NEW DELHI, February 6 (RIA Novosti) - Russia's economic minister said Monday that the country was seeking to boost its investment in India from the current $120 million annually.
"Russia's investment in the Indian economy stands at $120 million per year. This is a ridiculous figure compared with the $20 billion-$25 billion figure for foreign investment of Russian companies," said Economic Development and Trade Minister German Gref, who arrived in India on a three-day official visit Saturday.
Gref said both countries had agreed to step up efforts to increase bilateral investment by outlining measures to create a positive investment climate.
The minister said Russia and India were interested in broad regional cooperation and that new projects would be announced this year.
"We have reached an agreement to outline the problems of bilateral cooperation along with making a schedule for their resolution by year's end," Gref said.
India's Commerce and Industry Minister Kamal Nath said the country was concerned that Indian exports had dropped 27% in the last five years from $950 million in 2000 to $600 million in 2005. He said new economic agreements, currently being drafted by experts, would open the Russian market for Indian-manufactured goods.
According to the Russian economic ministry, Gref, who is in India to sign a protocol on the conclusion of bilateral talks on Russia's accession to the World Trade Organization and to meet with high-level officials, is also scheduled to meet with corporate executives in a technology park in Bangalore, the capital of the country's booming computer industry. The relatively low costs in the country have made India a leading outsourcing market and a major electronics exporter in recent years. Its software industry has won global recognition.
