New Delhi: According to the deputy chairman of the regional government, Indian businesspeople are launching new ventures in Moscow Region.

More than ten Indian businesses have successfully localised their operations in the industrialised Moscow Region, which is also home to the capital, according to Yekaterina Zinovyeva, who spoke to the news agency TASS on Friday.

Zinovyeva emphasised that "the total amount of their investments is 11 billion rubles ($135 million), and the number of jobs they have created reaches 1,000."

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New initiatives are also in the works, and they will add another nearly $8 billion (98 million) in investment to the Moscow Region. When they are put into practise, Indian business will be much more prevalent in our area, she continued.

In addition, Zinovyeva claims that after a promotional road show in Mumbai and New Delhi later this month, Moscow Region can anticipate a significant increase in Indian investments.

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Representatives of the Indian pharmaceutical industry expressed a great deal of interest in our region and the opportunities it is prepared to offer during the preliminary meeting. This includes logistics, infrastructure, and a sizable consumer market, the official said.

Following Western sanctions against Moscow, trade and economic ties between Russia and India have been strengthening. Russia first appeared among India's top five trading partners in 2022. According to official statistics, bilateral trade reached a record $39.8 billion in the fiscal year 2022–2023.

The director of the St. Petersburg International Economic Forum (SPIEF), Aleksey Valkov, believes that Indian businesses have a good chance of filling the void left by Western businesses. 

Hydrocarbons, nuclear power, pharmaceuticals, chemical fertilisers, and high-tech goods are some of the key industries that are seeing rapid development in Russia and India's cooperation, according to Valkov in a recent interview with RT. 

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According to Valkov, there are additional significant areas for future cooperation, including infrastructure for transportation, agriculture and agroprocessing, support for small and medium-sized businesses (SMEs), the digital transformation and leading-edge technologies, as well as production and trade