Russia's First Deputy Prime Minister Denis Manturov and India's External Affairs Minister Dr. S Jaishankar met with Russian and Indian business leaders at the Russian-Indian Business Forum. The forum, held ahead of the 25th Session of the Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation, highlighted the ongoing strength and resilience of Russia-India business relations despite global economic pressures.

Manturov noted the record trade turnover achieved last year between Russia and India, emphasizing the potential to surpass this milestone in 2024. He stressed the importance of not only increasing trade volume but also diversifying its structure by focusing on high-tech products. The Russian government’s initiative for technological sovereignty aligns with India’s “Make in India” program, both aimed at fostering innovation, enhancing production, and addressing infrastructure challenges.

Priority Technological Areas for Development

Manturov identified key technological sectors for Russia’s growth, including:

• Transport Industry: Advancing unmanned technologies and shifting to alternative fuels.
• Nuclear Sector: Expanding capabilities in high-power turbine production, solar and wind equipment, and LNG technology.
• Healthcare: Developing advanced medicines, medical devices, nuclear medicine, vaccines, and cell engineering.
• Agriculture: Enhancing productivity with genetic biotechnology, precision farming, and improved irrigation systems.
• High-Tech Production and Sustainability: Building competencies for a closed-cycle economy and expanding space services.

The forum underscored both nations' commitment to leveraging technological advancements for mutual growth and economic stability, setting the stage for deeper cooperation in diversified, innovative industries.