External Affairs Minister
Launch of Russia Desk
[7 September 2017, Russia]
His Excellency Mr. Denis Manturov (डेनिस मानतुरोव), Minister of Industry and Trade
Ambassador Shri Pankaj Saran
On 1st June 2016 in St. Petersburg, Mr. Narendra Modi, Prime Minister of India had announced his intention to start a Russia Desk in Invest India. Today, the 7th September 2017, in about 3 months of the commitment we are landing the Russia Desk in the Invest India, an organization affiliated to the Ministry of Commerce. This is the 3rd such Desk in India after Japan and Korea. Vladivostok Economic Forum is the most appropriate forum to announce this.
Russia Desk would provide complete support service for any kind of Russian investment/ Businessmen/ from legislative to taxation; from personnel to finding right partner. Last year Russia's Rosneft (रोस्नेफ्ट) acquired Essar Oil at the cost of USD 13 billions, which is, till date, the single largest FDI into India. This deal given access to oil refineries, ports, and thousands of retail oil outlets to Rosneft(रोस्नेफ्ट), which will soon become a household name in Russia.
Why look at India today? It is the fastest growing economy @7.1% per annum. It was the largest FDI destination in 2016.
It has opened up its market with more than 92% of its sectors open for 100% FDI. With a population of 1.25 billion, India provides a huge domestic market that is used by more than 300 million people.
The Far East Agency for Development and Invest India are already in touch with each other. Our businessmen have long standing relationship. The growth story of India is an open invitation for our Russian friends in business to partner. I invite the official and business delegations from the Far Eastern Region of Russia to visit India to personally explore the business opportunities. In this endeavour, the Russia Desk being launched today in Invest India would be a willing and able partner.