Modi to leave for Russian Federation today, expanding trade and investment tops agenda

Today, Prime Minister Narendra leaves for his two-day visit to Russian Federation as part of the annual summit talks with President Vladimir Putin. “Talks, meeting investors and people to people ties are the focus areas”, PMO India stated in a separate tweet.

Another proposal that awaits Modi’s nod is Russia’s new offer on the delivery of Sukhoi T-50 (PAK FA) fighter jets to India under the joint fifth-generation fighter aircraft (FGFA) programme, according to the Indian Express.

Modi said that when he goes to Russian Federation, “there is a thought in my mind that I have delayed the visit a bit”.

The two nations also share close nuclear ties. “Sales from America may ebb and flow, but the sales from Russian Federation will remain strong because there are so many ongoing programs between the two countries”.

The leaders of India and Russian Federation have held annual summits since 2000. “We also want to increase cooperation in science and technology, mining among other sectors”, he said.

In his pre-departure statement, he said trade ties between India and Russian Federation can increase even further, to benefit not only the two nations but also the world. “You might like it or not like it, he is not tense about it. He explains with a feeling of oneness and in a friendly manner”, said Modi about Putin. India is also likely to buy five S-400 Defence Missile Systems.

The Parliament building project, which was initially conceived at a cost of Dollars 45 million, was started by India in 2007 as a mark of friendship and cooperation to help rebuild Afghanistan.

The Foreign Secretary said expanding trade and attracting investments will be a priority for Indian side. Modi previously traveled to Russian Federation for the Shanghai Cooperation Organization and BRICS Summits over the summer in Ufa.

A number of agreements will be signed by the two sides during the visit, some of which are awaiting final touches.

“We have outlined an ambitious vision for nuclear energy and construction of at least 12 reactors, which will have the highest safety standards in the world”, Modi added.

But trade ties have lagged with bilateral trade at US$9.51 billion (S$13.3 billion) in 2014, while India-US bilateral trade passed US$100 billion in 2014.

The frontline warships will be built for around Rs 30,000 crore (around $5 billion) at the shipyard at Pipavav in Gujarat that Reliance Defence recently acquired.

On the economic front, a free trade agreement is expected to be signed with an agreements on enhancing cooperation in the diamond industry.

Besides bilateral issues, Modi and Putin are likely to deliberate on a number of global issues having political dimensions including the situation in Syria and ways to tackle terrorism.