Shri Kamal Nath, Union Minister of Commerce and Industry, co-chaired the Second Session of the India-Russia Forum on Trade and Investment in New Delhi (February 12-13, 2008) along with Mrs. Elvira. S. Nabiullina, Minister of Economic Development & Trade of the Russian Federation. Mrs. Nabiullina participated along with a high profile Russian delegation, including government officials and businessmen. The Indian delegation included representatives from the Ministry of Commerce & Industry and Ministry of External Affairs and businessmen and representatives from the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce & Industry (FICCI) and Associated Chambers of Commerce & Industry (ASSOCHAM).

Speaking on the occasion, Shri Kamal Nath mentioned about the positive investment climate in India as also the huge investment opportunities in infrastructure, metallurgy, real estate, pharmaceuticals and other sectors. He emphasized that the level of economic engagement between the two countries, in terms of trade and investment relations, should increase.

A Protocol was signed by Shri Kamal Nath and Mrs. Nabiullina, underlying to resolve to cooperate in several spheres of mutual interest as mentioned above.

It was decided by both the sides that enhancement of the bilateral investment and trade cooperation is one of the important steps to advance qualitatively trade and economic relations and to widen strategic partnership and cooperation between India and Russia. Both sides also agreed on early commercialisation of new and innovative technologies as one of the prospective spheres of cooperation.

The next meeting of the Forum would be held in 2009 or earlier in Russia on a mutually agreed date

India's export to Russia was US $ 1.10 billion in 2006-07 while its import was US$ 2.99 billion. India has received FDI of US$ 94.0 million from Russia so far. Some of the sectors attracting FDI from Russia are chemicals, telecommunications, trading and consultancy services. Indian approved investment in Russia, on the other hand, amounts to US $ 2839.6 million up to March, 2007.

The opening session of the Forum was convened on 12th February 2008 wherein, besides the two Ministers co-chairing the event, Russian Prime Minister Mr. Victor A. Zubkov also attended the session. Shri Ajay Shankar, Secretary, Department of Industrial Policy & Promotion, Shri G.K. Pillai, Secretary, Department of Commerce, along with representatives of CII and FICCI also addressed the delegates. The presentations and speakers of the Russian side included among others Mr. V. Fadeyev, Chairman of the Board of Directors of Business Council of Cooperation with India, Mr. German Gref, President, Chairman of the Board of Directors, JSC Sberbank of Russia and Mr. Aleksand Kogoin, Minister for Industry and Trade of the Tatarstan Republic. Shri Nath and Mrs. Nabiullina discussed the steps required for realizing the outcome of the meet.

On the second day of the Forum held on 13th February 2008, four parallel sessions were held on sectors of mutual interest such as mines and minerals, energy & power, transport & infrastructure including inland waterways, ports, railways construction, civil aviation & automobiles, pharmaceuticals, biotechnology, IT, chemicals, Telecom and High Technology. A session on business environment, financial services and commodities, co-chaired by Shri G.K. Pillai from the Indian side, also took place on 12th February 2008.

The India-Russia Forum on Trade & Investment was set up on 16th March 2006 through the signing of a Joint Communiqué between the Ministry of Commerce & Industry of India and the Ministry of Economic Development & Trade of the Russian Federation. It was felt that there is a need to strive for stable development of Indo-Russian trade, economic and investment cooperation. 

Bilateral trade and investment cooperation strengthened through Protocol signing to expand sectoral economic engagement between India and Russia. Enhancement of bilateral trade and investment cooperation was agreed as the central objective of the India-Russia Forum, with a Protocol signed to formalise cooperative steps across sectors. Commitments include promoting investment flows, early commercialisation of new and innovative technologies, and targeting infrastructure, metallurgy, real estate, pharmaceuticals, chemicals, telecommunications, financial services and high technology for collaboration, supported by ministerial co-chairing and sectoral sessions to advance implementation.