The Indian Business Council and the Association of Paint and Varnish Manufacturers “Soyuzkraska” had a VC- meeting on July 27, 2023.

The purpose of the meeting was to analyse the market needs and foster connections between Indian and Russian companies.

The Indian Business Council had representatives from ProPartners Int and Shree Ram India Gums Ltd, led by Mr. Gaurav Sood and Mr. Akashdeep Singh. Mr. Singh also participated in the videoconference as the President of the Indian Business Council.

Several representatives from The Association of Paint and Varnish Manufacturers attended the meeting, including Mr. Valery Abramov, the Chairman of the Association’s Management Board and General Director of JSC “Russian Paints,” Mr. Gennady Averyanov, the Director of the Association and Vice President of the Russian Union of Chemists, and Mr. Sergey Fedotov, the Chairman of the Committee of Decorative, Construction paints and Varnishes and Deputy Director of the Association “Bina GROUP.” Additionally, representatives from “Paint Factory KVIL” and other members of the Association.

The parties discussed the possibility of using the new logistics route of the ITC “North-South” to maintain the competitiveness of the business, representatives of the IBC shared their positive experience in this area.

Representatives of the Association of Paint and Varnish Manufacturers spoke about problems with the transfer of samples when using the Russian Post; the Indian Business Council agreed to help resolve issues in this direction.

The parties discussed settlements in rupees, the possibility of increasing trade turnover, and expressed hope for the resolution of financial problems in the future.

The challenge of finding new markets came as a result of the withdrawal of western firms. In this regard, the Russian side expressed interest in the Indian market for pigments, and it was decided during the discussion to analyse and clarify their specifics in order to better understand the features of the product and its potential for distribution in the Russian market.

Additionally, resins were mentioned as a product for research in the Indian market.

The potential opportunities for Russian manufacturers to enter the Indian market were touched upon. The sides discussed guarantees for securing payments and the risks of working with new partners. Representatives of the Association also offered to share potential products on request for their analysis by the Indian side and expansion of cooperation.

Mr. Sergey Fedotov, the Chairman of the Committee of Decorative, Construction paints and Varnishes and Deputy Director of the Association “Bina GROUP”, made a proposal to create a joint working group to discuss standardization and technical requirements in India and compare them with Russian standards in order to create a common basis and improve the structure of trade turnover between the two countries.

The President of the IBC, Mr. Akashdeep Singh, supported this initiative, adding that the main goal of the Indian Business Council is to increase trade turnover between India and Russia, promote the image of Russia and India, and that the Indian side will take all necessary steps to achieve these goals.

The parties agreed to continue cooperation in order to exchange information and strengthen ties.

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