"Interested in increasing supplies of Indian products in Russia," says Russian Minister Maxim Reshetnikov

By Ayushi Agarwal

New Delhi [India], Dcember 4 (ANI): As India awaits the arrival of Russian President Vladimir Putin on his two-day state visit, Russian Minister of Economic Development Maxim Reshetnikov said that Russia wants to increase supplies of Indian goods in their market.

"In terms of our trade relations, Russia is interested in increasing our trade exchange. We are interested in increasing supplies of indian products in Russian market, interested in balancing trade. Because now a day's Russian goods are much more in Indian market than Indian goods in Russian market," Reshetnikov said.

"We are very interested in buying Indian products. We are grateful for the organization, for this event, for the active participation and there are many ministers from both sides. This is such a significant event. That will lead to look for accomplishment of the talks of our leaders, which is trade exchange of 100 Billion dollars," he added.

Earlier, Russian Finance Minister Anton Siluanov expressed confidence that Russia and India can reach their shared goal of achieving USD100 billion in trade turnover by 2030, citing rapid growth in recent years and expanding cooperation across multiple sectors.

In an interview with Russian Media outlet Izvestia, Siluanov pointed to the opening of VTB Bank's new flagship office as a concrete step toward strengthening the financial infrastructure needed to support rising trade volumes.

"Today's event, the opening of the VTB bank flagship office, is just one step towards achieving this goal. The more opportunities there are for settlements, the simpler trade and economic relations will be carried out. Therefore, today's event is just another step, I repeat, towards achieving this goal," he said.

He also underscored Russia's ongoing efforts to carry out the President's directive to increase imports from India.

"We are currently engaged in implementing the task set by the President regarding increasing imports from India. Therefore, in order to solve these issues, such significant events as today are very important. The simpler the settlements are, I repeat, the greater the turnover, trade turnover, investments, and tourist trips between our countries will be," he said,

Russian First Deputy Prime Minister and co-chair of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation Denis Manturov described the USD 100 billion goal as "truly ambitious," noting that realising it would require coordinated efforts from governments, businesses and financial institutions in both countries.

"We support the business circles by creating the necessary conditions and a favourable climate for expanding Russian-Indian cooperation," he told ANI, citing regular meetings of the Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation as a key platform for discussing investment projects.

"Achieving $100 billion trade aim is a truly ambitious goal. In order to reach this milestone, it is necessary to work on the quality of our bilateral trade and the structure of our trade turnover. It requires concerted efforts from governments of both states as well as businesses and financial institutions," said Manturov.

The two-day State visit of Russian President Vladimir Putin to India will go a long way in strengthening economic co-operation, sources said on Thursday.

President Putin is travelling with a large group of business persons, as per government sources. India expects to improve the trade deficit with Russia. Multiple avenues being worked out to increase Indian exports to Russia. Exports in the field of pharmaceuticals, automobiles, agricultural products including marine products, sources said. Indian businesses and products will get a bigger market and this will also boost job creation and well-being of our farmers, sources said.

Multiple agreements and MoUs are expected, in the field of Shipping, healthcare, fertilisers, connectivity. More co-operation will also be seen in the people to people relations, mobility partnerships, culture and scientific collaboration, as per sources. (ANI)

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