Russia’s President Vladimir Putin and India’s Prime Narendra Modi have adopted a joint Russian-Indian statement summing up the official visit of the head of the Indian government to Moscow. The document is titled “Through trustworthy relations to new horizons of cooperation”. In the presence of the two leaders a package of 15 documents was signed.
In particular, the parties signed a protocol on amendments to the agreement on simplification of trips of certain categories of citizens of the two countries dated December 21, 2010 and the agreement on mutual travels for holders of diplomatic and service passports dated December 3, 2004.
The parties also signed an agreement on cooperation in helicopter engineering
They signed an agreement confirming the end of the first stage of preparation for setting up a joint venture on the base of JSC Vankorneft. In the presence of the two leaders six memorandums were signed. The parties signed a memo of understanding in the field of investment cooperation on Russia’s Far East, a memo of understanding between Russian Railways and India’s Ministry of Railways, a memo of understanding on cooperation in the field of geological exploration and production hydrocarbons on land and on the continental shelf of Russia. Russia’s Energy Ministry and India’s Solar Energy Corporation agreed on construction of solar power plants in India.
Russia’s JSC Digital TV and India’s Prasar Bharati signed a memo of understanding on cooperation in the field of broadcasting, as well as cooperation on advanced computer systems development in the field of design and development of navigation receivers supported by GLONASS and IRNSS. Russia’s Federal Customs Service and India’s Main Directorate of Excise and Customs agreed on interaction if fighting customs offenses in 2015-2017. Russia’s state nuclear agency Rosatom and the Department of Atomic Energy under the government of India agreed on setting up a local production of equipment for the nuclear power plants in India which are built by Russian specialists.
Russia wants Indian production sites established in the country
President Vladimir Putin said at a meeting with representatives of the two countries’ business circles that Moscow is keen on Indian production sites being established in Russia more actively.
“We’re interested in Indian production sites being established by our Indian partners in Russia more actively,” the president said, adding that Russia shares “partners’ serious attitude for long-term positive work in Russia.” “We’ll be doing our best for making it comfortable for them to develop their business here,” the official noted. According to Putin, the launch of the Eurasian Economic Union adds potential for expanding business ties (between the two countries) as Indian companies will be able to work on this receptive market with millions of consumers under common, looser terms. “I should once again point it out that we’re interested in the tightest and positive cooperation of Russian and Indian business circles. We’ll be further considerate to your ideas and initiatives and will back implementation of promising joint projects,” Putin said.
Putin proposes to hold meetings of Russian, Indian leaders with countries’ business circles half-yearly
Russia’s president has proposed to hold meetings of Russian and Indian leaders with representatives of the two countries’ business circles on a bi-annual basis.
“If you’re interested in this we could ask our today’s organizers from the side of Russian and Indian business to hold similar meetings focusing particularly on cooperation in the fields of economy and business twice a year. We could gather one time in India and the second time in Russia,” Putin said at a meeting with representatives of the two countries’ business circles, which he is holding together with Indian Prime Minister Narendra Modi.
According to Putin, Russian and Indian entrepreneurs are not yet aware of all potential of doing business jointly, which could be solved by holding such forums two times per year. “Russian tourists are not fully aware of India’s potential and I don’t think the business community is fully aware of India’s potential,” he said.
Trade turnover between Russia, India sliding due to external factors
According to Putin, trade turnover between Russia and India is sliding now, which is related to external factors, such as fluctuations of demand and volatility of currencies.
“The main task now is to involve all potential for diversification of Russian-Indian ties, actively promote projects in such areas as high technologies, innovations, energy, aviation and machine building, medicine, diamond industry,” Putin said.
Russia to participate in India’s import substitution program
Vladimir Putin and Narendra Modi have also discussed prospects of participation of Russian business in implementation of India’s program of import substitution.
“We’ve discussed the prospects of participation of Russian business in implementation of India’s import substitution program, which is called “Made in India.” We see it as an additional opportunity of setting joint ventures, sharing technologies, producing high value-added products,” Putin said.
India has allotted one more ground for a nuclear power plant of Russian design
Vladimir Putin also noted that India has allotted one more ground for a nuclear power plant of Russian design.
“Russia assists in building several power generating units at the Kudankulam nuclear plant,” he said, recalling that the first unit there was commissioned in June 2014 and the second unit was to come on stream in several weeks’ time.
“Russian specialists plan to get down to building power units No. 3 and No. 4 there shortly and talks on building units No. 5 and No. 6 are underway,” he said.
India taking Russia as source of energy security
According to Narendra Modi, India is taking Russia as a source of its energy security.
“Russia may be a source of energy security for India,” he said, adding that the talks were very positive.
“I see Russia as a very important partner in India’s economic transformation and creation of a balanced stable multipolar world,” Modi said.