NEW DELHI, March 30. /TASS/. Russia is marking progress in a number of areas of industrial cooperation with India, including construction, chemical production, railway and heavy engineering and others. Russia's trade representative in India, Alexander Rybas said this at the ‘Russia-India Business Forum: Strategic Partnership for Development and Growth.’
"We are observing progress in such areas of industrial cooperation as construction, chemical production, railway and heavy engineering, mining, lumber, information technologies," Rybas said.
He recalled that in 2022, the trade turnover between Russia and India, according to Indian statistics, increased from $13 bln to $39 bln.
"Supplies from Russia increased by 4.5 times and amounted to more than $36.1 billion," he said.
These results were achieved mainly due to a significant increase in exports of Russian energy products and fertilizers to India. However, according to the trade representative of the Russian Federation, direct deliveries of Indian products to Russia decreased by 12% and amounted to $2.9 billion.
Rybas noted that the sanctions imposed by some countries against Russia had a negative impact on the global supply chains that had been built for decades, settlement systems, logistics, the implementation of bilateral and multilateral projects, and freedom of market relations between states.
"Nevertheless, the sanctions served as an incentive for the formation of new logistics routes and alternative payment mechanisms. As a result, new promising areas for industrial cooperation have appeared," Rybas stressed.
He expressed confidence that trade diversification and the implementation of major infrastructure projects will help maintain the growth rate of trade.