NEW DELHI, October 28 (RIA Novosti) — Russia and India will revise their agreement on mutual investment security, Russian Deputy Economic Development Minister Alexei Likhachev said Tuesday.
"This will be another document, allowing the investors not only to fulfill their interests in the host country, but also establishing mechanisms of their legal protection," Likhachev said following a meeting of the Russian-Indian working group on the priority investment projects.
According to the deputy minister, the agreement signed between the two countries in 1994 did not consider the issue of legal protection or court jurisdiction.
"In fact, everything was based on the existing practices," Likhachev noted.
Russia and India are also discussing the creation of a joint technology investment fund.
"Today we have for the first time voiced to our Indian colleagues a proposal from Rosnano about the creation of the joint fund to invest in high-tech," Likhachev added.
According to Likhachev, this issue will also be discussed at the Russian-Indian intergovernmental commission meeting on November 5.
On October 14, Pundi Srinivasan Ragahvan, the Indian Ambassador to Moscow, said that the current political situation is perfect conditions for strengthening business cooperation between India and Russia.
Amid the ongoing standoff with the West, Moscow has increased its economic cooperation with BRICS countries, India being a member of the forum, developing a number of major initiatives aimed at expanding investment cooperation.
The BRICS countries – Brazil, Russia, India, China and South Africa – represent about one-third of the global population and a combined economy of some $13.6 trillion. Following the latest BRICS summit and the creation of a BRICS bank, many experts have been speculating that the nations could provide a counterweight to the West.
