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Kolkata, Nov. 27

The India-Russia bilateral trade is expected to grow at eight per cent in 2009-10 despite the global financial crisis, according to Mr Vladimir V. Lazarev, Consul General of Russia in Kolkata.

Addressing a conference organised by the Bengal National Chamber of Commerce and Industry here on Friday, Mr Lavarev said, “We are most likely to meet the bilateral trade figure of $10 billion by 2010 as the growth of business between the two countries this year has been at par with the last two years.” The trade had not suffered despite the global slowdown, he said, adding that the goal was to reach a trade figure of $ 20 billion by 2015.

Russia, he said, was not content with the amount of trade between the two economically rich countries. “Why should two countries with such high GDPs and growth be happy with such levels of trade?” he asked.

‘Matter of concern'

It was also a matter of concern that a high proportion of trade between India and Russia constituted of raw materials, he said. As high as 60 per cent of Russia's exports to India constituted of raw materials, ferrous and non-ferrous metals and fertilizers while only 5-10 per cent were machinery items.

Nearly 40 per cent of India's export to Russia constituted of agricultural products, tea, coffee, rubber, while the other items were pharmaceutical (8 per cent) and machinery (6 per cent).

“India is now one of the world's leading economies and we would want to increase trade with it in the sphere of hi-tech and scientific intensive items,” he said.

The two countries had considerable potential of cooperation in the automobile industry, manufacturing, engineering, telecom, IT space based technology and nuclear energy generation, he pointed out.

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