Putin effect: Russian Export Centre office opens in India

Putin effect: Russian Export Centre office opens in India

Agency News

Gurgaon, Oct 4: Ahead of President Vladimir Putin's official visit to New Delhi on Thursday for the 19th annual bilateral summit with India, the Russian Export Centre opened its representative office here.

The REC is a state institution of non-resource export support, which provides Russian exporters within wide range of financial and non-financial products.

The group supported 194 companies in 2017 supplying products to the Indian market with an export volume of 260 million dollars. The products of the timber industry and the metal processing industry and civil engineering received the largest amount of support with 56 per cent and 32 per cent respectively. As of the end of July 2018, the trade turnover exceeded 6 billion dollars, which is 20 per cent more as compared to the same period of the last year.

General Director of the Russian Export Centre Andrey Slepnev said, "In the first half of 2018, we saw positive dynamics in the commodity circulation. The growth was specifically due to the Russian export: for the last year export grew by 43 per cent , while import grew by 6.43 per cent."

"I'm assured that the REC in India will further aid in the development of trade and economic relations between the countries and establishment of partnership relations with potential importers", he added.

REC is also planned to engage modern tools to promote domestic products. The Ministry of Industry and Trade of Russia with the REC are implementing export support mechanisms, including issuing preferential loans to foreign buyers of Russian high-tech products, and other mechanisms.

The business mission will reinforce bilateral relations within the business community and between both nations' regions, discussing problems of interaction between business community players and developing roadmaps for further cooperation between Russian and Indian companies.

The mission will also help grow cooperation in a broad range of areas with major Indian organisations responsible for stimulating trade and attracting investments into the Indian economy.

The business event was also graced by Denis Manturov, Minister of Industry and Trade of Russia, representatives of the All-Russia Public Organisation "Business Russia", REC, Federation of Indian Chambers of Industry and Commerce, Business Council for Cooperation with India, representatives of the Russian Embassy and Trade Representation of Russia in the Republic of India, Confederation of Indian Industry and Indian Association of Tour Operators.

After the official opening ceremony of the business mission, the panel discussed 'Business in India: Opportunities and Prospects for Trade and Economic Relations.'

In addition to the panel discussion, participants of the business mission welcomed at thematic and sectoral roundtables, B2B meetings of Russian companies with potential contractors and representatives of associations and government authorities of India.

The 'Exchange of Knowledge in Tourism between Russia and India' roundtable discussed top priority tourist routes from India to Russia and ways to increase mutual tourist flow between the two countries, preferred destinations and criteria for selecting target regions including Crimea, Baikal, Volga region, and the Golden Ring.

Representatives of "Sberbank India", "Technonicol", and "Automatica C" shared their successful stories of entering the Indian market and talked about business specifics in the country. (UNI)