Delegates gathered at World Trade Center Mumbai for the event 'Fostering Bilateral Trade Between Russia and India', organized in collaboration with the Russian Export Center.
Delegates gathered at World Trade Center Mumbai for the event 'Fostering Bilateral Trade Between Russia and India', organized in collaboration with the Russian Export Center.
A significant session on fostering bilateral trade between India and Russia was held at the World Trade Center Mumbai, bringing together trade promotion experts, key industry participants to deepen economic ties and expand collaborative opportunities.
The event began with a warm welcome and introductory address by Ms. Priya Pansare, Director of Trade and Investment Promotion, WTC Mumbai, who outlined the interest of Indian organizations in strengthening relations with Russia. Ms. Pansare expressed her sincere gratitude to Dr. Vijay Kalantri, Chairman of the World Trade Center (WTC) Mumbai, commending him for his visionary leadership in strengthening bilateral trade between India and Russia, as recognized by his receipt of the prestigious Pushkin Award from Russia. She then introduced the esteemed guests Mr. Mamed Akhmedov, Head of India office of the Russian Export Center (REC); Captain Somesh Batra, Vice Chairman of World Trade Center Mumbai; Ms. Anna Benediktova, Representative of REC in India.
Dr. Vijay Kalantri then addressed the audience, reflecting on the historical ties between India and Russia dating back to pre-independence times. He emphasized the enduring friendship expressed by the phrase “a friend in need is a friend indeed.” Then he added sectors such as steel, pharmaceuticals, defence, agriculture, and energy as vibrant avenues for business collaboration. Dr. Kalantri highlighted the importance of ancillary goods production in strengthening manufacturing in India and mentioned that Russia can consider India as a trusted partner, relying on the quality, quantity, and pricing of goods from the country. He then mentioned that current trade inflows from Russia to India are at $63.8 billion, while India’s outflow to Russia stands at $5 billion. Then stated that both countries have significant potential to increase this number, emphasizing the vast opportunities for India to expand its exports and calling for greater support to boost India’s exports and strengthen mutual business partnerships.
Mr. Mamed Akhmedov, Head of REC India, expressed appreciation to Mr. Kalantri for his efforts in promoting bilateral trade. He gave a presentation on the Russian Export Center and the Made in Russia program. REC is a major state-owned government agency for export promotion, which has 16 offices across Russia and is represented in 17 countries.; Since 2018, the REC India office has been helping Russian companies find partners in India and Indian companies find partners in Russia. The Russian Agency for Export Credit and Investment Insurance (EXIAR JSC) and RosEximBank, which are both part of the REC Group, are also instrumental in enabling Russian companies to execute projects abroad through export-oriented banking and insurance services. Mr. Akhmedov stated that REC provides matchmaking with reliable Russian business partners, including those certified under the Made in Russia program. He pointed to the trade growth between India and Russia from $9 billion in 2020 to almost $70 billion in FY 2024-25 as a testament to the enduring friendship between the nations.
The session also featured an engaging interactive session where participants discussed the expansion of business prospects in manufacturing, paper, aerospace, and pharmaceutical sectors. Mr. Mamed Akhmedov and Ms. Anna Benediktova provided insightful guidance and solutions, fostering a collaborative and supportive environment during the session. They further expressed their commitment to provide full support and assistance to businesses reaching out to them.
The event concluded with a vote of thanks by Capt. Somesh Bhatra, Vice Chairman of WTC Mumbai. He highlighted the enduring India-Russia relationship, recalling Russia’s support in Kolkata’s metro development. Capt. Bhatra encouraged deeper collaboration in infrastructure and trade diversification. He emphasized WTC’s role as a non-profit trade facilitator and the need for Indian companies to work together. Opportunities in tourism and potential FTAs were also mentioned. He expressed optimism for continued progress and the strength of India-Russia ties.