Russia Promises Less Red Tape for Indian Investments

Vinay Shukla/Moscow
Russia Promises Less Red Tape for Indian Investments
Russia has assured more transparency and less red tape for Indian investments as New Delhi pushes for greater economic engagement with Moscow and trade between the two countries.

Visiting Commerce and Industry Minister Anand Sharma took up the issues of non-transparency and bureaucratic red tape faced by Indian investors with prime minister Vladimir Putin during a meeting.

Sharma discussed the same in talks with deputy prime minister Alexander Zhukov, economic development minister Elvira Nabiullina and industry and trade minister Viktor Khristenko.

"I think we should improve mechanisms of cooperation, of our interaction with foreign investors. This is a hot topic, given the state of affairs in the global economy and the experience we have accumulated in cooperation with our partners in recent years...We must seek more transparency and less bureaucracy," Putin told a cabinet meeting yesterday.

Russia and India have agreed on high-level investments in energy, pharmaceuticals, information technology and agro processing.

The two sides have also agreed to intensify cooperation in defence and high technology sectors.

During his three-day Russia visit, Sharma co-chaired the Third India-Russia Forum on Trade and Investments that coincided with the inauguration of the international forum of foreign investors, "Russia Calling!"

The two countries have agreed to increase bilateral trade to USD 15 billion by 2012, diversifying the trade basket. Two-way trade was estimated at USD 7 billion in 2008.

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