New Delhi [India], December 5 (ANI) — India has a significant opportunity to grow its presence in the Russian market. According to Alexander Stuglev, CEO of the Roscongress Foundation, Indian businesses can fill the gap left by Western companies that exited Russia after the Ukraine conflict.
Stuglev expressed optimism about India’s potential during a recent meeting coinciding with Russian President Vladimir Putin’s visit. He pointed out that many Western firms have reduced their operations in Russia, creating new openings for Indian companies.
Indian businesses are already seeing success in various sectors in Russia. Stuglev mentioned that the India-Russia Business Forum highlighted several success stories of Indian firms making strides in the country. “There is enormous potential for collaboration,” he said, emphasizing the need for better information sharing between the two nations.
There are broad areas of cooperation, including pharmaceuticals, IT, artificial intelligence, and agriculture. The automotive industry, in particular, is seen as a key growth area. Stuglev noted that Russian e-commerce platforms presented at the forum could help smaller Indian companies reach Russian consumers more effectively.
Additionally, Stuglev outlined plans for regular events aimed at strengthening business ties. He said, “We organize an annual Russia-India Forum to identify challenges and work together to overcome them.” This initiative is aimed at fostering trade not just between large firms, but also smaller enterprises.
Maxim Reshetnikov, Russia’s Minister of Economic Development, also highlighted the growing economic partnership. He announced a goal of reaching $100 billion in trade between India and Russia by 2030. This ambitious target reflects both countries’ desire to diversify and balance trade.
Recent data shows that bilateral trade surged to $68.7 billion in 2024-25, with Indian exports primarily consisting of pharmaceuticals and chemicals. India imports significant quantities of crude oil and fertilizers from Russia.
These developments indicate a promising future for Indo-Russian economic ties, especially as negotiations for a free trade agreement between the Eurasian Economic Union and India are underway. As both nations aim to enhance their collaboration, the prospects for Indian businesses in the Russian market are brighter than ever.
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India-russia trade, Economic cooperation, Business forum, Trade diversification, india russia business forum
