Interactive Business Meeting in Honour of H E Mr Ilya I Klebanov, Deputy Chairman of The Government of Russian Federation & Chairman of The Irigc
October 16, 2001, New Delhi

Welcome Address by Mr Rajendra S Lodha, President-Elect, FICCI

DABRO PAZHALOVAT GOSPADIN Mr. Ilya I Klebanov, Deputy Chairman of the Government of Russian Federation

Mr Rajiv Pratap Ruddy, Hon'ble Minister of State for Commerce and Industry, Government of India

H E Mr Alexander Mikhailovich Kadakin, Ambassador of Russian Federation in New Delhi
Distinguished guests

Ladies & Gentlemen,

Excellency, it gives me great pleasure to extend a very warm welcome to you and your colleagues.

Excellency, your visit comes at a crucial juncture and will enrich the historical ties between our countries. The closeness in our relations has been sustained over time not only by our common interests and concerns but by affinities between our two vibrant civilisations. The Russian traveller Afanasi Nikitin came to India nearly a quarter of century before the Europeans set foot on the Indian soil. Your people read our great poet Tagore's Noble Prize winning Geetanjali. Leo Tolstoy is a household name in India. Even the Father of our nation Mahatama Gandhi named his Ashram the Tolstoy Farm.

It is this inseparable bond, that we strive to strengthen further especially in the new post-cold-war context which is bringing about a rearrangement of world order.

We, in India have been watching with admiration the resurgence of Russia and emergence of a new generation of young leaders (like yourself) in the Russian Federation. We see in you a person of wide ranging accomplishments and a great friend of India. We acknowledge you for successfully spearheading the operation of salvaging the submarine of the Russian Navy from the depths of Barentsev Sea.

Sir, our economic & commercial relationship is both substantive and extensive. As we consolidate our cooperation, the main challenge before our countries is to meet the rising aspirations and expectations of our people through faster economic development.

Excellency, a thriving economic and business relationship between our rapidly emerging markets is a critical necessity for our multi-polar world. The Declaration on Strategic Partnerships between India and Russia signed during Hon'ble President Putin's visit to India last year has laid a foundation for further growth of our relationship.

We, from the Indian business, assure you of our unambiguous support.

The Federation of Indian Chambers of Commerce and Industry, FICCI, wishes to focus on five sectors of business interface. Russia is among the world leaders in hydro carbon - oil & natural gas. Though, India through ONGC Videsh Limited is participating in a big way in Sakhalin Oil fields, the potential for collaboration is much larger.

Russia's knowledge and capabilities in the area of mining, minerals, metallurgy and material sciences are immense. We have opened our mining sector to global investments and we hope that your great capabilities would play a role.

Your research and scientific progress in the area of bio-technology and genomics is a little known jewel. India is blessed with genetic material from the mountains of Himalayas to the tropical South. Our pharmaceutical companies have already discovered new molecules, and have acquired skills in the business of bio-technology. Sir, India is a traditional exporter of pharmaceuticals to your country. Yet there is a large scope for of building a dynamic interface at the cutting edge of new technologies.

India is now a global player in the software business, and growing at a phenomenal pace. We have great strengths in the areas of embedded software in oil refining, nuclear plants and the like. You have strengths in hardware design and advanced computers. Let us create a common business platform in the domain of information technology.

May I add that FICCI is committed to building a well defined and sustainable Dollar trade with Russia, as our Rupee commitment comes to a close by the year 2005. On behalf of Indian business, our Federation proposes to prepare a contingency plan to achieve this goal. We also propose partly to channel the Rupee debt funds into supporting joint ventures both in Russia and India. Most promising joint venture projects could be in information technology and software development, pharmaceuticals, oil & gas to name a few.

We will put together a plan of action to create an edifice for sustainable trade, not just in traditional commodities, but across a diversified portfolio of products.

Study proposed by FICCI on India-Russian Relations : Agenda for the Future will unfold these recommendations.

We propose to establish three Joint Working Groups - on Trade, Economic Cooperation and Infrastructure - business to business and guided by Government to-Governments.

I conclude by drawing your attention to the ultimate resource, human capital. As the digital revolution unfolds and information technology sweeps the world, it is human ingenuity and new frontiers of knowledge that will drive industries, services and even advanced agro production and food processing. It is here that the rich educational and scientific capabilities of our two countries could spread our future engagement.

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