FIEO 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.

They 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 resolve it.

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.”