New Delhi: Russia is betting big on India for non-energy joint ventures and a number of Russian companies are in talks for localisation of products in areas including engineering, shipbuilding, IT, renewable energy, oil refining and metallurgy, ET has learnt.
The development comes in the backdrop of the bilateral annual summit here in December, which had a strong economic agenda. “India remains an absolute priority in Moscow’s foreign economic agenda,” Andrey Sobolev, Russia’s trade representative to India, recently told Russian state-run media agency TASS.
The two countries are looking to “diversify trade and increase the share of non-resource and non-energy goods”, he said.
“This interest is clearly evident on both sides,” Sobolev said. “Russian companies view India as a promising place for localising production, targeting both the domestic market and expanding into South Asian and third-country markets while Indian businesses are increasingly exploring opportunities in the Russian market.”
