India and Russia are looking to further strengthen bilateral trade and explore new areas of cooperation across multiple sectors, said Alexander Stuglev, CEO and Chairman of the Board of the Roscongress Foundation.
The Roscongress Foundation organises the India-Russia Business Forum.
Speaking about the objective of the forum, Stuglev told ANI that they host an annual Russia-India forum in India to keep both sides updated, identify potential barriers, and work collaboratively to eliminate them. He noted that, in addition to this, sector-specific and large-scale events are held in Russia to boost engagement.
“We organise an annual Russia-India forum here in India to keep everyone up to date, to identify potential barriers, and work together to eliminate them. Besides that, we conduct sector-specific events and major gatherings in Russia. I would like to use this opportunity to invite Indian businessmen to join us. We will be happy to help you find reliable partners in Russia and develop your business there,” he said.
Highlighting key areas of cooperation, Stuglev stated that opportunities between the two countries are broad and well-established.
He said sectors such as pharmaceuticals, IT, AI, cyber security, agriculture, industry, transportation, logistics, energy, and tourism already have strong engagement. He added that these sectors hold even greater potential for growth in the coming years.
“Those sectors are indeed very broad-ranging – pharmaceuticals, IT, AI, cyber security, agriculture, industrial production, transportation and logistics, the energy sector, and tourism. These are areas where cooperation already exists, but there is even bigger potential for growth. We also discussed the automotive industry today as one of the key drivers. We are interested in facilitating trade not just between big enterprises. At this forum, we had a presentation from the largest Russian marketplaces and e-commerce platforms, which enable small and medium-sized Indian enterprises to offer their products to Russian consumers,” Stuglev said.
Bilateral trade between India and Russia reached a record high of USD 68.7 billion in FY 2024–25, nearly 5.8 times higher than the pre-pandemic level of USD 10.1 billion. This includes India’s exports worth USD 4.88 billion and imports from Russia amounting to USD 63.84 billion.
Key Indian exports include agricultural products (fish, shrimp, rice, tobacco, tea, coffee, grapes), chemical products, pharmaceuticals, iron and steel, ceramic products, aircraft components, machinery, glassware, clothing and knitwear, leather goods, rubber articles, electrical machinery, and surgical instruments.
Major imports from Russia continue to be dominated by oil and petroleum products, fertilizers, bituminous substances, mineral fuels, mineral waxes, machinery, equipment, precious metals and stones, wood, pulp and paper products, metals, and vegetable oils.
Meanwhile, Russian President Vladimir Putin landed in Delhi on Thursday evening for a two-day State visit to India. During his visit, President Putin will hold the 23rd India-Russia Annual Summit with Prime Minister Narendra Modi in Delhi on December 5.
(ANI)
