"We are likely to increase [bilateral trade] to $6 billion in 2008, but the crisis may affect our plans," Yelena Danilova, director of the ministry's foreign economic department, said after a meeting of the Russian-Indian economic development and investment commission.
She said deliveries of mechanical engineering products and equipment accounted for some 30% of Russian exports to India, while the export of Russian chemicals and steel products pushed to 75% the manufacturing sector's share of exports to India.
Danilova said bilateral cooperation in telecommunications and the banking sphere had also been showing progress. She praised AFK Sistema, the largest diversified consumer services corporation in Russia and the CIS, for its plans to invest up to an estimated $7 billion in the Indian cellular market.
However, the official complained of a number of problems in bilateral trade, including illegal imports from India of low-quality pharmaceuticals and Russian restrictions on the import of Indian plants.