At $55 billion, it was up 26.4 % from a year ago, Andrey Sobolev told RT<\/p>\n
Bilateral trade between Russia and India soared in the first eight months of the year to $55 billion and is on track to achieve the $100 billion annual target set for 2030, the Russian Trade Commissioner Andrey Sobolev has told RT India.
\nThe January-August figure represents a 26% jump from the same period last year, Sobolev said during an exclusive interview with RT India on the sidelines of a trade event hosted by the Confederation of Indian Industry in the eastern port city of Visakhapatnam.
\nSobolev said the next stage of cooperation between the two partners should focus \u201cnot only on trade volumes but also on diversification and a more balanced structure of trade.\u201d He cited the need to improve logistics, facilitate financial settlements, develop reliable supply chains, and strengthen direct contacts between companies to tap the immense trade potential that exists.
\nRussia\u2019s objective is to move beyond traditional trade and build a deeper economic partnership based on investment, technology, and industrial cooperation, he said. Moscow is looking at boosting imports of Indian pharmaceuticals, chemicals, electrical equipment, seafood, agricultural products, and engineering goods.
\n\u201cThe goal is not simply to trade more, but to produce more together, develop technologies together, and create lasting business links between Russia and India,\u201d Sobolev said.
\nThe results of those efforts are already visible in Andhra Pradesh, including Russian aluminum giant RUSAL\u2019s acquisition of a 26% stake in Pioneer Aluminum alumina refinery, and KuibyshevAzot\u2019s production facility in Sri City.<\/p>\n
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Andhra\u2019s long coastline and ports along the Bay of Bengal give it access to key international shipping routes and proximity to major Asian manufacturing and trading economies, making it attractive to companies who want to set up shop there. Visakhapatnam itself is a bustling port and a base for the Indian Navy\u2019s submarine fleet. Submarine building facilities were established here with the erstwhile Soviet Union\u2019s assistance, giving the city the expertise and experience in modern industrial production in collaboration with Russia.
\nSobolev pointed out that Russian companies can enter the Indian markets and participate in the \u2018Make in India\u2019 initiative by localizing production.
\nHe also said Russia\u2019s intention to absorb 70,000 Indian skilled workers, announced during President Vladimir Putin\u2019s visit in December, can be partly achieved by increasing imports from India and deepening its access to Russian markets.
\nIndia is already buying energy resources and fertilizers from Russia, and Sobolev said the countries can build on this by selling energy and industrial equipment, metallurgical products, lumber, and plywood.
\nHe noted the cooperation in urban mobility that is already happening, with Indo-Russian joint venture Kinet Railway Solutions contracted to produce 120 Vande Bharat Sleeper trainsets.<\/p>\n
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The Greater Visakhapatnam Municipal Corporation and the city of Moscow have also agreed to collaborate on metro systems and intelligent transport solutions. \u201cWe see further opportunities for Russian companies to contribute to metro development and the production of next-generation high-speed passenger trains in India,\u201d Sobolev said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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