"Already bilateral trade is about $5 billion and within a couple of years it should double," he said at a function organised by International Cultural federation.
Pointing out that India currently accounts for a little over one per cent of Russia's total external trade volume, he said energy and infrastructure development are the core areas Russia is interested in investment. He also expressed the hope that the russian aided nuclear power plant at Koodangulam in Tamil Nadu would become operational by the year 2009.
He said Russia had sold over $10 billion worth of weapons to India in the past five years and that further contracts worth $9 billion are on the anvil. Joint agreements had been signed to develop multi-purpose military transport aircraft and fifth generation fighter jets. Transport and fighter aircraft were being developed for both countries with different specifications to suit varied needs, he said
He said many developing countries and developed nations had evinced interest in procuring the Brahmos supersonic cruise missile, jointly developed by the two countries.
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There was considerable potential for diamond exports from Russia and Joint Ventures between the two countries for diamond processing and marketing, he added.