Intensification of Cooperation between Russia and India Discussed at EEF 2018

September 11, 2018

The development of Russian–Indian cooperation was discussed during a meeting between Yury Trutnev, Deputy Prime Minister of the Russian Federation, Presidential Plenipotentiary Envoy to the Far Eastern Federal District, and Suresh Prabhu, Minister of Commerce and Industry of the Republic of India. The event took place on 11 September at the 4th Eastern Economic Forum in Vladivostok.

During the meeting, issues of cooperation in timber industry, gold mining, diamond mining and cutting, and supplies of clean drinking water were discussed. As a result of the discussion, the parties agreed to work out new joint investment projects for these sectors. A proposal was also made to consider the possibility of setting up a Russian–Indian working group to promote working in the Far East and holding a meeting between Yury Trutnev and representatives of Indian business.

According to the results of 2017, the volume of foreign trade between the Russian Far East and India reached USD 766.3 million. For the period from January to June 2018, this figure equalled USD 440.5 million, which is 2.9% more compared to the same period last year.

Currently, several projects involving Indian capital are being implemented under the new development mechanisms in the Far Eastern Federal District.

In particular, Tata Power, an Indian energy company, won an auction for the right to use the Krutogorovsky coal deposit, and is ready to invest about USD 600 million in its development.

KGK company, the largest producer of gemstones and jewellery, operates in the Free Port of Vladivostok. The volume of investments in the project is estimated at 2.8 billion roubles, and the current capacity of the factory is about 3,000 carats of rough diamonds a month.