India Inc seeks to augment Russia ties

It will not be just bilateral relations, political situation in the region and war on terrorism that will top the agenda of Prime Minister Atal Bihari Vajpayee's visit to Russia this week.

India's business community in strong numbers is accompanying the prime minister to explore areas of cooperation and to strengthen existing business ties.

Bilateral trade between the two countries currently stands at $1.4 billion per annum. But there is immense potential for it to flourish, given the recent growth in the two economies, say analysts.

The Confederation of Indian Industry (CII) is taking a 25- member mission to accompanying the prime minister. The Federation of Indian Chambers of Commerce and Industry (Ficci) and Assocham have 30-odd members each in their delegations .

The Indian business mission will seek to strengthen bilateral trade and investment between the two countries and gain vital access to Russian business, think-tanks, policy makers and the media.

The business mission assumes importance against the backdrop of the declaration of strategic partnership between India and Russia earlier in 2002 and the renewed impetus on building up economic relationship between the two countries.

As a part of the renewed thrust, the CII will also reopen its office in Moscow.

Its mission, led by President Anand Mahindra, will focus on long-term planning and increased participation by public and private sector in its Russia initiatives.

Ficci will also explore possibilities of greater cooperation between the companies in the two countries and work towards removing impediments in the way of business growth between the two countries.

FICCI, which has a joint business council with the Russian Federation Chambers of Commerce and Industry thinks there is a need to eliminate issues affecting trade between the two countries and there should be concrete efforts to build strategic relationships in various sectors.

Assocham is looking at establishing new contacts in Russia and enlarging existing export business areas such as pharmaceuticals, garments, packaging machinery and financial and IT-enabled services.

The members of the Indian business mission include Subir Raha, chairman, ONGC, Atul Punj, chairman, Punj Lloyd , Shiv Vikram Khemka, director, SUN Group, Tarun Das, director general, CII, AC Muthiah, chairman, SPIC, YK Modi, chairman YKM Holdings, Amit Mitra, secretary general, FICCI, Pradip P Shah, chairman, IndAsia Fund Advisors, B.D.

Narang, chairman and managing director of Oriental Bank of Commerce and J K Bhuyan, secretary general, Assocham, amongst others.