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Moscow recently hosted the XV India-Russia Business Dialogue, an event aimed at strengthening the strategic partnership between India and Russia. Over 700 business representatives attended the event to discuss new opportunities for collaboration in trade, high-tech industries, and other sectors. The forum also focused on increasing bilateral trade and fostering cultural exchanges.
TV BRICS was the official media partner of the event. The plenary session featured prominent figures, including Sergey Cheremin, Minister of the Moscow City Government and Head of the Business Council for Cooperation with India; Vinay Kumar, Ambassador of India to Russia; Dmitry Volvach, Deputy Minister of Economic Development of the Russian Federation; and Vladimir Platonov, President of the Moscow Chamber of Commerce and Industry (MCCI).
Together, they addressed several critical topics, such as expanding trade ties, advancing cooperation in science and technology, and improving infrastructure, education, and cultural exchanges.Cheremin highlighted that 2024 has been a productive year for the bilateral relationship between Moscow and New Delhi, particularly in high-tech industries such as pharmaceuticals, microelectronics, artificial intelligence, and transport infrastructure.
He said, “2024 was a busy year for bilateral relations,” emphasising the importance of continued collaboration in these areas to enhance mutual growth and innovation.
Ambassador Kumar, in his address, pointed to India’s strong economic performance, noting the country’s GDP growth of 7.58 per cent and its position among the top three global economies in terms of purchasing power parity, reported TV BRICS.
He also praised the successful implementation of joint investment projects, especially in the transport sector, and stressed the importance of “the development of banking channels and payment options to facilitate settlements in national currencies” as a vital stabilising factor for bilateral trade.
Volvach, Russia’s Deputy Minister of Economic Development, shared that trade turnover between the two countries reached $ 46.5 billion in the first nine months of 2024, a 15 per cent increase over the same period last year. He reaffirmed the target to reach $ 100 billion in trade by 2030, underscoring the role of the International North-South Transport Corridor and simplified customs procedures in supporting this growth.
A notable highlight was the growing tourism sector. Volvach announced an 86 per cent increase in the number of Indian tourists visiting Russia this year. He also highlighted the introduction of electronic visas for Indian citizens, which has further boosted tourism between the two nations.
The forum featured thematic sessions on finance, healthcare, biotechnology, and investment cooperation. The discussions centred on improving commodity flows, human resource development, and innovation. The event concluded with a series of B2B meetings designed to foster new business relationships between India and Russia, TV BRICS reported.
The XV India-Russia Business Dialogue was organised by the Indian Business Alliance with support from the Business Council for Cooperation with India, the Department for External Economic and International Relations of Moscow, and the Roscongress Foundation.
