Indian-Russian trade to reach five billion dollars by 2005

Indian businessmen hope that their trade with Russia will reach $5 billion by 2005, secretary general of the Indian federation of chambers of commerce and industry Amit Mitra said shortly before Indian prime minister Atal Bihari Vajpayee's Russian visit.

Mitra pointed out that the Indian-Russian summit will be very important for the further development of bilateral trade and economic relations.

During the meeting, the sides will discuss the mechanism of going over, in a year, to settlements in the freely convertible currency on the rupee-rouble basis.

The Indian businessman emphasized that in this case wide possibilities will open for mutual investments and for creating joint ventures which will increase Russian-Indian trade several times.

He also pointed out that the Indian business community is going to intensify ties, above all, in such sectors as oil and gas industry, metallurgy, mining production, information technologies and telecommunications, biotechnologies, medicine, pharmaceuticals, food and agricultural industry, and diamond processing.

Agarval heads a delegation which includes 34 leading Indian businessmen accompanying prime minister Atal Bihari Vajpayee during his Russian visit.