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Russia hopes Modi visit will lead to better economic ties

Russia hopes Modi visit will lead to better economic ties
August 14
18:46 2019

Vladivostok (Russia), Aug 14 (IANS) Russia expects the upcoming visit of Prime Minister Narendra Modi here will result in increased economic cooperation between the two countries, amid Indias declaration that it will step up investment in this country.

Ahead of Modi’s visit to attend the Eastern Economic Forum (EEF) to be held here from September 4 to 6, India’s Minister of Trade and Commerce Piyush Goyal led a delegation, which included Uttar Pradesh Chief Minister Yogi Adityanath, Gujarat Chief Minister Vijay Rupani, Haryana Chief Minister Manohar Lal Khattar and Goa Chief Minister Pramod Sawant and representatives of over 130 companies.

The delegation held deliberations with the Russian counterpart, headed by Deputy Prime Minister and Presidential Envoy to the Far East Yuri Trutnev and including Minister for Development of the Far East and the Arctic Alexander Kozlov, heads of far eastern regions, representatives of federal executive authorities and more than 120 companies.

Trutnev referred to the upcoming visit of Modi, who will be the Chief Guest at the EEF, and said, “I am sure that contacts between the leaders of our countries will improve the overall investment climate and convince businessmen that investments are safe.”

Talking about the discussions between the delegations of the two countries, he said interest was evinced in cooperation in power, agriculture, timber, infrastructure, hi-tech and IT sectors.

“I am convinced that regular contacts between representatives of business and the heads of our countries’ regions will make it possible to advance to specific projects in the given spheres and find new ones,” Trutnev stressed, according to a press statement issued here on Wednesday.

Goyal said the delegation to the Far East was “the biggest we have ever sent to any country” and that “this reflects the importance we attach to Russian-Indian cooperation.”

He said the visit of the delegation was “indicative of India’s consistent interest in the Far East at the (central) governmental and regional levels. We attach major significance to development of trade and investment co-operation. We have a common goal of reaching USD 30 bn in our bilateral trade turnover. We also plan to increase India’s investments in Russia.”

The visit by the business mission included thematic sessions where the participants discussed the prospects for co-operation in such areas as electric power, the mining industry, medicine, forestry, agriculture, education and real estate, the press statement said.

The heads of the far eastern regions presented potential spheres for Russian-Indian co-operation in the Far East.

The plenary session culminated in the heads of the far eastern regions and Indian states signing a memorandum of mutual understanding in such areas as machine-building, oil & gas, agriculture, the diamond industry and tourism.

The discussion of Russia-India cooperation will be continued at the Easter Economic Forum 2019.

A “Russia-India” dialogue is planned as part of the Forum’s business programme, to be attended by representatives from both countries. In addition, India will have a national stand at the EEF venue to present the country’s economic, industrial, tourism and cultural potential. IANS will be the media partner at the event.

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