Akashdeep Singh, President of the Indian Business Council [Chairman & Managing Director of Vulkan-A Textiles, Sheeram Gums (food industry, chemicals for oil and gas industry)] , met with representatives of the Agency for Innovative Development of the Novosibirsk Region on December 8, 2022.
The countries’ relations and potential business development directions were discussed. Much emphasis was placed on the discussion of software development and the IT-sphere in Russia. Novosibirsk representatives briefed the Indian Business Council on the direction of their activities and the opportunities that the Novosibirsk region can provide.
The party noted that their region is the third in the Russian Federation in terms of the development of the IT sphere and the volume of existing projects in this area. Proposals were made for cooperation in the educational sphere, taking into account the great potential of both sides. Representatives of Novosibirsk informed about the presence of a large educational base in the region, including 27 educational institutions, as well as research centers. They talked about the readiness of the Academy Park in Novosibirsk to cooperate with Indian companies, talked about its prospects in the field of startups in the IT sphere.
The parties discussed the current state of affairs, noting that trade turnover between Russia and India has not yet reached the necessary level, despite the two countries’ cultural proximity. Possible solutions to the current situation were considered.
Mr. Akashdeep Singh advised Novosibirsk companies to create their own brand of Novosibirsk (Russia) in India so that local entrepreneurs could get a more complete picture of the opportunities for collaboration. He also proposed collaboration in the field of sports education.
The Novosibirsk region is one of India’s priority areas for cooperation because it can provide excellent opportunities in the field of logistics and has direct connections to other regions, according to representatives of the Agency for Innovative Development of the Novosibirsk Region, who also introduced the Indian Business Council to other sectors of activity in the region, such as the pharmaceutical and woodworking industries.
With the help of the Indian Business Council, the notion of establishing a Russian Trading House in India was put forth.
The parties concurred that information regarding the requirements of businesses in both countries must be exchanged in order to begin fruitful cooperation. They agreed to get together once more in Novosibirsk in 2023.
