India-Russia trade body endorses new framework to 15 projects

Anand Sharma sought regulatory simplifications for Indian companies who not only want to have market access but also look for establishing manufacturing base in Russia

India-Russia Trade and Investment Forum has selected 15 high value, high tech projects for special attention in its seventh edition at St. Petersburg.

 

"Indo-Russian Economic & Investment Cooperation under which a total of 15 high value, high tech projects have been selected for special attention for ministerial supervision," a Commerce Ministry statement stated here.

 

Some of these projects include the establishment of India-Russian Joint venture with Hindustan Aeronautics Ltd (HAL) as joint centre of development the helicopters, joint project of Ranbaxy Laboratories Limited (RLL) and Government of Yaroslavl region, production of Nitrogen Tetra Oxide for Space programme, cooperation between MMTC and ALROSA for long term supply of rough diamonds.

 

The other projects are  ONGC Videsh Ltd's (OVL) prospects for further hydrocarbon collaboration with Russian energy companies, participation of Russian companies in urea production in India under new investment policy, plant construction for manufacturing butyl rubber with capacity of 100000 tons per year at the production site of Reliance Industries in Jamnagar.

 

During the meet, the high level delegation of 120 Indian business leaders led by Commerce and Industry Minster Anand Sharma discussed various business opportunities with their Russian counterparts at India-Russia Trade and Investment Forum at St. Petersburg on Friday.

 

Special focus was on the three round tables on 'Pharmaceutical and Medical Industry', 'Tourism and Medical Tourism' and 'Trade in goods, services and innovative products'.

 

Sharma who came back yesterday, said "we discussed and noted the emerging opportunities in both the countries and we are hopeful that the three Round Tables have identified  in detail the specific projects where we shall be cooperating."

 

Sharma sought regulatory simplifications for Indian companies who not only want to have market access but also look for establishing manufacturing base in Russia.

 

Sharma said, "as Indian pharma companies are keen to establish manufacturing bases in Russia, it is imperative that Russian government should address their concerns in an expeditious manner."

 

During the meet Sharma met Russian Minister of Economic Development Alksey Ulyukaev and took forward the discussion that he had with Deputy Prime Minister Dmitry Rogozin.

 

This visit assumes significance as the Prime Minister Manmohan Singh is likely to visit Russia next month.