Russia-India economic cooperation shifting toward joint production and high tech

NEW DELHI, September 9. /TASS/. Cooperation between Russia and India is reaching a qualitatively new level, moving beyond simple trade toward deeper industrial cooperation and joint production, Vice President of the Russian Chamber of Commerce and Industry Vladimir Padalko told TASS on the sidelines of the Innoprom India international industrial exhibition.

According to him, trade between the two countries is approaching a significant milestone. "The fact that our trade is now becoming more balanced in numerical terms and is approaching the $70 bln mark shows the interest of Russian entrepreneurs in India and vice versa," Padalko stressed.

He noted that the nature of bilateral economic relations is changing. "The quality of our cooperation is changing. We are gradually moving from simple trade transactions to joint production. We are discussing very serious issues in high technology and talking about digital technologies. Practically every week, we receive Indian delegations in Russia, including small, medium-sized, and large businesses, which come to explore various areas," he told TASS.

"The future now lies in deep cooperation and a transition to more sophisticated models of collaboration," he said, expressing confidence that the goal set by the leaders of the two countries to increase trade to $100 bln by 2030 would be successfully achieved.

"We can do more - $200 bln or $300 bln. But the future does not lie in these numerical figures. The future lies in our deep integration. If we respect each other's interests, understand them thoroughly, and align our industrial capabilities, I think the figures will be completely different. The quality will be different," Padalko concluded.