India, Russia Pin Great Hope on North-South Transport Corridor
The North-South Transport Corridor will be a force multiplier in terms of trade between India and Russia, by cutting down transit time by 40 percent, according to speakers at an interactive session in New Delhi between a visiting Russian regional delegation and Indian government officials and businessmen.
The Indian government has planned a motor rally along the North-South Transport Corridor to promote it, as part of steps to expedite the process to connect both the countries with the Corridor.
Presently, Indian investments in Russia are estimated at $8 billion and Russian investments in India totaled about $3 billion.
Boris Dubrovsky, Governor, Chelyabinsk Region, Russia, called on Indian industries to invest in the region. “The industrial development of the region was determined by the metallurgical, car-building, fuel-energy, construction, agricultural-industrial complexes. Besides, the region had rich and varied natural resources and qualified work resources. The Chelyabinsk Region has some ready potential investment projects which Indian industry could consider for investment,” Governor Dubrovsky said in New Delhi, at an interactive session at an event organized by the Federation of Indian Chambers of Commerce and Industry on Thursday.
Anatoly Kargapolov, Charge d’Affaires, Embassy of Russia in India, said that India and Russia enjoyed stable economic ties and India with its growing market offered ample business opportunities. India and Russia had exchanged 19 MoUs in Goa in 2016.
“There is a need for Indian industry to explore diverse regions of Russia and forge partnerships in unconventional sectors. Besides, areas of cooperation such as energy, aviation, pharmaceuticals, biotechnology, telecommunications, high technologies and ICT, India could partner with Russian in artificial intelligence, robotics and big data,” G. V. Srinivas, Joint Secretary, India’s Ministry of External Affairs said.
V. Sivakumar, Executive Director, SUN Group Enterprises Private Limited, said Russia was a lucrative but a challenging market. “Logistics is a challenge and for fast movement of goods there is a need to utilize the North-South Transport Corridor, which would reduce the transit time considerably,” he said.