Russian envoy asks Indian businesses to take advantage of opportunities in Russia

Describing India-Russia cooperation as “unparalleled”, Russian Ambassador to India Denis Alipov today invited Indian businesses to take advantage of the new opportunities in the Russian mar- ket, especially against the backdrop of withdrawal by many Western companies.

In a message to mark both the 75 years of India’s Independence and the 75th Anniversary of the Russian-Indian diplomatic relations, he noted that all through these years, the two countries have succeeded in building a true friendship and developed mutual trust exemplified by numerous proud milestones. In this connection, he referred to industrialization and power plants construction in India with the Soviet assistance in the 1950-the 1960s, the setting up of the Indian Institute of Technology in Bombay in 1958, the groundbreaking Treaty of Peace, Friendship, and Cooperation of 1971, the flight of the first Indian cosmonaut on the “Soyuz T-11” spacecraft in 1984, the Declaration of Strategic Partnership of 2000.

Russia invites India For Business

“Today Russia – India multidimensional cooperation is one of the world’s most elaborate ones with regular meetings of the two intergovern- mental commissions, sector-wise ministerial, security advisors and senior officials dialogue, foreign office consultations and coordination in the global arena, complemented by diverse business, cultural and people-to-people contacts. Russia and India were among the first in the world to establish the practice of annual bilateral summits,” Alipov pointed out.

Position of India and Russia on core issues

He said the position of India and Russia on core issues remained similar or coinciding, stressing the need to uphold the central role of the United Nations towards just and equal multipolarity and opposing unilateral and confrontational approaches. “We continue close coordination on the agenda of BRICS as well as the G20 and the SCO, which India will chair in 2022- 2023.” The Russian envoy said Russia and India continue to successfully implement flagship initiatives like the Kudankulam nuclear power plant construction and advanced defense ties with- in the “Make in India” and “Atmanirbhar Bharat” programs such as AK-203 rifles manufacturing, combat aviation, and main battle tanks production as well as frigates, submarines, Brahmos and other missiles projects. The best-of-a-kind S-400 systems delivery was proceeding well according to the schedule, he added.

New opportunities for Indian businesses in the Russian market

With the increased volumes of bilateral trade by more than 45 percent in 2021, this positive trend was supplemented in 2022 by intensified cooperation in energy and fertilizers. Priority has given to the Far Eastern and the Arctic dimensions, implementation of the North-South transport corridor project, and an early conclusion of the FTA between the Eurasian Economic Union and India. Along with ongoing projects in connectivity, diamond processing, forestry, healthcare, and pharma sec tor, tourism, railways, metallurgy, civil aviation, shipbuilding, oil refinery, and petrochemicals, there were plenty of new opportunities for Indian businesses in the Russian market, especially against the backdrop of withdrawal of many Western companies (in the wake of the Russia-Ukraine conflict), Alipov added.

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