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Task force being set up for utilising Rupee-Rouble debt funds
Moscow, Nov 11: In a bid to accord a fresh impetus to Indo-Russian business, Prime Minister Atal Bihari Vajapyee has said a task force is being set up to work out modalities of utilising the remainder of Rupee-Rouble debt funds for investments in both countries.
Moscow, Nov 11: In a bid to accord a fresh impetus to Indo-Russian business, Prime Minister Atal Bihari Vajapyee has said a task force is being set up to work out modalities of utilising the remainder of Rupee-Rouble debt funds for investments in both countries.
"We are focussing on diversification from the traditional items of trade to high-tech areas of cooperation including joint design and development of equipment, information technology and bio-technology. Some Indian banks have extended credit lines to Russian banks to facilitate trade," he told Russian information agency 'Novosti' in an interview.
Vajpayee, who flew for Moscow today on a three-day visit to Russia as part of his week-long three-nation tour, said, "We look forward to earliest completion of formalities for the opening of an indian joint venture bank in Moscow."
Vajpayee, who flew for Moscow today on a three-day visit to Russia as part of his week-long three-nation tour, said, "We look forward to earliest completion of formalities for the opening of an indian joint venture bank in Moscow."
Contending that particular attention needed to be paid to mutual investments, the Prime Minister said Indian investment of over USD 1.5 billion in the sakhalin-1 project had proved the compatibility and workability of efforts for mutual benefit.
A 100-member strong Indian business delegation will be in Moscow during the Prime Minister's visit to establish useful contacts with russian business and industry to put trade and investment relation on a firm footing even after Rupee-Rouble arrangement ceases to operate.
Bureau Report