New Delhi: During the 8th Session of the India-Russia Working Group on Priority Investment Projects (IRWG-PIP), India and Russia have reached an agreement on six new strategic initiatives aimed at boosting bilateral investment cooperation, according to a press release.
The session took place in the national capital on Wednesday and was held under the auspices of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation. It focused on promoting collaborative projects in areas of shared interest. The co-chairs signed a protocol that outlined these initiatives and reviewed the results from the previous 7th session.
India and Russia explored ways to enhance their economic relationship and reaffirmed their dedication to increasing investment collaboration.
Following the session, the 2nd Edition of the India-Russia Investment Forum was held, organized in partnership with Invest India, the Indian Chamber of Commerce (ICC), and the Ministry of Economic Development of the Russian Federation, as stated in the release.
The forum attracted participation from over 80 businesses, including entrepreneurs, financial institutions, cargo companies, business chambers, and officials from both nations.
The session was co-chaired by Amardeep Singh Bhatia, Secretary of the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, representing India, and Vladimir Ilichev, Deputy Minister of the Ministry for Economic Development of the Russian Federation, representing Russia.
Both parties emphasized the significance of ongoing cooperation in investment and trade to fortify their economic partnership.
Russia has been a reliable and enduring ally for India. The evolution of India-Russia relations has served as a fundamental aspect of India's foreign policy. Following the signing of the "Declaration on the India-Russia Strategic Partnership" in October 2000, during President Putin's visit, the relationship has transformed significantly, leading to increased collaboration across various sectors, including politics, security, defense, trade, economy, science and technology, culture, and interpersonal connections. In December 2010, during the Russian President's visit to India, the Strategic Partnership was upgraded to a "Special and Privileged Strategic Partnership."
