Russian President Vladimir Putin said that the country is ready to set up production in India. The Indian government cited Putin as saying on Thursday that Russian oil producer Rosneft had recently invested $20 billion in India.
According to the statement, Putin said at the 15th VTB Russia Calling investment forum on Wednesday: “We are also ready to set up our manufacturing operations in India… We believe it is profitable to invest in India.”
Putin’s statement was made on the eve of his planned visit to India early next year. This will be his first trip to the country since the beginning of the war with Ukraine. The Kremlin said that preparations for the trip are underway.
Russia’s president said in January that Rosneft planned to expand its presence in India, after government officials said in July that India could strike deals with Rosneft and other oil companies as it seeks to strengthen its energy ties with Russia.
Rosneft also called India a “strategic partner” and that it cooperates with Indian companies in the extraction, refining and trading of oil and oil products.
INDIAN-RUSSIAN RELATIONS
India and Russia have a long-standing friendship dating back to the days of the former Soviet Union. Both countries have strong diplomatic and defense relations. While India has refrained from condemning Russia for its conflict in Ukraine, it has consistently called on both sides to resolve the issue through diplomatic means.
Amid the ongoing conflict, India has significantly increased its imports of available Russian oil, citing national interests as the main reason. This move caused disappointment among Western countries. Since the start of the war, Russia has overtaken Iraq as India’s leading supplier of oil, as Indian refiners have cashed in on Russian crude that Western countries shunned.
In 2023, trade between Russia and India almost doubled to $65 billion, mainly due to India’s oil imports. The countries have set themselves an ambitious goal of increasing bilateral trade by more than 50 percent, aiming to reach a total of $100 billion in trade by 2030.
(With information from Reuters)
