Putin: Trade between Russia & India will reach $30bn by 2025

The volume of trade between Russia and India exceeded $9 billion last year and is set to grow further with the nations aiming to boost trade and encourage investments, according to Russian President Vladimir Putin.

“We have set a target of increasing trade turnover to $30 billion... and increasing investments to $15 billion by 2025,” Putin said during a press conference with Modi on Friday. The Russian president is in India on a two-day official visit.

Putin said the expansion of trade and investment interactions is a priority for both nations. He noted that “if we move at such pace, we will reach the target ahead of time and will continue expansion."

Signing S-400 deal & defying US: #Putin heads to New Delhi to meet Indian PM https://t.co/cY02Q4yJ28 pic.twitter.com/qkYzeAIxvU

— RT (@RT_com) October 4, 2018

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Statistics showed trade between Russia and India increased by 20 percent in the period January to July, amounting to more than $6 billion.

Last month, New Delhi suggested setting up a special economic zone for Russian companies. Earlier, the two countries discussed creating a ‘green corridor’ for the smooth transit of goods. They want to create a list of entrepreneurs or companies whose goods will be exempt from regular customs inspections.