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25 Oct, 2023 08:59

Russian firms weigh up India’s industrial zones – ministry

Transport and logistics centers in the South Asian country are seen as a priority to increase trade
Russian firms weigh up India’s industrial zones – ministry

Moscow is considering the idea of localizing companies in industrial zones in India, the Russian Ministry of Industry and Trade said on Wednesday.

According to the ministry, vigorous efforts are currently underway to develop major transport and logistics corridors between Russia and India to increase supplies of Russian goods to export markets of friendly countries.

“The issue of localizing Russian companies on the territory of industrial zones in India is being considered, which affects the need to develop logistics routes and create the required infrastructure in the form of logistics centers,” the ministry press office said, as cited by RIA Novosti.

“In this regard, under the current geopolitical conditions, the creation of a transport and logistics center in India is seen as a priority for the subsequent increase in Russian exports and deepening trade and economic ties.”

The nations are cooperating within the framework of the International Transport Corridor (ITC) ‘North-South’ while the development of the eastern branch of the corridor continues.

Russian Railways Logistics, a subsidiary of the country’s state-owned rail corporation, has already begun transporting full-fledged container trains from Russia to India via the eastern branch of the North-South land corridor that uses transportation infrastructure in Russia, Kazakhstan, Turkmenistan, Iran, and India.

Last month, Russia’s Fesco Transport Group said that it was considering creating a logistic hub in India along with a transport and logistics center in Africa.

For more stories on economy & finance visit RT's business section

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