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Maritime Briefing - CMEC seeks to provide policy inputs to MoPSW as per the Maritime Vision
15 September 2023
Summary
While the Russian government has highlighted the potential for increased cooperation by the Indian private sector, particularly in the manufacturing of spare parts in the defense sector and opportunities for joint production for third countries, to enhance economic ties, the Indian government has described Russia as an important friend on whom the country relies upon for among other things meeting. [...] India reciprocated by announcing a significant US$1-billion line of credit for the development of the RFE and to facilitate the establishment of Indian companies in the region. [...] A Memorandum of Intent (MoI) was signed on the 'Development of Maritime Communications between the Port of Chennai and the Port of Vladivostok.' This marked a crucial step in addressing the current lack of connectivity between India and Russia. [...] A Memorandum of Intent (MoI) was signed on the 'Development of Maritime Communications between the Port of Chennai and the Port of Vladivostok.' This marked a crucial step in addressing the current lack of connectivity between India and Russia. [...] In summary, the strategic economic dialogue, commitment to trade in national currencies, investment in the Russian Far East, and the establishment of maritime connectivity between Chennai and Vladivostok are key elements in the evolving India-Russia economic relationship, aimed at deepening ties and fostering economic growth in both countries and the wider region.
