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India, Russia investment to touch USD 30 bn by 2025: PM

By TIOL News Service

NEW DELHI, JUNE 02, 2017: THE Prime Minister, Mr Narendra Modi, met Russian President Vladimir Putin at the 18th Annual India Russia Summit at St. Petersburg yesterday. The Prime Minister said 70 years of diplomatic relations between the two countries have been marked by a high degree of convergence on various bilateral and global matters.

The Prime Minister emphasized the role of the private sector in enhancing trade and commercial ties between the two countries, adding that India and Russia are close to achieving the target of 30 billion US dollars worth of investment by 2025.

Speaking on the theme of connectivity, the Prime Minister mentioned cooperation between the two countries in the International North South Transport Corridor. Among other initiatives, the Prime Minister mentioned the "bridge to innovation" to promote startups and entrepreneurship, and the forthcoming commencement of discussions on a Free Trade Agreement with the Eurasian Economic Union.

Earlier, addressing CEOs of both countries, the Prime Minister invited Russian companies to invest in key sectors of the Indian economy, and particularly mentioned opportunities in the strategic sector.

India and Russia signed five agreements today in sectors covering nuclear energy, railways, gems and jewellery, traditional knowledge and cultural exchanges.

The Prime Minister described the St. Petersburg Declaration, issued today, as a benchmark of stability in a turbulent, interdependent and interconnected world. He said India's participation as a guest country in SPIEF and his address there tomorrow would further deepen economic cooperation between the two nations.

The Prime Minister described energy cooperation as one of the cornerstones of the relationship between India and Russia, and noted that this cooperation in the nuclear, hydrocarbon, and renewable energy sectors has been considerably deepened by the discussion and decisions taken today. In this context he mentioned the agreement of Units 5 and 6 of the Kudankulam Nuclear Power Plant.


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