MOSCOW, October 27 (RIA Novosti) - India is ready to increase its presence in the Russian energy sector, Indian Foreign Minister Natwar Singh said Thursday.
"India is taking part in the 'Sakhalin-1' project [a major oil and gas project in Russia's Far East], and this shows the presence of mutual interest and potential for cooperation. We are ready to broaden our involvement in the Russian energy sector, in particular using technological and financial resources," the minister said.
Indian ambassador to Russia Kanwal Sibal said that during the Indian prime minister's upcoming visit to Moscow, the sides hope to sign an agreement on protecting intellectual property rights in military technology, India's debt to Russia and the fight against drug trafficking.
Bilateral agreements will also be signed on Russia's WTO entry, relaxing the visa system between Russia and India, and mutual aid in natural disasters.
"We have a lot of work ahead of us, and even if some of the agreements are not signed, a large step will be made in bringing our positions closer together in any event," the ambassador said.
By December, the countries hope to sign a document on creating a work group to strengthen bilateral relations in the areas of economics, trade and investment.
Singh also said Russian-Indian trade should be increased to $5-7 billion per year.
"Currently, trade turnover between our countries is at a level of $2.5 billion per year. This is substantially lower than our potential," he said.
During recent talks, Singh and Russian Deputy Prime Minister Alexander Zhukov decided to set increasing bilateral trade as a goal for the next few years.
Among the potential areas for trade development, the ministers mentioned biotechnology, information technology, pharmaceuticals and energy.
