Maksim Reshetnikov has outlined ways to further expand trade between Moscow and New Delhi
Russian President Vladimir Putin’s visit to India will boost trade and investment cooperation between Moscow and New Delhi, Economic Development Minister Maksim Reshetnikov has told RT. The senior official praised the mutually beneficial ties between the two countries and outlined ways to further grow the partnership.
Putin arrived for a two-day state visit on Thursday and was personally greeted by Indian Prime Minister Narendra Modi, who broke protocol to welcome the Russian leader. The visit will include discussions on trade, defense and space cooperation, and coincides with the India-Russia Business Forum in New Delhi on December 4-5, whose main session is titled ‘Sell in Russia: New Horizons for Indian Business’.
“I believe that events of this kind, and certainly the visit of the [Russian] president and the contacts between our country’s leaders, always give a powerful impetus, allowing us to implement major economic and investment projects,” Reshetnikov said, calling India “partner number two for the Russian Federation in terms of trade turnover.”
The minister acknowledged a significant trade imbalance – Russia supplies roughly $58 billion worth of goods to India, while Indian exports to Russia total just over $5 billion – but said this is not unexpected for a rapidly growing economy that imports more than it exports. He praised the Indian government’s programs to develop the real sector and processing industries and predicted that domestic production “will continue to grow.”
Reshetnikov said Moscow is keen to narrow the imbalance and highlighted several areas where Russian imports of Indian goods could increase, including chemicals, pharmaceuticals, agricultural products, engineering goods, equipment, and electronics.
“A rather extensive list of products is produced here, and overall, many of these items could be in demand in Russia,” he said. “Therefore, the scope for interaction is very broad, which is why many companies have come here today and intensive contacts are underway.”
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