MOSCOW : The India-Russia Business Forum was held recently, on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

The participants discussed the efforts the governments of India and Russia are taking to overcome transport and logistics problems, prospects of setting up a joint banking and financial structure to support the bilateral trade potential, and high-priority areas of cooperation between India and Russia.

“I can say that we always get very good and interesting content from them which we adapt to Russian viewers. We also make our own contribution to the development of bilateral relations,” Ksenia Komissarova said, who moderated the talk among participants.

The first speaker was Ved Prakash Singh, First Secretary and Head of Economic and Commercial Department of the Embassy of India in Moscow. He said that the Russian and Indian leaders in 2021 had decided to reach a bilateral trade volume of $30 billion by 2025, but that there was potential to increase this figure.

“This year, we have an opportunity to surpass that figure. In 2023, our goal is to reach a bilateral trade volume of $50 billion. This is historically high and a huge achievement,” he said.

Ved Prakash Singh also pointed out that the two countries have the potential to develop in sectors like pharmaceuticals, chemicals and agriculture. Thus, it is possible to increase exports from India to Russia.

“Trade and economic cooperation between India and Russia has been growing at a rapid pace in recent years. The two countries are striving to strengthen partnerships in the energy sector, trade. A large number of agreements and contracts between the parties have been signed in recent years, laying the foundation for further deepening of our relations,” said Sammy Kotwani, President of the Indian Business Alliance (IBA).

He noted that India has a favorable business environment, “As an association (IBA), we provide a certain set of measures to support entrepreneurs. We provide assistance in company registration, allow entrepreneurs to get various permits and licenses to do business in the Country.”