Russia, India plan on cooperating on six fresh strategic projects

(MENAFN) India and Russia have agreed to collaborate on six new strategic projects aimed at strengthening their bilateral investment ties, according to a statement from India’s Ministry of Commerce and Industry. While the specific sectors for these projects were not disclosed, the two nations emphasized their commitment to enhancing economic relations and expanding cooperation across various industries.

The agreement was reached during a meeting of the India-Russia Working Group on Priority Investment Projects, part of the broader India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation. The announcement comes amid the global trade challenges posed by US President Donald Trump’s tariff policies.

India and Russia are targeting a significant increase in bilateral trade, aiming to reach $100 billion in the next five years, as agreed by Russian President Vladimir Putin and Indian Prime Minister Narendra Modi in July 2024. Russian International Affairs Council Director-General Ivan Timofeev highlighted the significant growth in trade, with energy being a major driver alongside cooperation in nuclear energy, military-technical sectors, and food security.

In the past, India-Russia collaboration has largely focused on energy, defense, and nuclear power. However, both countries are now exploring new avenues, including trade, technology, agriculture, pharmaceuticals, connectivity, and regional economic initiatives, according to Indian Foreign Minister S. Jaishankar.

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