India-Russia trade to reach $66 billion by 2024; target of $100 billion by 2030 in travel: Russian Embassy
A top Russian official on Wednesday said trade between the two countries will reach a record USD 66 billion by 2024, marking a five-fold increase over the past five years, and a 9 percent increase in the first eight months of this year.
The envoy said that Russia and India are on track to achieve a trade target of USD 100 billion by 2030, strengthened by increasing cooperation and various trade opportunities.
“Recent discussions between the leaders of both countries on the possibilities of diversifying the trade basket and increasing the volume of investments in many sectors make the goal of USD 100 billion by 2030 achievable,” said Maxim V Kozlov, Ambassador General of Russia in Kolkata. , in an interaction session with members of the Bharat Chamber of Commerce (BCC).
“India and Russia are more than excellent partners; we are all-weather friends. Our bond is built on mutual trust and common interests, which makes the growth of our economic relations natural and permanent,” Kozlov added.
Key sectors identified for enhanced cooperation include rail, pharmaceuticals, information technology, aviation, and cybersecurity.
The officials also highlighted the emerging opportunities for Indian businesses in Russia, especially after the withdrawal of Western products following the conflict in Ukraine.
BCC, in a statement, said Kozlov also emphasized the need to deepen cooperation in critical areas such as Artificial Intelligence (AI), robots, urban development, and precious metals such as lithium, cobalt, and nickel, which are important for future industries. .
“The aim is to go beyond commodity trading and emerge as global leaders in technology-driven sectors,” he added.
BCC executive vice president Naresh Pachisia asked Kozlov to start setting up a trade desk for the Russian Federation in Kolkata, given the growing trade and investment.
“This will play an important role in facilitating business networks between Indian businesses and their Russian counterparts.” he added.
