NEW DELHI: In a significant move to enhance economic collaboration, the Chamber of Commerce and Industry (CCI) of the Russian Federation has inaugurated its second representative office in India, this time in Mumbai. The CCI, which represents over 53,000 business organisations and more than 280 business unions at the federal level in Russia, aims to foster bilateral trade and investment opportunities in India.
H.E. Sergey Katyrin, President of the CCI, said, “The strategic importance of India as an old and reliable friend for Russia. The existing representative office in Delhi, coupled with the newly opened Mumbai office, will facilitate technology collaboration and promote trade between Russian companies in India and Indian companies in Russia”.
Notably, India currently faces a trade deficit with Russia, and these representative offices aim to address this imbalance.
During an interactive meeting organized by MVIRDC WTC Mumbai and the All India Association of Industries (AIAI), P. D. Malikner, IAS, Managing Director of MITL (AURIC), invited Russian companies to set up offices in India’s next-generation greenfield smart city, AURIC, located in Aurangabad. AURIC, part of India’s National Industrial Corridor Development Programme, offers world-class infrastructure across 10,000 acres for industrial, social, and residential units.
Russia has emerged as India’s fourth-largest trade partner, with goods and services trade surpassing USD 55 billion. The two countries are actively diversifying their business relationship, exploring areas such as railways, infrastructure, heavy machinery, timber, and chemicals. Additionally, India has initiated negotiations on a free trade agreement (FTA) with the Eurasian Economic Union, which includes Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
Dr. Vijay Kalantri, Chairman of MVIRDC World Trade Center Mumbai, said that bilateral goods trade could exceed USD 100 billion in the next three years. Despite international sanctions, Russia remains a steadfast friend to India, and initiatives like the India-Russia Trade House have been instrumental in promoting trade and investment.
To further strengthen ties, the Saint Petersburg Chamber of Commerce and Industry signed an MoU with WTC Mumbai and AIAI, as did the Lipetsk Chamber of Commerce and Industry. The event witnessed the participation of Alina Novikova, spouse of the Russian Ambassador to Nepal, and other dignitaries.
Capt. Somesh Batra, Vice Chairman of MVIRDC World Trade Center Mumbai, encouraged Russian companies to invest in India and explore imports to balance bilateral trade. The event concluded with B2B meetings between Russian and Indian business delegates across various sectors, including water heating equipment, edible oil, hydropower, transport, logistics, construction, fresh fruits, fabrics, threads, polymers, and gemstones.