Key Points

In his remarks at the India-Russia Business Forum in Moscow, EAM Jaishankar highlighted several key lessons, including the need to address concerns over dependence on a limited number of markets, reliance on narrow connectivity, and the costs of insufficient research into new opportunities, partnerships, and domains.

"Let me start with the big picture. In the last few years, we have experienced the impact of the Covid pandemic, of conflicts, of political and economic shifts, of new technologies, and also of trade volatility. Each was unique in itself, but together, they hold some common lessons. One is the importance of dependable and steady partners. Another is the value of shorter and more secure supply chains. A third is the concern about over-dependence on a limited number of markets," Jaishankar said.

"A fourth are the vulnerabilities of being over-exposed to a few suppliers. A fifth is the reliance on narrow connectivity and limited logistics. And perhaps most of all, the costs of insufficient researching for new opportunities, partnerships and domains. It is this range of concerns and challenges that our gathering seeks to address," he added.

Mentioning "a solid foundation of a time-tested relationship" between India and Russia, Jaishankar also highlighted the challenges for both countries to deepen cooperation.

"We are today at a moment when our partnership is simultaneously experiencing consolidation as well as exploring new domains and opportunities. At one level, there is a solid foundation of a time-tested relationship on which we now seek to build a more contemporary cooperation. But at another, there are profound changes in our respective economies, as well as the uncertainities created by the global environment. How to grow business and how to deepen cooperation are no longer simple propositions," Jaishankar said.

Jaishankar is on a three-day visit to Russia. The External Affairs Minister on Thursday co-chaired India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC).

He will also meet the Foreign Minister of the Russian Federation, Sergey Lavrov, and review the bilateral agenda and share perspectives on regional and global issues. The visit aims to further strengthen the longstanding and time-tested India-Russia Special and Privileged Strategic Partnership.

- ANI