FIEO | 26 Apr, 2023
50-member delegation of agro and food processing sector is taking part
in buyers and sellers’ meetings in Moscow and St Petersburg amidst a
massive push to further deepen economic ties that have grown
signed a Memorandum of Understanding (MoU) with Business Russia to
promote trade and investments between the two countries. “The two
organizations will cooperate to arrange exhibitions, buyers-sellers’
meetings, workshops, seminars and encourage enterprises to work in
tandem with their counterparts for joint ventures,” Sahai said.
are also exploring opportunities in diverse business ventures such as
ready-to-eat meals, fish meal, animal feed, soyabean apart from
conventional products,” said Mr N K Kagliwal, Board Member of FIEO, who
is leading the business delegation.
Kagliwal said that we are looking to increase our agro and processed
food exports from about US$ 750 Mn to over US$ 3 Bn in next 3 years.
Citing the rupee-ruble trade mechanism as “moving forward, but the pace is slow”. However,
DG & CEO, FIEO is optimistic about its resolution as “exporters,
importers and bankers, on both sides, have to do a little extra work to
A direct exchange rate between rupee and ruble will help
streamline the process in a big way.
Sahai said that “huge trade deficit is a concern, but it is also an
opportunity to push exports exponentially. We have to diversify exports
to automobiles and auto components, electronics, medical devices, solar
cells, textile, food and agriculture etc.”