The Fourth India- Russia Forum on Trade & Investment was organized by the Ministry of Commerce & Industry and Ministry of Economic Development of the Russian Federation. Mr. Sergei Ivanov, Deputy Prime Minister of the Russian Federation, and Shri Anand Sharma, Minister of Commerce & Industry of India, participated in the meeting of the Forum. During the Forum, the following was agreed and a Protocol was signed by Shri R.P. Singh, Secretary, Department of Industrial Policy & Promotion, Ministry of Commerce and Industry and Mr. S.S. Voskresensky, Deputy Minister of Economic Development, Russian Federation.
1. Both sides expressed satisfaction at the growth of bilateral trade and investments while recognizing that the level of economic relations still remained modest compared to the sizes of the two economies and their potential. In this context, both Sides noted the positive contribution of the Forum in strengthening bilateral economic engagement through establishment of direct B2B contacts.
2. Both sides agreed that enhancement of bilateral investment and trade cooperation is one of the main ways to widen the ambit of and further strengthen the strategic partnership between India and Russia.
3. Both sides noted with satisfaction the signing during the Forum of agreements between Russian and Indian companies in different sectors.
4. Both sides also welcomed the decisions taken during the 16th session of the IRIGC-TEC held in New Delhi on 18 November 2010.
5. During the Forum, presentations on bilateral investment opportunities and prospects for cooperation in the IT sector as well as sectoral business round tables were organized. Salient points of the discussions are given below.
Chemicals and Fertilizers
6. Both sides recognized the complementarity between the resources in Russia and the growing demand for fertilizers in India. Both sides also agreed that they must pursue possibility of joint investment in the fertilizers sector in two countries as well as in other resource-rich countries with the possibility of buy-back arrangement. There are sufficient opportunities for the manufacture of nitrogenous fertilizers using natural gas feedstock from Russia. Steps should also be taken for setting up of the joint venture for mining of potash and phosphate and production of phosphatic fertilizers for consumption in India.
7. In line with this Forum's desire during its last Session, it was noted with satisfaction that an inter-governmental MoU was concluded on cooperation in the mineral, fertilizers sector during the visit of Russian Prime Minister to India in March 2010, and that fertilizer had become one of the largest items of trade between India and Russia.
8. Indian side proposed to the Russian business entities that they should leverage the conducive investment atmosphere in India and invest in the Indian chemical industry. Indian Government is setting up the Petroleum, Chemicals and Petro-Chemicals Investment Regions (PCPIR) in Vishakhapatnam, Dahej in Gujarat and Haldia in West Bengal. Russian companies may consider investing in these regions.
Pharmaceuticals and Life Sciences
9. Both sides expressed satisfaction over the progress made in cooperation in the pharmaceutical sector, called for investment in the joint ventures in two countries and agreed that there exists huge potential for participation by Indian companies in the Pharma 2020 program of the Government of the Russian Federation.
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