3 Agreements Of Indo-Russian Far East Meet Grows Business And Economy In India

Both countries exchanged various agreements in energy sector, science and technical cooperation
3 Agreements Of Indo-Russian Far East Meet Grows Business And Economy In India
Image credit: PMO India
Entrepreneur Staff
Correspondent, Entrepreneur India
3 min read

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At a recent visit of PM Modi to Russian Far East region, he gave a joint statement at the 20th Annual Summit between the two countries, along with Russian President Vladimir Putin by side.

Both countries exchanged numerous agreements including military ties, technical cooperation energy and science, LNG Business and LNG supplies, and natural gas, in the presence of the two leaders.

PM Modi said “"I'm honoured to be the first-ever Indian Prime Minister to be coming to Vladivostok. I thank my friend, President Putin for inviting me here. I remember Annual Summit of 2001, first one held in Russia when he was President and I had come with former Prime Minister of India Atal Bihari Vajpayee's delegation as Gujarat Chief Minister," the Prime Minister said in the joint statement.

Ways how this meet between two sides would benefit Indian Business and Economy

Agreement signed based on developing the nuclear power units in India will arrive with the plenty of employment opportunities and capital influx in the nation. Although the government is trying its measures to overcome the insolvency like recapitalizing the firms etc but with these strong bilateral ties between two nations, signing agreements would help country to divide the capital in the areas which need to grow at urgency.

 Developing a full-fledged maritime route that serves as a link between Chennai and Vladivostok brings with it ample of economy growth as the export and import percentage between both countries would boost. Russia targeted the figure of 30 Billion Dollars investment with India in trade sector by 2025. The investment figures and agreements signing between both countries show the familiar grounds.

Investment in LNG Business from Russia in India will elevate the oil and supplies business in India. This would help Indian nation to increase its economy through Oil and Gas sector. India, the world's third-biggest oil consumer and importer, aims to raise the proportion of gas in its energy mix to 15%. Among the deals announced on Wednesday, India's top gas importer Petronet LNG agreed to buy liquefied natural gas (LNG) from Novatek and invests in the Russian company's future projects. The two companies will also look at joint marketing of the gas as a motor fuel in India.

According to the Indian Foreign Secretary, Vijay Gokhale, he said "We have had a major breakthrough in the energy sector. This is a sector where we are looking to diversify our sources of supplies and we are increasingly finding it attractive to buy oil and gas from the Russian federation”.

Increasing trade, gas export and energy supplies from Russia will directly impact the economy and employment in India. Business opportunities related to industries will enhance and elevate the Indian economy.

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