Prime Minister of India - Dr. Manmohan Singh

PM 's opening statement at Joint Press Interaction with Russian Prime Minister

"I warmly welcome you to New Delhi, a city with which the Prime Minister is so familiar.

Our discussions today focused on giving a new depth to our strategic partnership. As large modernizing economies, we have an interest in strengthening bilateral cooperation and in jointly making global interdependence beneficial. In this context, I am happy that we have concluded a bilateral agreement on Russia's accession to WTO last month.

The formation of the India-Russia Trade and Investment Forum headed by our Commerce Minister and his Russian counterpart is a valuable step forward in revitalizing our trade and economic relations. We aim to expand bilateral trade to $ 10 billion in the next five years. A Joint Study Group has been formed to recommend ways to achieve this goal and to examine the feasibility of signing a Comprehensive Economic Cooperation Agreement. We will also soon conclude an Agreement allowing investment of funds from the Rupee Debt Account in India.

While we explore ways, at the government level, to promote our economic ties, business communities must develop greater interaction and business-to-business contacts. Private sector partnerships must be the new cementing force in our relations. Greater facilitation of business travel will help in this regard.

Our two growing economies also offer considerable scope for cooperation in energy, information technology and biotechnology and high technology commerce. Along with trade, these sectors must supplement the excellent cooperation we enjoy in the political, strategic and defence spheres. I therefore welcome the various documents signed during this visit. Two of these are related to the implementation of cooperation in respect of the Global satellite navigation system [GLONASS]. Some of our banks are also entering into agreements to work together.

We have noted that energy security is one of the principal themes of the G-8 Summit to be chaired by Russia this year. I have accepted with pleasure President Putin's invitation to attend the G-8 Summit being hosted by Russia in St. Petersburg in July this year. In this context, we envision a substantial increase in the share of nuclear energy in India's overall energy mix. We see the Kudankulam project as a flagship of our cooperation in this area. I am confident that both countries will utilize opportunities to expand our partnership in civil nuclear energy cooperation. In this context, I would also like to convey our warm appreciation to the Russian Government for responding positively to meet the requirements for nuclear fuel supplies to Tarapur I and II.

We look forward to working closely, bilaterally and multilaterally, with Russia. Ours is a strategic partnership based on trust, confidence and abiding convergence of national interests. Russia is a tried and tested friend. The steady development of our bilateral ties is a matter of great satisfaction to our Government and to me personally. In conclusion, I take this opportunity to convey through you Mr. Prime Minister our warm friendship to the friendly people of Russia. I now invite you Mr. Prime Minister to offer your comments, after which we can answer a couple of questions."