Investments by India in Chelyabinsk Region welcomed: Governor Boris Dubrovsky

New Delhi [India], Apr 20 : Governor Chelyabinsk Region Russia, Boris Dubrovsky on Thursday invited the Indian industry to explore the investment opportunities in the Chelyabinsk Region of Russia, which offers tax incentives to foreign investors.

Speaking at an interactive session organized by FICCI, Boris Dubrovsky held out the assurance that the Chelyabinsk Region would cooperate with the Indian businesses and their investment will be fully protected.

He said that Indian investments in Russia were estimated at USD eight billion and Russian investments in India totaled about USD three billion.

"The volume of trade needed to be scaled up, he said adding that there was a need to promote new opportunities for economic and trade cooperation and promote the International North-South Transport Corridor, which would reduce the transit time by almost 40 per cent between India and Russia," he said.

Governor Dubrovsky said that the industrial development of the region was determined by the metallurgical, car-building, fuel-energy, construction, agricultural-industrial complexes.

Besides, the region had rich and varied natural resources and qualified work resources. He added that the level of investment cooperation between the two countries had been extremely low and added that the Chelyabinsk Region had some ready potential investment projects which Indian industry could consider for investment.

"India and Russia enjoyed stable economic ties and India with its growing market offered ample business opportunities. India and Russia's multifaceted relationship also focused on economic advancement and the leaders of India and Russia were eager to develop this relationship further," said Charge d'Affairs Embassy of Russia in India, Anatoly Kargapolov.

"Interactive session and B2B meetings scheduled for the day should conclude with concrete results," added Kargapolov.

"There have been several business delegations from both sides visiting varied regions in India and Russia respectively. This underlines that the industry of India and Russia were eager to forge partnerships and alliances and were exploring new areas of cooperation. He added that the B2B meetings that were taking place between India and Chelyabinsk Region businesses would be fruitful," said Trade Commissioner Trade Representation of Russia in India, Yaroslav Tarasyuk.

Earlier in 2016, 19 MoUs were exchanged between the leaders of India and Russia in Goa. It was time for the industry on both sides to leverage these MOUs and develop business opportunities. (ANI)