The ambassador to New Delhi calls on businesses to explore further opportunities in Russia
Russia-India trade reached a record $50 billion in 2023, but the two countries should aim for a more even balance in their economic ties, Moscow’s ambassador to New Delhi said this week.
Denis Alipov raised the issue at the Vibrant Gujarat Global Summit in Gandhinagar, stressing that sustainable growth in bilateral transactions will require Indian companies to export more goods to Russia and consider investing in manufacturing and other sectors.
“Our mutual total investments have crossed $30 billion, and we see many opportunities going forward. Especially now is a very opportune time to capitalize on the momentum for Indian companies to invest in Russia,” Alipov said.
He highlighted the void created in several sectors of the Russian economy after Western companies pulled out over the Ukraine conflict. They include automobile manufacturing and auto parts, pharmaceuticals, retail, and many other niches where India has seen strong growth in the past decade.
The envoy noted that Moscow and New Delhi are now working on the ‘early conclusion’ of a free trade deal (FTA) with the Eurasian Economic Union (EEU), comprising five post-Soviet countries – Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
“We are also hopeful about concluding a renewed agreement on investment protection between our countries. Certainly, these will substantially facilitate trade flows and provide greater market access to the companies and help reduce the current huge trade imbalance that we have. Indian exports to Russia need to increase, and these steps will facilitate that,” Alipov said.