Yekaterina Zinovyeva told news agency TASS on Friday that more than ten Indian companies are successfully operating in the industrialized Moscow Region, which is also home to the capital, after they localized their businesses in the area, Russia Today reported.
“The total volume of their investments is 11 billion rubles ($135 million) and the number of jobs they have created reaches a thousand,” Zinovyeva highlighted. “New projects are also in the works, which will bring another almost eight billion rubles ($98 million) in investment to Moscow Region. Their implementation will significantly increase the presence of Indian business in our region,” she added.
According to Zinovyeva, Moscow Region can also expect a substantial increase in Indian investments following a promotional road show in New Delhi and Mumbai later this month.
“During the preliminary meeting, representatives of the Indian pharmaceutical industry showed high interest in our region and the opportunities that it is ready to provide. This includes infrastructure, and a vast consumer market, as well as logistics,” the official noted.
Trade and economic partnership between Russia and India have been growing in the wake of Western sanctions on Moscow. In 2022, Russia became one of India’s top five trading partners for the first time. Bilateral trade hit a record $39.8 billion for the 2022-23 fiscal year, official statistics show.
Earlier this month on April 1, India’s central government unveiled its new Foreign Trade Policy, which was expected to facilitate greater trade, boost manufacturing, help to shift away from the US dollar, and make the rupee a global currency.
Amid the US-led Western sanctions, different countries are shifting away from using the US dollar and are forming new economic blocs in defiance of the US sanctions.
MNA/PR