CEOs delegation accompanying Anand Sharma to Russia

NEW DELHI: Aiming to enhance trade ties, a high-profile delegation of CEOs led by CII President Kris Gopalakrishnan will accompany Commerce and Industry Minister Anand Sharma during his visit to Russia.

"I expect that the long standing relationship between India and Russia will lead to stronger economic opportunities and cooperation," Gopalakrishnan said.

The 25-member delegation, which is to leave tomorrow, will participate in the International Economic Forum (SPIEF) in St Petersburg, Russia, which is a platform to engage and address business collaborations between the two countries.

Earlier in April during his visit to Russia, Sharma had said: "I can foresee a manifold jump in investments of Russian and Indian companies in each other's economies, given the measures we've taken and the kind of intensification of our cooperation in recent years".

Moreover, to create awareness of the Brand India in Russia and engage with businesses and other stakeholders from across the globe, an India Reception is also being jointly organised there by the Department of Industrial Policy and Promotion ( DIPP) and Confederation of Indian Industry (CII).

The CEOs delegation at SPIEF this year will be represented by companies like Infosys, Welspun, Dr Reddys, Ranbaxy, Mahindra & Mahindra, and Indiana Group. It will also include SUN Group, DMIDC, ICICI Bank, Tata Motors, SBI, L&T, ONGC, MMTC, Hindustan Diamonds, HAL, among other companies.

Besides, the India-Russia CEOs Council, set up by Governments of the two countries, will meet to discuss ways to enhance private sector engagement, address policy and business issues and identify projects for collaboration.

The bilateral trade between India and Russia, though on the upswing, has been far below the potential. Aggregate trade increased to USD 6.4 billion in 2012-13 from USD 5.4 billion in 2008-09.

Indian exports to Russia stood at USD 2.3 billion and imports from Russia at USD 4.1 billion. The main export items from India include drugs and agricultural products, while imports include gems and jewellery, iron and steel, articles of nickel etc.