His Excellency Mr. Anand Sharma, Hon’ble Minister of Commerce, Industry & Textiles of India, paid an official visit to Russia from 9-11 November 2011 to participate in the 5th India-Russia Forum Trade & Investment, 2011. He is accompanied by senior Government officials from various Ministries as well as a high-level business delegation, from across the Indian industry.
2. H.E. Mr. Anand Sharma co-chaired the 5th India-Russia Forum on Trade & Investment along with H.E. Mr. Sergei Ivanov, Deputy Chairman of the Government of the Russian Federation on 10 November 2011. The India-Russia Forum on Trade and Investment was established in 2007 and has met four times since its inception. The Forum has developed into an effective platform for promotion of business interactions between the two countries. The 5th India-Russia Forum on Trade & Investment witnessed high-level participation of businessmen from both sides. Addressing the opening plenary of the Forum, both the Ministers lauded the fact that the Forum has acted as an important catalyst in deepening bilateral economic partnership. Both the Ministers encouraged industry representatives to explore partnerships in new areas, in addition to priority sectors of economic cooperation between the two countries.
3. A Protocol on the fifth meeting of India-Russia Forum on Trade and Investment was signed in the presence of H.E. Mr. Anand Sharma and H.E. Mr. Sergei Ivanov by H.E. Mr. Ajai Malhotra, Ambassador of India to the Russian Federation, and H.E. Mr. Andrey Slepnev, Deputy Minister of Economic Development of Russian Federation.
4. The Protocol recognized the immense potentialities that lie in infrastructure modernization in both the countries and agreed to facilitate cross-flows on investment and expertise in this sector. Both sides agreed to explore the possibility of creation of Special purpose Vehicle or such other mechanism to finance and manage mutually identified infrastructure projects in either countries, especially in key areas as ports construction, rail and roads, automobiles and public transport and heavy industry. Both sides also mutually agreed to consider joint financing of projects/ technologies in PPP format, mutually identified, especially in nanotechnology, biotechnology, energy efficient technologies, etc. Indian Side stated its appreciation of the Pharma 2020 Programme of Government of Russian Federation, under which establishment of pharma units are envisaged and also expressed its interest in participating in the Pharma 2020 Programme. The Protocol also noted the positive contribution of the Forum in the development of bilateral economic cooperation through establishment of direct B2B contacts.
5. The Forum focused on three specific areas, in the form of deliberations over three round tables, viz. on infrastructure, innovation and commercialization of technologies, and pharmaceuticals, which will provide the basis of strengthening cooperation in these areas between the two countries.
6. H.E. Mr. Anand Sharma also had separate bilateral meetings on the margins of the Forum with H.E. Mr. Sergei Ivanov, Deputy Chairman of the Government of the Russian Federation and with H.E. Mr. Viktor Khristenko, Minister of Industry & Trade. In their meetings, both the sides reaffirmed their resolve to take forward and intensify the process of trade and economic cooperation so that mutually agreed bilateral trade target of US$20 billion by 2015 could become a reality. The meetings also addressed the status of the overall bilateral economic engagement, in the light of the forthcoming Annual Summit to be held in Moscow in December 2011.
7. A B2B interaction was organized in honour of H.E. Mr. Anand Sharma at Hotel Sputnik on November 10. Representatives of the Indian business delegation, captains of Russian industry and Indian businessmen based in Russia participated in it. Addressing the gathering, H.E. Mr. Sharma emphasized the importance of long standing and vibrant relations between both countries and urged the business communities to further accelerate their economic engagement. He also underscored the importance of diversifying the trade basket.
8. H.E. Mr. Sharma’s visit to Russia is an integral part of regular high level exchanges between India and Russia.
Moscow,
10 November 2011
