Russia-India Business Forum Sets Ambitious Trade Goal
The Russia-India Business Forum took place in Mumbai on November 11, with a key objective of reaching USD 100 billion in trade turnover by 2030. The event was supported by the Roscongress Foundation and organized by the Moscow Government and the Federation of Indian Chambers of Commerce and Industry (FICCI).
Focus on Key Sectors
The forum aimed to enhance trade and cooperation in sectors like Russia’s Far East development, smart city technologies, industry, IT, and finance. Attendees included representatives from government agencies, business associations, and companies of various sizes, all working towards improving the business environment.
Statements from Leaders
India’s External Affairs Minister, Subrahmanyam Jaishankar, highlighted that trade has already reached USD 66 billion, making the USD 100 billion target achievable. Russia’s First Deputy Prime Minister, Denis Manturov, emphasized the need to diversify trade with more non-commodity, high-tech products.
Encouraging Indian Participation
Sergey Cheremin, Minister of the Government of Moscow, expressed Russia’s openness to cooperation across all sectors. The forum encouraged Indian businesses to join major Russian economic events like the St. Petersburg International Economic Forum (SPIEF) and the Eastern Economic Forum (EEF).
Agreements and Future Events
During the forum, agreements worth 14.6 billion rubles were signed with Indian companies. A significant agreement was also signed between the Roscongress Foundation and the Indian Chamber of Commerce to enhance communication between business and political circles in both countries. The next SPIEF is scheduled for June 18-21, 2025.
Doubts Revealed
Russia-India Business Forum -: This is a meeting where people from Russia and India come together to talk about how they can do more business with each other. They discuss ways to trade more goods and services between the two countries.
USD 100 billion -: USD stands for United States Dollar, which is a type of money used in many countries. 100 billion dollars is a very large amount of money, and it is the goal for how much Russia and India want to trade with each other by the year 2030.
Roscongress Foundation -: This is an organization in Russia that helps organize big meetings and events, like the Russia-India Business Forum. They work to make sure everything runs smoothly and that people can talk about important topics.
Smart city technologies -: These are advanced technologies used to make cities better places to live. They include things like better transportation systems, energy-saving lights, and ways to keep the air clean.
IT -: IT stands for Information Technology. It involves using computers and software to store, protect, and process information. It’s important for businesses and helps them work more efficiently.
External Affairs Minister -: This is a person in the Indian government who is responsible for managing India’s relationships with other countries. Subrahmanyam Jaishankar is the current External Affairs Minister of India.
First Deputy Prime Minister -: This is a high-ranking official in the Russian government. Denis Manturov is the person who holds this position, and he helps make important decisions for the country.
Diversifying trade -: This means trading a variety of different products instead of just a few. By doing this, countries can have more stable and strong economies because they are not relying on just one type of product.