Bilateral trade between India and Russia has reached a record USD 66 billion in 2024, marking a significant increase over the past five years, according to a senior Russian diplomat.

India and Russia aim to achieve USD 100 billion in bilateral trade by 2030. Recent dialogues have focused on diversifying trade and increasing investments in multiple sectors.

Russian Consul General Maxim V. Kozlov emphasized the strong, trust-based relationship between India and Russia, with economic ties growing naturally.

Key sectors for enhanced cooperation include railways, pharmaceuticals, IT, aviation, and cybersecurity.

Indian businesses are finding new opportunities in Russia following the exit of Western brands due to the Ukraine conflict.

Kozlov stressed the need for collaboration in AI, robotics, urban development, and critical metals like lithium, cobalt, and nickel.

BCC senior VP Naresh Pachisia proposed setting up a trade desk in Kolkata to strengthen business networks between India and Russia.

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