India-Russia to increase partnership in marine sector; focus on shipbuilding industry

New Delhi: – India and Russia will be starting a shipbuilding enterprise in collaboration. At the same time, both the countries will be making efforts to increase cooperation in the marine sector by starting the International North-South Transport Corridor (INSTC) and Vladivostok-Chennai Shipping Link (VCSL). It has also been revealed that India is planning to build a corridor even in the Arctic economic region. Russian President Vladimir Putin is scheduled to visit India in October. The increasing cooperation between the two countries before the visit becomes essential.

A webinar regarding the marine transport sector between India and Russia had been organised. Russian Industry and Deputy Commerce Minister Oleg N Ryazantsev, Deputy Minister of Industry & Trade of Russian Federation and Mansukh Mandaviya, the Union Minister of State for Shipping, attended the webinar. Both the leaders discussed shipbuilding, maintenance, inland waterway and port sector. DB Venkatesh Verma, the Indian Ambassador to Russia, addressed the webinar, and Verma said at this time that there is scope for India-Russia cooperation in the marine sector.

The focus of the webinar was the shipbuilding industry and the manufacturing of ships. There are many opportunities in the shipping sector in India and Russia. Last year, an annual conference was held in Russia. At that time, discussions regarding increasing marine cooperation between India and Russia had been held. Mumbai port will be linked to the St. Petersburg port in Russia, Iran and Azerbaijan, through the Indian Ocean, under INSTC. It was said in the webinar that the proposal for a Vladivostok Chennai Shipping Link also was under consideration. Currently, Indian goods destined for Russia pass through Europe. The new link will strengthen the India-Russia relations further.

India is trying to get Russia involved in the Indian Ocean sector. In view of the increasing Chinese activities in the Indian Ocean region, the India-Russia cooperation becomes vital. Meanwhile, India is keen on investing in the Arctic sector. Investment in the Arctic sector will be beneficial for India, as that sector is rich in natural ores and fuel deposits. India is even vying to connect with Russia through the Northern Sea Route. Discussions are underway for this purpose. India has also made preparations to set up a joint power project in the Arctic sector.