India keen to bolster bilateral trade, economic ties with Russia

India has expressed eagerness to jointly develop iron ore and coal mines in Russian territory to bolster bilateral trade, economic ties and sought technical inputs on producing high-grade cold-rolled, grain-oriented steel, typically used in power transmission equipment.

An India-Russia working group on industrial cooperation and modernisation during its meeting has identified fields such as technology for production of CRGO steel in India, modernisation of steel manufacturing facilities in India and pharmaceutical industry for enhancing cooperation. They also identified specific areas of cooperation in the field of mining and metallurgy.

Commerce and Industry Ministry said that the Indian side expressed interest in joint development of coal fields and iron ore mines in Russia. They agreed to exchange information on such areas having potential for cooperation. It also said that in the civil aviation sector, Russia has declared its readiness to participate in the ‘Make in India’ programme to develop technological and production capabilities of India in this field and potential supplies of the jointly produced equipment to third countries.

Ministry further said as regards fertilizer sector, both sides expressed mutual interest in developing the long-term and mutually beneficial cooperation in the field of mineral fertilizers. It added the Russia reconfirmed their interest in receiving information about possible participation of Russian companies in the Delhi-Mumbai Industrial Corridor (DMIC). Besides, both sides have agreed to hold the next meeting of the working group in 2017 in Russia.