India seeks to expand trade with Russia – ambassador

Indian firms aim to fill the trade gap left by their competitors from the West, Denis Alipov says

New Delhi is exploring the possibility of boosting the export of medicines, agricultural products, electronics and auto components to Russia, RIA Novosti reported on Wednesday, citing Russian Ambassador to India Denis Alipov.

“As the problems associated with ensuring mutual settlements and logistical support for trade are resolved, the interest of Indian companies to the vacant niches in the Russian market is growing,” Alipov told RIA, noting that Russian businesses have also been showing greater interest in India.

According to the Russian ambassador, the sides are exploring prospects for the development of investment cooperation in pharmaceuticals, hydrocarbon deposits, and the diamond sector. Alipov added that cooperation in the mining industry, civil aviation and shipbuilding are also being considered.

The diplomat said earlier that trade turnover between Russia and India has been “increasing unprecedentedly,” reaching over $11 billion in the first six months of this year, compared to the $13.6 billion for the entire 2021. The two countries aim to boost the annual volume of mutual trade to $30 billion by 2025, he noted.

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