SME Times News Bureau | 23 Jun, 2012
Union Minister of Commerce, Industry and Textiles Anand
Sharma Friday put stress on making sincere and concerted efforts and to take
specific measures including thrust areas, to achieve the target bilateral trade
figure of US$ 20 billion by 2015.
The bilateral trade between India and Russia in 2011 was in
the range of US$ 9 billion.
Sharma also said that the level of bilateral trade and
investment between India and Russia remains below its potential.
After a meeting with global CEOs in St. Petersburg, Sharma claimed
that despite the problems in global economy and recent lowering of the rating
outlook, investors' confidence in India remains robust.
He also informed that Sweden-based IKEA, the world's largest
furniture maker, will invest around $1.9 billion (Rs.10,500 crore) in opening
25 retail stores in India.
IKEA's chief executive officer Mikael Ohlsson
confirmed the investment during his meeting with Anand Sharma in St.
Petersburg, according to an official statement released after the meeting.
The company plans to invest 600 million euro (Rs.4,200 crore) in the first
stage and an additional 900 million euro (Rs.6,300 crore) later, taking total
investment to 1.5 billion euro ($1.88 billion or Rs.10, 500 crore).
The money will be used for establishing 25 retail stores in India through a
wholly owned subsidiary.
Sharma said IKEA had certain reservations about sourcing norms which were
discussed with the officials of India's Department of Industrial Policy and
Promotion (DIPP). "Suitable answers
of which were provided leading to the decision to invest," Sharma said in
a statement.
