In his bilateral meeting with Mr. D. Rogozin, Deputy Prime Minister of Russian Federation, at St Petersburg on 21JUN12, Shri Anand Sharma pushed opening up opportunities to Indian pharma companies for favourable joint venture partnerships in Russia. The Indian Minister pointed out that the Indian pharmaceutical products are of international standards and cheaper than other markets on an average by 30-40%.
Both side agreed for holding of the first meetings of the JWG on Modernization and Industrial Cooperation in July- August. “I think it is an excellent opportunity where the government and the corporate sector from both sides can get together and identify new opportunities. This should have a catalyst effect on enhancing our trade and business links,” said Shri Sharma. JWG would function in the PPP format and will have sub-working groups on mining, fertilizers, and modernization (with a specific focus on infrastructure and energy).
In addition, Russia proposed to take the talk further on joint production of civilian aircraft. The first formal contact between the two sides on this issue took place during then Russian Deputy Minister Mr. Manturov’s meeting with Secretary of Civil Aviation on Mar 28, 2012 in New Delhi.
Russian also raised the issue of the impact that the Supreme Court judgment in the 2G case has had on the Indian investments of Sistema in the telecom sector. They said that Russia values India as an important investment destination and sought and amicable resolution. Shri Anand Sharma also expressed appreciation for the Russian investments which have been a source of technology over the years. He assured them full representation of Sistema’s case during the legal process through continuous dialogue between Sistema and the Department of Telecom.