Moscow: President Pranab Mukherjee Sunday asked the Indian community in Russia to bring in their skills and capital to support the government's initiatives to make the country a global manufacturing hub.
He also asked the Indian community here to contribute substantially to further enhance Indo-Russia ties, especially economic ties.
Addressing the Indian Community members in Russia, Mukherjee said India-Russia relations have now touched almost every field of human endeavour and it involves cooperation in political, security, defence, trade, science and technology, education and culture.
"Having said that, there is a need to further enhance our level of economic engagement. Trade and investments are the pillars of economic relation," he told the impressive gathering.
The President said total trade between India and Russia is USD 6 billion annually which is 0.8 percent of India's trade amounting to USD 765 billion.
Since April 2000, FDI inflows into India is USD 246 billion and out of which only USD 1 billion or 0.4 percent of the total inflows has come from Russia.
"Given the size of our economies, there is huge potential to enhance commercial and investment exchanges. It is a challenge for all of us to utilise synergies and new opportunities that are arising between the two economies.
"All of you, as a repositories of unique information and insights about India and Russia, have an important role to play in propelling our economic ties to a higher trajectory," he said.
The President said government of India has provided fresh impetus to India's economic growth and development through new initiatives like 'Make in India', ' digital India', 'smart cities', 'model villages' and 'clean Ganga' which seek to transform India.
"The Indian community abroad can contribute to these initiatives by bringing their skills and capital. New opportunities have been created specially for NRIs and PIOs to come forward and play a major role in contributing to India's success such as the NRI fund to clean and develop the Ganga river.
"You can also acquaint enterprises in your adopted country of the new opportunities available in India. We need to forge partnerships in friendly nations like Russia to bring in ideas, innovations, technologies and investment. You have to facilitate the creation of such partnerships," he said.
Around 15,000 Indians live in Russia of which 4,000 are students.
The President said the Indian community in Russia has contributed significantly to the development of close bilateral ties.
"Interaction between the two countries at the people-to-people level have always been warm and friendly. This has been exemplified by Russian interest in Indian cinema, culture and heritage and the popularity in India of Russian literature, arts, circus and sciences," he said.
Mukherjee said the last fifteen years have seen a qualitative change in India's relations with Russia.
With the signing of a declaration on India-Russia strategic partnership in October 2000, India established perhaps it's closest institutionalised ties with any foreign country.
"This association has since continued to grow and diversify into newer areas. In recognition of the multi-faceted bilateral engagement of the two countries, India today terms its relationship a special and privileged strategic partnership," he said.
