Vladimir Putin on Russia-India trade and economic cooperation

Development of transport infrastructure, the main task of the coordination council of the "South-North" international transport corridor is the main strategic objective of Russia-India partnership, said Vladimir Putin at a Delhi meeting with Indian entrepreneurs.

"Transition to market relations in Russian-Indian trade was accompanied by objective difficulties," which in their turn have reduced the volume of trade between Russia and India, Russia's President admitted. He pointed out that today Russia's share in India's foreign trade remained 1.2 percent, with its share in India's import equalling 1 percent. The share of high technology products is small and we still trade in a small range of goods", the Russian head of state said.

However, the recent years have seen signs of improvement and produced a number of good examples such as cooperation in the investment sphere. Among the examples the President named the biggest investment project, "Sakhalin-1", which is being fulfilled by "Rosneft" and the Indian oil and gas corporation.

Moreover the Russian head of state pointed out that Russia's "Gazprom" was exploring and developing a gas field in India's shelf in the Bay of Bengal. Russia specialists have set to practical work to construct a nuclear electric station "Kudamkulam" in Bombay.

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