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India-Russia forum to open new avenues & boost trade
13
Feb '08
India and Russia need to pay more attention to each other to expand their trade and investment basket, said Mr Victor Zubkov, Prime Minister, Russian Federation, at the Second India-Russia Forum on Trade and Investment, organized by the Confederation of Indian Industry and Federation of Indian Chamber of Commerce and Industry, in New Delhi on Tuesday.

Mr Zubkov said, "The two countries should work closely to achieve the target of $10 billion bilateral trade by 2010. The two sides need to look at new areas of co-operation.

Russia can become India's most important economic ally if the two sides engage seriously with each other." The representatives from Russian oil, gas, mining and machinery industries are working closely with Indian businessmen and exploring ways for further co-operation, he added.

Speaking at the Forum, Mr Kamal Nath, Minister of Commerce and Industry, Government of India, said, "Our business ties are running far below potential.

We should address the issues of high transportation costs and inadequate exchanges between Indian and Russian businessmen to boost our trade volume.

The north-south corridor provides the shortest link between India and Russia through Iran and the Caspian Sea. The corridor could help reduce costs by nearly one-third. The diversification of high-value trade items could offset the transportation cost disadvantage."

"A number of Russian entrepreneurs are studying India's telecom market and are interested in investing in the manufacturing of telecom equipment.

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