Putin Calls on Indian Industrialists to Work With Russia

Russian President Vladimir Putin called on Indian industrialists to work with Russia at a meeting with representatives of Indian business circles on Wednesday, December 4. According to the president's press office, Mr Putin told the Indian businessmen that Russia has been enjoying a high level of industrial growth for four years and preliminary results suggest that Russian manufacturing output increased by 4% over the first three quarters of 2002. The president also emphasised that industries such as non-ferrous metallurgy, the food and fuel industries are developing faster than others. According to Mr Putin, the Russian economy is now showing stability and growth which should be a catalyst for diverse business cooperation between the two countries.

The president also pointed out that Russia and India already have experience in joint investment. Examples of this are the Sakhalin-1 project, which is being carried out by Rosneft, the development of oilfields in the Indian shelf of the Bay of Bengal by Gasprom, the construction of the nuclear power station Kudankulam. In Mr Putin's opinion, cooperation in the area of high technology will also be a very profitable area for both countries.

As a result of negotiations in Delhi, President Putin and Indian Prime Minister Atal Bikhari Vadjpaii signed two Russia-India declarations: about increasing strategic cooperation and consolidating and developing economic and technical cooperation. They also signed a memorandum of cooperation in the struggle with terrorism, a memorandum on telecommunications and a protocol on the protection and use of intellectual property. Another protocol was signed between the administration of Russian region Samara and that of Karnataka, India, as well as an agreement and memorandum between Mezheconombank and Kanara-Bank.