India, Russia target $20 billion trade by 2015

NEW DELHI - India and Russia Monday aimed to boost bilateral trade to $20 billion by 2015 from less than $5 billion in 2009-10, and to increase business interaction with a view to explore investment opportunities in the two countries.

Let us work together for a renewed thrust on bilateral trade and investment. The target of $20 billion trade by 2015 is achievable, provided all stakeholders put in concerted high efforts, Commerce and Industry Minister Anand Sharma said at the 4th India-Russia Forum on Trade and Investments here.

Sharma emphasised the need to expand trade basket to include value added items in areas of applied technologies, information technology, telecommunications, automobile components, gems and jewellery, and energy.

While the political responsibility for expanding ties with other countries is the primary task of governments, business to business relations have become a critical element in the overall architecture of interaction between countries in this age of increasingly deregulated economies, private sector dynamism and globalisation, Sharma said.

The minister asked businesspersons of both countries to explore new investment and trade opportunities, saying the current level of trade and investment between the two countries was much below potential.

Addressing a plenary titled ‘Prospects of India-Russia Trade and Investment Relations Development’, Sharma said: Both countries should make available to each other the investment regulations and ways of doing business. At the same time, I would urge industry associations to increase their presence in each others countries.

The trade forum is organised on the eve of Russian President Dmitry Medvedev’s three-day official visit to India, beginning Tuesday.

Russia’s Deputy Prime Minister Sergei Ivanov and Minister of Economic Development and Trade Elvira Nabiullina also addressed the forum.