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Russia to participate in world-class manufacture & investment zones

Russia will participate in the government's initiative of setting up world-class mega industrial zones under the National Manufacturing Policy (NMP) in various states. 'Russia will be a key partner in upcoming industrial townships under NMP,' an official release said.

The new National Manufacturing Policy provides for the National Manufacturing and Investment Zones (NMIZs) with world-class supporting infrastructure across the states. The government is offering a host of incentives like exemption from capital gains tax and a liberalised labour and environment norms to promote these zones.

Commerce and Industry Minister Anand Sharma during his recent two-day visit to Moscow met his Russian counterpart Denis Manturov and Russian Minister of Economic Development Andrey Belousov and briefed them about emerging opportunities for investment in India.

Sharma said that immense investment opportunities are available in India in various sectors such as energy, pharmaceuticals and IT. He also sought investment partnership in the fields of mining and steel. Sharma asked the Russian authorities to expedite details on their IT innovation policy containing management, development of software, commercial terms, and tax benefits in Russia.

'It would facilitate Indian industries to take decision for their participation in the Russian Technology platform on IT innovation,' the release said. Both the sides can cooperate in areas of BPO/KPO, business software, setting-up of Techno-Park, e-governance, tele-medicines, training and education.

'However, so far, no concerted effort has been made by Indian companies to tap or even assess this potential in the Russian IT market,' it added.

Further, it said that the two countries have scheduled an active agenda of high-level bilateral interactions during the coming months. This elaborate exercise is expected to culminate with the Annual Summit in the later part of the year.  'Trade, Investment and economic cooperation are an important priority area for our two governments and we are keen to work towards enhancing them forward, it said quoting Sharma.

A renewed emphasis to enhance bilateral cooperation in this sector would be one of the priorities in the future, it added. The India-Russia trade grew by 14 per cent year-on-year to $6.7 billion in 2012.
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