Russian market is open for Indian companies: Envoy Denis Alipov

"The Russian market is open for Indian companies," he said while addressing an event organised by Merchant's Chamber of Commerce & Industry in Kolkata.

Calling himself more Indian than Russian, Denis Alipov advised companies to get in touch with the Russian Trade office in New Delhi where many Russian companies are searching for Indian tie-ups.

He suggested that Indian businesses should explore automobile, electrical, retail, pharmaceuticals, and hospitality sectors in Russia.

"Russian companies are interested in investing in India’s oil and gas, petrochemicals, metallurgy, agriculture, and ICT sectors," he said.

He said there is a need to focus on diversifying the areas of cooperation between the two countries.

"There are immense prospects for mutual cooperation in areas like energy (including nuclear energy), heavy industry, defence, space, advanced technologies, education, culture, innovation, start-ups, Fintech," he said.

Bengal Global Business Summit

The Russian envoy said his country has brought a large delegation of businesses to participate in the Bengal Global Business Summit 2023 this year.

He said it is not only including big business houses but also small and medium businesses.

The 7th edition of Bengal Global Business Summit is scheduled on November 21-22, 2023 in the east Indian city of Kolkata.

"The popular slogan 'Bengal means business' is gaining momentum," he said.

Alipov said that Russia is looking forward to capitalizing on the focus of the Government of West Bengal on MSMEs.

He said close cooperation between Russian companies and West Bengal in mining is in progress as identified in last year's BGBS.

India and Russia target to increase bilateral investment to US $ 50 billion and bilateral trade to US $ 30 billion by 2025.

(Reporting by Supriyo Hazra)