April 28, 2024 00:01 (IST)
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EEPC India aims to boost bilateral trade with Russia
New Delhi, Jun 22 (IBNS): EEPC India, a premier trade and investment promotion organisation and India Brand Equity Foundation (IBEF) will jointly represent the country at the flagship Russian engineering and technology event, INNOPROM, to be held in Ekaterinburg (in the Sverdlovsk region located at the strategic Euroasian border) between July 11 and 14, 2016.
India is a partner country at this international industrial fair, which will host 600 companies from 70 countries.
EEPC India, sponsored by the Ministry of Commerce & Industry, Government of India, caters to the Indian engineering sector.
In 2015-16, India's engineering exports to Russia fell by nearly 50 per cent, said EEPC India in a recent release. Indian engineering exports, which amounted to USD 744 million in 2014-15, dropped to USD 355 million (for April-February) as the Russian economy was hit by a decline in crude oil prices.
The Russian economy is heavily dependent on export of crude oil.
But with the turnaround in crude oil prices and its positive impact on oil producing nations, EEPC India expects that this is a good time to reverse the declining trend in business among the two countries.
The industrial fair is an opportunity for India to showcase its investment potential and trade possibilities as the fastest growing economy in the world, believes EEPC India.
According to EEPC India Chairman T S Bhasin, “With a turnaround in oil prices, the Russian economy is bound to pick up this year and India would like to take advantage of the same. We need to be pretty aggressive in pushing our best foot forward,”.
He also said that besides pushing for bilateral merchandise trade, India will also make an effort to attract Russian investment into manufacturing under the ‘Make in India’ flagship programme of the Union government .
In the previous edition of the ‘INNOPROM’, the Partner Country status had gone to China.
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