Expect bilateral trade between India-Russia to reach USD 50 billion: Russian minister Sergey Cheryomin

INTERNATIONAL DESK: Head of the Department for External Economic and International Relations of Moscow Sergey Cheryomin on Wednesday expressed his expectation regarding the trade between India and Russia and said that it is expected to reach USD 50 billion or more.

“Would expect that bilateral trade will be on the level of USD 50 billion, maybe even more and I think for that we have all the perspective,” Cheryomin told ANI on his expectation for India-Russia bilateral trade.

He also urged India-Russia banks should be more active in establishing a relationship with each other stating, “we’ve to promote trades in rupees and rubbles as it creates a more stable platform for our companies.

Head of the Department for External Economic and International Relations of Moscow touched upon that there is a good prospects in cooperation between the Russian payment system Mir and the Indian payment system RuPay where both platforms can be used especially to boost tourism between countries.

Cheryomin in his panel session also pitched that Russia is well-known in aerospace industry and has good relations with India in this sector.

Russian minister Cheryomin was speaking at the Russia-India Business Forum here in the national capital.

The goal of this forum is to unite business leaders, entrepreneurs, government officials, and media representatives from Russia and India to explore opportunities for technological alliances in IT, cybersecurity, industry and manufacturing, smart cities, transport and logistics, and healthcare sectors. This event will also serve as a platform for Russian companies to enter new markets in India and pave the way for Indian companies to do business with Russia. (ANI)