Moscow, Nov 13: Favouring exploration of avenues by India and Russia for generating and meeting demand on a regional and global basis, Prime Minister Atal Bihari Vajpayee today said the two should also avail of opportunities in each other's country for broadbasing investment flows. "There is huge untapped potential not only for an exponential growth of bilateral trade and investment, but also for jointly exploring other markets through pooling of resources," he told a joint meeting of Indian and Russian businesspersons here.

Observing that Indian firms were looking for investment abroad, the Prime Minister said, "It is time that Indian and Russian firms availed of more opportunities in each other's country". Giving the example of major bilateral investments -- Sakhalin oilfield in Russia and Kudankulam nuclear power plant in India -- reflecting mutual collaboration, he said "We need to broad-base investment flows. This also needs closer links between our banks and financial institutions.

"The establishment of commercial branches of banks in each other's country should be a priority goal," he said.

The meeting was attended by nearly 100 senior Indian businesspersons who are here to give fresh impetus to the sagging bilateral trade which has now plumetted to under USD 1.5 billion. Bureau Report