Vast opportunities ahead for Russia and India: Top official of Russia’s Sberbank

Vladivostok (Russia), Sept 5 (BVI) Russia and India have vast opportunities ahead of them, and if these are used wisely, the partnership could become extremely beneficial for both sides, a top banking official of Russia has said against the backdrop of huge tariffs imposed on India by the US.

Alexander Vedyakhin, First Deputy Chairman of the Executive Board of the State-run Sberbank, said the goal of $100 billion in trade between Russia and India by 2030 involves not only large contracts, but also thousands of new small businesses that require bilateral support in the form of government programs, incentives, and subsidies.

Speaking on the sidelines of the Eastern Economic Forum (EEF) held in this Far-Eastern part of Russia every year in September, Vedyakhin said, “We expect multiple increase in trade turnover, regardless of the political decisions of third countries.”

He was apparently referring to the criticism being vented out by US President Donald Trump against the friendship between India and Russia and the 50% tariffs imposed by him on Indian goods for buying Russian oil.

Underscoring that Russia and India have high potential for developing relations, he said, “Through
joint efforts, we are improving the logistics and financial infrastructure, creating
comfortable conditions for the development of business in both countries.”

Among the areas where he expects trade turnover to grow first and foremost are mechanical
engineering, construction materials, electronics and IT technologies, pharmaceuticals,
and agribusiness.

“I am confident that one of the important issues is the training of business leaders who
will be able to drive the realization of these opportunities. Together with the National
Research University Higher School of Economics, we are announcing here at the EEF a
business program for executives of foreign companies interested in working with
Russia—the Russia Executive Business Program.”

The first cohort of the program for Indian entrepreneurs will start in November, he said.

PJSC Sberbank is Russia’s largest bank and a leading global financial institution in which the Government of the Russian Federation, represented by the Ministry of Finance, is the principal shareholder with 50% plus one voting share of the bank’s authorized capital.

The remaining 50% minus one voting share is held by domestic and international investors.

Holding almost one-third of aggregate Russian banking sector assets, Sberbank is the
key lender to the national economy and one of the biggest deposit takers in Russia.  (BVI)