Russia’s Ulyanovsk region sees strong growth in trade with India, plans further expansion

The Governor of Russia’s Ulyanovsk Oblast, Aleksey Russkikh, highlighted the region’s growing trade relations with India, reporting a 26 per cent increase in foreign trade turnover over the first nine months of 2024 compared to the same period in 2023.

Notably, exports from Ulyanovsk to India surged by four times, while imports from India grew by 21 per cent.

Speaking to ANI, Russkikh said, “Based on the results of 9 months of 2024, the foreign trade turnover of the Ulyanovsk region with India increased by 26 per cent compared to the same period in 2023. At the same time, exports to India from the Ulyanovsk region increased 4 times, and imports by 21 per cent.”

“India ranks 5th in terms of the volume of imports of goods to the Ulyanovsk region from countries far and near abroad. Our task is to increase these indicators. To achieve this, we outlined a number of areas of work during our visit to India together with Ulyanovsk Enterprises. This will help find new markets for products, present industrial and investment potential, and agree on new projects.,” he added.

Russkikh noted that with the support of the Russian Embassy in India, the Trade Mission of Russia in India, and the Consulate General of Russia in Mumbai, the Ulyanovsk delegation presented the region’s economic and investment potential in New Delhi.

“Among the promising sectors of cooperation are mechanical engineering, food production, light industry, and the production of medicines and medical products,” he said.

“With the support of the Russian Embassy in India, the Trade Mission of Russia in India and the Consulate General of Russia in Mumbai, we prepared a presentation of the economic and investment potential of the Ulyanovsk region in the capital of India, New Delhi, as well as a series of meetings and negotiations with large Indian companies,” he added.