India to be the Partner Country for Russian Industrial Trade Fair Innoprom 2016 [ Current Affairs ]


India decided to be a partner country in the major Industrial Fair named INNOPROM-2016 to be held at Yekaterinburg, Russia in July 2016. Indian government accepted the invitation extended by the Russian Government in December 2014.

Minister of Industry and Trade of Russian Federation Denis Manturov and Union Minister of State (Independent Charge), Commerce & Industry Nirmala Sitharaman accepted this proposal during a bilateral meeting held at St. Petersburg on 19 June 2015.

Nirmala Sitharaman led a strong delegation of 30-member from Confederation of Indian Industry (CII) during three day visit to Russia to participate in annual St. Petersburg International and Economic Forum (SPIEF).

Many major points discussed during the meet includes:

  1. Issue of renewal of Bilateral Investment Promotion and Protection Agreement (BIPPA) between India and Russia
  2. It was agreed to take all necessary steps to ensure that the target of bilateral investment of 15 billion US dollars each way by the year 2025 signed during the last Annual Summit is achieved.
  3. Both sides agreed that the present level of investment and trade between the two countries which is presently in the range of 11 billion US dollars and 13 billion US dollar is very low.

During the visit, the minister held bilateral discussions with Viktor Khristenko, Chairman of the Eurasian Economic Union; Denis Manturov, Minister of Industry and Trade and Mandrey Slepnev, Member (Trade), Eurasian Economic Union.

- Published on: June 25, 2015