Russian President Vladimir Putin underscored Moscow’s long-term cooperation with India as a key partner at the St. Petersburg International Economic Forum (SPIEF) in St. Petersburg, Russia, where he addressed the keynote on Friday.
At the plenary session, Putin announced that Moscow and India will shortly finalise their long-term economic cooperation plan with “key partners” like India that will include oil and gas exports, removing trade barriers, and exploring new market niches for the next five years, until 2030.
“Let me remind you that we agreed to prepare long-term cooperation plans with key partners,” Putin said while emphasising that “action plans, including those with countries like India, should be completed shortly.”
“We have already set a goal to boost oil and gas exports. To achieve this, we will develop relations with partners, remove trade barriers, explore new market niches, build infrastructure, and deepen investment cooperation,” he said.
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SPIEF, often dubbed as ‘Russian Davos’, is themed this year on: ‘Shared Values: The Foundation of Growth in a Multipolar World’.
Addressing concerns that Russia may be on the brink of a recession, Putin took the opportunity to deny that China and Russia are forming a new multipolar world order.
“A new world order is emerging naturally, like the rising sun. There’s no way to halt it, our role is to formalise this process and facilitate it, ensuring it develops in a more balanced way that aligns with the interests of the vast majority of nations,” Putin said.
India at the SPIEF was represented by the Union Minister for Railways, Information and Broadcasting, and Electronics and IT, Ashwini Vaishnaw, who also delivered keynote address at two sessions.
Speaking on the ‘The Future of Artificial Intelligence’, Vaishnaw highlighted India’s advancements in (Artificial Intelligence) AI and its vision for ethical and inclusive technological growth.
At the India-Russia Business Forum, the minister talked about the “deepening economic ties between the two countries” and exploring new avenues for collaboration.
Vaishnaw also had several meetings lined up with Russian federal ministers, leading industrialists, technology leaders, and investors, that focussed on enhancing India-Russia cooperation in critical sectors including logistics and transportation, infrastructure development, railway modernisation, Information Technology and AI.
The talks were aimed at highlighting India’s commitment to fostering strategic partnership with Russia, particularly in technology-driven and infrastructure domains.
A press release by the Indian embassy in Moscow also mentioned talk of “aligning with the vision of ‘Atmanirbhar Bharat’ (self-reliant India) and global digital transformation’, marking Vaishnaw’s visit as a significant step in reinforcing India’s long-standing ties with Russia.
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