I am delighted to be here with Prime Minister Putin to meet such a distinguished group of business leaders. Prime Minister Putin has played a magnificent role in the development of multifaceted cooperation between our two countries. We look forward to his continued guidance and involvement in the future evolution of our relations.

India and Russia are strategic partners and we have a broad-ranging relationship. However, our bilateral trade and investment cooperation has not kept pace with our close political ties. This is despite the fact that there are strong complementarities between our two trillion-dollar-plus economies.

It is in recognition of this fact that both Governments have taken several initiatives to promote establishment of business-to-business linkages. These include the establishment of the India-Russia Forum on Trade and Investment in 2007 and the CEOs' Council in 2008.

The India-Russia Forum has already met thrice and acquired its own identity as a platform for enabling interaction between the corporate sectors of the two countries. We would like the CEOs' Council, which is a more compact group of business leaders, to provide corporate leadership for utilizing the economic opportunities between our two countries.

Russia is richly endowed with natural resources including hydrocarbons, and a work force capable of generating the most advanced technologies in areas as varied as defence and biotechnology. India is an economy with a huge market, a young and expanding work force, and in need of massive investments, particularly in infrastructure.

I am happy to note we have set a new target of bilateral trade turnover of 20 billion US dollars by 2015. We must also work towards greater investments into each other's countries.

I would like to highlight some of the areas for our future cooperation:-

Ø The energy sector illustrates the strong complementarities between us - Russia is a major producer of energy, and India is one of the fastest growing consumers. Indian companies have technology and the ability to invest in both upstream and downstream activities. A good beginning has been made with our collaboration in Sakhalin-I and the recent acquisition of Imperial Energy by ONGC Videsh Ltd. This needs to be carried forward.

Ø New avenues have opened in the nuclear energy sector with the signing of an agreement last December for the construction of additional nuclear power plants at Kudankulam and the new site at Haripur in West Bengal. The recent conclusion of negotiations on a broad-based inter-governmental agreement on civil nuclear energy will open fresh opportunities.

Ø India can be an ideal partner for Russia in the pharmaceuticals sector, which has been identified by Russia as a priority area. India has already emerged as the most reliable supplier of quality generic drugs to Russia. We should consolidate our cooperation in this sector, including through the establishment of joint ventures.

Ø India's global leadership in the Information Technology sector is well recognized. Collaboration in BPO/KPO sectors with Indian companies has brought significant benefits to several countries and companies, especially in Europe and America. Both our countries stand to benefit from much closer cooperation in this area.

Ø There are significant opportunities for Russian companies in India particularly in the area of infrastructure, construction and engineering services. We invite them to invest much more in India.

Ø There is natural complementarity between our two countries in the area of trade in rough diamonds - Russia as the largest producer and India as the center for cutting and polishing. While there have been some adhoc contacts, our companies should consider developing long-term arrangements in this sector.

There are several other areas which you as the Council can focus on. Our two countries are going to be engines of global economic growth in the coming decades. I invite you to take the lead in ensuring much greater interaction at the business level between India and Russia. We have high expectations from you, and I assure you of the Government's full support to your activities. I look forward to learning of the outcome of your deliberations.

Thank you.