Russian region eyes Indian investment
The Russian region of Tatarstan is eager to expand economic cooperation with India and could serve as a “gateway” for the South Asian nation to enter the local market, regional head Rustam Minnikhanov said on Wednesday.
Speaking ahead of the TIME (Tatarstan-India Mutual Efficiency) Forum in the region’s capital, Kazan, Minnikhanov said Tatarstan is looking to increase exports of automobiles, helicopters, ships, and petrochemical products, identifying the South Asian nation as an important market.
“We are interested in expanding cooperation with Indian partners in such areas as electronics, pharmaceuticals, light industry, IT, and high technology,” he said. “As for investment projects, we currently do not have major joint initiatives with Indian companies, but we are open to dialogue and invite Indian businesses to consider Tatarstan as a gateway to the Russian market.”
India is opening a new consulate in Kazan to improve visa and consular services, provide commercial support, and expand its regional outreach in Tatarstan.
“We have very deep and extensive potential to cooperate; no wonder when we decided to expand our diplomatic presence in Russia, Kazan was one of the first places to choose for the consulate,” Indian Ambassador to Russia Vinay Kumar said at the forum on Wednesday.
Over 50 representatives of government and industry are taking part in TIME Forum on October 8-9. Its agenda covers cooperation between India and Tatarstan in petrochemicals, IT, finance, medicine, education, labor market, and investments. Separate business-to-business meetings are also being held on its sidelines.
Tatarstan is home to large companies such as oil major Taneft and its Taneco refinery, truck and heavy vehicle manufacturer Kamaz, as well as a booming IT industry. Russia is looking to position the republic as a hub for new logistics routes, mutual investments, and digital solutions.
Indian Ambassador Kumar said he believed hinterlands were “engines of growth,” and noted that the fast-growing southern Indian states of Andhra Pradesh and Telangana were represented at the Kazan forum.
Minnikhanov also said Kazan is one of Russia’s leading centers of science and education. “There are currently 1,167 Indian students studying at our universities,” he added. “We see great potential in developing academic and scientific cooperation between our countries.”
