Innoprom is the Russia’s largest industrial fair held every year in the Sverdlovsk region in Yekaterinburg city which is the third largest industrial city in Russia. There were six leading sectoral fairs going on under one roof. 48,000 trade visitors reported at last year’s Innoprom and 600 exhibitors from 95 countries participated. Over 40 foreign delegations, 150 business events, 1200 Russian & International Journalists and over USD 500 million agreements were signed at INNOPROM-2016.
India was the “Partner Country” at the last edition of INNOPROM-2016.
India – Russia Trade
India and Russia have always shared a very stable diplomatic and political relationship from the time of the erstwhile USSR. However, the trade between the two countries has not reached its potential. During the fiscal year of 2014-15, India’s total trade with Russia stood at USD 6.3 billion out of which India’s export to Russia was USD 2.09 billion and import from Russia was to the tune of USD 4.24 billion. The overall trade balance remained positive towards Russia.
During the same year engineering exports to Russia remained at USD 0.7 billion accounting for almost 33% of the total export to Russia. Engineering exports between India and Russia grew at 18% between 2013-14 and 2014-15. However, India’s share in Russia’s total engineering import is still not substantial and has tremendous scope to tap the existing potential.