Indian business should take part in large numbers in economic events held in Russia to increase trade
By Venkatachari Jagannathan | 15 Nov 2024
Indian businesses should be encouraged to participate in large numbers in major economic events held in Russia to advance the bilateral trade between the two countries.
At the recently concluded Russia-India Business Forum in Mumbai participants deliberated on measures to increase the bilateral trade from $66 billion to $100 billion by 2030.
The forum, organised by the Moscow Government and the Federation of Indian Chambers of Commerce and Industry (FICCI), set a central goal of achieving $100 billion in trade turnover between the two countries by 2030.
The event, supported by the Roscongress Foundation, brought together business and industry leaders from both countries.
The forum focused on strategies to enhance trade between Russia and India and foster cooperation in key sectors, including the development of Russia’s Far East, smart city technologies, industry, IT, finance, and participation in various business forums and conferences.
One of the major steps in advancing bilateral cooperation is encouraging Indian businesses to participate in Russia’s largest economic events, such as the St. Petersburg International Economic Forum (SPIEF), the Eastern Economic Forum (EEF), and other forums organized by the Roscongress Foundation.
For instance, during the 27th SPIEF, three agreements worth 14.6 billion rubles were signed with Indian companies, not including deals under commercial confidentiality, said a statement by Roscongress Foundation.
The St. Petersburg International Economic Forum will take place from June 18 to 21, 2025.
During the forum, an agreement was signed between the Roscongress Foundation and the Indian Chamber of Commerce. The signed document outlined bilateral agreements on the development of effective communication between expert communities, business, and political circles in Russia and India.
