Russia wants to double the trade volume with India to $10 billion within the next two years from the existing $5 billion.
According to Vladimir V Lazarev, consul general of Russian federation , Russia is keen on cooperating with India on potential areas like IT, oil, natural gas, high technologies, pharmaceuticals and machinery.
Russian exports to India fall on four main commodities like raw materials, ferrous and non-ferrous metals, fertilisers and newsprint. India exports tea, coffee, soya meal, tobacco, spices, perfumes, textiles, pharmaceuticals, leather and plastic goods to Russia , he said.
“Russia and India signed an agreement on the construction of a titanium production plant in Orissa and there is also an understanding to develop a special economic zone in the region, including construction of an all-weather sea port in Gopalpur within three-four years, he told reporters at a session organised by the Bengal National Chamber of Commerce & Industry in the city on Monday.
“Russian companies like steel major Magnitogorsk , aluminium giant Rusal, Cheboksar tractor factory, air carrier Transaero and some others have shown keen interest in setting up projects in the eastern region of India ,” he said.