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Russia, India intend to increase trade up to $30 billion — minister

December 12, 2014, 16:32 UTC+3 NEW DELHI

Bilateral cooperation includes projects in infrastructure, high tech and aeronautical industry

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© ITAR-TASS/Yuri Smityuk

NEW DELHI, December 12. /TASS/. Russia and India set the goal to increase trade turnover up to $30 billion by 2025, Russian Minister of Industry and Trade Denis Manturov told TASS on Friday.

“We've set an ambitious goal. In order to achieve it, we should develop joint projects which will include research and development, and not limit ourselves by supplies of our companies,” Manturov said after a meeting with leaders of the Federation of Indian Chambers of Commerce and Industry (FICCI).

“Prospects for the development of infrastructure, particularly industrial infrastructure, are opened for joint projects,” he said.

“We also seek to develop the high tech sector. Our key task is to increase the number of joint ventures both in India and in Russia,” Manturov said.

Among other directions of bilateral cooperation, he named “projects in the aeronautical industry, including for design and production of the fifth generation fighter jet and a multi-role transport aircraft”.

“Under our new projects, we seek to produce the Ka-226 helicopter in India. The helicopter can be used for military and civil purposes,” Manturov said.

In 2013 trade turnover between Russia and India reached $10 billion.

Russia considers canceling visas for Indians

Russian authorities are discussing abolition of visas for Indian businessmen and tourists, Denis Manturov added.

Abolition of visas mainly for entrepreneurs and also for tourists was discussed, he said after a meeting with the leadership of the Federation of Indian Chambers of Commerce and Industry.

It is discussed regularly in Russia, “The next step is abolition of visas for tourists and entrepreneurs. We constantly discuss it, and I think the process to settle it will not be long,” Manturov said.

The minister did not say when visas would be abolished, saying it was under the jurisdiction of the Foreign Ministry and migration services. “We are interested to have progress in this and will provide possible assistance for the colleagues,” he said.

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