President Pranab Mukherjee has said the Indian Community in Russia can play an important role in propelling economic ties between the two countries to a higher trajectory.
President Mukherjee, who attended a reception hosted by P.S. Raghavan, Ambassador of India to Russia, for the Indian community in Moscow today, while addressing the gathering said the Indian community in Russia has contributed significantly to the development of close ties of friendship between both nations.
"Interaction between the two countries at the people-to-people level have always been warm and friendly. This has been exemplified by Russian interest in Indian cinema, culture and heritage and the popularity in India of Russian literature, arts, circus and sciences," he added.
President Mukherjee said the last fifteen years have seen a qualitative change in India's relations with Russia.
"With the signing of a declaration on India-Russia strategic partnership in October 2000, India established perhaps it's closest institutionalized ties with any foreign country. This association has since continued to grow and diversify into newer areas," said President Mukherjee.
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"In recognition of the multi-faceted bilateral engagement of the two countries, India today terms its relationship a special and privileged strategic partnership," he added.
President Mukherjee said the total trade between India and Russia is US Dollar six billion annually, which is less than one percent of India's total trade amounting to US Dollar 765 billion.
"Since April 2000, FDI inflows into India is US Dollar 246 billion, out of which only US Dollar 1 billion has come from Russia. Given the size of the economies of both the countries, there is huge potential to enhance commercial and investment exchanges," said President Mukherjee.
"The synergies and new opportunities arising between the two economies should be fully utilized," he added.
