Remarks by H.E. Mr Alexander M. Kadakin, Ambassador of Russia to India, at the signing ceremony of MoU between JSC “Severstal” and NMDC

10 Декабрь 2010



      It is a matter of immense pleasure for me to attend such remarkable and truly historic occasion – the signing of the MoU between one of the leading Russian metallurgy companies JSC “Severstal” and the Indian NMDC Ltd. 

     The decision to establish a new Russian-Indian joint venture – an integrated steel plant in the state of Karnataka – drives our cooperation to a higher plateau which goes beyond buyer-seller relations. It is also a vivid example of rapidly developing Russian-Indian trade and innovative economic ties at large.

     Historically, relations between our two nations have been particularly strong in heavy industry. Bhilai plant is one of the many shining examples of Russia’s modernizing role in Indian industrial development.

     The joint “Severstal”-NMDC project follows this great legacy but at the same time opens new promising vistas in our industrial cooperation. This green-field enterprise reflects the growing Russian-Indian technological and financial potential with competitive manufacturing and services, which are getting even stronger in spite of the global economic crisis.

     Indian economy, which is one of the fastest growing in the world with its giant human potential and 1.2 trillion US dollars GDP, has also become one of the most attractive global trade and investment destinations. “Severstal” will initially invest 1 bln dollars in the project, the largest Russian investment into India’s steel sector.

     Setting up joint ventures is becoming a distinguished feature of modern Russian-Indian trade and economic relations. The MoU signed between “Severstal” and NMDC today, further elaborates and broadens these ties, that are already marked by thriving enterprises in telecom and IT, pharma and bio-tech, automotive industry and military cooperation, science and space. Moreover, this outstanding project can be considered as truly unique with an unprecedented cost of more than 2 bln dollars.

     All this demonstrates the transition of trade and economic interaction to a new level and will further diversify our ties by enriching them with new opportunities. Furthermore, it will contribute to increase a Russian-Indian turnover up to USD 20 billion by 2015, and even go beyond that figure.

     Altogether the advantages of both countries (significant market volume, growing economies, high level of education, political stability), along with traditional friendship and trust between our two nations, create most favourable preconditions to further enhance scope and level of the bilateral trade and economic cooperation.

     May I remind you that this year we celebrate the 10th anniversary of the Declaration of Strategic Partnership that will be marked by the official visit of the Russian President Dmitry Medvedev to India on December, 21-22. The forthcoming summit will symbolize the renewed approach and vision of our bilateral relations towards modernization and innovation. Both countries are firmly committed to further develop multifaceted, truly special strategic partnership and maintain the existing level of highest confidence and intensive contacts.

     Your initiative deserves special appreciation in this regard.

     No doubt, the bonds of Russian-Indian friendship will forever remain as strong as the steel produced at the steel projects of Bhilai, Bokaro, Visakhapatnam and – now – at the new joint “Severstal”-NMDC venture.

     Let me wish you best of health, good luck and every success in all endeavours and undertakings.



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