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PM Modi sets target of $80 bn of trade & investment with Russia by 2025

Updated: Dec 07, 2021 09:05:19am
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PM Modi sets target of $80 bn of trade & investment with Russia by 2025

New Delhi, 7 Dec (KNN) Prime Minister Narendra Modi welcomed Russian President Vladimir Putin yesterday at Hyderabad house in New Delhi for the inaugural meeting of the 21st India-Russia Annual Summit along with high level delegation.

This marks President Putin’s first visit to India since the covid-19 pandemic started, said the press release.

Prime Minister Narendra Modi said, the year 2021 is of prime importance for our bilateral relations in many ways. This year marks five decades of the 1971 Treaty of Peace, Friendship and Cooperation and two decades of our Strategic Partnership. It is my pleasure to be with you again in this special year because you have been the main driver of the remarkable progress our Strategic Partnership has made over the past 20 years.

He spoke about the emergence of geo-political equations and how India-Russia friendship has been a constant among all these variables.

“The regional partnership that began with the Eastern Economic Forum and the Vladivostok summit is today turning into a real cooperation between the Russian Far-East and the Indian states,” added PM Modi.

He further said, “We are also adopting a long-term vision to deepen our relationship the economic sector, and have set a target of USD 30 billion in trade and USD 50 billion in investment by 2025. It is important to guide our business communities to reach these goals.”

The bilateral talks between the two leaders were held in a warm and friendly atmosphere, and expressed satisfaction at the sustained progress in the ‘Special and Privileged Strategic Partnership’ between both countries despite the challenges posed by the Covid pandemic, said the press release.

Welcoming the holding of the first meeting of the 2+2 Dialogue of Foreign and Defence Ministers and the meeting of the Inter-Governmental Commission on Military & Military-Technical Cooperation, both leaders also underscored the need for greater economic cooperation and in this context, emphasized on new drivers of growth for long term predictable and sustained economic cooperation.

They appreciated the success story of mutual investments and looked forward to greater investments in each other’s countries. The role of connectivity through the International North-South Transport Corridor (INSTC) and the proposed Chennai - Vladivostok Eastern Maritime Corridor figured in the discussions, said the release.

Reflecting the multifaceted nature India-Russia bilateral partnership, the Joint Statement titled India-Russia: Partnership for Peace, Progress and Prosperity aptly covers the state and prospects of bilateral ties.

Coinciding with the visit, several Government-to-Government Agreements and MoUs, as well as those between commercial and other organizations of both countries, were signed in different sectors such as trade, energy, science & technology, intellectual property, outer space, geological exploration, cultural exchange, education, etc.

President Putin has extended an invitation to Prime Minister Modi to visit Russia for the 22nd India-Russia Annual Summit in 2022.

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