NEW DELHI, September 9. /TASS/. Russia and India could transform their existing trade and economic cooperation into a comprehensive economic partnership in the foreseeable future, Umesh Chowdhary, Chairman of the National Committee on Railways of the Confederation of Indian Industry (CII), said.
"India and Russia can transform a trusted strategic partnership into a truly comprehensive economic, technological, and innovation-driven partnership," he said, speaking at the opening session of the business program for the INNOPROM India" international industrial exhibition, which has kicked off in New Delhi.
According to Chaudhary, relations between Russia and India remain stable and relevant, despite significant changes in the global landscape.
"Over the decades, our cooperation has spanned critical sectors such as defense, energy, space, science, and technology contributing meaningfully to the national development and strategic priority of both the countries. Today, the relationship continues to thrive under the framework of special and privileged strategic partnership, anchored in deep-rooted trust, regular high-level political engagement, and steady expanding economic and commercial cooperation," he said.
"As we look ahead, the India Russia economic partnership must move beyond a pure trade relationship to joint investment, joint manufacturing, technology collaboration, and joint validation," he added citing the Kudankulam nuclear power plant as an example of such successful and profound cooperation.
As the Indian official noted, "it is also encouraging that both the governments are actively addressing practical issues relating to the trade imbalance, logistics, payment systems, insurance, and other market access, making it easier for businesses to engage and grow together"
Choudhary mentioned the strengthening of ties in liquefied petroleum gas (LPG), coking coal, mining, and projects in the Russian Far East as promising areas for cooperation. He highlighted the growing focus on technology transfer and the joint development and production of defense products, while also noting the importance of connectivity and logistics projects, such as the Chennai-Vladivostok maritime corridor and the International North-South Transport Corridor. Choudhary expressed optimism regarding cooperation prospects in AI, digital technologies, and workforce mobility.