Russian-Indian small and medium-sized enterprises forum
Minister of the Moscow Government, Head of the Department of External Economic and International Relations Sergey Cheremin took part in the Russian-Indian small and medium-sized enterprise forum, which took place on February 21 in Mumbai, during his working visit to India.
The main objective of the event was to strengthen and expand mutually beneficial ties between the business circles of the two countries, as well as to stimulate the development of high-tech startups.
During his speech, Sergey Cheremin pointed out that bilateral relations have reached a new qualitative level over the past few years – one that is characterized by openness and the rapid development of relations across different spheres. “The strengthening of cooperation between our countries is happening at both the state level and at the level of associations,” the minister said, “This is apparent in the work of the Business Council for Cooperation with India, and even in cooperation between companies and individual Russian regions.” He added that the pace of growth in trade and economic relations speak to the possibility of tripling the trade turnover over the next six years.
“We are also confidently moving towards resolving issues that haven’t been settled yet. Russia and India have formed a list that includes more than 30 restrictions on our trade and economic relations. One of these problems is the lack of participation of small and medium-sized businesses in Russia and India in our trade and economic relations. This is a big drawback. After all, small and medium-sized business has a lot of potential. For example, today in Moscow alone there are almost 800 thousand small and medium-sized businesses,” the head of the External Economic and International Relations said.
There are currently 15 service centers in the Russian capital that exist to support small and medium-sized business. Beginner entrepreneurs are granted tax holidays, special tax benefits are applied, and the city reimburses the cost of purchasing equipment and leasing payments. In general, Moscow accounts for more than a third of the volume of total financial support for business allocated annually in Russia.
“Today’s forum of small and medium-sized enterprises will allow the participants to not only discuss relevant issues related to wider involvement of small and medium-sized business in Russian-Indian cooperation, but also to establish direct contacts with new partners, learn about their interests and priorities, and find their place in Russian-Indian relations,” Sergey Cheremin noted.
India is one of our top four trade and economic partners, and Moscow highly appreciates our cooperation. The Russian capital also actively works with many regions in India.
“Delhi and Moscow are currently implementing a cooperation program that covers cultural exchange and tourism, environmental protection and healthcare, education and sports, the development of transport infrastructure, the improvement of the e-government system and much more,” the minister said.
“India is a huge market that is constantly growing. It is steadily developing its infrastructure and financial sector, and is creating a flexible regulatory environment. Moscow is one of the largest markets in Europe and one of the fastest growing regions of Russia. In every respect, as two rapidly developing subjects of the world economy, we should join efforts and use our advantages and opportunities for the benefit of our countries,” Sergey Cheremin said.
The event in Mumbai was attended by the Head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov, the Director General of the Confederation of Indian Industry Chandrajit Banerjee, the Head of the Russian Export Center Andrey Slepnev, and others.