Indian businessmen intend to open diamond cutting enterprise in Saint Petersburg

Indian businessmen intend to open a Russian-Indian enterprise in Saint Petersburg for cutting diamonds. According to the municipal committee on foreign relations, this was announced yesterday by Indian Ambassador to Russia Krishnan Raghunath in a meeting with Saint Petersburg Governor Valentina Matvienko.

They also discussed the fact that two military frigates have already been built at the Saint Petersburg wharf while another is still being built. They also spoke of collaborating and creating joint companies in the areas of pharmaceuticals, heavy industry and trade.

According to the customs department for the North-West Federal District of Russia, the trade turnover between India and Saint Petersburg in 2002 came to USD 114.7 million, just over half the figure for 2001. Both import and export dropped. There are currently about 30 Indian companies operating in Saint Petersburg.