Indo-Russian trade can touch $10 bn mark

New Delhi, Nov 16 | Updated: Nov 18 2005, 03:33am hrs
Trade between Russia and India can touch $10 billion in the near future, said Andrey N Chernyshev, trade commissioner, trade representation of the Russian Federation at a meeting with high profile business delegation from Russia, organised by CII on Wednesday.

Addressing the delegates, Mr Chernyshev said that trade and economics would be the major component of the relationship forged between the two countries.

He said that atomic engineering, development of biotechnology, satellite communication and railways were some areas ripe for Indo-Russian collaboration.

I met the Delhi chief minister on Tuesday and we came to the conclusion that the Russian experience in the field of transport could be of great help to India, he said.

Deepak Loomba, chief managing director, De-core Science and Technology, said that as of now, the volume of trade between the two countries, was dismal and needed to be boosted.

Mr Dianov, coordinator of foreign trade activity, ministry of economic development and trade, Russian Federation, said that traditionally their country was regarded as the supplier of raw material.

Now, we are creating an atmosphere conducive to investment in our country and we have introduced a number of administrative and tax reforms. Although, we have a long way to go I want to assure the Indian entrepreneurs that we are preparing a climate that would lead to better trade ties between the two countries, Mr Dianov added.