India-Russia trade could reach $10 bn in 2010

MOSCOW: Trade between India and Russia could reach $10 billion in 2010, Russian Deputy Prime Minister Alexander Zhukov said on Tuesday.

"Trade is forecast to reach $8.4 billion in 2009, and we are able to... fulfill the task set by the two countries' leaders to push trade to $10 billion in 2010," Zhukov said at the third Russian-Indian Trade and Investment Forum.

Zhukov said despite falling exports, bilateral trade with India had been on the rise in the past few years owing to the large volume of high-technology exports.

Economic Development Minister Elvira Nabiullina said bilateral trade had been growing since 2005, even amid the financial crisis.

India holds 24th place among Russia's trading partners, and accounts for a mere 0.9 percent of Russian foreign trade. Russia's share in India's foreign trade is even less at 0.8 percent.

Nabiullina urged the two partners to improve the structure of their bilateral trade, with the business community expected to draw up a list of large projects that could be implemented jointly by Russia and India.

She said manufacturing, energy, including nuclear energy, steel production, construction and agriculture were among priority sectors for bilateral cooperation.