Bilateral trade between India and Russia was at USD 50 billion in the last financial year and is expected to increase this year, said Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, here on Wednesday.
The Eastern Maritime Corridor between the ports on the east coast of India and the Far East region of Russia promises "immense potential" to unlock new trade opportunities, he said.
Click here to follow our WhatsApp channel
The minister was speaking at a conference on 'Operationalising Eastern Maritime Corridor' which was attended by a delegation from Moscow led by A Yu Bobrakov, Deputy Minister for the Development of the Far East and the Arctic of the Russian Federation, among others.
While welcoming the visiting delegates, Sonowal said the India-Russia partnership is strong and steady building upon strategic convergence, geo-political interests and mutually beneficial cooperation.
"Prime Minister Narendra Modi remains engaged with President Putin through telephonic conversation. The latest discussion took place on January 15," he said.
India and Russia continue to interact at the Ministerial and official levels; most recently, External Affairs Minister S Jaishankar had a very successful visit to Russia in December 2023, he said.
"Our bilateral partnership has expanded to become truly multi-faceted and encompasses cooperation in military, security, science and technology. Our bilateral trade has registered rapid growth in the last financial year, where it amounted to USD 50 billion, and it is likely to be even more this year," he said.
Also Read
250 million people lifted out of poverty by Modi govt: Union Min Sonowal
India stands at cusp of a maritime revolution, says Sarbananda Sonowal
Centre to set up Bureau of Port Security soon: Sarbananda Sonowal
Socio-economic study of indigenous Assam Muslims to be conducted: Himanta
Sarbananda Sonowal flags off Costa Serena's maiden domestic operations
$5 bn for EV, 20 unicorns women-led: Path of Indian startup boom since 2014
Disinvestments slow, but govt keeps earning dividends from state-run firms
In India's drive to boost tourism, tax becomes roadblock for industry
Indian petroleum export earnings hit as Red Sea conflict intensifies
India to retain top economy title as govt spending stays strong: Poll
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)