India's businessmen plan to increase mutual trade turnover with Russia to 5 billion dollars by 2005, announced on Friday Secretary General of the Federation of Indian Chambers of Commerce and Industry (FICCI) Dr. Amit Mitra on the eve of the upcoming visit of Indian Prime Minister Atal Bihari Vajpayee to Russia.
Dr. Mitra pointed out that the Indian-Russian summit scheduled for November 11-13 has a great importance for the development of bilateral trade and economic relations.
During the summit, the sides will discuss the mechanism for the transition from rupee-ruble-based trade to economic exchanges in convertible currencies.
This transition, according to the Indian businessman, will open broad opportunities for mutual investment and establishment of joint enterprises. As a result, the volume of mutual trade turnover will increase by several times.
According to Dr. Mitra, the experience accumulated during trade contacts between Indian and Chinese businessmen can assist in expediting this process. Only four years ago, the volume of the Indian-Chinese trade turnover was 1 billion dollars. The sides have set a goal to increase the volume of trade turnover to 5 billion dollars by 2005, but at present it has already reached 7 billion dollars.
Indian businessmen do not see any obstacles in the process of using a similar mechanism in the development of trade relations with their Russian partners, he added.