The friendship between India and Russia is not hidden from anyone. Both are trying to increase their bilateral trade. Both the countries have set a target to increase their trade to 100 billion dollars by 2030. Apart from this, we are also planning to increase the bilateral investment to 50 billion dollars. Trade between India and Russia has increased significantly since the Russia-Ukraine war broke out and Western countries imposed sanctions on Moscow. Crude oil imports in particular have increased significantly. Let us also tell you what kind of latest update has come out in this matter.

A 100 billion dollar business

Indian Ambassador Vinay Kumar said Prime Minister Narendra Modi and Russian President Vladimir Putin have directed their respective governments to further enhance bilateral cooperation. He further said that India and Russia aim to increase bilateral trade to 100 billion dollars by 2030. In an interview to the Russian news agency TASS, Indian Ambassador Kumar said that the two leaders discussed bilateral relations on the sidelines of the BRICS summit in New Delhi on September 12-13.

50 billion dollar investment

In the interview published on Saturday, he told Tas that the two leaders have instructed relevant ministries and agencies to develop further cooperation, including trade and commerce. Kumar said India and Russia are working to increase bilateral trade to $100 billion and bilateral investment to $50 billion by 2030.

Supply of workers

Regarding labor cooperation, he said that India’s objective is to supply skilled workers to Russia as per its requirement. He said Indians account for about 25 to 30 percent of Russia’s quota for foreign workers. Kumar noted that India, with a population of about 1.5 billion, is poised to become a global hub for skilled workers. He said the average age of India’s workforce is 29 years and workers constitute about 69 percent of the population.