Moscow and New Delhi are aiming to strengthen their bilateral investment cooperation

The Indian and Russian governments have reached an agreement to collaborate on six new strategic projects, with an aim to strengthen their bilateral investment cooperation, according to a statement released by the Indian Ministry of Commerce and Industry on Wednesday. 

Although the specific sectors and details of the projects were not revealed, India and Russia reaffirmed their dedication to enhancing economic relations and expanding cooperation across a range of industries, the statement added. 

The agreement was made during a meeting of the India-Russia Working Group on Priority Investment Projects, which falls under the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation.

These developments need to be seen against the backdrop of the global tariff war being waged by US President Donald Trump, which has increased complexities in international trade, industry watchers have advised. Last month, at a high-level conference held in Moscow, India and Russia explored new ways to deepen their strategic partnership, officials and experts said.

India and Russia have set a target of increasing bilateral trade to $100 billion in the next five years, as agreed by Russian President Vladimir Putin and Indian Prime Minister Narendra Modi in Moscow in July 2024.

"Our trade turnover skyrocketed. We have achieved levels which we couldn't have imagined before. Energy is one of the driving forces, along with the traditional spheres of our cooperation, such as nuclear energy, military-technical cooperation. Food security is also a very prospective field," said Russian International Affairs Council Director-General Ivan Timofeev. 

Historically, areas like energy, defense, and civil nuclear cooperation have been the focus of engagements with Russia, but now new areas are being explored, such as trade, technology, agriculture, pharmaceuticals, connectivity and the regional economy, Indian Foreign Minister S. Jaishankar has said.