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Russia and India are strengthening cooperation on the forum track

12 July 2018
Россия и Индия укрепляют сотрудничество на форумном треке

In Moscow, Adviser to the President of the Russian Federation Anton Kobyakov led a discussion on preparations for the first Russian—Indian Economic Forum in St. Petersburg that will take place on 19–20 August 2018. The forum will be organized by the Ministry of Economic Development of the Russian Federation, the National Institution for Transforming India, and the Roscongress Foundation.

According to Adviser to the President of the Russian Federation Anton Kobyakov, the decision of the President of the Russian Federation to hold this forum is a logical next step following the decision of Russia and India’s leaders to deepen bilateral cooperation. «Russian-Indian ties are developing steadily, and this robust growth must be supported. Science and technology play a vital role in the two countries’ cooperation. On the short term joint Russian-Indian economic agenda are structural transformation of the economy, expansion of export potential, improvement of the business climate, and development of human capital. I am certain that the Forum will provide us with new opportunities for expanding and strengthening bilateral ties,» explained Anton Kobyakov.

Representatives of the Ministry of Finance of Russia, the Central Bank of Russia, the Federal Tax Service of Russia, specialized federal agencies, as well as representatives of the scientific community and business circles will attend the Forum. Guests from India are expected to include heads of the Reserve Bank of India, India’s Ministry of Finances, India’s Securities Commission, India’s National Investment and Infrastructure Fund, the Investment Promotion and Facilitation Agency «Invest India», and a number of other specialized agencies.

The Minister of Economic Development of the Russian Federation Maksim Oreshkin and the Vice-Chairman of the National Institution for Transforming India Rajiv Kumar will take part in the plenary session, the focal point of the forum’s business programme. The programme will include five round tables on the topics of transport, agriculture, small and medium-sized enterprises, digital transformation, and industrial cooperation. Topics also being considered include regional cooperation, and collaboration in the banking and investment sectors

During the course of the business forum, discussion participants — representatives of Russian and Indian official and business circles — will discuss the issues of developing trade, economic, and investment cooperation, support for Russian and Indian businesses at the national level, strengthening industrial and technological ties, and cooperation across various economic sectors. «During the forum, particular attention will be paid to bilateral payment and settlement systems. Work is currently being done to enable successful cooperation between the Russian and Indian banking systems, as well as their entry into the global financial market. In these conditions of high currency volatility, our countries are highly interested in reducing cross-transactions and minimizing the hedging of foreign exchange risks,» remarked Deputy Minister of Economic Development of the Russian Federation Azer Talybov.

A characteristic feature of Russian-Indian business relations is the high intensity of business contacts. In 2017, India was a guest country of the St. Petersburg International Economic Forum, and the Indian delegation was one of the most well-represented at the event.