Russia, India to boost economic engagement

Russia has sought increased interaction between Indian pharmaceutical companies and their Russian counterparts in order to take forward the "strategic relationship" between the two countries.

Russian deputy prime minister Sergei Sobyanin

Speaking at a meeting with commerce and industry minister Anand Sharma in New Delhi today, Russian deputy prime minister Sergei Sobyanin and minister for industry and trade Victor Khrihtenko evinced keen interest in Indian companies setting up joint ventures in that country.

In his speech, Sharma highlighted that the Indian pharma sector, especially in the generic area, is strong. Pharmaceuticals also comprise bulk of India's exports to Russia.

"Our pharma sector companies are already engaged with Russia and more and more companies are looking forward to having joint ventures with their Russian counterparts", Sharma said.

The two countries also decided to take their "strategic relationship" forward and expressed confidence that bilateral trade and cooperation in other areas will continue to register healthy growth.

The two countries already have ongoing cooperation in areas such as space, metallurgy and fertilisers and expects to enhance engagement in these areas and further boost bilateral cooperation.