India welcomes Russian pvt capital

MOSCOW: Russian private capital should take part in reconstruction of Indian ports, harbours and airports, Indian ambassador to Russia Kanwal Sibal told media on Monday at a press conference.

Such invitation for Russian investors fully corresponds with India's programme of upgrading its infrastructure.

Upgrading infrastructure would require an estimated investment of $320 billion during the period 2007-2012, Sibal said. The Indian government looks for such investment through a combination of public investment, public-private partnership, and exclusive private investments whenever feasible.

Sibal also stressed that both governments should take substantial measures to remove barriers to trade in services. Commitments in IT and IT related services, financial, telecommunications, construction and transportation services should be enlarged, he pointed out.

A few decades back, the erstwhile Soviet Union was the biggest trade partner of India. Today the leaders of both countries are not satisfied with the present level of trade and economic cooperation with the annual trade turnover of about 4 billion.

The opportunities for enhancing economic and trade relations are immense, said the ambassador. Russian and Indian entrepreneurs and businessmen will have to take the lead, he added.