The Hindu Business Line : Corporates told to take a re-look at Russia market

THE Minister of State for Commerce and Industry, Mr Rajiv Pratap Rudy, has urged the Indian corporate sector to have a re-look at the opportunities emerging in Russia.

Inaugurating a seminar on "India-Russia Together'' organised jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI), Indian Trade Promotion Organisation (ITPO), Indian Business Alliance of Russia (IBA) and Federation Indian Export Organisation (FIEO), here on Monday, he stressed the need to develop healthy competition and healthy business environment domestically, keeping quality and competence in focus, as that would the Indian corporates have a sound foothold in the Russian market.

The Minister lamented while Russians were familiar with Indian products, Chinese products were penetrating the Russian market aggressively.

Touching upon the current economic situation in Russia, Mr S.K. Lambah, former India Ambassador to Russia and currently Special Envoy to Afghanistan, said that the Russian economy was currently growing at 4.2 per cent, having a per capita of $2,000.

Mr Lambah pointed out to five key sectors that held immense business opportunities apart from traditional ones such as pharma, tea and tobacco.

He said that there was plenty of scope in sectors such as oil, diamonds, tourism, science and technology, and banking.

He advised the Indian corporates to look beyond rupee-rouble deals for there would be a switch to dollar trade in future.

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