Russia Sees India As A Key Strategic Development Partner
Multiple opportunities for Russian investors to sell to India
The ‘Great Game’ lives on it part between India, the UK and Russia, as the United Kingdom continue their trade agreement negotiations with India, while the Russian’s are taking a position within Indian business and trade forums. India is also negotiating a Free Trade Agreement with the Eurasian Economic Union, which includes Russia as well as Armenia, Belarus, Kazakhstan and Kyrgyzstan.
Denis Alipov, the Russian ambassador to India, stated at a business forum taking place in new Delhi this week that Moscow has become one of the leaders in the development of interregional partnership between Russia and India in various fields.
“In line with the current agenda Moscow is taking the initiative to further develop bilateral dialogue to deepen cooperation in digitalization, ICT, engineering, the pharmaceutical industry, construction, logistics and other areas, with a special focus on high technology and innovative solutions,” Alipov said. He noted that Moscow was developing ties not only with India’s capital, but also with other regions of the country.
“It is important that the geographical scope of partnership between Moscow and India is not confined to New Delhi, although this is an important component. The megapolis of Mumbai, the state of Kerala and other partners are also within the range of attention. So are various business projects and programs for developing people-to-people ties,” the Russian ambassador added.
Russia’s trade representative in India, Alexander Rybas, has also said that the development of interregional ties between Russia and India is of great importance.
“Interregional ties are an additional source of increasing our trade turnover and cooperation in the investment field. It is clear what potential Moscow has – it is about 15% of Russia’s total potential. Of course, we expect that this visit will produce more contracts in different areas.” Rybas said.
He added that Russia was able to supply not only crude oil. It has other goods and other opportunities. “Of course, we should work in various areas. India has significant plans for building airfields and increasing energy capacities. India is going full steam into the future, and we should find our place in order to help India become strong and prosperous. For its part, India is certainly able to help us move along the path to prosperity as well.”
Dezan Shira & Associates India office, which handles foreign investment into the country and has offices in New Delhi, Mumbai and Chennai, have also seen a large influx of Russian investment capital into India during the course of 2022.
“Russian businesses are welcome in India, and the government and banking sector have been making it possible for Russian businesses to both incorporate and establish bank accounts in the country” says Rohit Kapur, Managing Director of the firm in New Delhi. “There are plenty of opportunities in India as the economy is growing fast as is the middle class consumer population. Russian companies can do well here” he stated.
Dezan Shira & Associates has Russian-speaking professional staff in India. Please contact Maria Kotova at india@dezshira.com
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During these uncertain times and with sanctions in place, our firm helps Russian companies relocate to Asia. We also provide financial and sanctions compliance services to foreign companies operating in Russia. Additionally, we offer market research and advisory services to foreign exporters interested in doing business in Russia as the economy looks to replace Western-sourced products. For assistance please email russia@dezshira.com or visit www.dezshira.com
