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India-Russia Trade and Investment Forum meets

Posted on Oct 15, 10:42PM | IANS

The sixth meeting of the India-Russia Trade and Investment Forum was held here Monday with officials reaching a broad understanding on strategic sectors of both countries.

The forum was co-chaired by India's Commerce Minister Anand Sharma and Russian Deputy Prime Minister Dmitry Rogozin, who is here on an official visit.

"Senior officials (of both countries) have met and deliberated in a focused manner on identified areas of cooperation ranging from innovation, advanced technology, modernisation, cooperation in industry and IT as also on stability of the trade and opportunities for investment," the Indian commerce minister said at the end of the forum meeting.

"The official meeting reached a broad understanding on the strategic sectors of the two countries," said Sharma.

The Russian deputy prime minister called for cooperation between India and Russia in high technology and ensuring that small businesses are also able to do business.

Rogozin said the India-Russia bilateral trade is expected to touch USD 10 billion by the end of this year and double to USD 20 billion by 2015.

Underlining the importance of the forum, Sharma said: "The meeting of the leaders of business and the public sector companies of both countries is a process that helps to ensure that set goals are realised, but also the consolidation of partnership that is strategic in nature."

An MOU was also signed on the occasion between two private companies from India and Russia.