Sharma emphasised the need for diversifying trade basket, saying that it would help boost two-way trade.
"There is a need to diversify the trade basket between our countries, as the current profile of trade is dominated by commodities with large imports of iron, steel, fertiliser and oil from Russia. We need to expand the trade basket to have more value-added products," he said.
The minister also emphasised on the need for boosting two-way investments, and urged Russian entrepreneurs to increase investments in India, especially in the infrastructure sector.
He said that India targets to invest USD1 trillion in the infrastructure sector over the next five years, and that it would welcome Russian participation in building a strong infrastructure base.
"We are also building gas and oil pipelines. Russian companies have considerable expertise in pipeline construction technologies, which will greatly be valued. In the telecom sector, of course, we have seen the emergence of flourishing partnerships between India and Russia, which will see investments of over USD1.5 billion in the coming years," Sharma said.