NEW DELHI, Dec 5: Prime Minister Narendra Modi on Friday expressed confidence that India and Russia will reach their USD 100 billion bilateral trade target well before the 2030 deadline.
Speaking at the India-Russia Business Forum alongside Russian President Vladimir Putin, Modi invited Russian companies to “come, Make in India, and partner with India” as the two nations work to deepen economic cooperation.
The Prime Minister recalled that the trade target was set last year during his discussions with President Putin. “However, after further discussions with President Putin and considering the tremendous potential in our partnership, I am confident that we will achieve this target well ahead of schedule. We are making rapid progress towards this goal,” he said.
Modi noted that simplified and predictable mechanisms are being put in place to support businesses, adding that discussions have also begun on a Free Trade Agreement (FTA) between India and the Eurasian Economic Union.
Emphasising the importance of trust in bilateral relations, he said, “Whether it is business or diplomacy, the foundation of any partnership is mutual trust. The greatest strength of India-Russia relations is this trust. It gives direction to our joint efforts and provides momentum. It is the launchpad that inspires us to take flight towards new dreams and aspirations.”
Highlighting areas of synergy, Modi said India is a global leader in affordable and efficient electric vehicles, two-wheelers, and CNG mobility solutions, while Russia excels in advanced materials. By collaborating in EV manufacturing, automotive components, and shared mobility technologies, the two countries can meet domestic needs and contribute to the development of the Global South, he added.
President Putin, for his part, reaffirmed Russia’s commitment to strengthening its multifaceted partnership with India across various sectors. He also said Russian companies are prepared to increase imports of a wide range of Indian goods and services.
