Putin and Modi seek to strengthen overall trade ties including the diamond sector

The meeting between India’s Hon’ble Prime Minister Narendra Modi and his counterpart Hon’ble President of Russia Vladimir Putin during Mr. Modi’s two-day visit to Russia, set to further encourage economic ties between the two countries including that for the diamond sector.

Prime Minister Modi mentioned the recent setting up of the special notified zone for direct trade has strengthened India’s potential. It is a way ahead to encourage trade between Russia, ‘the world’s largest uncut diamond exporter, Russia, and India, which processes 90 percent of the world’s uncut diamonds’, as per reports. President Putin cited that Russia exporting more than half of its rough diamond to India and increased its Indian clientele. Appreciating India’s progress with the setting up of the Special Notified Zone, Putin also mentioned the two sides would cooperate in further development of the SNZ, as per reports.

Mr. Modi encouraged Russian businessmen to the opportunities in India at the CEO’s Forum, citing that the Indian government is dedicated to employing a fair taxation regime and easing business processes. He mentioned the opportunities that lie in India’s ‘Make in India’ effort, that could boost economies of both the countries.

The meeting between the two country heads underlined improving bilateral trade and cooperation between the two countries, which was also the agenda at the 16th Indo-Russian Summit that unfolded on the sidelines of Mr. Modi’s visit.