Mr. Akashdeep Singh, President of the Association for the Development of Entrepreneurship and Support of Business Relations “Indian Business Council”, CEO of Vulkan-A Textiles, Sheeram Gums (food industry, chemicals for oil and gas industry), attended the meeting. The event was hosted by the Russian Federation’s Trade Representation in the Republic of India, represented by Mr. Aleksander Leonidovich Rybas, Russian Federation Trade Commissioner in the Republic of India, DY Trade Commissioners Mr. Iurii Belov and Mr. Evgeny Griva, and economic division representative Mr. Evgeny Burman.
The business meeting took place in a pleasant setting. The parties have expressed an interest in resolving current issues in order to strengthen bilateral ties. The primary issues discussed during the conversation included obstacles to trade development, strategies for increasing exports from India to Russia, and the current most viable trade directions. The parties agreed that given the circumstances, it is worthwhile to concentrate on logistical issues, including those relating to the methods of paying for products and services, including insurance services. For more strategic collaboration, the IBC President Mr. Akashdeep Singh highlighted that it is necessary to share information about Russian and Indian enterprises. Members of the Russian Federation’s Trade Representation noted that due to the trade deficit, an excessive amount of rupees, including debt rupees, is required to increase trade growth. Earth moving equipment, consumer electronics, automobiles and auto parts, textiles, and joint investments were among the main trade directions mentioned by the parties during the conversation.
The parties agreed to continue cooperating in order to accomplish the stated objectives, which include participating in video conference meetings, business missions, and the essential information exchange regarding demands from Russian and Indian firms for a better trading environment. At the conclusion of the meeting, representatives from the Russian Federation’s Trade Representation gifted the IBC President the book “Guide on Doing Business in Russia” as a sign of their expanding ties.
