MoU with Russia and Overview of CII

MoU with Russia and Overview of CII

Question: CII has recently signed a pact to strengthen bilateral economic cooperation with Russia. Provide an overview of the MoU and CII.

Overview of MoU

• CII/Confederation of Indian Industries has signed a MoU with its Russian Counterpart, Russian Chambers of Commerce and Industry

• The MoU was signed at the St Petersburg International Economic Forum

• Chamber also raised the issue of Rupee Rouble trade, as well as financing for oil trade and barter
trade in commodities

• Members also highlighted the immense opportunity SPIEF offers for Indian businesses

• Members of the delegation that inked the MoU included the following:
- Essar
- Sun Group
- Dr Reddys Lab
- L&T
- Rajshree Sugars and Chemicals
- Asia Motor Works
- M3M
- Innovest India

About CII

• Confederation of Indian Industry works to create a conducive environment for the development of India

• It is a non government, NPO which is industry managed

• It was founded in 1895

• It has over 7400 members from the public as well as private sector including MNCs and SMEs

• It has indirect membership of more than 100,000 enterprises from 250 national and regional sectoral industry bodies

• CII works with GoI for policy issues and interfaces with thought leaders

• It has a range of specialised services and important global linkages
• It also provides a platform for consensus building as well as networking on key issues

• CII helps the industry to execute corporate citizenship programmes in areas such as healthcare, education, diversity management and affirmative action

• CII has 64 offices including 9 CoE and 7 overseas offices in countries such as France, Singapore, UK and US

• It has institutional partnership with 300 counterpart organisations in 106 countries.

Facts and Stats

• During the 15th India Russia Annual Summit, the two nations set a target of USD 30 billion bilateral trade by 2025

• Bilateral trade from January to September 2014 amounted to USD 6.5 billion

• Indian export amounted to USD 2.3 billion and import from Russia was pegged at USD 4.2 billion

• Items which were exported from India included pharmaceuticals, iron and steel, tea, tobacco and coffee

• India invested USD 7 billion in Russia through the Imperial Energy Tomsk, Sakhalin 1 and Commercial Indo Bank

• Russia has invested USD 3 billion in India including VTB, Shyam Systema Telecom Ltd and more