1)In the framework of SPIEF-2023, on 14th June, Indian Business Council signed a collaboration agreement with the Agency for Attracting Investments to the Ivanovo Region.
The parties hope to continue forward in their cooperation to promote bilateral trade between the two countries and to take all necessary steps to improve and broaden links between the Ivanovo region and Indian firms.
2)Indian Business Council took part in the plenary session «International cooperation: from tasks to solutions».
The attendees reviewed Russian business potential, international partner expectations, and state assistance measures that contribute to the development of foreign commerce. Veronica Nikishina, General Director of the “Russian Export Center,” and Alexey Shilo, Deputy General Director of Russian Railways, announced the beginning of a program to consolidate regular cargo of small and medium-sized firms at the session. This will allow entrepreneurs to minimize their shipping costs.
Participants in the plenary session explored possible initiatives that states could take to encourage exports. The government should act in multiple ways at the same time: actively inform about export prospects, remove impediments, and make it easier to find overseas partners.
Business representatives from India and China, as well as Russian regions, spoke about business support measures and international collaboration projects.
3) Indian Business Council attended Russian-Indian Business Forum
The participants of the event discussed what measures the governments of the two countries are taking to solve transport and logistics problems, the prospects for creating a joint banking and financial structure capable of supporting the potential of bilateral trade, and the most priority areas of cooperation between Russia and India.
Main points of the discussion:
-Target for bilateral trade surpassed 2025 target of 30 billion
– SME make up 90% and reduce the impact of economic shocks (MSME is planning to open their office in Moscow)
– The participants discussed the investments possibilities in Russia: main industries and projects: steel, oil, gas etc
– RBI is helping to open more vostro accounts for Russian banks. More than 10,000 accounts for Russian Indian business transactions and is going up with every passing day.
– E-commerce exports growth and manufacturing: future possibilities for Russia and India are opened
– Investment to India is also an important step to establish the trade balance.
– Export will work with their actual competitiveness.
