Sharma suggests Indo-Russia JVs in pharma sector | SupportBiz

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Sharma suggests Indo-Russia JVs in pharma sector

The Indian Minister for Commerce, Industry and Textiles, Anand Sharma, met E Nabiullina, Minister of Economic Development of the Russian Federation in New Delhi recently. The two leaders discussed the existing level of bilateral trade between India and Russia, and measures to enhance these trade ties, reports SME Times.

Sharma met Nabiullina just before a summit meeting of Brazil, Russia, India, China and South Africa (BRICS).

Sharma and Nabiullina concluded that the present Indo-Russian bilateral trade is not up to the existing potential for trade between the two countries. They also agreed on the need for better co-operation to enhance bilateral trade. The two leaders also discussed the lopsided trade balance between India and Russia.

Sharma suggested that joint ventures be set up between Indian and Russian companies in the pharmaceutical sector. He expressed hope for India to capture the huge Russian market along with its neighbouring countries, in the years to come.

Nabiullina made a positive response to Sharma’s suggestions. Russia will soon provide India with a list of 500 drugs that are widely used in the country, 75 percent of which are currently imported. It will also provide information on the level of production required for certain medicines.

The Russian minister also agreed to Sharma’s request to look into long-term supplies of diamonds to India.

Source: SME Times