On March 22, the event "Business with India: opportunities for the Indian market for Russian entrepreneurs under sanctions" was held in a hybrid format.
During the event, the following issues were considered: the specifics of doing business in the Indian market, relocation and entry into the Indian market, opportunities for the Russian financial system, as well as for the development of trade, post-COVID logistics issues, choosing a bank to work with India.
The event was held by the Russian-Asian Union of Industrialists and Entrepreneurs together with Business Russia, as well as the the Presidential Commissioner for Entrepreneurs’ Rights.
The event was moderated by Maxim Kuznetsov, Vice-President of the RAUIE. Top experts spoke at the meeting: Timur Vekilov, Head of Representative Office of Russian Export Center JSC in India, Olga Kulikova, Business Ambassador of Business Russia in India, ]Chairman, Akis Tech Ltd., Director BRICS Chamber of Commerce and Industry in Russia - Member of the Business Cooperation Council with India, Vice President of the International Congress of Industrialists and Entrepreneurs - Alok Kumar, General Director of Hecny Group - Alexander Gorkov, Representative of the Chamber of Importers of India - Anna Rogovskaya, employee of Sberbank India - Alexander Suslov.
Maxim Kuznetsov, Vice-President of the RAUIE, spoke about the cooperation problems between Russia and India and compared them with cooperation with China: “If we talk about the difference in trade turnover with Russia per capita, then India is 10-12 times inferior to China. We, unfortunately, do not realize our trade potential with India at the moment, and there are opportunities for growth.” As a solution, the following was proposed: “We need to look at those niches in which India has the potential to replace falling imports. We are rapidly developing the financial infrastructure of bilateral cooperation, settlements in the ruble-rupee pegged to the yuan. The fact that “business” today is interested in working with India both in imports and exports is very commendable.”
“In the current situation, India is becoming the second largest market that would be of interest to Russian companies. Russian companies began to look for alternative options for export and import, so they need a plan in order to understand: first - how much they need it, second - what efforts can be achieved, third - what results will be subsequently. Many Russian companies are under the illusion that India is a developing country and the market has not yet been formed there. In fact, the Indian market is developed, the Indian consumer is spoiled, and, of course, this should be taken into account when forming the strategy” said Olga Kulikova, business ambassador of Business Russia in India.
Timur Vekilov, Head of the Russian Export Center Representative Office in India, briefly described the existing developments in doing business with India, as well as the support provided to Russian exporters. “There are many government institutions involved in supporting exporters to India, including financial ones. Business ties remain, and it is almost impossible to break them. It is necessary to adhere to the remaining ties and build new ones,” Timur Vekilov noted.
The event was attended by more than 230 participants in person and online.
