Russian President Vladimir Putin says bilateral trade
should touch $80 billion by 2015, but says it is for
corporate houses to address these issues.
wants an expansion of business with India in a variety
of new areas including hi-tech, tele-communication and
said the trade between the two countries was "still
very low" at a level of $3 billion whereas against
China alone it was $20 billion last year with plans
to raise it to $60 billion.
According to the Russian president by 2010, the two
countries can achieve around $10 billion worth of turnover,
which double it by 2015. "This is quite a realistic
task to be achieved," he said in an interview to
a news agency.
Putin, accompanied by a strong business delegation,
is on a two-day visit.
said the problem with both the countries was the legacy
of the archaic economy and too much of bureaucracy and
felt cutting red tape and providing initiative to the
private sector in both countries could speed up the
mooted direct contacts between the private sectors in
the two countries with support from their government
and suggested the two countries could rely on the use
of the rupee debt of India before Russia in order to
expand those investments
also disclosed that the two countries had serious plans
for cooperating in high-tech, space research, aviation,
construction of ships, energy, including nuclear energy.
On Russian investment in India, he said many Russian
companies have a stake in investing in and telecom was
an area of interest to Russian companies were interested.
This is one of the issues on the agenda during the visit,"
on India wanting a larger opportunity in Russia''s oil
gas project in Sakhalin III, he said, what sets Russia
apart from the OPEC countries was that the energy sector
was not in government sector.
bulk of the sector is in the private sector, he emphasized
saying all leading oil and gas companies were working
in Russian territory of the Russian Federation including
cooperation between Brazil, Russia, India and China
RIC countries, Putin said these abbreviations were not
invented in these countries but by international investments,
which computed that by 2050, their economies would have
a major impact on the world economy.