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Over 130 Indian companies come to the Far East with a business mission

Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yuri Trutnev took part in the events of the Indian business mission, which arrived in Vladivostok led by the Minister of Trade and Industry of the Republic of India Piyush Goyal. 

The delegation included the heads of four Indian states - Chief Minister of the State of Haryana Lal Hattar Manohar, Chief Minister of the State of Gujarat Rupani Vijay, Chief Minister of the State of Uttar Pradesh Yogi Adityanath, Chief Minister of the State of Goa Sawant Pramod, Ambassador Extraordinary and Plenipotentiary of the Republic of India to the Russian Federation D .B. Varma Venkatesh, representatives of state bodies of the Republic of India and more than 130 companies. The composition of the Russian side was no less representative. The delegation was attended by the Minister of the Russian Federation for the Development of the Far East and the Arctic, Alexander Kozlov, the heads of the Far Eastern regions, representatives of federal government bodies, more than 120 companies. 

“Russia has always and always respects India, its culture, traditions, and art. At the same time, the volume of trade economic ties is still modest. We have the hope that today's visit of the delegation can open a new page in relations, ”he said. 

In the Far East, a system of preferences has been created with the lowest level of taxation in the Asia-Pacific region. In the Far Eastern Federal District, 20 priority development areas (TOR) have been created; in several regions, the Vladivostok Free Port (SPV) regime operates. Investors receive assistance in the construction of infrastructure, reduced administrative barriers. Electricity tariffs were reduced, an electronic visa mechanism was introduced to enter the regions of the Far Eastern Federal District. With the help of TOR and SPV, the implementation of more than 1,780 investment projects worth over 60 billion US dollars has begun. 33% of foreign direct investment received in the Russian Federation since 2014 came to the Far East. 

“We are waiting for the visit of the Prime Minister of India Narendra Modi to the WEF. I am sure that the contacts of the leaders of our countries will improve the overall investment climate and create confidence among businessmen in the safety of investments. As a result of the negotiations, interest in cooperation in the field of energy, agriculture, logging, infrastructure, high technology and IT-sphere arose. I am sure that regular contacts between business representatives and heads of regions of our countries will allow us to move on to specific projects in these sectors and find new ones, ”said Yuri Trutnev. 

In turn, Piyush Goyal said that "the largest delegation that India has ever sent to another country" arrived in the Far East.

“This reflects the importance of Russian-Indian cooperation for us. Our visit shows the consistent interest of India in the Far East at the level of our government and regions. We attach great importance to the development of trade and investment cooperation. We have a common goal - to reach $ 30 billion in bilateral trade. We also plan to increase India’s investment in Russia, ”he said, explaining that, based on the results of past industry sessions, promising areas of cooperation in the Far East were identified: agricultural production, development of the Northern Sea Route, development of oil and gas deposits, coal and other minerals , forestry, diamond manufacturing and other sectors of the economy. 

The First Deputy Minister of the Russian Federation for the Development of the Far East and the Arctic Sergey Tyrtsev noted that individual interaction is built with each Far Eastern investor, special development institutions of the Far Eastern Federal District are working - the Far East Development Corporation, the Human Development Agency, the Far East Agency for attracting investments and export support, Development Fund of the Far East.

Following the plenary meeting, the heads of the Far Eastern regions and Indian states signed memorandums of understanding. The Republic of Buryatia and the state of Maharashtra are planning cooperation in the field of engineering and tourism. The Trans-Baikal Territory and the state of Uttar Pradesh have agreed on cooperation in the field of agriculture and the food industry.

“I hope that the memorandum of cooperation that we signed with the Trans-Baikal Territory will help the development of the Far East. We will make every effort to develop our relationship, ”said Head of State Yoga Adityanath.

Kamchatka Territory and Goa state plan to cooperate in the field of coal industry and tourism. Sakhalin Oblast and the state of Haryana have outlined the prospects for cooperation in the oil and gas industry.

“The state makes a great contribution to the Indian economy in the manufacturing and services sectors. We produce 60% of cars in India. The textile industry and pharmaceuticals are developed. We plan to cooperate in various industries, ”commented Lal Hattar Manohar, Chief Minister of the State.

The Republic of Sakha (Yakutia) and the state of Gujarat intend to discuss the implementation of projects in the diamond industry. The chief minister of the state of Rupani Vijay expressed hope that "it will be possible to increase cooperation in such areas as mining, engineering and the woodworking industry." 

An agreement was signed on the cross-opening of representative offices, the Yoga Center and the Center for the Study of the Russian Language and Culture. A.S. Pushkin. Another agreement of understanding was concluded between the Far Eastern Federal University and Amity University in order to strengthen relations between universities and promote academic and cultural exchange in the field of education, research and other areas.

Closed meetings in the B2B format will be held as part of the business mission, where investors will discuss in more detail aspects of cooperation and the possibility of implementing joint projects in the Far East.



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