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Russian President Vladimir Putin has said the country is ready to set up production operations in India. The Indian government quoted Putin as saying in a statement on Thursday that Russian oil producer Rosneft had recently invested $ 20 billion in India.
According to the statement, Putin at the 15th VTB Russia Calling Investment Forum on Wednesday said, “We are also ready to set up our production operations in India … We believe that investment In India, it is profitable. ”
Putin's statement comes ahead of his visit to India early next year. It will be his first visit to the country since the war with Ukraine began. Preparations for the trip are underway, the Kremlin said.
Russia's president said in January that Rosneft planned to expand its presence in India, after government officials said in July that India could seek agreements with Rosneft and other oil companies as it looked to strengthen Its power with Russia.
Rosneft also called India a “strategic partner” and said it was working with Indian companies to refine and trade in oil and petroleum products.
India-Russia ties
India and Russia have maintained friendly relations since the days of the former Soviet Union. The two countries share strong diplomatic and defense ties. While India has refused to condemn Russia over its conflict in Ukraine, it has called on both sides to resolve the issue through diplomacy.
Amid the ongoing conflict, India has increased its imports of affordable oil from Russia, citing national interests as the main reason. This act has caused disappointment among Western countries. Since the start of the war, Russia has overtaken Iraq, India's leading oil supplier, as Indian refiners capitalize on Russian crude, which Western countries have avoided.
By 2023, trade between Russia and India will almost double to $ 65 billion, driven mainly by Indian oil imports. The two countries have set ambitious goals to increase bilateral trade by more than 50 percent to reach a total trade volume of $ 100 billion by 2030.
(With Reuters)
