CHANDIGARH: India's relationship with Russia is a very critical and important one, India's ambassador to Russia Pavan Kapoor said on Monday.
"India's relationship with Russia is a very critical and important one. We have had exchanges over the years in all sorts of areas. You are well aware of our heavy industry cooperation in 1950s and 1960s, we have had tremendous cooperation in defence sector," said Kapoor.
He was speaking at an event here, which CII in partnership with Invest Punjab had organised.
During the session 'Government of India's Heads of Mission Programme', India's ambassadors to the US, Netherlands, Turkey, Mongolia and Togo were also present.
Kapoor pointed out that there are plenty of new opportunities for the Indian business in the Russian market, especially against the backdrop of the withdrawal of many western companies from that country.
A number of western business entities withdrew from Russia over its attack on Ukraine as well as the subsequent economic sanctions imposed against it by the United States and Europe.
"Post start of the conflict, there has been exit of a large number of western companies -- the European and American companies who exited the Russian market, not all because they wanted to as market was valuable to many of these companies," he said.
"We got the specific list from the Russians which we have shared with CII and large industry chambers," he said, referring to areas where Indian companies and states like Punjab can benefit from the present situation.
On the agriculture side, there is great potential for fruit and vegetable concentrates because a lot of operators in these areas have moved out.
Food additives and flavourings is another area within the agriculture sector which Punjab can explore, he said.
For the automotive industry, a lot of spare parts for vehicles are needed.
This can be useful.
Besides, the cotton industry and Ludhiana being a hub of textile and yarn, this can be useful.
"Some aspects of packaging industry because many of the companies of the west which were doing packaging have exited the market. Also, the jute, textile and rubber industry, for which we have got an excellent base here in Punjab, can be useful," he added.
Amit Thapar, Chairman, CII Punjab State Council, talked about how Indian firms can take advantage with the 'China Plus One' strategy, under which global firms are looking at alternative locations beyond China for doing business.
He said, "there is a lot of anti-China sentiment, not just in US, but across the world, which I think India has a big potential to cash on".
Later, responding to queries, India's ambassador to the US Taranjit Singh Sandhu said there is so much attention being paid to the semiconductors.
In the US, there is a special initiative and in India, there is a special initiative, he said.
This one plus approach provides huge potential in semiconductors, Sandhu said, adding that the semiconductor industry would require huge skilled manpower and stressed the need to have this resource.
Reliable supply chains are an important and integral part now, Sandhu added.
Kapoor also said, "just to reiterate what Ambassador Taranjit Sandhu has said, the opportunity for 'China plus one' to India is massive".