Mumbai: Strategic insights and connections that enabled fostering India-Russia bilateral trade amidst deepening economic ties and expanding collaborative opportunities were highlighted in a significant session held at the World Trade Center here recently.

Mamed Akhmedov, Head of India office of the Russian Export Center (REC), described the REC’s activities across 17 countries and said it helped Russian companies find partners in India and vice versa including those certified under the ‘Made in Russia’ program.

“Trade growth between India and Russia rose from $9 billion in 2020 to almost $70 billion in FY 2024-25 as ‘testament’ to the enduring friendship between the nations,” he said.

Highlighting historical ties between India and Russia that emphasized the phrase “A Friend in need is a Friend indeed,” Vijay Kalantri, Chairman, World Trade Center (WTC) Mumbai, pointed out the importance of ancillary goods production in strengthening manufacturing in India, while noting also that that Russia ‘can consider India as a trusted partner’ relying on the quality, quantity and pricing of goods from the country.

“Sectors such as steel, pharmaceuticals, defence, agriculture and energy are vibrant avenues for business collaboration,” he said adding “Current trade inflows from Russia to India are at $63.8 billion, while India’s outflow to Russia stands at $5 billion.”

However, both countries have significant potential to increase this number, where India can focus on vast opportunities to expand its exports and strengthen mutual business partnerships, he noted.