Putin: Russia, India Prepared 20 Priority Investment Projects

Twenty priority investment projects will be implemented with the support of Russian and Indian governments, Russian President Vladimir Putin said in an interview with Sputnik and the IANS news agency.

MOSCOW (Sputnik) — Putin said that a Working Group on Priority Investment Projects has been established and is successfully operating within the framework of the Intergovernmental Commission. Line agencies of the two countries, jointly with the India–Russia Forum on Trade and Investment, are engaged in a rigorous selection of promising business initiatives and work on identifying and removing barriers to the free flow of goods, capital and services.

"To date, 20 priority projects have been selected – 10 Russian projects and 10 Indian ones – in such spheres as transport engineering, chemical industry, aircraft industry and pharmaceuticals," Putin said.

The projects include the construction by the SIBUR Holding of a rubber making facility with an operating capacity of 100,000 tonnes per year in the city of Jamnagar, and production by Russia’s Lighting Technologies Company of lighting equipment for general and specific purposes in the city of Jigani, the Karnataka State. The Sistema Financial Corporation is developing a "smart city" model in India. Dauria Aerospace is working on the deployment of the NextStar telecommunication satellite constellations in the geostationary Earth orbit.

"The two countries’ governments will assist in the implementation of these projects," Putin added.

Putin will visit India on October 15-16 to hold talks with Indian Prime Minister Narendra Modi, as well as to take part in the VIII BRICS summit.