VLADIVOSTOK, September 3. /TASS/. The economic partnership between Russia and India has great potential, First Deputy Chairman of Sberbank’s Executive Board Alexander Vedyakhin said, adding that trade turnover between the two countries could reach $100 bln by 2030.
“In 2020, a trend in India’s direction began, and we have been actively promoting the Indian agenda. Sber has been operating in India for 15 years, the bank has a branch there. The company is present in Delhi and Mumbai, and an IT hub has also been launched in Bangalore. Our goal is to reach $100 bln in trade turnover between the two countries by 2030,” he said at the Eastern Economic Forum (EEF) as reported by the bank’s press service.
The potential of the Russian-Indian economic partnership has been only partially realized by now as energy accounts for 90% of trade turnover, which currently amounts to 63 bln dollars, the press service said.
“Diversification is needed. Further development of economic relations between the two countries is limited by customs duties, weak logistics, irregular B2B interactions, difficulties in obtaining visas,” the report said.
Moreover, it is necessary to develop the export of Indian labor resources, as well as cooperation not only at the intercountry level, but also at the level of specific representatives of small, medium, and large businesses, the press service added.
The 10th Eastern Economic Forum is taking place in Vladivostok from September 3 to 6 under the theme “The Far East: Cooperation for Peace and Prosperity.” The business program features more than 100 thematic sessions divided into seven tracks. The forum is expected to bring together over 4,500 participants from more than 70 countries and territories. The Roscongress Foundation is the organizer of the EEF, with TASS as its general information partner.
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