We invite Indian investors in five new Russian regions, says Amb. Miroshnik

“Russia is offering 5-year tax holiday for foreign investors for reviving industrial activity in the Donetsk People’s Republic, the Lugansk People’s Republic, Kherson, Zaporozhye and Crimea, which became part of the Russian Federation in the last decade. These are safe regions for business investment and we are rebuilding roads, water, power and other infrastructure facilities that were destroyed on the backdrop of the Ukraine conflict. These regions have huge industrial potential and a large consumer market of 10 million people. Especially, the Donetsk region has strong industrial base in machinery, iron & steel, coal mining, chemicals. We need investment from foreign companies to modernise these industries. The Donetsk and Kherson regions have sea ports and they are integrated with the world market. The Crimea and Kherson provinces have strong agro-based industries as they have favourable weather for cultivation of fruits, what, vegetables and other crops,” said Mr. Rodion Miroshnik, Ambassador-at-Large, Ministry of Foreign Affairs of the Russian Federation at a talk on ‘Perspectives of Russia – Ukraine relations’ organized by All India Association of Industries (AIAI) and World Trade Center Mumbai in association with Consulate General of Russia in Mumbai.

Amb. Miroshnik assured Indian industry that he can facilitate visit of Indian trade delegation to these regions to explore trade and investment opportunities. “The redevelopment of infrastructure projects are on full swing in these regions and I can be a channel of communication to facilitate exchange of Indian business delegation and fostering trade and investment ties with these new Russian regions,” Amb. Miroshnik added.

The Ambassador further added, “India-Russia relation has progressed well in recent years. Soon, Hon’ble Indian Prime Minister is expected to meet Russian President to strengthen bilateral ties in trade, economy and other sectors.”

Earlier in his welcome remarks, Dr. Vijay Kalantri, President, All India Association of Industries (AIAI) and Chairman, WTC Mumbai pointed out, “India and Russia have long standing friendly relationship. Russia has supported Indian economy from the early days of industrialisation in developing steel plants, nuclear plants and military technologies. We also have strong tourism and cultural exchange as some of the Bollywood films are popular in Russia. Already, bilateral trade has crossed USD 65 billion and I expect it to cross USD 100 billion in the next two years.”

Dr. Kalantri further mentioned, “I strongly hope that the ongoing Ukraine war ends soon in the interest of global peace and prosperity. Trade and industry should not be affected by the geopolitical developments and hence business transactions with Russia should not be subject to international sanctions. Sanction affects trade, investment and economic growth, thereby causing loss of jobs and livelihood.”

In future, Dr. Kalantri suggested greater collaboration with Russia in areas such as trade, investment, cultural exchange, tourism and education. Especially, Dr. Kalantri suggested to support bilateral relationship by facilitating scholarships for Indian students.

The event was also addressed by Mr. Aleksei Surovtsev, Consul General, Consulate General of the Russian Federation.

Ms. Rupa Naik, Executive Director, WTC Mumbai proposed vote of thanks for the event. Ms. Naik mentioned, “Trade is an important tool for the survival of the people and nation. We all hope and pray for the return of peace and prosperity in the conflict-ridden zone. Especially, these five new regions of Russia have huge industrial growth potential and we are confident Mr. Miroshnik will facilitate Indian industry to explore fruitful business opportunities in these regions.”

The event was attended by members of trade and industry, financial institutions, consular corps and other government officials.