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NEED FOR GREATER ROLE IN FACING CURRENT CHALLENGES: ANAND SHARMA
INDIA-RUSSIA TO ACHIEVE TRADE TARGET OF US $ 20 BILLION BY 2015
Date : 18 Jun 2010
Location : New Delhi
The President of the Russian Federation, Mr. Dmitry Medvedev, inaugurated the Plenary Session of the St. Petersburg International Economic Forum (SPIEF) today. While addressing the Session on “current global economic recession and emerging world economic order”, Shri Anand Sharma, Minister of Commerce & Industry, emphasized the need for a greater role for the major emerging economies in facing the current challenges. The Minister mentioned that at the present juncture where significant recovery has not been achieved, dismantling of existing trade barriers is required rather than creating new ones. Protectionism now will be counter-productive. In this context he recounted the achievements of the Indian economic reforms programme launched since 1991. The Minister specifically dwelt on the sagacity of Indian trade and investment policies that had ensured a minimal impact of the economic crisis on India’s economy which, despite the global recession, registered a growth of 7.5% in 2009-10. “Going by the last quarter GDP growth of 8.6%, it is a reasonable expectation that the Indian economy will continue on its high growth path”, he added. The Minister further noted the relevance of the India’s experience in Russia’s modernization programme launched by Mr. Dmitry Medvedev, and conveyed India’s readiness to be a partner in these efforts.
Shri Sharma participated in a panel discussion “The World Under Change” at the Plenary in the wake of the global financial crisis. During the course of the Forum, he had an extended meeting with Mr. Sergei Sobyanin, Deputy Prime Minister. He also had a bilateral meeting with Mr. Viktor Khristenko, Minister of Industry & Trade of the Russian Federation. Shri Sharma, in his discussions with Deputy Prime Minister, Mr. Sobyanin, both sides had a detailed exchange of views on the prospects of further economic engagement between the two countries. They focused on cooperation in the field of energy, pharmaceuticals, and Information Technology, among other sectors. Shri Sharma added that he was looking forward to Mr. Sobyanin’s visit to India later in the year for the Session of the Indo-Russian Inter-Governmental Commission, which he co-chairs along with External Affairs Minister Shri S.M. Krishna.
The first-ever India-Russia Business Dialogue within the framework of SPIEF was held last evening. The participants included business leaders representing key sectors of India-Russia economic cooperation, including energy, infrastructure, IT, pharmaceuticals and diamonds. Both sides noted the strong potential for cooperation between the two countries given the complementarities and synergy already existing in these areas. The results of the India-Russia Business Dialogue were presented to Shri Anand Sharma and Mr. V. Khristenko by the leaders of the business delegation in a meeting held today. The two Ministers emphasized the importance of continuous high level B2B interactions for the development of bilateral economic relations which holds the key to achieving the trade target of USD 20 billion by 2015. In this regard they welcomed the conclusion of a MoU between CII and SPIEF Foundation which provides for regular institutionalized B2B interactions and exchanges. The two Ministers noted that the next meeting of the India-Russia Forum on Trade & Investment and CEOs’ Council will take place in New Delhi later this year, which will provide further opportunities for continued economic engagement.
In the meeting between Shri Sharma and Mr. V. Khristenko, the full spectrum of Indo-Russian economic engagement was reviewed. Special emphasis was given to further enrich the cooperation in pharmaceutical and fertilizer sectors, including setting up of Joint Ventures in these areas in Russia. Mr. Sharma invited Russian companies to actively participate in Indian infrastructure projects, underscoring that India has projected an investment potential of USD 1.7 trillion over the next decade.
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