Ahead of the annual Indo-Russian summit this year-end, the next Russia-India-China Trilateral Conference is being organised in Rostov-on-Don, Russia, next week, with the aim to bring together the private sectors of these countries to synergise business activities for mutual benefit.
A 15-member business delegation comprising Indian companies from sectors ranging from oil and gas refining, petrochemicals, power, infrastructure, steel, mining, real estate, food & beverage and technology will be leaving for the two-day trilateral summit in Russia starting September 20.
The initiative, which is being supported by the ministry of external affairs and industry chambers including Ficci, will provide an opportunity to deliberate on area of common interest among the business communities of the three countries.
A quick look at the trade data shows that bilateral trade between Russia and China is large and touched $55.45 billion in 2010. Trade between India and China exceeded $40 billion in 2009-10 and that between India and Russia was at $ 4.5 billion. Though the total India?s trade with both China and Russia amounts to only a small share in India?s total trade with the world, there exists a vast potential to promote trade in the three countries.
India and Russia have a long-term cooperation in key areas like space, defence, nuclear energy and science & technology. This can be enhanced in fields like biotechnology, nanotechnology, medical sciences, agro-chemicals and meteorology.
The economic cooperation between India and China can be enhanced in the fields of energy, steel, telecommunications, banking, technology and pharmaceuticals.
The first Trilateral Conference took place in India in 2007. The last Trilateral Conference was held in China in 2009. To complete the first circle of the Trilateral Conference series, this year it is being organised in Rostov-on-Don, Russia.