Investment potential of the Far East was presented at the India-Russia business forum in Mumbai

A practical session entitled "The Far East and the Arctic - New Opportunities and Prospects for Bilateral Trade, Economic and Investment Cooperation" was held as part of the India-Russia Business Forum in Mumbai. The international platform was organized by the Ministry for the Development of the Russian Far East and the Far East and Arctic Development Corporation (FEDC). The event was attended by Deputy Minister of the Russian Federation for the Development of the Far East and the Arctic Vitaly Altabaev, Deputy General Director of the FEDC for Investment Attraction Kirill Kamenev, as well as representatives of regional authorities and large businesses. The Russian delegation presented the economic and investment potential of the Far East and the Arctic, promising areas of cooperation in the mining and oil and gas industries, tourism, forestry, pharmacology and logistics. Vitaly Altabaev noted that the potential for mutually beneficial cooperation between Russia and India is unlimited, focusing on several areas in detail. "Firstly, the Indian economy is growing at a high rate, the country is one of the world leaders in the production and supply of medicines and jewelry. We propose developing cooperation in these areas and invite you to a business mission to the Far East in May 2025, where we will present investment sites in the field of pharmaceuticals and precious stone processing to Indian entrepreneurs. Secondly, we see broad opportunities in scientific cooperation. The Government of the Russian Federation is implementing a large-scale project – an innovative scientific and technological center on Russky Island in the city of Vladivostok. It will house research and development centers in the field of biotechnology, pharmaceuticals, biomedicine, artificial intelligence and big data. The construction of the first buildings is nearing completion. We propose to discuss the development of scientific and technological cooperation in April 2025 together with interested Indian organizations and departments, and representatives of the scientific community. Thirdly, an important area of cooperation is the development of maritime communications between the Far East and the East Coast of India. In the next 15 years, India's demand for coal will increase fivefold (to 256 million tons), as well as twofold for oil (to 464 million tons), liquefied natural gas (to 93 million cubic meters) and fertilizers (to 50 million tons). Therefore,we are developing the infrastructure of sea ports and access roads of the East Coast in a timely manner, and are developing the Northern Sea Route,” said the Deputy Head of the Ministry for the Development of the Russian Far East.