India committed to consolidate strategic partnership with Russia

Mr Anand Sharma commerce and industry minister during his meeting with the Russian Prime Minister in Moscow reaffirmed India’s abiding commitment to nurture and consolidate the strategic partnership with Russia. In his meeting with Mr Putin, the Minister held discussions on a wide range of bilateral issues including on means to diversify and deepen the economic engagement with Russia.

Mr Sharma also held bilateral meetings with Minister for Economic development Ms E Nabiullina and launched the third India-Russia Forum on trade and investment. The forum was also addressed by Deputy Prime Minister of Russia Alexander Zhukov and attended by over 300 delegates from Indian and Russian industry.

During the delegation level talks with his counterpart, Mr Sharma impressed upon the need to diversify bilateral trade and move away from just commodity trading to high-level investments in identified sectors. The priority sectors that were mutually identified include Pharmaceuticals, Energy, IT, High technology cooperation, agro processing and gems and jewelry. The two ministers agreed that the bilateral trade between the two countries needs to have an ambitious agenda, given the strategic nature of bilateral engagement and set a target of $ 15 billion by 2012.

Later in the day the Minister held bilateral talks with Mr V Khristenko minister of Industry and Trade of Russia. Both the ministers agreed to intensify cooperation in defense and high technology sectors and to move towards an engagement based on partnership. The need to encourage joint ventures through regular business to business interaction was stressed. Minister Khristenko indicated that he would visit India by December 2009.

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