December 20, 2010 8:55 PM

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India, Russia identify six new areas of cooperation to expand strategic partnership

India and Russia have identified six new areas of cooperation to expand and diversify the strategic partnership to achieve the ambitious trade target of 20 billion US dollars by 2015. Addressing 4th Edition of India-Russia Forum on Trade and Investment in New Delhi today, the Commerce Minister Mr. Anand Sharma said that the areas of cooperation include Information Technology, Mines and pharmaceuticals. The two countries have set up an ambitious trade target of twenty billion of US dollars by 2015. Mr. Anand Sharma areas of cooperation were focused during the discussions include infrastructure, manufacturing, communication and banking. Inviting Russian industry to invest in India in the infrastructure sector which offers huge opportunities, Mr. Anand Sharma said that the sector needs 1.7 trillion dollars of investment in the next ten years. Mr. Sharma at a separate function said that India invited Russian firms to participate in the revival of eight fertilizer plants. He said that Russia will set up two nuclear power units of 1000 MW each in Kudankulam in Tamil Nadu. He asserted that nuclear power will one of the main sources of energy to meet its growing demand in the country. He also called for intensifying cooperation in agro-processing between the two countries as it offers huge opportunities for expansion and India is also building cold chain facilities to give a lift to these sectors. In a bid to give fillip to the business partnership between the two countries eight pacts were signed between business houses of the two countries in the area of pharma, scientific and technical cooperation and other important areas. The pacts were inked ahead of Russian President Dmitri Medvedev's visit to India. He arrives in New Delhi on Monday night on a three day official visit. He is being accompanied by several ministers, officials and businessmen aiming to wrap up agreements in areas from civilian nuclear energy, to hydrocarbons, to space and Defence. Medvedev will hold delegation level talks on Tuesday with the Prime Minister Dr. Manmohan Singh. During the visit, Medvedev will meet his Indian counterpart Pratibha Patil and Foreign Minister S.M. Krishna. Medvedev will travel to Agra, before moving on to Mumbai on Wednesday. In India's commercial capital, he will visit the Indian Institute of Technology and Film City.

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