Indo Russian mega meet hopes to establish $50 billion trade target

By siliconindia  |  Thursday, 23 March 2023, 02:55:23 PM IST

Indo Russian mega meet hopes to establish $50 billion trade target
India and Russia will organise a mega business meeting here next week amid plans to push bilateral trade to $50 billion this year, from a record $31 billion in 2022 following a sharp rise in energy and fertilizer imports by India.
The 'Russia India Business Forum: Strategic Partnership for Development and Growth' will take place as part of the St. Petersburg International Economic Forum.
The main focus of the forum will be IT, cybersecurity, technological sovereignty, smart cities, transport and logistics, healthcare and pharmaceuticals, officials said, adding that the focal point of the forum will be a plenary session on 'Technological Alliances in the Greater Eurasia'.
The trade target for 2025 was prior fixed at $30 billion. But the estimate was surpassed in 2022 due to India's oil imports from Russia, and there are expectations that the figure will touch $50 billion in 2023. 
"The Russia India cooperation format is one of the drivers of region wide efforts to enhance the architecture of inter state relations in the Asia Pacific Region. The forum is designed to strengthen business ties between the Russian and Indian business communities, to assist Russian businesses entering the Indian market," said a statement by Anton Kobyakov, adviser to the Russian President.

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