The 15th India–Russia Business Dialogue Held in Moscow

The 15th India–Russia Business Dialogue took place on December 11 at the “Rossiya Segodnya” International Multimedia Press Center in Moscow. The forum aimed to strengthen the strategic partnership between the two countries, boost bilateral trade, and establish new business ties. The event was organized by the Indian Business Alliance with support from the Business Council for Cooperation with India, the Department for External Economic and International Relations of Moscow, and the Roscongress Foundation.

During the plenary session, participants discussed the strategic partnership between India and Russia, addressed existing challenges, and explored new opportunities in trade, infrastructure, science, education, and culture. The session was moderated by Sammy Kotwani, President of the Indian Business Alliance. Speakers included Sergey Cheremin, Minister of the Moscow Government and Head of Department for External Economic and International Relations; Vinay Kumar, Ambassador of India to the Russian Federation; Dmitry Volvach, Deputy Minister of Economic Development of Russia; Vladimir Platonov, President of the Moscow Chamber of Commerce and Industry; and other officials.

Cheremin noted that 2024 was rich in significant events for Moscow–India cooperation. In January, Moscow participated for the first time in the Smart Cities India Expo in New Delhi, where the city’s technologies—particularly in digitalization, artificial intelligence, e-government services, healthcare, and education—sparked great interest. He emphasized that high-tech collaboration between Russia and India is growing. In November, a Moscow delegation took part in Bengaluru Tech Summit 2024, dedicated to IT, AI, and smart, secure city technologies. “We received very positive feedback from Indian partners and signed several agreements. This demonstrates the growing demand not only in traditional areas like energy, food security through fertilizer supply, and mechanical engineering but also in high-tech sectors,” said Cheremin.

Many Indian companies are collaborating with Russian partners in pharmaceuticals, nanotechnology, microelectronics, communication systems, aerospace, and energy. Talks are also underway regarding the participation of Moscow-based companies in India’s transport infrastructure projects.

Cheremin underscored the importance of interregional cooperation. “We presented partnership program proposals to colleagues from Maharashtra, Uttar Pradesh, and Andhra Pradesh. We hope to sign a new cooperation program with Delhi next year and continue organizing business missions for Moscow companies,” he stated. A Russia–India Business Forum, attended by over 500 companies and more than 1,000 participants, was held in Mumbai on the sidelines of the Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation. Cheremin also announced the opening of a joint representative office in New Delhi of the Russian Business Council for Cooperation with India and the Synergy Corporation. “This will further facilitate interaction with Indian companies, offering consulting on legal matters and supporting the recruitment of skilled labor migrants from India,” he said.

Cheremin also highlighted the potential for educational cooperation, particularly Moscow’s interest in Indian visual learning solutions for integration into the “MESH” platform. He noted ongoing collaboration in healthcare, with Moscow doctors planning visits to India for professional development in various clinics next year.

Indian Ambassador Vinay Kumar noted that India is the most populous country in the world, with a GDP growth rate of 7.58% over the past two years. In terms of purchasing power parity, India ranks as the third-largest global economy. He emphasized the long-standing Russia–India partnership across sectors such as pharmaceuticals, construction materials, automotive parts, and textiles.

“Developing banking channels and expanding payment options to facilitate settlements in national currencies is a key stabilizing factor in bilateral trade,” the ambassador noted. He also highlighted major joint investment projects, especially in the transportation sector.

Deputy Minister Dmitry Volvach stated that President Vladimir Putin and Prime Minister Narendra Modi have set a goal to reach USD 100 billion in bilateral trade by 2030. From January to September 2024, trade between the two countries reached USD 46.5 billion—an increase of 15% year-over-year. “Trade is diversifying. Russian exports are growing, while imports from India remain high and cover a broad range of goods, services, and technologies,” said Volvach. He noted that the North–South International Transport Corridor is significantly enhancing logistics: “Cargo can now reach central Russia from the Indian Ocean and the Arabian coast in under two weeks.” Negotiations are underway to reduce import tariffs on Russian goods, and work is ongoing to finalize a free trade agreement between the Eurasian Economic Union and the Republic of India.

Volvach also named tourism as a promising area of cooperation. In the first half of 2024, the number of Indian tourist visits to Russia increased by 86%. Visa simplification efforts are underway. “Since August last year, Indian citizens have been able to obtain electronic visas to Russia for business and tourism for up to 16 days. More than 30,000 Indian nationals have already used this option,” he said.

Volvach added that cooperation is also expanding at the regional level, with more than 50 bilateral international events held since early 2024. “Moscow is a clear leader in fostering contacts with the Republic of India,” he concluded.

MCCI President Vladimir Platonov reported that the Chamber had initiated and hosted the “Made in India” conference in Moscow. He emphasized that Moscow can share its digitalization expertise with India, not only in creating user-friendly public services but also in urban safety. Platonov noted MCCI’s efforts to engage youth from different countries, including India—12 Indian students recently completed internships at the Chamber to gain business experience.

The India–Russia Business Dialogue program also featured three specialized sessions focused on expanding transport connectivity, innovations in banking, healthcare, education, and technology, and strengthening industrial cooperation for economic resilience. The dialogue concluded with a B2B networking session.