A two-day India–Russia Business Forum will be held in New Delhi on December 4 and 5, coinciding with Russian President Vladimir Putin’s visit to India, with a focus on expanding bilateral trade, investment, and sectoral cooperation between the two strategic partners.
The forum is aimed at advancing economic engagement as both countries target $100 billion in bilateral trade by 2030. According to organisers, discussions will centre on increasing the presence of Indian engineering goods in the Russian market, boosting Russian imports of Indian food products and pharmaceuticals, and strengthening collaboration in digital services.
Officials from both countries have highlighted that the forum comes at a time of rapidly expanding trade ties. Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office of Russia, said Indian culture and national brands enjoy wide recognition in Russia. He noted that the forum is expected to encourage greater entry of Indian goods into the Russian market and help address the existing imbalance in mutual trade.
The key deliberation will take place during the plenary session, which will examine the scope for expanding mutual trade and identify opportunities for Indian suppliers to improve market access in Russia, according to a statement issued by the Russian Embassy.
Anton Kobyakov, Advisor to the President of Russia, said India has emerged as one of Russia’s most important trading partners, with bilateral trade growing almost sevenfold over the past five years. By the end of 2024, India had become Russia’s second-largest trading partner, supported by diversification in trade flows, including higher volumes of agricultural products and energy resources. He described the Indian market as large, fast-growing, and strategically significant for Russia’s economic outlook.
Pharmaceuticals and healthcare cooperation will form a core part of the forum’s agenda. Both sides view collaboration in this sector as strategically important, with priorities including expanding Indian medicine and medical device exports to Russia, localisation of Indian pharmaceutical manufacturing, and the joint establishment of advanced pharmaceutical and medical technology production facilities.
Financial cooperation is also expected to be discussed, with emphasis on the role of banks in enabling trade and investment. Andrey Kostin, President and Chairman of VTB Bank, stated that a stable and sustainable financial infrastructure is essential for deepening business ties between India and Russia.
The forum will further explore cooperation in emerging technologies and digital infrastructure. Officials noted that India’s strengths in digital public infrastructure, scalable software, and applied artificial intelligence complement Russia’s capabilities in scientific research, secure communication technologies, and advanced computing. This convergence is seen as opening opportunities for joint development of sovereign digital solutions.
The business forum is expected to send a strong signal of renewed economic engagement as India and Russia seek to translate strategic ties into long-term trade and investment growth.
