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Manmohan: seize business opportunities

Vladimir Radyuhin

MOSCOW : Prime Minister Manmohan Singh on Monday called for more active business-to-business contacts between India and Russia to expand bilateral trade and economic cooperation.

Addressing a meeting of Indian and Russian businessmen here, he urged the business communities of the two countries to seize the numerous opportunities for expanding multifaceted economic partnership.

"We need to make concerted efforts to reinvigorate economic cooperation between India and Russia and integrate it with market forces. "

A 15-member business delegation led by the heads of the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry has accompanied Dr. Singh, who is on a three-day visit to Russia.

The Prime Minister said the bilateral trade turnover of $1.9 billion was an "anomaly." It did not correspond with the potential of the two economies and strategic partnership in other key areas.

Need to stem decline

"There is need not only to stem the decline in trade in traditional items like tea, tobacco, textiles and leather but also expand the trade basket to include value added items in the areas of applied technologies, information technology, telecommunications, automobile components, gems and jewellery and energy."

Noting that the rupee-rouble trade arrangements were being replaced with fully market determined mechanisms, Dr. Singh said the two sides were finalising an agreement to permit the use of the remaining rupee debt funds for Russian investment.

"This will put the ball in the court of Indian and Russian businessmen to identify and seize the opportunities for expanding trade and economic cooperation."

Call for liberal visas

The Prime Minister referred to the need for early signing of a liberal visa regime for businessmen travelling to Russia.

He identified IT and energy as "natural areas of synergy" for the Indian and Russian economies.

He said India was ready to share its experience and expertise in setting up IT parks in Russia and invited Russian companies to import IT products directly from India rather than via Europe.

India was keen on diversifying its engagement in the energy sector beyond the Sakhalin-1 project, to which India has committed $2.7 billion.

FICCI president Onkar S. Kanwar identified three main roadblocks to Indian business in Russia: visa problems, lack of direct shipping routes and absence of direct flights to Russia other than Aeroflot.

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Manmohan: seize business opportunities

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