Russia invites Indian firms to collaborate with its companies

New Delhi: Russia today invited Indian companies to join hands with its companies in various sectors such as aviation, mining, construction, power and nuclear equipment.

"Russian companies are keen on forming joint ventures with Indian firms in areas like mining, aviation, equipment for nuclear and power units," Yaroslav Tarasyuk, Head of Projects and Analytical Division (Department of Asia and Africa), Ministry of Economic Development of Russian Federation, said here.

He was talking to reporters on the sidelines of a Ficci function.

Besides, Tarasyuk said, a number of small and medium enterprises (SMEs) are interested in forging collaboration with Indian companies.

"It is easier for large companies to collaborate with their counterparts but SMEs find it difficult. So, we are trying to support them," he said.

At present, over 300 Indian companies including ONGC and Larsen and Toubro are operating in Russia, while several Russian firms such as Sistema have their presence in India.

Talking about collaboration in aviation sector, Trade Commissioner of the Russian Federation in India, Mikhail A Rapota, said : "We welcome companies which are interested in having cooperation with our aviation firms as Russia has a strong aviation industry".

Further, he said to increase bilateral trade, the two countries should lay emphasis more on value-added goods.

India and Russia expect the two-way trade to cross 4 20 billion by 2015 on the back of increasing economic engagement between the countries.

In 2011-12, the bilateral trade between the two countries stood at 4 6.40 billion.