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RIA Novosti

Russia

Russian PM looking to boost bilateral trade on India visit

10:05 16/03/2006

MOSCOW, March 16 (RIA Novosti) - Russia's prime minister starts a two-day official visit to India Thursday in a bid to increase bilateral trade, the governmental press service said.

A source said Mikhail Fradkov would meet with the Indian president and prime minister, as well as other key political and business figures.

"Political dialogue between our countries has been very intensive, whereas trade and economic contacts have lagged behind," the source said. "Bilateral trade has stalled at $3 billion in recent years, which is not enough."

In February 2006, Russia's economics minister and India's commerce and industry minister signed a memorandum targeting bilateral commodity turnover of $10bln by 2010. Indian Prime Minister Manmohan Singh subsequently upped this figure to $25bln by 2020 during his December visit to Moscow.

Russia is looking to diversify commodity turnover with India by replacing raw materials exports with high-tech projects. Fradkov is expected to discuss science and tech projects, including joint research centers, technology parks, and a telemedicine project.

Also expected to be on the agenda are a number of projects in the energy sphere, military tie-ups including aircraft sales, and plans for cooperation in space and other areas.

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RIA NovostiRussian PM looking to boost bilateral trade on India visit

10:05 16/03/2006 "Political dialogue between our countries has been very intensive, whereas trade and economic contacts have lagged behind," the source said. "Bilateral trade has stalled at $3 billion in recent years, which is not enough.">>

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