Penza region keen to source pharma packaging materials from India

India is the 8th largest exporter to Russia’s Penza region and we aim to improve this ranking, says Mr. Khamitovich

All India Association of Industries and World Trade Center Mumbai organised an interactive meeting with the business delegation led by Mr. Khakimov Almaz Khamitovich, Deputy Prime Minister of the Government of the Penza region, Russia to promote trade and investment between India and the Penza region.

Speaking on this occasion, Mr. Khamitovich remarked, “India is the 8th largest source of imports for Penza region and the objective of our visit is to improve this ranking in the coming years. Indian companies can export pharmaceutical products to Penza region as many European pharma suppliers have exited our market. Also, our region imports lot of food packaging materials from China and hence there is scope for Indian suppliers to explore our market in these products.”

Highlighting investment opportunities and tax benefits in the Penza region, Mr. Khamitovich mentioned, “We are keen to partner with Indian investors and are offering single window clearance and concessional profit tax upto 4% for 8-10 years depending on the size of investment. Penza region also exempts property and transport tax for newly established foreign companies. There is lot of investment potential in hotels & hospitality business as Penza region to cater to the fast growing tourism industry. We are also looking for developers to build Exhibition Centers to host trade fairs and Economic Forums. Indian pharmaceutical companies can also set up manufacturing facilities to meet growing demand for drugs and medicinal products. Penza region seeks to increase production capacity in agro processing sector, especially in vegetable oil to meet demand.

Explaining the economic and geographic advantage of Penza region, Mr. Khamitovich mentioned, “Penza is located in the European middle part of Russia and all the major cities are within the 500 km radius, with the capital city Moscow reachable in one hour by flight. The region has advanced research & development, manufacturing base, especially in mechanical engineering, metal working, instrumentation, cotton processing, paper and so on. The region boasts of some of the leading companies in Europe in confectionery, poultry, furniture, precision instruments and other sectors.

Pointing out the success stories of bilateral collaboration, Mr. Khamitovich informed, “Penza region has developed a strong and trust-worthy relationship with India in recent years. India’s leading company Sun Pharma has been supplying pharma products in our region through its manufacturing base since 2016. Also, one of the leading gas pipeline manufacturer of Penza region has ben supplying critical parts and components for the Kudankulam Nuclear Power Plant in Tamil Nadu since 2017. In the education sector, more than 1000 Indian students are studying in our Universities, especially in the field of medicine.”

Earlier in her welcome address, Ms. Rupa Naik, Executive Director, WTC Mumbai remarked, “Penza region has strong industrial base in power machinery, transport, oil and gas. I hope this meeting will serve as a great platform to promote trade, investment, technology tie-ups and joint venture between companies of Penza region and India. The Russian companies, participating in this delegation, have great market potential in India as they are leading manufacturers of oil & gas valves, compressors and sensor technologies for security solutions. I invite these companies to invest in Maharashtra and cater to the entire South Asian market.”

In her remarks, Ms. Aakruti Bagwe, Director – Operations, WTC Mumbai suggested the Government of Penza to lead delegation to India frequently for deepening our trade and investment ties.

A key highlight of the event was the signing of two MoUs, one between the Entrepreneurship Support Fund of Penza region and World Trade Center Mumbai and the other between Entrepreneurship Support Fund of Penza region and All India Association of Industries (AIAI).

The event was also attended by Mr. Nikolay Kapustin, Third Secretary, Consulate General of Russia in Mumbai, Mr. Mamed Akhmedov, Trade Commissioner, Consulate General of Russia in Mumbai, officials from the Government of the Penza region and companies of the Penza region.

Ms. Rupa Naik, Executive Director, WTC Mumbai (2^nd from left) being felicitated by Mr. Khakimov Almaz Khamitovich, Deputy Prime Minister of the Government of the Penza region, Russia (left). Also seen in the photograph are (from left to right): Ms. Sangeeta Jain, Senior Director, All India Association of Industries (AIAI), Ms. Aakruti Bagwe, Director – Operations, WTC Mumbai and Mr. Nikolay Kapustin, Third Secretary, Consulate General of Russia in Mumbai

Mr. Khakimov Almaz Khamitovich, Deputy Prime Minister of the Government of the Penza region, Russia, Ms. Lanshikova Anna Valerievna, Head of The Penza Region Entrepreneurship Support Fund, Russia, Ms. Rupa Naik, Executive Director, WTC Mumbai, Ms. Sangeeta Jain, Senior Director, All India Association of Industries (AIAI), Ms. Aakruti Bagwe, Director – Operations, WTC Mumbai at the MoU signing ceremony between WTC Mumbai and The Penza Region Entrepreneurship Support Fund