India, Russia agree on six new strategic projects to boost bilateral investment cooperation

India and Russia have agreed on six new strategic projects aimed at enhancing bilateral investment cooperation during the 8th Session of the India-Russia Working Group on Priority Investment Projects (IRWG-PIP), as per a press release.

The session that was held in the national capital on Wednesday was conducted under the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation and focused on advancing collaborative projects in sectors of mutual interest. The co-chairs of the session signed a protocol highlighting these projects and reviewed the outcomes of the previous 7th session.

India and Russia discussed initiatives to strengthen economic ties and affirmed their commitment to expanding investment collaboration.

The session was followed by the 2nd Edition of the India-Russia Investment Forum, organised in collaboration with Invest India, the Indian Chamber of Commerce (ICC), and the Ministry of Economic Development of the Russian Federation, the release stated.

The forum saw active participation from over 80 businesses, including entrepreneurs, financial institutions, cargo companies, business chambers, and officials from both countries.

The session was co-chaired by Amardeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, from India, and Vladimir Ilichev, Deputy Minister of the Ministry for Economic Development of the Russian Federation, from Russia.

Both sides reiterated the importance of continued cooperation in investment and trade to strengthen their economic partnership.

Russia has been a longstanding and time-tested partner for India. The development of India-Russia relations has been a key pillar of India’s foreign policy. Since the signing of the “Declaration on the India-Russia Strategic Partnership” in October 2000 (during the visit of President Putin), India-Russia ties have acquired a qualitatively new character with enhanced levels of cooperation in almost all areas, including political, security, defence, trade and economy, science & technology, culture, and people-to-people ties. During the visit of the Russian President to India in December 2010, the Strategic Partnership was elevated to the level of “Special and Privileged Strategic Partnership.