Marking the 70th anniversary of commercial ties, Russia and India will launch major energy initiatives and a business club to connect big business houses on both sides more closely, Russian Trade Commissioner Alexander Rybas has said.
In a written interview to The Hindu, Mr. Rybas, who is the highest ranking Russian trade representative in India, said withdrawal of western companies from Russia had opened opportunities for Indian pharmaceutical, energy, and food industries in Russia and that the fertilizer sector was one of the priorities for both sides.
“This year, further petrochemical conversion will be launched at Nayara Energy, which has a Russian share. In our case, in the context of the development of Russian-Indian business relations, against the background of the withdrawal of some Western companies from the Russian market, prospects are opening up for Indian businesses to occupy vacant niches in various industries, including oil production, pharmaceuticals, chemical and food industries, diamond-cutting industry and other sectors,” Mr. Rybas said, highlighting that Indian investments in Russia at present exceeded $14 billion and “continues to rise”.
