India to be partner country at Russian industrial trade fair
Updated: Jun 23, 2015 11:57:09am
New Delhi, June 23 (KNN) India will participate as the Partner Country in the Russian industrial trade fair ‘INNOPROM 2016’ to be held at Yekaterinburg.
This was conveyed by Minister of State (Independent Charge), Commerce & Industry, Nirmala Sitharaman to her counter-part Minister of Industry and Trade of Russian Federation, Denis Manturov at a recent bilateral meeting held at St Petersburg International and Economic Forum (SPIEF).
The minister held bilateral discussions with Chairman of the Eurasian Economic Union, with Viktor Khristenko; Minister of Industry and Trade, Denis Manturov and Member (Trade), Eurasian Economic Union, Andrey Slepnev at the interaction.
She signed a joint statement for establishment of a joint study group between India and the Eurasian Economic Union. The study group will submit its report within a year regarding the feasibility of an FTA between India and the Eurasian Economic Union namely Russian Federation, Kazakhstan and Belarus.
India is in the process of negotiation on International North-South Transport Corridor Project (INSTC) with Russia to promote bilateral trade. The project proposes greater movement across Nhava Sheva (Mumbai) through Bandar Abbas (Iran) to Astrakhan (Russia) and Baku (Azerbaijan).
Sitharaman highlighted the importance of this corridor to her counterpart during her bilateral discussions emphasizing the need for multinational access of Eurasian countries to this proposed route.
The issue of renewal of Bilateral Investment Promotion and Protection Agreement (BIPPA) between India and Russia was discussed during the bilateral interactions.
Both sides agreed to take all necessary steps to ensure that the target of bilateral investment of USD 15 billion each way by the year 2025 signed during the last Annual Summit is achieved.
The Minister informed the Russian side about the rationalization and liberalization of FDI Policy and steps taken for ‘Ease of Doing Business’ in India under the flagship programme “Make In India” launched by the Prime Minister Narendra Modi.
She emphasized that India was among the most open economies for making investment and that the recent initiatives offered huge opportunities for Russian investors in India. (KNN/ST)
This was conveyed by Minister of State (Independent Charge), Commerce & Industry, Nirmala Sitharaman to her counter-part Minister of Industry and Trade of Russian Federation, Denis Manturov at a recent bilateral meeting held at St Petersburg International and Economic Forum (SPIEF).
The minister held bilateral discussions with Chairman of the Eurasian Economic Union, with Viktor Khristenko; Minister of Industry and Trade, Denis Manturov and Member (Trade), Eurasian Economic Union, Andrey Slepnev at the interaction.
She signed a joint statement for establishment of a joint study group between India and the Eurasian Economic Union. The study group will submit its report within a year regarding the feasibility of an FTA between India and the Eurasian Economic Union namely Russian Federation, Kazakhstan and Belarus.
India is in the process of negotiation on International North-South Transport Corridor Project (INSTC) with Russia to promote bilateral trade. The project proposes greater movement across Nhava Sheva (Mumbai) through Bandar Abbas (Iran) to Astrakhan (Russia) and Baku (Azerbaijan).
Sitharaman highlighted the importance of this corridor to her counterpart during her bilateral discussions emphasizing the need for multinational access of Eurasian countries to this proposed route.
The issue of renewal of Bilateral Investment Promotion and Protection Agreement (BIPPA) between India and Russia was discussed during the bilateral interactions.
Both sides agreed to take all necessary steps to ensure that the target of bilateral investment of USD 15 billion each way by the year 2025 signed during the last Annual Summit is achieved.
The Minister informed the Russian side about the rationalization and liberalization of FDI Policy and steps taken for ‘Ease of Doing Business’ in India under the flagship programme “Make In India” launched by the Prime Minister Narendra Modi.
She emphasized that India was among the most open economies for making investment and that the recent initiatives offered huge opportunities for Russian investors in India. (KNN/ST)
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