India trade with Moscow grows, 62.7% rise in trade turnover since 2021
The Deputy Mayor of Moscow for Economic Policy, Vladimir Efimov, says that trade between Moscow and India is growing and is expected to expand into more fields.
Indian direct investment in Moscow has reached $143 million since the beginning of this year according to the Deputy Mayor of Moscow for Economic Policy Vladimir Efimov.
"According to the Central Bank of Russia, at the beginning of this year, the accumulated volume of foreign direct investment from India into Moscow's economy amounted to $143 million," Efimov said on Tuesday.
"Indian businesses mostly invest in the food and pharmaceutical industries, construction, trade, and real estate," he added.
According to the statement, the amount of foreign economic activity between Moscow and India has been increasing, marking a 62.7% rise in trade turnover reaching almost $4.5 billion in 2021.
Companies in the Russian capital increased Indian imports of industrial products by nearly 46% in 2021, the statement added, noting that the exports of healthy food, in addition to cosmetics, and essential goods are among the candidate areas to be developed in the trade between the two countries.
The statement highlighted that Moscow is actively engaging with investors from the BRICS association and the Eurasian Economic Union (EEU), in addition to the Middle East and Asian regions.