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Updated December 7th, 2021 at 11:36 IST

India, Russia need to guide business communities to reach $30 bn trade target: PM Modi

PM Modi said Russia and India need to guide their business communities to reach the target of $30 billion trade and $50 billion investment between two nations.

Reported by: Bhavya Sukheja
India
IMAGE: @narendramodi/Twitter | Image:self
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PM Narendra Modi on Monday said that Russia and India need to guide their business communities to reach the target of $30 billion trade and $50 billion investment between the two nations by 2025. In his remarks at the annual summit with Russian President Vladimir Putin, PM Modi said that the year 2021 is of prime importance for bilateral relations between the two countries in several ways. He also noted that the year 2021 marks five decades of the 1971 Treaty of Peace, Friendship and Cooperation and two decades of Strategic Partnership between New Delhi and Moscow. 

“It is my pleasure to be with you again in this special year because you have been the main driver of the remarkable progress our Strategic Partnership has made over the past 20 years," PM Modi said. 

Further, the Indian leader noted that India and Russia have been in regular touch on Afghanistan and other regional issues. He said that the regional partnership that began with the Eastern Economic Forum and the Vladivostok summit is turning into a real cooperation between Russia Far-East and the Indian states. PM Modi also acknowledged that despite the challenges posed by the COVID-19 pandemic, the pace of relations between the two nations has not changed. 

“Our Special and Privileged Strategic Partnership has been continuously strengthening. The fight against Covid has also seen excellent cooperation between the two countries-- whether in vaccine trials and production, in humanitarian assistance, or in the repatriation of each other's citizens," he said. 

PM Modi thanked Putin for the welfare of the Indian community in Russia, especially during the pandemic. Both the leaders also discussed the need for mutual recognition of vaccine certificates in a bid to enable easier travel by citizens to each other’s countries. During the summit, India and Russia signed a record 28 MoUs and agreements across a wide range of sectors. 

"We are also adopting a long-term vision to deepen our relationship in the economic sector. We have set a target of $30 billion in trade and $50 billion in investment by 2025. We must guide our business communities to reach these goals," PM Modi added. 

India, Russia looking forward to continued increase in trade

Separately, India's Foreign Secretary Harsh Vardhan Shringla informed that enhancing bilateral trade and investment figured prominently in the talks. "This year, we've noticed an encouraging trend of growth in our trades compared to last year," he added. Shringla also said that both sides are looking forward to a continued increase in trade and investment trajectory. 

Speaking on the trade between the two nations, the Foreign Secretary said, "On the trade and investment side, there are some specific plans which include long-term corporation in the areas of inland waterways, fertilisers, coking coals, steel, skilled manpower. Coking coals emerged as an important area of corporation. We have expressed interest in further investments in the oil and gas sector, as well as in the area of petrochemicals."

(With inputs from ANI)

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Published December 7th, 2021 at 11:36 IST

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