Russia’s Ryazan region seeks higher trade relations with India

Promoting his region Nikolay Lyubimov also assured the entrepreneurs that the Ryazan region will ensure free and fair business transactions with Indian partners.

According to latest data, bilateral trade between India and Russia stands at around $13.6 billion, which Moscow is aiming to double in a year or two.

“The economic sanctions are an opportunity to start new businesses,” Lyubimov told ET. “From Ryazan region, we have begun a world tour starting with India as we are keen to increase trades with select countries.”

“Earlier too we were planning it, but now we are ramping it up to make good for dollar trades,” he said.

The delegation from Ryazan met executives in Mumbai for the first time after global economic sanctions on Moscow. It will proceed to Malaysia and China later.

“This is our first international business trip after the pandemic,” Lyubimov said.

Pharmaceutical, tourism, films, medical equipment, agriculture, water treatment and construction are the areas earmarked for potential trade relations, which could well be an alternative for dollar-backed trades.

Oil remains a key trading discussion. However, that is being delegated at a different level involving government officials from both the countries.

“We are interested in boosting our trades with India and Indian entities,” said the governor, who was appointed by Russian President Vladimir Putin in September 2017.

The Russian representatives held a flurry of business meetings at Indian Merchants’ Chamber. They also met Vijay Kalantri, chairman of World Trade Centre, Mumbai.

“We aim to at least double our trade volumes with Indian companies,” said Lyubimov, adding that Russian entities can get into joint ventures while tying up with Indian companies for both exports and imports.

Hindi films, which are popular across the world, also came up for business discussions. The scenic beauty of Ryazan holds great potential for film shooting by Indian producers.

“We received encouraging responses from Indian entrepreneurs, who also have suggested innovative proposals,” he said.

The Ryazan region, about three hours away from Moscow, is billed as a key centre for European trades. The destination holds potential for industrial activities.

Industrial production is the main economic sector in the Ryazan region, accounting for about 30% of the regional GDP. Oil refining, machinery, metal processing, electricity, chemicals, construction as well as food and the manufacturing of consumer goods and ferrous and non-ferrous metals are developing in the region.