Moscow Singles Out Investment Contacts in Russia-India Economic Cooperation

Priority in Russian-Indian economic contacts should be given to investment co-operation, Gleb Ivashchentsov, a Russian foreign ministry senior official, said Wednesday when addressing a Moscow seminar devoted to the two countries' business contacts. Russia can build up the export of machinery and hi-tech products to India above all through involvement in major projects in that country, said Mr Ivashchentsov.

He said the old model of bilateral business contacts had played out in many respects and Moscow and Delhi should change over to new arrangements, giving better heed to the free market reforms both countries had been pursuing. Russia and India will finally adopt free market principles in their trade and other economic partnership within the next 2 to 3 years, according to the diplomat. This is exactly the timeframe within which India will repay debts to Russia, he believes.

Mr Ivashchentsov described bilateral partnership in the hi-tech area as strategically important. The two countries' joint potential in this area can surpass any developed country's potentialities, believes the diplomat.