Russian Finance Minister Anton Siluanov is optimistic that Russia and India will achieve their mutual goal of $100 billion in trade turnover by 2030, given the rapid growth and expanding cooperation across various sectors in recent years.
In an interview with Russian news outlet Izvestia, Siluanov highlighted the opening of VTB Bank’s new flagship office as a significant step in enhancing the financial infrastructure essential for supporting increased trade volumes. He stated, “Today’s event, the inauguration of VTB Bank’s flagship office, marks a step towards this objective. More settlement opportunities simplify trade and economic relations. Hence, today’s event is another stride towards this goal,” he emphasized.
Reflecting on the progress, Siluanov mentioned that current figures have exceeded prior expectations. “In 2018, Vladimir Vladimirovich set a target of $30 billion, but our trade turnover has reached $68 billion. How did we achieve this rapid pace, and what contributed?”
“We’ve doubled our pace, aided by utilizing Indian equipment and machinery in our projects, enhancing trade and investment relations, and increasing travel between our countries. Consequently, the number of cooperative ties in enterprises and industries is growing, with military-technical collaboration and energy resource trade developing well,” Siluanov said.
He further emphasized Russia’s efforts to fulfill the President’s directive to boost imports from India. “We are actively implementing the President’s directive to increase imports from India. Such significant events as today are crucial for resolving these issues. The simpler the settlements, the higher the trade turnover, investments, and tourist exchanges between our nations,” Siluanov reiterated.
This statement from the Russian Finance Minister coincides with Russian President Vladimir Putin’s upcoming visit to Delhi on Thursday for a two-day state visit, during which he will attend the 23rd India-Russia Annual Summit.
