India-Russia mega-meeting plans to hit $50 billion trade target

India and Russia are set to host a mega-business meeting here next week amid plans to boost bilateral trade to $50 billion this year, from a record $31 billion in 2022 after a sharp surge of energy and fertilizer imports by India.

The “Russia-India Business Forum: Strategic Partnership for Development and Growth” will be held on March 29-30 as part of the St. Petersburg International Economic Forum.

The main focuses of the forum will be IT, cybersecurity, technological sovereignty, smart cities, transport and logistics, healthcare and pharmaceuticals, officials said, adding that the focus of the forum will be a plenary session on ‘Technological Alliances in Greater Eurasia’.

The trade target for 2025 was previously set at $30 billion. But the figure was surpassed in 2022 due to India’s oil imports from Russia, and the figure is expected to hit $50 billion in 2023.

“The Russian-Indian cooperation format is one of the drivers of regional efforts to improve the architecture of intergovernmental relations in the Asia-Pacific region. The forum aims to strengthen business ties between the Russian and Indian business communities and assist Russian companies to enter the Indian market…” read a statement by Anton Kobyakov, adviser to the Russian President.

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