MOSCOW, September 3 (RIA Novosti) - Bilateral trade between Russia and India will hit $10 billion in 2010, Indian President Pratibha Patil said on Thursday.
Russia and India are setting the goal of reaching bilateral trade worth $10 billion in 2010 and we will achieve this goal despite the global financial crisis, Patil said during talks with Russian President Dmitry Medvedev in the Kremlin.
The Indian president said, however, that both countries should not be content with this figure.
The Russian economy is rich in mineral, energy and labor resources while India has a potential of over 1 billion consumers, Patil said.
India and Russia enjoy close bilateral ties, particularly in the areas of defense, nuclear energy and space industry. The two countries have completed the design of an unmanned lunar orbiter due to be sent to the Moon in 2011-2012.
According to Russian data, since 2005 the volume of trade between the two countries has grown by 30% annually. In 2008, the $7 billion mark was reached. Despite the economic crisis, in the first six months of 2009 trade increased by almost 18% against the same period last year. Machine building accounts for 49% of Russian exports to India.
Russia is also due to build an additional four reactors for the Kudankulam nuclear power plant in India under a deal signed in 2008.
At the recent MAKS-2009 air show in Moscow, Russia's state arms exporter, Rosoboronexport, and India's Hindustan Aeronautics Ltd. (HAL) signed a contract for 26 RD-33 series 3 engines.
In August, India's defense industry handed over to the country's armed forces the first ten T-90 Bhishma main battle tanks assembled in India under a Russian license.
