New Delhi, Dec 2 (NationPress) A two-day India-Russia business forum is set to commence on December 4-5, aligning with the visit of Russian President Vladimir Putin to India, aimed at strengthening trade and investment relations between the two nations.

The Forum will delve into numerous avenues of collaboration between Russia and India, including the promotion of Indian engineering products in Russia, boosting Russia’s imports of Indian food products, pharmaceuticals, and cooperation in digital services. Both countries are targeting a remarkable $100 billion bilateral trade by 2030.

Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office of Russia, emphasized the deep-rooted bilateral ties, stating that Indian culture and brands are well-recognized and cherished in Russia.

He remarked, "This Forum seeks to enhance the penetration of Indian goods into the Russian market, addressing the current trade imbalance."

One of the central highlights of the Forum will be its plenary session dedicated to evaluating the potential of mutual trade and the opportunities for Indian suppliers to broaden their access to the Russian market, as indicated by a statement from the Russian Embassy.

Anton Kobyakov, Advisor to the President of Russia, pointed out that India is a significant partner for Russia, with mutual trade increasing nearly sevenfold over the last five years. By the conclusion of 2024, India is projected to rank as Russia’s second-largest trading partner, reflecting a fortified strategic partnership and diversified trade, especially in agricultural products and energy.

"The Indian market is vast, rapidly expanding, and of strategic importance for our nation. The Forum will communicate a strong message that Russia is ready to acquire Indian goods and services," Kobyakov confirmed.

The agenda for enhancing Russia-India cooperation in pharmaceuticals and healthcare is fundamentally strategic, showcasing a mutual commitment to foster resilient and innovation-driven healthcare systems. Key priorities include augmenting supplies of Indian medicines and medical devices to the Russian market, localizing production of Indian firms in Russia, and establishing cutting-edge pharmaceutical and MedTech manufacturing complexes collaboratively.

The forum will also focus on the role of banking institutions in facilitating cooperation. A reliable and sustainable financial framework is essential for deepening business ties between Russia and India, as stated by Andrey Kostin, President and Chairman of VTB Bank.

As India and Russia enhance their engagement in emerging technologies, both nations leverage complementary experiences and long-standing strengths to bolster sovereign digital capabilities. India boasts significant achievements in digital public infrastructure, scalable software systems, and applied AI solutions, while Russia excels in scientific research, secure communication technologies, and advanced computing.

These synergies present substantial opportunities for co-development, according to a senior commerce ministry official.