Early this morning, the Chief Minister and the delegation left for the opening of exposition of country – Partner of “INNOPROM- 2016”.
Russian Trade and Industry Minister Mr. Denis Manturov inaugurated the AP pavilion on request of the Chief Minister Shri N. Chandrababu Naidu. This was not a part of the original schedule.
Chief Ministers of Maharashtra and Rajasthan, Mr. Devendra Fadnavis and Smt. Vasundhara Raje, along with the Union Minister of Commerce and Industry Smt. Nirmala Sitharaman were also present at the inauguration.
The Russian Minister went around the AP pavilion along with the other CM's.
Later the delegation participated in the Russia India Business Forum inauguration.
Mr. Denis Manturov in his speech thanked India for accepting to be this year’s partner in INNOPROM 2016.
Terming this relationship between India and Russia dynamic, the Minister said business partnership between the two countries has increased in areas like Metallurgy, pharma, aerospace etc.
He noted that INNOPROM will infuse new energy into the relationship between both the states and remarked that this will also go beyond the existing limitations in our business relationship.
He then appreciated the opening up of foreign direct investments which will pave the way for more industry to come including Russia.
We can increase the trade between our two countries he added.
“We hope India will have access to the markets of erasing economic union. We in Russia are developing various initiatives like Marine net, Tech net, and others. We should explore all possible areas of cooperation. INNOPROM is the best-suited platform for discussion and cooperation,” he concluded.
Following this Smt. Nirmala Sitharaman addressed the gathering.
In her speech, she said that India has a target of achieving 30 billion dollars by 2025.
She pointed to that fact that Russian investments need to be scaled up as their investment in India in only 3 billion whereas India’s investment in Russia are 8 billion.
Noting that number of areas needs to be thrown open for investments she remarked that many Indian companies are ready to invest in areas of pharma, transport and manufacturing.
“Recently state-owned oil companies’ consortium made forays into Russian energy sector. We need to develop a sustained momentum in our relationship,” she said.
In her concluding remarks, she invited Russia to participate in India Engineering Sourcing Exhibition to be held in March next year in Chennai.
First Vice President of Russian Railways Mr. Alexander Misharin in his speech emphasized that Indian railways and Russian railways need to learn from each other.