ShriAnand Sharma, Union Minister of Commerce and Industry, during his meeting with Mr. Sergei Sobyanin, Deputy Prime Minister and Mr. Victor Khrihtenko, Minister of Industry & Trade, Russia here today, referred to the strategic relationship that exists between the two countries and expressed confidence that the bilateral cooperation in trade and other areas will continue to register healthy growth.

The Russian side evinced keen interest in seeking cooperation from the Indian pharma companies. Shri Sharma informed that Indian companies have strength in the pharma sector especially in the generic area. "Our pharma sector companies are already engaged with Russia and more and more companies are looking forward to having joint ventures with their Russian counterparts", Shri Sharma said. He further referred to the ongoing cooperation in space, metallurgy and fertilizers and hoped that the enhanced economic engagements in these areas would further boost bilateral cooperation among the two countries. The meeting was attended by ShriRahulKhullar, Commerce Secretary; Shri R.P. Singh, Secretary, Department of Industrial Policy & Promotion and senior officials from both the countries.

The bilateral trade between India and Russia during 2009-2010 (Apr-Dec) was of the order of US $ 2188.12 million. The major items of export by India are drugs, pharmaceuticals & fine chemicals, tea, transport equipments, machinery and instruments, coffee, cotton yarn fabrics, made-ups, manufactures of metals etc. The major items of import by India are petroleum, crude and products, fertilizers (manufactured), iron & steel, non-ferrous metals, silver, transport equipments, coal, coke, briquettes, synthetic & reclaimed rubber newsprint etc.

The cumulative Foreign Direct Investment (FDI) inflows from Russia during 1991-92 (August-March) to 2009-10 (April-December) was US $ 455.61 million. The major sectors which attracted FDI inflows from Russia include: telecommunications, services sector, automobile industry, food processing, hotel & tourism etc.

Prime Minister Visited the Kingdom of Saudi Arabia at the invitation of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud from February 27- March 01, 2010. “My visit carries special significance. I am conscious of the fact that this will be only the third visit by an Indian Prime Minister to Saudi Arabia. I, therefore, have a vast agenda for discussions with the Saudi leadership”, said the Prime Minister

My visit reflects the strong mutual desire of both countries to reinvigorate our relations, as manifested in His Majesty King Abdullah’s historic visit to India in 2006 as the Chief Guest of our Republic Day celebrations.

During his visit he addressed the distinguished members of the Majlis Al-Shura. A business delegation of CEOs is accompanying him, and he addressed the Council of Saudi Chambers of Commerce and Industry. In addition, he also met members of the Indian community.