The co-chairs of the Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation (IGC), Deputy Prime Minister- Minister of Industry and Trade of Russia Denis Manturov, and Foreign Minister of the Republic of India Subrahmanyam Jaishankar met with the two countries’ business representatives. The meeting was held as part of a business dialogue on the eve of the 24th meeting of the intergovernmental commission.
The business forum participants considered issues of further expanding Russian-Indian practical cooperation, including within the intergovernmental commission.
“The IGC is a unique mechanism for the comprehensive discussion of topical issues on the Russian-Indian agenda with the participation of the two countries’ relevant agencies and organisations. We talk not only about trade and economic relations, but also about humanitarian areas of interaction such as education and culture. Regarding trade and the economy, the activity of the IGC is aimed at creating favourable conditions for the interaction of Russian and Indian businesses as part of implementing joint projects. We are in constant dialogue with the business community,” Denis Manturov said.
Denis Manturov spoke about the measures adopted to strengthen the technological sovereignty of Russia. For example, our Indian colleagues and businesspeople learned about a new support measure: a cluster investment platform that can be used in joint projects. It provides preferential loans for the development and production of priority products, subsidies for the implementation of pilot production runs, and benefits for insurance premiums and income tax. At the same time, Denis Manturov noted there was no goal to replace everything completely. “We will interact with our reliable foreign partners; we will make every effort to expand our cooperation ties, exchange competencies and experience in the most promising technological areas,” he said.
At the same time, special focus is placed on issues of mutual access of products to the markets in our countries. Together with the Eurasian Economic Commission, it is planned to intensify talks with India to sign a free trade agreement. Additionally, the issue of signing a Russian-Indian agreement on the encouragement and mutual protection of investments is being developed. Trade preferences and mechanisms that guarantee secured investments will be in demand by both Russian and Indian businesspeople.
Shailesh Pathak, Secretary General of the Federation of Indian Chambers of Commerce and Industry (FICCI), and Sergei Cheremin, Moscow Government Minister, Head of the Moscow Department of Foreign Economic and International Relations, Chairman of the Business Council for Cooperation with India, also welcomed the participants of the business forum. Reports were given by REC General Director Veronika Nikishina, Transmashholding CEO Kirill Lipa, Deputy Chairman of the Board of Gazprombank Yelena Borisenko, Sberbank Senior Vice President Vladimir Sitnov and other business representatives from Russia and India.