Russia is in talks to open Indian chain stores

Russian President Vladimir Putin at a meeting with participants of the BRICS business forum declaredthat Russia is negotiating the opening of Indian chain stores in the country. According to the head of state, the Russian business community has stepped up contacts with colleagues from the association countries. In particular, an increase in the share of Chinese cars, equipment and technology in the domestic market is being discussed, Putin said.

“Russian business circles, in coordination with the business communities of the BRICS states, are taking prompt steps to develop transport infrastructure, rebuild logistics routes, and create new production chains,” the president said.

Separately, Putin noted the growth in Russian oil supplies to China and India.

“Cooperation in the field of agriculture is developing dynamically. Russia exports significant volumes of fertilizers to the BRICS states,” the Russian leader said, adding that Russian IT companies are expanding their activities in India and South Africa, and domestic satellites provide television broadcasting to 40 million Brazilians.

Putin also stressed that BRICS business circles are expanding ties with Russia in trade, financial and investment areas. The President cited data showing that the country’s trade turnover with the group’s states increased by 38% in January-March to $45 billion.

In his speech, Putin did not ignore the topic of relations with the West. The President said that Western countries are now “pursuing essentially irresponsible macroeconomic policies, including the launch of the printing press, uncontrolled emission and the accumulation of unsecured debts.” Putin stressed that the policy of sanctions “negatively affects the well-being of the population, in fact, of all countries.”

“As a result, problems in the global economy are becoming chronic. There is a decrease in business activity, an increase in unemployment, a shortage of raw materials and components, difficulties in ensuring global food security are aggravating, prices for grain crops and other basic agricultural products are going up,” the head of state listed.

In addition, Putin continued, Russia is developing alternative systems of international payments. In particular, he noted that the Mir card will soon be used in more countries than it is now (the system’s website states that they can be used to pay in 11 countries). In addition, the President spoke about the study of the issue of “creating an international reserve currency based on a basket of currencies” of the BRICS countries.

  • April 12 edition of The Economic Times reportedthat at least four Indian retailers have signed preliminary agreements with Russia to start cooperation. Six more companies were expected to follow. Among those who expressed their interest were Maspar (household goods) and Killer Jeans (fashion clothing). According to The Economic Times, if negotiations are successful, every Indian brand will sign business agreements worth at least $1 million with Russian firms and open at least 15-20 franchise stores in the next six months.
  • In early May, it became known that the Finnish company Paulig sold own coffee roasting plant in Tver to a private investor from India, Vikas Soi (top manager of Milagro, a competitor of a Finnish company).

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