India asked Russia to open its market for Indian investments in tea, tobacco and pharmaceutical sectors. Union Minister of Commerce ...
India asked Russia to open its market for Indian investments in tea, tobacco and pharmaceutical
Union Minister of Commerce and Industry, Kamal Nath called for revival of tea trade between the two countries. Underlining the tremendous growth in the IT sector in Russia fuelled by oil and gas boom. He said that Indian expertise in this sector can be of a great help. He, however lamented the limited presence of Indian IT giants on Russian soil.
Nath said that sky is the limit in the field of investments as More and More Russian companies are evincing interest in areas like telecom, besides the traditional sectors like infrastructure, metallurgy, engineering and aircraft building. On the trade front, he said that it is far below the potential, but of late has gained momentum and the two sides will achieve the target of USD 10 billion of bilateral trade.
He said that the trade basket should not only be heavier but should also include newer items conforming to quality and certification. Taking note of the deepening of the strategic partnership, he said that, in the defence sector the relationship has grown beyond buyer-seller mode to one of joint development of advanced equipments.