MOSCOW
India and Russia are working towards expanding bilateral trade to $100 billion and two-way investments to $50 billion by 2030, Indian Ambassador to Russia Vinay Kumar has said.
Prime Minister Narendra Modi and Russian President Vladimir Putin have directed their respective governments to further strengthen cooperation across sectors, including trade and commerce, Kumar said in an interview with Russian news agency TASS. The two leaders discussed bilateral relations on the sidelines of the BRICS summit held in New Delhi on September 12 and 13.
Kumar said the leaders’ participation in the BRICS business summit and their visit to the Innoprom-India exhibition, the first Russian industrial exhibition held in New Delhi, were among the outcomes of their engagement. The two governments have been asked to work towards expanding cooperation and achieving the long-term trade and investment targets.
Labour cooperation is another area of focus. Kumar said India was prepared to supply skilled workers according to Russia’s requirements. Indians account for around 25 to 30 per cent of Russia’s quota for foreign workers, he said.
Pointing to India’s large workforce, the ambassador said the country, with a population of nearly 1.5 billion, was emerging as a global source of skilled personnel. India’s workforce has an average age of 29, while workers account for about 69 per cent of the population, according to figures cited by him.
India has also proposed that Russia establish educational institutions in India or collaborate with existing institutions to train workers required by Russian industries. The proposal is aimed at matching skills training with employment needs and strengthening people-to-people and economic links between the two countries.
The proposed trade and investment targets reflect the two sides’ efforts to deepen economic engagement and broaden cooperation beyond existing areas of bilateral relations.