Government Committed to Remove Red Tape and Provide Single Window Clearance for Investors: Sitharaman VIII India Russia Forum on Trade and Investment held in Delhi

Smt. Nirmala Sitharaman, Union Minister of State (Independent Charge) for Commerce and Industry, co-chaired the Eighth Session of the India-Russia Forum on Trade and Investment in New Delhi on November 5, 2014 along with Mr. D. Rogozin, Deputy Prime Minister of the Russian Federation. Mr. Rogozin participated along with a high profile Russian delegation, including government officials and businessmen. The Indian delegation included officials from Department of Industrial Policy and Promotion, Department of Commerce, ministry of External Affairs, Department of Pharmaceuticals and business representatives from CII and FICCI.

Speaking on the occasion, Smt. Nirmala Sitharaman mentioned about the long standing relationship between India and Russia and need to further strengthen the economic relation which is presently below potential. Minister of State (Independent Charge) spoke about positive investment climate in India and also the huge investment opportunities in infrastructure, manufacturing, metallurgy, pharmaceuticals and other sectors. She emphasized the Government of India commitment to remove red tape and providing single window clearance for the investors. India, she stated, would provide visa on arrival facility for business visitors through eighteen airports. Mrs. Sitharaman expressed the hope that the recent liberalization in FDI regime in India, including those in defence and Railway sector will create new opportunities for joint ventures by Indian and Russian countries in these areas. The Deputy Prime Minister of the Russian Federation also spoke on the occasion and stated that enhancement of the bilateral investment and trade cooperation is one of the important steps to advance qualitatively economic relations and mentioned aviation and energy sectors as potential areas.

As part of the Forum, three round table discussions on ‘Opportunities & Partnership in Infrastructure’, ‘Opportunities and Best Practices in Manufacturing’ and ‘Pharmaceuticals industry and healthcare: Potential for cooperation’ were organized. These were attended by senior government officials and industry experts from two countries. Opportunities and issues confronting bilateral trade and investment relations in these sectors were discussed and roadmaps for enhancement of engagements in these specific sectors were suggested.

In a renewed thrust to joint manufacturing in hi-tech areas, India and Russia have developed a framework for tracking key priority projects at the Secretary level. The sectors covered under this Joint Working Group on Priority Investment Projects include automobile, industrial and road-building machinery, Chemical & Petrochemical Industry, Civil aircraft construction, fertilizers, pharmaceuticals, energy, IT, and automobiles. Another Working Group on Modernization and Industrial Cooperation also co-chaired by Secretary, Industrial Policy and Promotion identified potential projects and proposals and addresses issues for its implementation. These two joint working groups met in the month of October 2014 in New Delhi under the co-Chairmanship of Sri Amitabh Kant, Secretary, Industrial Policy and Promotion and the Deputy Minister of the Russian Federation and their recommendations were presented before the India Russia Inter-Governmental Commission which also met on November 5, 2014 in New Delhi.

The India-Russia Forum on Trade & Investment was set up in 2006 with the objective to strive for stable development of Indo-Russian trade, economic and investment cooperation. The next meeting of the Forum would be held in 2015 in Russia on a mutually agreed date.