1)Indian Business Council participated in a round table «Business Dialogue Russia-India» organized by the Head of the Department of External Economic and International Relations of the City of Moscow Sergey Cheremin.
Brief points:
-State Minister of Steel of the Republic of India Faggan Singh Kuleste: the volume of trade between Russia and India is increasing.
In the period from April 2022 to March 2023, the volume of joint trade amounted to 50 billion dollars, which exceeded the previously planned goal for 2025 of 30 billion dollars
– Russian exports to India far outnumber Indian exports to Russia; collaborative efforts are needed to create trade balance and remove trade barriers.
-Sergey Cheremin: success of bilateral projects to date: construction of nuclear power plants, cooperation in the supply of energy to India, significant oil investment projects, etc.
-Ruslan Davydov, acting head of the Federal Customs Service (FCS of Russia): trade turnover of Russia and India since the beginning of the year has actually increased 2.5 times (due to the supply of Russian energy)
-Indian goods have a huge potential for entering the Russian market: light industry
– the customs of the two countries are ready to actively contribute to the increase of supplies, a further plan to sign an agreement on mutual recognition of the institutions of authorized economic operators (the cooperation agreement, as well as projects like «green corridor», will significantly speed up customs clearance and customs operations»)
-Indian companies’ representatives: active application of joint measures, which should lead to the development of both economies in equal competitive conditions.
-growth of large-scale projects in the defence and energy industries and the development partnership in more industries
-Northern Sea Way logistical advantages for the future trade relations
2) Indian Business Council President Akashdeep Singh signed a Cooperational Agreement with General Director of Investment Development Agency of the Novosibirsk Region Mr. Alexander Sergeevich Zyryanov.
Both parties have agreed to collaborate further in exchanging valuable insights on trade potential and industries between Russia and India.
IBC and the Investment Development Agency of the Novosibirsk Region have reached an agreement to facilitate the exchange of information between IBC members and companies in Novosibirsk. This will pave the way for productive B2B meetings that will benefit all parties involved. We are currently making progress towards that goal.
3) In the framework of SPIEF-2023 Indian Business Council met with the President of Trade Commerce Chamber of Tumen region Mrs Ezikeeva Olga Leonidovna.
Given that India is a new trading partner for the Tumen region, the parties agreed to continue working together to expand bilateral trade.
Mrs. Ezikeeva invited IBC representatives to visit Tumen and continue collaborating in order to improve communication. In addition, we are planning a videoconference to discuss the perspectives of future joint projects.
