India-Russia target $20 bln trade by 2015

Union Industries Minister Anand Sharma here on Monday said that attaining a target of USD 20 billion annual trade between India and Russia by 2015 was attainable if all stakeholders put in their best efforts.

Sharma said that there is a need to expand the trade basket to include value added items in areas of applied technologies, information technology, telecommunications, automobile components, gems and jewellery and energy.

There are ample opportunities for investment in two countries and both sides have to exploit in our mutual benefit, he added.

Speaking on the sidelines of the 4th India-Russia Forum on Trade and Investments, the minister called for public initiatives to achieve the goal.

“While the political responsibility for expanding ties with other countries is the primary task of governments, business to business relations have become a critical element,” he said.

Sharma stated that Indian and Russian economies have natural areas of synergy and India is ready to share its experience and expertise in setting up Information Technology parks.

?We need to focus the possibilities of cooperation in the IT sector as the scope is immense. Now it is up to the business communities to seize the initiative?, he added.

Regarding infrastructure, Sharma underlined that India?s quest for new facilities in power, transportation, urban development, communication, etc has truly taken off. In the next seven years, India will be spending USD 1.7 trillion to meet its infrastructure requirements.

?Both countries should make available to each other the investment regulations and ways of doing business. At the same time, I would urge industry associations to increase their presence in each other?s countries,” Sharma said.