Strengthening India-Russia Bilateral Investment Ties through Strategic Projects

India and Russia have agreed on six new strategic projects to bolster bilateral investment ties, marking a significant step in deepening their economic cooperation. This agreement was made during the 8th Session of the India-Russia Working Group on Priority Investment Projects (IRWG-PIP), held in New Delhi. The session was co-chaired by senior officials from both countries and focused on advancing mutual interests in several sectors. Both nations have reaffirmed their commitment to expanding investment collaboration as a means of strengthening their broader economic partnership, which has seen steady growth since the “India-Russia Strategic Partnership” declaration in 2000. The session also saw the second edition of the India-Russia Investment Forum, which was attended by over 80 businesses and officials, indicating the growing importance of economic cooperation between the two nations.

Key Points

New Strategic Projects

• India and Russia have agreed on six new projects that will enhance their bilateral investment collaboration.
• These projects are part of the India-Russia Working Group on Priority Investment Projects (IRWG-PIP), which seeks to promote joint investments and development in sectors of mutual interest.

Key Session Details

• The session was held in New Delhi and was co-chaired by Amardeep Singh Bhatia (India) and Vladimir Ilichev (Russia).
• The session focused on advancing joint projects in fields like trade, economic development, and technological innovation.
• A protocol was signed outlining the six new projects and reviewed the progress of initiatives from the 7th session.

India-Russia Investment Forum

• Following the session, the 2nd Edition of the India-Russia Investment Forum took place.
• The forum was organized in collaboration with Invest India, the Indian Chamber of Commerce (ICC), and the Ministry of Economic Development of the Russian Federation.
• The forum attracted more than 80 participants, including businesses, financial institutions, cargo companies, and officials from both countries.

Ongoing Commitment to Strengthening Economic Ties

• Both India and Russia have stressed the importance of sustained cooperation in investment and trade to further strengthen their economic relationship.
• The historical ties between India and Russia have laid a strong foundation for expanding their strategic partnership across various domains, including security, defense, and technology.

Longstanding Partnership

• India and Russia’s strategic partnership dates back to the signing of the “Declaration on the India-Russia Strategic Partnership” in October 2000, during President Putin’s visit to India.
• The partnership has since evolved into a “Special and Privileged Strategic Partnership,” with cooperation spanning various sectors such as politics, defense, culture, and people-to-people relations.
• The bilateral relationship was further strengthened during President Putin’s visit to India in 2010, marking a new phase of cooperation.

Bilateral Cooperation in Key Sectors

• The discussion also covered enhancing collaboration in political, security, defense, trade, and economic sectors.
• Russia and India have also made strides in science and technology collaborations, further cementing the long-term cooperation between both countries.