India
to Provide Visa on Arrival Facility for Russian Business Visitors through
Eighteen Airports
India and
Russia Develop Framework for Tracking Key Priority Projects
India would provide visa on arrival facility for
business visitors through eighteen airports. Speaking at the Eighth Session of
the India-Russia Forum on Trade and Investment, the Minister of State
(Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman emphasized the
Government of India’s commitment to remove red tape and providing single window
clearance for the investors.
She further said that India and Russia need to
further strengthen the economic relation which is presently below potential.
Co-chairing the Eighth Session of the India-Russia Forum on Trade and
Investment in New Delhi on November 5, 2014 along with Mr.
D. Rogozin, Deputy Prime Minister of the Russian
Federation, Smt. Sitharaman spoke about positive
investment climate in India and also the huge investment opportunities in
infrastructure, manufacturing, metallurgy, pharmaceuticals and other sectors.
Smt. Sitharaman expressed
the hope that the recent liberalization in FDI regime in India, including those
in defence and Railway sector will create new opportunities for joint ventures
by Indian and Russian countries in these areas. The Deputy Prime Minister of
the Russian Federation also spoke on the occasion and stated that enhancement
of the bilateral investment and trade cooperation is one of the important steps
to advance qualitatively economic relations and mentioned aviation and energy
sectors as potential areas.
As part of the Forum, three round table discussions
on ‘Opportunities & Partnership in Infrastructure’, ‘Opportunities and Best
Practices in Manufacturing’ and ‘Pharmaceuticals industry and healthcare:
Potential for cooperation’ were organized. These were attended by senior
government officials and industry experts from two countries. Opportunities and
issues confronting bilateral trade and investment relations in these sectors
were discussed and roadmaps for enhancement of engagements in these specific
sectors were suggested.
In a renewed thrust to joint manufacturing in
hi-tech areas, India and Russia have developed a framework for tracking key
priority projects at the Secretary level. The sectors covered under this Joint
Working Group on Priority Investment Projects include automobile, industrial
and road-building machinery, Chemical & Petrochemical Industry, Civil
aircraft construction, fertilizers, pharmaceuticals, energy, IT, and
automobiles.
Another Working Group on Modernization and
Industrial Cooperation also co-chaired by Secretary, Industrial Policy and
Promotion identified potential projects and proposals and addresses issues for
its implementation. These two joint working groups met in the month of October
2014 in New Delhi under the co-Chairmanship of Shri
Amitabh Kant, Secretary, Industrial Policy and Promotion and the Deputy
Minister of the Russian Federation and their recommendations were presented
before the India Russia Inter-Governmental Commission which also met on
November 5, 2014 in New Delhi.
The India-Russia Forum on Trade & Investment
was set up in 2006 with the objective to strive for stable development of
Indo-Russian trade, economic and investment cooperation. The next meeting of
the Forum would be held in 2015 in Russia on a mutually agreed date.
Mr. Rogozin participated along with a high
profile Russian delegation, including government officials and businessmen. The
Indian delegation included officials from Department of Industrial Policy and
Promotion, Department of Commerce, ministry of External Affairs, Department of
Pharmaceuticals and business representatives from CII and FICCI.
[Source: PIB (MoC&I)
Press Release dated 7th November 2014]