As part of the co-production model, India will set up a pharmaceutical factory in Russia and get access to fertilisers that Russia makes, Prime Minister Narendra Modi and Russian President Vladimir Putin said in a joint press briefing.
As part of the co-production model, India will set up a pharmaceutical factory in Russia and jointly produce fertiliser, Prime Minister Narendra Modi and Russian President Vladimir Putin said on Friday in a joint press briefing.
Earlier in the day,
Modi and Putin held talks at Delhi’s Hyderabad House after Putin was accorded a ceremonial reception at the Rashtrapati Bhavan.
In his translated remarks, Putin said that India will set up a “large” pharmaceutical factory in Russia that will produce high-quality medicines.
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On his part, Russia will help India with ramping up industrial production, said Putin.
Putin said, “There will be a large Indian pharmaceutical factory built in Russia. We will be starting the production of high-quality anti-tumour medicinal drugs using the advanced Indian technology. In turn, the Russian enterprises will be establishing the production of industrial products in the framework of ‘Make in India’ programme, which is a hallmark project of distinguished Prime Minister Modi.”
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On his part, Modi said the discussions during Putin’s visit will open “new doors of export, co-production, and co-innovation” for India and Russia.
Modi announced that India and Russia will jointly produce urea for fertilisers — Russia is among the largest manufacturers of urea in the world.
“Both the sides are working to secure an FTA [free trade agreement] with the Eurasian Economic Union at the earliest. Our close cooperation in the fields of agriculture and fertilisers is important for food security and farmers’ welfare. I am glad that we will now work towards jointly producing urea,” said Modi in Hindi.
Modi announced that the India-Russia Business Forum will lay the groundwork for the co-production model of economic relationship.
“President Putin and I will have the opportunity to attend the India-Russia Business Forum today. I have complete faith that the forum will give new strength to our business ties. This will open new doors of export, co-production, and co-innovation,” said Modi.
As Firstpost’s Madhur Sharma previously reported, India and Russia have envisioned the ‘co-production’ model as the future of the economic relationship.
Under the model, India and Russia have envisioned joint manufacturing of export-oriented goods, bringing fresh investment into India, enabling technology transfer, conducting joint research and development, and generating revenue streams for both countries. The groundwork has already been laid.
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