Dear Reader,
Greetings. An issue of utmost concern for both India and Russia is the sluggish pace of growth in bilateral trade between the two countries, considering the immense potential that remains untapped. One of the oft-quoted reasons is that the region has been passing through a period of transition since 1991 following the collapse of the Soviet Union and that the last 15 years have been traumatic for the regrouped CIS countries in terms of adjusting themselves to a new and freer political and economic order. The phase has also been dramatic for the major constituents of the region, especially Russia, in terms of economic recovery and growth. As a matter of coincidence, India's fortunes too have undergone a radical change since 1991 when it initiated far-reaching economic reforms. Today, India is an emerging economic power while Russia, after having recovered from the shocks of readjustment, is rich, flushed with oil funds. The Indo-Russian bilateral trade, which in 2005-06 touched $2.75 billion is measly. In order to step up bilateral trade, India and Russia have worked up an ambitious target of $10 billion to be attained by 2010. To create the required momentum to push up bilateral trade, India and Russia are expected to sign a Comprehensive Economic Cooperation Agreement (CECA), covering a vast range of industrial goods and services during the forthcoming visit of Russian President Vladimir Putin to India in January 2007. The cover story of the current issue of Indo-CIS Business looks at the CECA, which is in the works. The issue's focus is on two-way trade and in this context, we are carrying a report on Ukraine, another CIS constituent, which is hosting two industrial exhibitions in November, one on gems and jewellery and the other on pharmaceuticals, where important Indian delegations will participate in buyer-seller get-togethers. Kazakhstan has come of age in Information and Communication Technology (ICT) and its 13th International Central Asian Exhibition held in its capital Kiev recently was a big draw. We carry a report. Coming up is in the same field is a larger event, the 3rd Broadband Telecom Russia & CIS Summit 2006 and the issue offers a preview. These developments indicate the emergence of a potential, untapped market for the Indian IT industry. The issue presents a report. In an analytical article, David Sinate, Deputy General Manager, Export Import Bank of India, argues that the emergence of transnational corporations from developing countries has enhanced South-South cooperation. All these features plus regular items such as EBRD News make the issue as interesting as before.
Wish you happy reading

 

Satya Swaroop
Managing Editor
satya@newmediacomm.biz