India-Russia Forum: How $100 Billion Trade Target Aims to Reset Economic Ties

The Forum will explore various areas of Russian-Indian cooperation, including expanding Indian engineering products in Russia, increasing Russia’s purchases of Indian food products, pharmaceutical goods and collaboration in digital services as the two countries eye a $100 billion bilateral trade target by 2030.

Highlighting strong bilateral ties, Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office of Russia, noted that Indian culture and national brands are widely recognised and appreciated in Russia.

"This Forum aims to boost the entry of Indian goods into the Russian market, helping to offset the current imbalance in mutual trade," he added.

The key event of the Forum will be its plenary session dedicated to exploring the potential of mutual trade and the opportunities for Indian suppliers to expand their access to the Russian market, according to a statement by the Russian Embassy.

Anton Kobyakov, Advisor to the President of Russia, said that India is one of Russia’s key partners, with mutual trade having grown nearly sevenfold over the past five years. By the end of 2024, India ranked second among Russia’s trading partners, reflecting a strengthened strategic partnership and diversified trade, including higher supplies of agricultural products and energy resources.

"The Indian market is large, rapidly growing, and strategically important for our country. The Forum will send a clear signal that Russia is ready to purchase Indian goods and services,” Kobyakov said.

The agenda for strengthening Russia-India cooperation in pharmaceuticals and healthcare is inherently strategic, reflecting a shared commitment to advancing resilient, innovation-driven healthcare ecosystems. Key priorities for mutually beneficial Russian-Indian cooperation include expanding supplies of Indian medicines and medical devices to the Russian market, localizing the production of Indian companies in Russia, and joint establishment of state-of-the-art pharmaceutical and MedTech manufacturing complexes.

The forum will also discuss the role of banking institutions in fostering cooperation. A reliable and sustainable financial infrastructure is the foundation for growing business ties between Russia and India,said Andrey Kostin, president and chairman of the Moscow-headquartered VTB Bank.

As India and Russia expand their engagement in emerging technologies, both countries bring complementary experience and long-standing strengths that support the development of sovereign digital capabilities. India has developed notable competencies in digital public infrastructure, scalable software systems, and applied AI solutions, while Russia has deep experience in scientific research, secure communication technologies, and advanced computing.

Together, these foundations offer meaningful opportunities for co-development, a senior commerce ministry official said.

- IANS