community for giving new heights to the ties between India and Russia.

Earlier on Monday, Russian President Vladimir Putin and Prime Minister Narendra Modi held an informal meeting at the President's House.

On Monday, PM Modi arrived in Moscow for a two-day official visit at the invitation of President Putin to attend the 22nd India-Russia Annual Summit.

Notably, PM Modi and Putin have met 16 times over the past 10 years. The last in-person meeting between the two leaders took place on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit in Uzbekistan's Samarkand in 2022. (ANI)