India, Russia Sign Protocol to Boost Industrial Cooperation
In a significant move to strengthen economic ties, India and Russia have signed a new protocol to boost industrial cooperation across key sectors such as aluminium, fertilisers, railways, and mining technologies. The agreement was finalised during the 11th session of the India-Russia Working Group on Modernisation and Industrial Cooperation, which was held recently.
The protocol aims to promote industrial cooperation between the two nations, with a focus on increasing the share of local content in projects and enhancing joint research and development activities. The agreement is expected to pave the way for increased collaboration in various sectors, including the production of defence equipment, aerospace, and pharmaceuticals.
One of the key areas of cooperation is the extraction of rare earth and critical minerals. India and Russia have agreed to explore opportunities in this sector, which is critical for the development of advanced technologies in various industries, including electronics, renewable energy, and defence. The two countries have also identified underground coal gasification as another area of mutual interest, which has the potential to reduce carbon emissions and increase energy efficiency.
The protocol was signed by senior officials from the Indian Ministry of Commerce and Industry and the Russian Ministry of Industry and Trade. The agreement is seen as a major boost to the economic ties between the two nations, which have been growing steadily over the years.
India and Russia have a long history of cooperation, and the two countries have been working together on various projects in areas such as defence, space, and nuclear energy. The recent protocol is seen as a major step forward in deepening the economic ties between the two nations.
The Indian Ministry of Commerce and Industry has been actively promoting foreign investment and technology transfer to boost the country’s industrial growth. The ministry has been working closely with various stakeholders, including industry associations, to promote investment and technology transfer in various sectors.
The Russian Ministry of Industry and Trade has also been actively promoting industrial cooperation with India. The ministry has been working closely with Indian industry associations to identify areas of mutual interest and promote collaboration between Indian and Russian companies.
The signing of the protocol is seen as a major boost to the Indian industry, particularly in sectors such as aluminium, fertilisers, and railways. The agreement is expected to create new opportunities for Indian companies to collaborate with Russian partners and access new markets and technologies.
The protocol is also expected to promote the development of the Indian defence industry. India and Russia have a long history of defence cooperation, and the two countries have been working together on various defence projects. The recent protocol is seen as a major step forward in deepening defence cooperation between the two nations.
The Indian defence industry has been growing steadily over the years, and the government has been actively promoting foreign investment and technology transfer to boost the industry’s growth. The recent protocol is seen as a major boost to the Indian defence industry, particularly in areas such as defence equipment production and aerospace.
In conclusion, the signing of the protocol between India and Russia is a significant step forward in deepening industrial cooperation between the two nations. The agreement is expected to promote collaboration in key sectors such as aluminium, fertilisers, railways, and mining technologies, and create new opportunities for Indian companies to collaborate with Russian partners and access new markets and technologies.
The protocol is also expected to promote the development of the Indian defence industry, and create new opportunities for Indian companies to collaborate with Russian defence companies. Overall, the signing of the protocol is seen as a major boost to the economic ties between India and Russia, and is expected to promote the growth of the Indian industry in the coming years.
Source:
https://www.newsonair.gov.in/india-russia-reaffirms-to-deepen-industrial-economic-cooperation/
