Indian food & agro companies on 4-day visit to Russia to explore business & JV opportunities :

Dr Ajay Sahai, Director General & CEO, FIEO

NEW DELHI: A 50-member delegation of agro and food processing sector is taking part inbuyersandsellers’meetingsinMoscowand St Petersburg amidst a massive push to further deepen economic ties that have grown exponentially.

FIEO signed a Memorandum of Understanding (MoU) with Business Russia to promote trade and investments between the two countries. “The two organizations will cooperate to arrange exhibitions, buyers-sellers’ meetings, workshops, seminars and encourage enterprises to work in tandem with their counterparts for jointventures,”Sahaisaid.

They are also exploring opportunities in diverse business ventures such as ready-to-eat meals, fish meal, animal feed, soyabean apart from conventional products,” said Mr N K Kagliwal, Board Member of FIEO, who is leadingthebusinessdelegation.

Mr Kagliwal said that we are looking to increase our agroandprocessedfoodexportsfromaboutUS$750Mnto over US$ 3 Bn in next 3 years. Citing the rupee-ruble trade mechanismas“movingforward,butthepaceisslow”.

However, DG & CEO, FIEO is optimistic about its resolution as “exporters, importers and bankers, on both sides, have to do a little extra work to resolve it. A direct exchange rate between rupee and ruble will help streamlinetheprocessinabigway.

DrSahaisaidthat“hugetradedeficitisaconcern,butit is also an opportunity to push exports exponentially. We have to diversify exports to automobiles and auto components, electronics, medical devices, solar cells, textile,foodandagricultureetc.”