New Delhi [India], September 14 (ANI): The exit of several Western companies from the Russian market has created significant gaps across key sectors, presenting new opportunities for Indian MSMEs and other firms, said Dmitry Zavgorodniy, Chief Executive Officer (CEO) of ITE Group, a Russian exhibition company.
ITE Group, a global leader in exhibitions, has been organising roadshows to help small and mid-sized Indian players enter the Russian and Commonwealth of Independent States (CIS) markets. Zavgorodniy stated, “Some Western companies have left, and India’s economic potential is growing daily. India is becoming increasingly competitive and aims to diversify its export network. There is clear demand in Russia for Indian products, food, technology, and equipment. Our task is to facilitate mutual understanding between businesses.”
He emphasised the need for enhanced communication between Indian and Russian companies, encouraging visits and participation in exhibitions. “Russian buyers are seeking new products, experiences, and cost-effective, competitive proposals. India can offer competitive costs and excellent quality,” Zavgorodniy added. He also noted a trade imbalance, with Russian exports to India significantly outpacing Indian exports, largely due to limited awareness and communication gaps.
Key sectors for Indian participation include food and agriculture, pharmaceuticals, engineering goods, textiles, and industrial machinery. Russian buyers are actively seeking alternatives to products previously sourced from Europe and the US.
While trade between India and Russia is growing, Zavgorodniy highlighted the untapped potential. In 2021, around 2,000 Russian companies traded with India, rising to 10,000 by 2025. He projects that up to 30,000 Indian companies could be exporting to Russia in the near future.
Zavgorodniy also pointed to the evolving role of BRICS and South-South trade, with India playing a key role alongside China, Brazil, and South Africa. According to the Indian embassy in Moscow, bilateral trade reached a record USD 68.7 billion in FY 2024-25, nearly five times the pre-pandemic level of USD 10.1 billion. Indian exports accounted for USD 4.88 billion, while imports from Russia totaled USD 63.84 billion.
India’s exports include agri-products (fish, shrimp, rice, tobacco, tea, coffee, grapes), chemical products, pharmaceuticals, iron and steel, ceramic products, aeroplane components, machinery, glassware, clothing, leather goods, rubber articles, electrical machinery, and surgical tools. Major imports from Russia consist of oil and petroleum products, fertilisers, bituminous substances, mineral fuels, mineral waxes, machinery, equipment, precious metals, wood, pulp and paper products, metals, and vegetable oils. Both nations aim to achieve a bilateral trade target of USD 100 billion by 2030. (ANI)
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