The Knowledge Chamber of Commerce and Industry (KCCI) has signed a Memorandum of Understanding (MOU) with the Russian Centre for Conservative Policy (RCCP). This significant event occurred ahead of the MSME Convention 2024 and KCCI’s 6th Annual Foundation Day. The MOU aims to promote and encourage trade, investment, and tourism opportunities between India and Russia, strengthening the bilateral relations that have been resilient despite global upheavals.
Promoting Bilateral Trade and Investment
The MOU between KCCI and RCCP is designed to foster a wide range of activities aimed at enhancing trade and investment ties between the two countries. KCCI plans to conduct various delegations, events, exhibitions, and conferences with the support of RCCP. These initiatives will be strategically announced and organized throughout the year, ensuring mutual benefits for international businesses and facilitating the members of both organizations.
Mr. K. K. Petrichenko, Director of International Co-operation at RCCP, emphasized the importance of this collaboration. “Russian foreign policy is open and rational and is created on the respect for universal principles and norms of international law and equitable international cooperation in order to resolve common problems and promote common interests as we all are entering a new era of rapid development and technological transformation. Partnering with Knowledge Chamber of Commerce with our counterpart in Gujarat will help us to move forward with common goals of progressive economy. Signing this MOU between KCCI and RCCP will strengthen relations between both nations by increase in trade and commerce between Russian and Indian businesses.”
Supporting Sustainable Development Goals
Both organizations have committed to working towards the sustainable development goals of India and Russia. Mr. Evtukh Aleksandr, Gujarat Head at RCCP, highlighted this commitment: “KCCI and RCCP will continuously work towards supporting the sustainable development goals of both the countries. This MOU signed with KCCI will support members of both the organizations through various programmes, conventions and activities organized throughout the year.”
The focus on sustainable development reflects the broader goals of both nations to foster economic growth while ensuring environmental sustainability and social equity. This MOU is expected to facilitate numerous opportunities for businesses in both countries to collaborate on projects that align with these goals.
Empowering MSMEs, Entrepreneurs, and Start-ups
KCCI has a strong track record of supporting MSMEs, entrepreneurs, and start-ups in India. Mr. Bharat Patel, Secretary General of KCCI, underscored the significance of the MOU in this context. “KCCI is actively working towards progressive India and we keep on conducting events and seminars on behalf of central and state departments to spread awareness and connect MSMEs, Entrepreneurs and Start-ups to scale and upscale their business. Signing this MOU with Russian Centre for Conservative Policy, will strengthen ties between Indian and Russian businesses and encourage ourselves as supporting Chamber for both.”
This collaboration is particularly beneficial for start-ups in Gujarat. Mr. Mehul Raval, Executive Deputy Head of Gujarat at RCCP, stated, “RCCP is the counterpart of Gujarat, India and this MOU will help the start-ups, especially of Gujarat, to tie up with the Russian companies for upscaling their business or vice versa.”
Boosting Aerospace and Defence Cooperation
One of the notable aspects of the MOU is its potential impact on the aerospace and defence sectors. Mr. Dhaval Raval, Chairman of Aerospace and Defence at KCCI, pointed out the strategic importance of this collaboration. “Russia is one of the largest manufacturers and suppliers of Defence and Aerospace products, signing this MOU will prove crucial as KCCI and RCCP will be working collectively towards vendor development in Aerospace and Defence procurement. It will also help to strengthen local and small entrepreneurs and inspire ancillary units to set up and tap the international market.”
The aerospace and defence industries are critical areas where India and Russia have long-standing ties. This MOU is expected to further enhance these relationships by fostering vendor development and creating new opportunities for businesses in both countries.
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Conclusion
The MOU between KCCI and RCCP marks a significant step forward in enhancing India-Russia trade and investment relations. By promoting bilateral trade, supporting sustainable development goals, empowering MSMEs, entrepreneurs, and start-ups, and boosting cooperation in aerospace and defence, this collaboration is poised to create substantial economic benefits for both nations. As the activities and initiatives under this MOU unfold, they will further strengthen the time-tested partnership between India and Russia, paving the way for a more prosperous future.