According to a news release, at the 8th Session of the India-Russia Working Group on Priority Investment Projects (IRWG-PIP), India and Russia reached an agreement on six new strategic projects intended to strengthen bilateral investment cooperation.

The India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation hosted the meeting in the nation’s capital on Wednesday. Its main objective was to promote joint initiatives in areas of shared interest.

The session’s co-chairs went over the results of the previous seventh session and signed a protocol outlining these programmes.

India and Russia reaffirmed their commitment to growing investment cooperation and spoke about efforts to deepen economic relations.

According to the release, the 2nd Edition of the India-Russia Investment Forum, which was held in partnership with Invest India, the Indian Chamber of Commerce (ICC), and the Russian Federation’s Ministry of Economic Development, took place after the session.

More than 80 enterprises actively participated in the meeting, including business chambers, financial institutions, freight companies, entrepreneurs, and politicians from both nations.

The session was co-chaired by Vladimir Ilichev, Deputy Minister of the Russian Federation’s Ministry for Economic Development, and Amardeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, both from India.

Both parties reaffirmed how crucial it is to keep working together on trade and investment in order to reinforce their economic alliance.

India has had a long and reliable relationship with Russia. One of the main pillars of India’s foreign policy has been the development of ties with Russia. With increased levels of cooperation in nearly every area, including political, security, defence, trade and economy, science and technology, culture, and people-to-people ties, India-Russian relations have taken on a completely new dimension since the signing of the “Declaration on the India-Russia Strategic Partnership” in October 2000 (during President Putin’s visit).

The Strategic Partnership was promoted to the status of “Special and Privileged Strategic Partnership” during the Russian President’s December 2010 visit to India.