21:53 GMT +325 May 2018
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    Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, left, during their meeting at St. Petersburg International Economic Forum 2017 in Konstantinovsky Palace in Strelna

    Russia Can Offer India More Than Trade - Putin to Modi

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    St. Petersburg International Economic Forum 2017 (183)
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    Russia considers feasible to propose to India more complex economic relations than just trade turnover, for example, localization of production, Russian President Vladimir Putin said Thursday.

    STRELNA (Sputnik) – Russia cooperates with India in a number of sectors, including trade, investments, defense, technology, etc. This year marks the 70th anniversary since the establishment of bilateral relations between the states.

    "I shall note that despite the cutback, our bilateral trade turnover increased, exceeding $7.7 billion. It is in our mutual interests to progress energetically. It is important to move from simple goods deliveries to more complex cooperation. We are inviting our partners to localize their production in Russia," Putin said at a meeting with representatives of Russian and Indian businesses on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

    He said that Indian Prime Minister Narendra Modi proposed the idea of creating projects in India, as well as of technology exchange in the areas where Russia has "expertise competitive in global terms."

    "The agenda includes the start of the most promising joint projects in system forming and high-tech areas. That’s nuclear energy, aerospace industry, biotechnologies," Putin added.

    Putin also expressed firm belief that cooperation of Russian and Indian businesses will lead to creation of new products with added value, build new production chains, "including with following advance of their goods and services on the markets of third countries."

    Putin also that he had agreed with Modi on further joint development and production of modern weapons systems.

    "I'd like to emphasize that our cooperation is not limited to direct supplies of the latest models of Russian-made military equipment to the Indian partners," Putin told reporters after talks with Modi on the sidelines of the SPIEF-2017.

    "The assembly of weapons systems has been set up in India with Russian assistance…We agreed with Mr. Prime Minister [Modi] to continue joint development and production of modern weapons systems," Putin said.

    Russia and India reached agreement on 19 joint projects on transport, agriculture, diamond industry, Russian President Vladimir Putin said.

    "As of today, the sides have agreed on a list of 19 such projects aimed at establishment of joint enterprises in the sphere of transport infrastructure, new technologies, including pharmaceuticals, avia- and vehicle-manufacturing, diamond industry and agriculture," Putin said.

    The president also remarked on the efficient work done by the intergovernmental commission, aiding businesses in the promotion of large projects. "Russian-Indian economic partnership is about to begin to grow again. And we are both interested in holding on to this positive trend," Putin said.

    The document envisions, in particular, the implementation of steps aimed at boosting ties in political, trade and economic, scientific and technical, as well as humanitarian spheres, according to Kremlin aide Yury Ushakov.

    SPIEF, a major global platform for communication between business representatives and discussion of crucial economic issues, kicked off in Russia’s St. Petersburg on Thursday and will continue through Saturday. Sputnik News Agency is the official media partner of the forum.

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    St. Petersburg International Economic Forum 2017 (183)

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    St. Petersburg International Economic Forum (SPIEF) 2017, Vladimir Putin, Narendra Modi, India, Russia
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