India and Russia on Tuesday agreed to further strengthen and expand bilateral investment cooperation in priority projects in various sectors. The two countries reviewed existing projects and also discussed investment opportunities in new projects in sectors like chemical, automobiles, engineering and aviation.
The matter was discussed in detail in the fourth meeting of the India-Russia Working Group on Priority Investment Projects held in Delhi on Tuesday. The Indian delegation was led by Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek. Russia's Deputy Minister for Economic Development Alexander Tsybulksiy was leading the Russian delegation.
"Both sides recommended to the Russian and Indian companies to formulate and prepare a road map on the identified priority investment projects," the Commerce Ministry said in a statement. The investment opportunities in the Delhi-Mumbai Industrial Corridor Project for the Russian companies were also highlighted by the Indian side, it said.
The meeting, which also deliberated on facilitating the projects, discussed about both existing and new projects in both the countries. The next meeting of the Working Group on Priority Investment Project, which was set up in 2013 with an objective to promote Indo-Russian projects, will be held in 2017 in the Russian Federation.