HIGHLIGHTS OF INDIA-RUSSIA BILATERAL SUMMIT 2018 – ECONOMIC AND INFRASTRUCTURE ASPECTS
The Prime Minister of India, Mr. Narendra Modi and the President of the Russian Federation, Mr. Vladimir V. Putin met for the 19th edition of the Annual Bilateral Summit held on 04.10.2018 to 05.10.2018 in New Delhi.
In order to strengthen the partnership between India and Russia, there were discussions about cooperation between the two countries across various sectors including economy and infrastructure. Following are the highlights of the discussions in the Summit regarding economic and infrastructure aspects:
Appreciated the work done by Invest India, the national investment promotion and facilitation Agency, to facilitate Russian investors to make investments in India, and the planned launch of a Single Window Service by the Ministry of Economic Development of the Russian Federation to facilitate investments and operations of Indian companies in Russia.
Implementation of investment projects in sectors of mining, metallurgy, power, oil and gas, railways, pharmaceuticals, information technology, chemicals, infrastructure, automobile, aviation, space, etc.
Memorandum of Understanding executed between National Small Industries Corporation of India, set up by the Indian Government to promote the growth of micro, small and medium enterprises in India, and the Russian Small and Medium Business Corporation.
Indian Government invited Russian companies to participate in the development of industrial corridors and infrastructure in India including roadways and railways, smart cities, creation of a joint transportation logistics company, etc. Russia expressed interest in railway speed raising projects.
Proposal of trilateral meeting between India, Russia and Iran for development of transport corridors between India and Russia through Iran.
Facilitate interaction between importers and exporters from India and Russia during trade exhibitions and fairs, etc.
Simplification of customs operations during import and export of goods between India and Russia through proposed launch of Green Corridor Project.
Organize regional delegations in major events Saint Petersburg International Economic Forum, Eastern Economic Forum and Partnership/Investment Summits, India-Russia Interregional Forum, etc, in order to encourage direct cooperation between business, entrepreneurs and governmental bodies in India and Russia.
Joint projects for effective use of affordable environment friendly utilization of natural resources and renewable energy sources available in India and Russia to reduce the negative effects of climate change.
Eliminate trade barriers, cooperate for greater production and trade in agricultural products in India and Russia.
Joint collaboration in investments, production, etc of precious metals, minerals, natural resources and forest produce, etc.
Cooperation in the field of information technology, internet of things, electronics system design and manufacturing, software development, supercomputing, etc.
Both countries have welcomed this partnership for strengthening an open, transparent and non-discriminatory multilateral trade system between the two countries across a whole range of sectors.
Senior Legal Associate
The Indian Lawyer
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