Russia plans to increase non-energy export to India to $8 bln by 2030 - Russian first deputy PM

MUMBAI. Nov 11 (Interfax) - Russia plans to diversify exports to India, including through increasing non-resource non-energy export that could be boosted by 150% to $8 billion by 2030, Russian First Deputy Prime Minister Denis Manturov told reporters.

"The structure of trade between our countries is being diversified consistently. Besides traditional fuel, energy and mineral fertilizer supplies, we have increased export of foods to India, primarily sunflower oil and soybean oil. We buy pharmaceutical products and traditional Indian agriculture products such as seafood, tea, grapes, and rice in India," Manturov said during a visit to India.

"We have plans to increase Russian non-resource non-energy export to India. Industrial export reached $3.2 billion in 2023, and we plan to ensure an increase to $8 billion by 2030," Manturov said.

Manturov said that the total trade with India will exceed $60 billion in 2024 (it stood at $65.7 billion in 2023).

The options for further development of bilateral trade are connected with the implementation of joint projects, he said. Russian and Indian enterprises "have successful experience of interaction in the chemical industry, ferrous and non-ferrous metallurgy," he said. The domestic power engineering products are supplied within the construction of the Indian Kudankulam Nuclear Power Plant, he said, adding that the current joint projects in transport and heavy machine-building sectors are now at various stages.

At present, products of Russian-Indian projects are mainly aimed at meeting the needs of the two countries' markets, Manturov said. "We undoubtedly consider exporting products to third countries. Russia and India have everything necessary for it: industrial and technological potential, investment resources, logistics infrastructure. The Middle East, Africa, South and Southeast Asia can be considered the target regions," he said.