India,Russia to add impetus to economic ties

India and Russia vowed to strengthen their bilateral relations by forging partnership.

India and Russia,two of the famous four ‘BRIC’ economies,on Tuesday vowed to add muscle to their bilateral relations by forging partnership in nuclear energy,bio-technology,nano-technology and core infrastructure.

“We should convert the challenges of the global economic crisis into opportunities by taking a proactive approach,” Commerce and Industry Minister Anand Sharma said here at the third meeting of the India-Russia Forum on trade and investment,attended by over 350 industry leaders from the two countries.

Russia’s Deputy Prime Minister Alexander Zhukov asked the business heads to leverage from each other’s strength.

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Russia’s vast mineral energy resources,cutting-edge echnology and India’s highly developed IT sector and the auto component industry can push the bilateral trade to USD 9-billion mark in the near future,he said.

The two nations,at the core of the ‘BRIC’ – Brazil,

Russia,India,China’-have trade totalling USD seven billion.

Business leaders,including Harshpati Singhania and K K Modi,under the aegis of FICCI,CII and Assocham,attended the forum meeting inaugurated by Zhukov.

In its much-debated 2003 report,Goldman Sach’s had projected that in less than 40 years,the four BRIC economies together could be larger than the G6 industrialised countries.

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