India, Russia look at $10 billion trade by 2010
FIEO organized India Expo-2007 at Expocentr, Moscow from 12th to 15th March 2007. More than 78 delegates from 38 leading Indian companies were led to the show by Dr. R K Dhawan, Chairman (NR), FIEO.
The exhibits focused products ranging from traditional to non-traditional goods and services. The items displayed at the Expo included carpets, pharmaceuticals & drugs, agro products, processed fruits, tea, coffee, herbal products, utensils, cotton durries/rugs, coir products, tobacco, auto parts, watch, garments, textiles, fabrics, ceramic products, leather and leather products, plastic products, industrial pipes & fittings, healthcare products, synthetic flavoring essence, detergents, electronic products, guar gum etc.
During the Expo, some of the companies received enquiries for guar gum, home furnishing, cigarettes, cigars, bicycle tyres, carpet, juice, rice, pigments, cashew, castor oil, spices, cotton, rubber, jute, coir, scarves, automobile spare parts, watches, granite tiles, flavours, fragrance, hospital equipments, pashmina shawls, silk carpets, stoles, jackets, hand-embroidery items, furnishing fabrics. Confirmed business orders were received for auto parts, guar gum, shawls, silk jackets with embroidery and stoles. Carpets, leather products and other fashionable items were sold by the exhibitors also on the spot.
FIEO displayed catalogues of some of the Councils and exporters at FIEO’s Information Booth during the Expo.
|
|
| Mr Kanwal Sibal, Indian Ambassador to Russian Federation inaugurating India Expo 2007. Others from right are, Dr R.K.Dhawan, Chairman (NR), FIEO; Mr Satbir Singh, Minister Economic, Indian Mission in Russian Federation and Mr Ajay Sahai, Director General, FIEO. |
Indian Ambassador to Russia Mr. Kanwal Sibal has said that the recent visit of the Russian President Vladimir Putin to India has stimulated the tempo of trade between the two countries which have together set to work for a bilateral trade target of US$ 10 billion by 2010. Inaugurating India Expo-2007 organised by FIEO at Expocentr, Moscow from 12th to 15th March 2007, Mr. Sibal informed that at the instance of the Indian Prime Minister, a high-level Joint Study Group (JSG) had been set up between the two governments for suggesting ways to achieve this target and the report of the study group was expected soon. The current bilateral trade between the two countries stands at US$ 4 billion.
 |
|
Dr R.K.Dhawan, Chairman(NR), FIEO (left) with H.E Mr Vyacheslav I Trubnikov, Ambassador of the Russian Federation in New Delhi before the departure of the delegation to Moscow. |
Mr. Sibal further informed that the Indo-Russian Forum on Trade & Investment (IRFTI) under the co-chairmanship of Commerce & Industry Minister of India and the Russian Minister of Economic Development & Trade was set up in March 2006 with the objective of bringing businessmen of the two countries together on regular basis and forging public-private partnerships with focus on investment. He said that the recent visit of a high-powered Russian delegation consisting of 228 Russian businessmen led by Mr. Putin to India in February 2007 has resulted in signing of a number of trade and economic cooperation agreements between the two countries. About the Forum, Mr. Sibal informed that it was concentrating on six areas - energy and energy resources including oil, gas, nuclear and non-conventional energy; transport and infrastructure; high-tech driven innovations; ferrous and non-ferrous metallurgy and mining; services such as banking, insurance, ITES, education and tourism; and consumer and agricultural goods and technologies.
|
'FIEO has submitted a proposal to the Commerce Ministry to consider opening of Warehouse in Kotka on the Finnish border with Russia. The Warehouse is proposed to facilitate Indian exporters offer goods "off-the-shelf" to Russian importers. Kotka is a favoured port for Russia-bound Indian exports and the cost of transportation via this port is projected to be less than that of sending goods via St. Petersburg.' |
 |
|
On the dais at the inaugural ceremony Dr R.K.Dhawan, (3rd from right) addressing the session. On his left are Mr Kanwal Sibal, Mr. Anatoly Soboleva, Dy. Director General of Expocentr;and Mr Ajay Sahai. At extreme left is Mr. Satbir Singh. |
|
Indian Ambassador also informed that both sides were continuing to emphasize expanding cooperation between banking and financial institutions of the two countries and the opening of banks on each other’s territory. He further informed that India-Russia Technology Centre was planned to be set up in Moscow this year to facilitate commercial and industrial applications of jointly developed technologies which would be a new direction for cooperation in the field of Science & Technology. Mr. Sibal added that he had asked his mission to compile a booklet on custom procedures in Russia which might help Indian exporters know about Russian custom laws. Speaking on the occasion, the Northern Region Chairman of FIEO, Dr. R. K. Dhawan informed that both India and Russia had comfortable foreign exchange reserves and both of them were heading towards high economic growth. He, however, added that in order to achieve 10 billion target, both India and Russia had to concentrate on further improving infrastructure facilities, expanding cooperation between banking and financial institutions, opening of more banks, relaxing of visa rules, refund of VAT, viable and shorter trade route i.e. North-South Corridor, transparency and reducing customs duties by the Russian side etc. Dr. Dhawan further said that the proposed reduction in import duty on raw material and intermediates under Indian Budget would also help achieve the set target. Referring to the impressive growth of the Russian economy in the recent past, Dr. Dhawan said today Russia has a 6% plus growth rate and has the third largest foreign currency and gold reserves in the world and its credit rating on investment has gone substantially up. He exhorted Indian exporters to exploit the opportunities of expanding Russian economy. Mr. Anatoly Soboleva, Deputy Director General of Expocentr said that India Expo would intensify the development of Russian-Indian business and economic relations and would give the participants a real opportunity to come into direct contacts with Russian buyers. While summing up the inauguration ceremony, FIEO Director General Mr. Ajay Sahai said India and Russia could collaborate in a number of sectors, particularly in energy & energy resources, oil extraction, IT and IT-enabled services, auto parts, banking, education, tourism, bio-technology, pharmaceuticals etc. He said the new initiatives like setting up of Joint Study Group and bilateral Trade and Investment Forum would bridge the information gaps between the two sides and would strengthen trade and economic cooperation between them. He, however, added that simplifications of visa formalities and procedures by the two countries were necessary to facilitate easier travel for businessmen from both the countries. Together with Dr. Dhawan, Mr. Sahai called on Ms. Irina U. Rumyantseva, Director of Moscow Chamber of Commerce & Industry on 13th March 2007. Dr. Dhawan floated the idea of providing free space on reciprocal basis to businessmen of both countries while participating in various exhibitions organized by the two sides. It was agreed between them that both FIEO and the Chamber would facilitate members from each other’s organizations to exchange economic and trade information. They also explored singing a Memorandum of Understanding (MOU) to provide free space and other hospitalities to business delegations from each other country. On 14th March, Dr. R K Dhawan alongwith FIEO Director Mr. Sunil Agnihotri called on Ms. Dina V Krylova and Mr. Konstantin P Petrakov of Association of Business Organisations of Russia. Both the organizations agreed to exchange trade and economic information on each other’s countries. FIEO presented a draft copy of MoU in this regard to Ms. Krylova. On 15th March, FIEO Chairman called on Mr. Georgy G Petrov and Mr. Igor A Korotin of Chamber of Commerce & Industry of the Russian Federation, one of the largest Chambers in Russia with more than 73 regional Chambers/Associations as its members, and handed over to them the draft copy of the MoU. |
 |
|
Inaugural ceremony at India Expo. Sitting on the first row, are Mr Divyabh Manchanda, Deputy Chief of Indian Mission in Russian Federation (3 rd from right). On his right are Mr Abhay Kumar, Second Secretary and Mr Sunil Agnihotri, Director, FIEO, along with media persons and other participants. |
|
 |
|
|
Mr. Georgy G Petrov, Vice President Chamber of Commerce & Industry of the Russian Federation welcoming Dr. R.K. Dhawan. At centre is Mr Igor A Korotin, Director of the Chamber of Commerce & Industry of the Russian Federation. |
|
 |
|
|
Dr R.K.Dhawan meeting Ms Dina V Krylova, Chief Executive and Mr Konstantin P.Petrakov, Chief of Association of Business Organisation of Russia.On Dr. Dhawan right is Mr. Sunil Agnihotri. |
|
 |
|
 |
|
 |
|
 |
|
|
Catalogues and Samples at FIEO Stall.
|
|
