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Russia promises less red tape for Indian investments

Last Updated: Thursday, October 1, 2009 - 20:05

Moscow: 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 here.

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.

Bureau Report

First Published: Thursday, October 1, 2009 - 20:05
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