Russia is willing to share high-end technology and expand industrial cooperation with India to help develop its industries, the deputy minister of industry and trade, Roman Chekushov, has said.
”We are ready to share our technologies with them,” Chekushov said on the sidelines of the Eastern Economic Forum in Vladivostok on Thursday. He added that India has been seeking technologies from Russia as the two countries move beyond their robust trade relationship.
Chekushov said some Russian companies, mostly in the transportation and chemical sectors, already have production facilities in India. Calling this the initial stage, he said more Russian companies are exploring production in India and expanding in the Indian market. The initiative will also be in line with the Make-in-India policies promoted by Indian Prime Minister Narendra Modi as he seeks to boost economic growth and jobs in the world’s most populous nation.
The INNOPROM. India trade fair will open in New Delhi next week just ahead of the 18th BRICS Summit. The organizers say the event will showcase advanced technologies and explore cooperation across sectors ranging from aviation to AI.
Russian aviation, technology, energy, and industrial heavyweights are attending, along with several big Indian companies.
India has long been a major buyer of Russian military hardware, a relationship that deepened after India and Pakistan clashed last year following a terrorist attack in Kashmir that killed 26 civilians. India is now the second largest buyer of Russian oil after it stepped up purchases following the Middle East conflict which disrupted energy supplies from the Persian Gulf states.
India is also keen on the Northern Sea Route, which Russia is developing as a shorter, more competitive trade route to northern Europe via the Arctic ocean and its Far East.
The two countries have set a bilateral trade target of $100 billion to be reached by 2030.