(MENAFN- Khaleej Times)

Russian President Vladimir Putin's visit to India has drawn strong attention from industry leaders, who believe the trip could mark a new chapter in trade relations between the two nations. Industry experts say the discussions are focused on boosting bilateral trade, balancing imports and exports and identifying new areas of cooperation in technology and industry.

Ajay Sahai, Director General and CEO of the Federation of Indian Export Organisations (FIEO), said India's trade with Russia remains uneven but is showing signs of improvement. "If we look at India's trade, last year we imported approximately $63 billion from Russia. Our exports are $5 billion. As the minister said, this trade is slightly skewed, so we need to balance it and diversify it," he said, while speaking to ANI. Sahai added that efforts are now being made to introduce new sectors to strengthen India's export base and reduce dependence on a few key commodities.

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He pointed out that India's exports to Russia, which had dropped to nearly $2 billion during the Ukraine conflict, have now risen to about $5 billion. "Diversifying will require us to introduce new sectors and increase our exports to existing sectors... New emerging segments such as digital payments, fintech integration and hospitality... will also emerge, helping us expand trade and diversify trade," he explained. According to him, the large Indian delegation visiting Russia has its eyes set on increasing Indian exports while exploring possibilities in new-age industries.

Meanwhile, Russian industry representatives see India as an attractive and growing market. Stanislav Kislov, CEO of the Science-and-Production Centre Mineral Coating Technologies LLC, said he is hopeful about business cooperation between the two countries. "I am very glad to visit India. We have very interesting technology and industrial potential for India. We have worked in Russia for 20 years, and now we are beginning to enter the Indian market. To my mind, it's a very interesting market because India gives very good potential growth," Kislov said, speaking to ANI.

Russian President's state visit to India is the first time since the Ukraine conflict began in 2022. The last time he visited the country was in December 2021.

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