Russian President Vladimir Putin has expressed readiness to establish manufacturing operations in India. The announcement was made during the 15th VTB Russia Calling Investment Forum held on Wednesday. Putin highlighted the profitability of investing in India, citing recent developments in bilateral economic ties.
According to a statement from the Indian government, Russian oil producer Rosneft has invested $20 billion in India. Rosneft has described India as a “strategic partner” and confirmed ongoing collaboration with Indian companies in oil production, refining, and trading.
Putin’s comments come ahead of a planned visit to India early next year, his first since the conflict in Ukraine began. The Kremlin has confirmed that preparations for the visit are underway.
Trade relations between India and Russia have intensified in recent years, particularly in the energy sector. In 2023, trade between the two nations nearly doubled to $65 billion, with India’s increased imports of Russian crude oil playing a significant role. India has become Russia’s largest oil customer, surpassing Iraq as its primary supplier.
The two countries aim to boost bilateral trade to $100 billion by 2030, representing a 50% increase over current levels.
This development underscores India’s efforts to strengthen energy partnerships and diversify manufacturing collaborations amid evolving global economic dynamics.