India wants to increase cooperation with Russia in the face of Western sanctions
India is seeking to increase economic cooperation with Russia in the face of Western sanctions. This was stated by the Trade Representative of the Russian Federation in India Yaroslav Tarasyuk.
“In India they want to take advantage of Western sanctions against Russia to increase cooperation. And on our part, if earlier some projects with Indian participation were postponed, now they are increasingly looking at Indian investors. Indian companies annually invest about $30 billion dollars abroad, and in a variety of areas - not only in mining, but also in metallurgy, the production of cars, auto components, and pharmaceuticals. Part of this resource can be attracted to Russia, especially in the implementation of regional projects,” he said.
The Irkutsk region is ready to expand cooperation with India, the governor of the region, Sergei Levchenko, has already stated.
As part of the St. Petersburg International Economic Forum PEF-2018 and the “Russia – India” section, a memorandum was signed between the Business Council for Cooperation with India and the government of the Irkutsk region.
The Irkutsk region has long-standing and developed relations with India; last year, foreign trade turnover amounted to $117,7 million.
Levchenko stated his intention to develop cooperation with India, especially in the scientific, technical and pharmaceutical fields. Projects are already running: aquatic toxicology at ISU together with the department of bioengineering at the Indian Institute of Technology Guwahati (bioenergy generation project). This fall, the grand opening of the Baikal Institute BRICS IRNTU will take place in Irkutsk. Cooperation in the pharmaceutical industry is expanding, given the high level of development of this industry in India and the import substitution program within the framework of anti-sanctions in Russia - this area is a priority for the entire country.
Let us remind you that by 2020, more than 80% of all drugs, according to the tasks set before the Government of the Russian Federation, should be of Russian origin.
The Indian manufacturer Pharmasyntez promised Governor Sergei Levchenko to invest $200 million in the economy of the Angara region within three years.
“Today, under the conditions of sanctions, it is very important to start working with those countries that extend their hand to us, of course we are talking about BRICS - our long-time partners,” says Ilya Grashchenkov, director of the Center for Regional Policy Development (CRDP), “India is a special region , with a special demographic and economic situation. Now we need to develop this international, but at the same time regional policy, based on targeted sectoral and regional cooperation. For example, Guwahati - Irkutsk region, within the broader framework of India - Russia. Such projects are vital for building up and mobilizing the economy. Governor Sergei Levchenko’s approaches are truly effective, responsible, tied not only to the federal component, but also to his own regional development driver. We can say that the Irkutsk region continues to demonstrate an increase in investment potential, which ultimately gives the region the opportunity to maintain pre-crisis GRP growth volumes.”
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