NEW DELHI, July 11:
Commerce and Industry Minister Nirmala Sitharaman met her Russian counterpart Denis Manturov and discussed ways to enhance bilateral trade ties in various sectors, including high-end engineering.
“There is a strong potential for growth in India-Russia bilateral trade. Be it high-end engineering, or manufacturing, India is moving towards being synonymous to quality, reliability and durability,” Sitharaman said.
In her meeting with Russian Minister of Trade and Industry Denis Manturov, Sitharaman discussed various specifics to further strengthen industrial and trading ties, a statement said.
Sitharaman is leading a business delegation to Russia. Indian businesses are participating in the annual international industrial trade fair – INNOPROM 2016.
“We are proud to be the partner country at INNOPROM 2016. The Indian companies participating will highlight the strengths in the area of engineering and innovation,” she said.
Sitharaman also participated in the India-Russia business forum where she stressed on strong business to business ties between the countries.
The India- Russia business forum is expected to form business associations between various Indian and global firms.
Noting that India has relaxed FDI norms in segments like defence, civil aviation, pharmaceuticals and food products, Sitharaman invited Russian entities to partner with the country so that the two nations “can play a major role in reviving global growth”, Engineering Exports Promotion Council (EEPC) quoted the minister in a statement.
As many as 110 companies are taking part in the engineering trade fair, including the Department of Heavy Industries, Department of Electronics and IT, Ministry of New and Renewable Energy, Bharat Forge, Sun Group, NTPC and NHPC. EEPC is also participating in ‘INNOPROM 2016’.
EEPC Chairman T S Bhasin said the engineering manufacturers would exploit all possibilities to attract leading buyers from across the globe.
The bilateral trade between the countries stood at USD 6.18 billion in 2015-16. India and Russia have set the goal of boosting bilateral trade to USD 30 billion and mutual investment to USD 15 billion by 2025. (PTI)
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