Putin: Russia mulls participation of India in Arctic shelf projects

MOSCOW, May 30 (PRIME) -- Moscow and New Delhi are discussing participation of Indian companies in joint exploration and development of hydrocarbons on the Arctic shelf of Russia, President Vladimir Putin said in an article published in the Times of India on Tuesday.

“The possibilities of Indian companies’ participation in implementation of projects of joint exploration and development of hydrocarbons on the Russian Arctic shelf are currently under consideration,” he said.

Putin said there are also good prospects for cooperation in the solar energy sphere, “modernization of existing power plants and construction of new ones on the territory of India.”

Increasing trade turnover, industrial cooperation, supplies of high-tech products and improving conditions for business activity and investments are among priority goals for cooperation of the two countries, Putin said.

“To encourage reciprocal capital inflow, a working group on priority investment projects was established under the inter-governmental commission on trade, economic, scientific, technological and cultural cooperation; 19 most promising projects have already been selected. Russia is committed to long-term participation in the ‘Make in India’ program initiated by Prime Minister Narendra Modi,” Putin said.

Putin also said that the 2016 decision on negotiations of a free trade zone agreement between the Eurasian Economic Union and India is of principal importance. The countries are studying possibilities for creation of the North South Transport Corridor. “All these factors should promote the development of our bilateral and regional cooperation,” he said.

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