March 18, 2002
'16'
TRADE WITH RUSSIA TO GET A BOOST
RUDY INAUGURATES SEMINAR ON "INDIA-RUSSIA TOGETHER"
Shri Rajiv Pratap Rudy, Minister of State for Commerce & Industry, has emphasised the importance and high potential of trade with Russia in today’s context when Russia is pushing itself towards market economy. While inaugurating a Seminar on "India-Russia Together", jointly organised by India Trade Promotion Organisation (ITPO), Federation of Indian Chambers of Commerce & Industry (FICCI), Federation of Indian Exports Organisation (FIEO) and Indian Business Alliance (IBA), Moscow, here today, Shri Rudy asked Indian enterpreneurs to gear up to the new realities of world trade and exploit the opportunities in bilateral trade with Russia. Shri S.K. Lambah, former Ambassador to Russia; Shri J. Vasudevan, Chairman & Managing Director, ITPO; and Shri Ranjit Lall, Director General, FIEO were present in the Seminar which was attended by a large number of Russian delegates and representative of Indian trade and industry.
Shri Rudy said that India and Russia enjoys a strong economical, cultural and political relationship and it is reflected in the bilateral trade though, he added, it is not in commensurate with the huge potential which exists in both countries. In this regard, the Minister requested Indian enterpreneurs to give attention to the quality of the products, reduce cost and look up for newer trade baskets for strengthening the economic relations. Shri Lambah explained why Russia is important to have trade with and listed sectors of oil, diamond, tourism, science & technology and banking as the major potential areas.
Major items of exports from India are tea (sharing total exports to Russia in 2000-01 constitutes 13.38%), readymade cotton garments (23.42%), drugs & pharmaceuticals (12.25%), cotton yarn & fabrics (7.53%), coffee (7.06%) etc., whereas major imports from Russia were manufactured fertilisers (16.78%), non-ferrous metals (11.51%), newsprint (12.39%), iron & steel (19.69%) etc.