Sharing a picture on X on Sunday, Jaishankar welcomed Denis Manturov, saying, “Pleased to welcome First DPM of Russia Dennis Manturov to India today. Look forward to our engagement at the India – Russia Business Forum tomorrow.”
Pleased to welcome First DPM of Russia Dennis Manturov to India today.
Look forward to our engagement at the India – Russia Business Forum tomorrow.???????? ???????? pic.twitter.com/gsQ0RrOS8P
— Dr. S. Jaishankar (@DrSJaishankar) November 10, 2024
Prior to the IGC-TEC meeting, Manturov will participate in the plenary session of the India-Russia
Business Forum in Mumbai on Monday, focusing on expanding economic and business cooperation between the two nations.
The forum will include various thematic sessions, covering areas such as industrial collaboration, transportation and logistics, finance, digital technology, and improving interregional cooperation.
The event, organised by the Business Council for Cooperation with India and the Federation of Indian Chambers of Commerce and Industry (FICCI), is a crucial platform for fostering deeper economic links between the two countries.
The IGC-TEC, established in 1992, oversees bilateral economic cooperation and monitors progress in trade and economic cooperation.
Reportedly, the meeting is expected to address key issues, including improving payment mechanisms between the two countries, trade settlement in national currencies, and a joint venture project for building Vande Bharat trains by Russia’s Transmashholding (TMH) and connectivity initiatives.
The IGC-TEC incorporates inputs from a number of working groups and sub-groups focused on economic and trade cooperation, investments, civil aviation, fertilisers, mining, energy, tourism, science and technology, information technology and banking and finance.
Earlier during the annual leaders’ summit in July, India and Russia set a bilateral trade target of $100 billion by 2030. Both countries have already achieved $30 billion in trade before the target year of 2025. However, India has concerns about its exports being worth less than $5 billion in the overall figure of $65.7 billion during the year 2023-24.
In October, Prime Minister Narendra Modi attended the BRICS Summit in Kazan, Russia, where he emphasised India’s support for dialogue and diplomacy over war. Modi also stated that the BRICS countries should strongly deal with terrorism and terror financing.
