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India seeks greater market access, investments from Russia

India seeks greater market access investments from Russia Commerce and Industry Minister Nirmala Sitharaman on Wednesday demanded greater market access in Russia for Indian pharmaceutical, automotive, textile and value-added farm products and invited Russian businessmen to explore with an open mind investment opportunities in India.

She was addressing the India-Russia Forum on Trade and Development here organised by the Federation of Indian Chamber of Commerce and Industry here.

Russia’s Deputy Prime Minister Dmitry Rogozin praised Prime Minister Narendra Modi’s ‘Make in India’ campaign. “We are willing to help each other. Huge opportunities are there for MSME sector. We will give personal assistance and help Indian businesses [to invest in Russia].”

“Our intention is to seek greater market penetration and access in at least those sectors in which India has set global standards like pharma, auto, textiles and value-added agri products,” Ms. Sitharaman said. “We would like to invite investments from Russia. Come and produce here those goods [for which] you have market available here. Come to India, make it here and sell it to us,” the Minister said, adding that India had a lot to offer to Russian investors in terms of skilled work force.

“India has permitted visa on arrival for businessmen at several ports…We are going to have in a very big way single window clearance mechanism for businesses,” the Minister added.