'Make in Russia for India' model pitched for fertilizer JVs
What's the story
India's Ambassador to Moscow, Vinay Kumar, has pitched the 'Making in Russia for India' model. The initiative seeks to strengthen industrial ties between the two countries across sectors such as fertilizers and critical minerals. Joint ventures in Russia under this model would create a dedicated export market for India. The move comes as both nations work toward a $100 billion trade target.
Business collaboration
Kumar's address at St Petersburg forum
Speaking at the India-Russia business dialogue session at the recently concluded St Petersburg International Economic Forum, Kumar highlighted a "special opportunity" for business between India and Russia. He stressed on sectors like mineral resources, critical materials, and fertilizers as potential areas of exploration. The ambassador suggested that Indian and Russian companies could set up joint ventures in these sectors in Russia under this model.
Fertilizers
Joint venture urea plant in Russia
India and Russia are already working on a joint venture urea plant in Russia to ensure long-term fertilizer supplies. The facility will produce two million tons of urea annually, which will be exported to India. This comes as Russia has become India's largest fertilizer supplier.
Trade target
Natural resources, manpower key to achieving $100B trade target
Kumar stressed on the importance of natural resources, manpower, and mobility in achieving the $100 billion trade target set by Russian President Vladimir Putin and Prime Minister Narendra Modi. He noted that the number of Indian workers in Russia has increased to 100,000 over the last few years. This highlights a growing bilateral relationship with a focus on human resource exchange.