Prime Minister Narendra Modi will be visiting Russia and meeting Vladimir Putin, President of the Russian Federation for an informal summit in Sochi, a city on the west coast of Russia on May 21st. The informal summit in Russia comes after just months after the successful engagement between PM Modi and Chinese President Xi Jinping at Wuhan and aims at redefining the bilateral relations between India and Russia.
In statement by FICCI, Rashesh Shah, President of FICCI said, “Right after the informal meet between Prime Minister Narendra Modi and President Xi Jinping, another informal meet between the top leaders of India and Russia at Sochi comes as a recognition of stronger ties and underlines the rising clout of India as a global economic power to reckon with”.
Shah also said that the FICCI sees the upcoming visit as a wise step by the government to cultivate and nurture the country’s geostrategic and economic interests. He also said that the growing sectors in Russia and technological advancement are apt for India to take forward the partnership. By partnering with Russia, India can explore and invest in areas of business which it has not explored earlier, he added.
As the meeting comes in the backdrop of China’s expanding economic clout and increasing protectionist policy reforms by the United States, the industry in India is looking at the upcoming visit of Modi to Russia as an important one. In an attempt to strengthen the bilateral ties, the industries of both the countries have also expressed to take the relationship to the next level by enhancing trade, investment and cultural relations between India and Russia.
As of now, there is no set agenda for the informal summit. It is likely that the two leaders will focus their discussions on several international and bilateral issues.
Apart from discussing major international issues, India is also likely to raise the matter of the sanctions by the United States, impending defense deals between India and Russia and also ways to improve economic trade between the two countries.