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Russia-India trade to exceed $30-35 billion soon

December 16, 2013, 17:08 UTC+3 NEW DEHLI
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NEW DEHLI, December 16. /ITAR-TASS/. Mutual trade volume between Russia and India should reach $30-35 billion in the near future, the president of the Federation of Indian Export Organizations (FIEO), Rafeeque Ahmed, told Itar-Tass Monday.

He believes Russia is a very promising market for India. Mutual trade of $20 billion, to be achieved by 2015 against the current $12 billion, was not a large amount, he added, and the target of $30-35 billion was an easily achievable goal.

The financier believes the two countries are to take steps for the sake of better understanding of each other’s markets; they need a dialogue between both countries’ trade delegations at each other’s exhibitions. He added that several items of exports could be chosen and then built up from. For instance, he mentioned India’s well-developed textile industry. Exporters might be dispatched to Russia to see on sight what Russian customers needed the most, to identify bottlenecks in relations between suppliers and buyers and eliminate them.

According to Rafeeque Ahmed, nuclear power was among the planks of future bilateral cooperation. As soon as the first energy unit of the Kudankulam nuclear power plant has been launched, Russia might take part in the construction of more energy units in India, he believes.

The Federation of Indian Export Organizations was set up 1965 at the initiative of the Indian Ministry of Commerce and Industry. Its facilities account for about 70% of India’s external trade.

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