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Creation of twin ports between India and Russian Federation and cooperation in river navigation taken up at the strategic dialogue between 2 countries

The prospect of creating twin ports between India and Russian federation, ship building, river navigation were among the areas where the possibility of cooperation and collaboration were explored in the second India Russia Strategic Economic Dialogue which concluded in the national capital on July tenth.

Discussion on areas of cooperation in transport-related issues like speed upgradation

As part of the economic dialogue development of transport infrastructure and technologies were taken up at an exclusive round table. Discussions in this round table centered around areas of cooperation between the two countries on various modes of transport including speed upgradation of the trains in the Indian Railways, safety and passenger comfort in railways, ensuring predictability of cost and movement schedule of cargo across transport corridors.

Actionable framework to be worked out 

Actionable framework shall be worked out and included in the joint statement to be released soon according to an official release issued at the end of the meeting.

The roundtable on Industrial Trade and Cooperation saw participation across industries in energy, finance and industries, which emphasized awareness exchange between the two countries in areas of investment opportunities. Exploring better Business-to-Business communication and collaboration, generating greater investment flows through public and private cooperation in an organized way were also discussed

The Second India-Russia Strategic Economic Dialogue (IRSED) was held on July tenth in New Delhi, under the chairmanship of Dr. Rajiv Kumar, Vice-Chairman, National Institution for Transforming India (NITI) Aayog and Mr. Timur Maksimov, Deputy Minister of the Economic Development of the Russian Federation.

IRSED focused on six core areas of cooperation

The Second meeting of the IRSED focused on six core areas of cooperation, namely, Development of Transport Infrastructure and Technologies; Development of Agriculture and Agro-Processing sector; Small and Medium Business support; Digital Transformation and Frontier Technologies; Cooperation in Trade, Banking, Finance, and Industry; and Tourism & Connectivity.

“The IRSED comes at an opportune moment as India embarks upon ensuring the fruits of development devolve to the grassroots, as every citizen of the country becomes part of the growth and development process, as evidenced by a forward-looking Union Budget. Increased investment and international cooperation is key”, said Dr Rajiv Kumar at the Second India-Russia Strategic Economic Dialogue.

Discussions to help enhance strategic economic cooperation between two countries 

“Results of today's discussions will help enhance strategic economic cooperation between our countries. We must discuss and prepare specific proposals for joint action in the future and establish economic relations which reflect the potential of cooperation between the two countries”, said Mr Timur Maksimov.

The Dialogue included parallel roundtables which discussed areas of cooperation and concrete roadmaps for future negotiations across outlined core areas. Participants included government officials, business leaders and experts, bringing in diverse perspectives for ideation. 

Roundtable on Digital transformation and Frontier Transformation

The roundtable on Digital transformation and Frontier Transformation focused on areas of collaboration between India and Russia in the digital space and frontier technologies. Various platforms developed by Russia and how these can be leveraged by India, and vice versa, and potential for future collaborations were discussed across various sectors such as payments platform, joint startup ecosystem, use of digital technology in various areas such as education, construction and skilling.

Interactive nodal points for collaboration between Small and Medium Businesses in India and Russia 

For increasing collaboration and cooperation between Small and Medium Businesses in India and Russia, the roundtable recommended setting up of nodal points of interaction between the two countries. Ensuring access to finance, seamless digital banking, access to E-markets and broad-based engagement across sectors were also discussed.

Roundtable on Agriculture and Agro-processing

The roundtable on Agriculture and Agro-processing noted the dynamic nature of agriculture, livestock rearing and food processing in both countries and the immense opportunities of cooperation. Recommendations included closer communication between the respective Agriculture Ministries to streamline collaborative efforts. Reciprocity in terms of acceptance of certification, deployment of Artificial Intelligence-backed frontline technologies and software were also under discussion.

On Tourism

The roundtable on Tourism and Connectivity highlighted the need to increase bilateral tourism and exploring natural avenues for economic and commercial partnerships. Expanding visitor itineraries for both countries, and creating more products for tourist interest such as yoga and medical tourism were also considered. Working towards improving regional connectivity and improving government and industry cooperation was also discussed.

IRSED estd in 2018 in New Delhi

The IRSED was established following a bilateral Memorandum of Understanding (MoU) signed between NITI Aayog and the Ministry of Economic Development of the Russian Federation during the 19th edition of the Annual India-Russia Bilateral Summit, which was held on October 5, 2018, in New Delhi.

First IRSED dialogue 

The First India-Russia Strategic Economic Dialogue was held in St. Petersburg late last year, and was chaired by Mr. Maxim Oreshkin, Minister of Economic Development of the Russian Federation, and Dr. Rajiv Kumar, Vice-Chairman, NITI Aayog.

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