India, Russia Sign MoUs In Key Areas; Underline Need To Boost Ties To Achieve $30 Billion Trade Target By 2025

Commerce and Industry Minister Piyush Goyal led a high-power delegation of Chief Ministers of Haryana, Gujarat, Uttar Pradesh and Goa and about 140 Indian companies to Vladivostok, Russia from 11 to 13 August for cooperation between both countries in the Russian Far East, a Ministry of Commerce and Industry statement said on Tuesday (13 August).

The visit came as a fulfillment of the assurance of Prime Minister Narendra Modi to Russian President Vladimir Putin to explore opportunities for enhancing trade and investment from India to the Far East region of Russia.

About 200 Russian companies, Investment Agencies and Funds took part from the Russian side. Companies interacted separately with identified partners in an expanded B2B format and established contacts for further deliberations. The companies hailed from a number of diverse sectors including minerals and rare earth, energy, forestry and timber, healthcare, agriculture and food processing, ceramics, infrastructure and tourism.

“In the Plenary Session attended by close to 400 delegates, Russia’s Deputy Prime Minister, Yuri Trutnev and Commerce Minister of India underlined the need to diversify and deepen trade links in priority sectors, in order to meet the trade target of $30 billion by 2025,” the statement said.

The Plenary Session culminated with the signing of memorandum of understandings (MoUs) between regions of the Russian Far East and five states of India to expand and strengthen cooperation in the areas of trade, economy, investment, scientific and technical cooperation. Besides, other MoUs were also signed between various Indian and Russian entities.