Russia eyes $10 bn bilateral trade with India by 2010

MUMBAI: Russia on Wednesday said it was keen to enhance bilateral trade with India to $10 billion by 2010 from the current $5 billion.

"Russia-India trade turnover has increased by 40 per cent last year and amounted to $5 billion. We are very positive about increasing the turnover to $10 billion by 2010," Russian Federation's Ambassador Vyacheslav I Trubnikov said at a meeting organised by the All India Association of Industries here.

Describing trade and economic interaction as the most important components of bilateral trade between the two countries, Trubnikov attributed the successful growth in trade to public-private partnership on both sides.

The governments of both the countries were working meticulously for creating a conducive environment for enhancing bilateral cooperation, he said.

The Indo-Russia Chamber of Commerce opened in February this year would help India build a strong business relationship with Russia.

Over the last decade, India and Russia focused on political co-operation and military and technical interactions, he said, adding that now Russia wanted to concentrate on other areas such as trade with India.

Trubnikov said that focus areas would be transport, pharmaceuticals, food industry, power generation, mining and metallurgy, up-and-downstream oil and gas, information and technology, electronics, civil aviation, bio-technology, automobiles, space exploration and applied sciences.

Lack of information on the part of corporates of both countries was an obstacle that has come in the way of expanding economic linkages between the two countries, he added.