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Ready for active participation in Orissa SEZ, says Russia

Moscow: Russia on Monday said it was ready to actively participate in developing a Special Economic Zone in Orissa.

“I would like to mention the special progress by the two sides in setting up a joint venture for production of titanium dioxide and other titanium products in Orissa,” Russian Premier Viktor Zubkov said while welcoming Prime Minister Manmohan Singh.

Mr. Zubkov said his government had allowed the second largest public sector bank, Vneshtorgbank, to open a branch in India to facilitate bilateral trade and investments.

India already operates two banks in Russia — the ICICI and Commercial Bank of India, a joint venture of State Bank of India and Canara Bank.

At their about 40-minute meeting, Dr. Singh and Mr. Zubkov agreed to continue the dialogue on the “traditional” energy cooperation.

Mr. Zubkov assured the Prime Minister that Moscow was ready to facilitate B2B (business to business) ties with India that will include generating awareness among the business communities of the two countries.

Dr. Singh and Mr. Zubkov expressed satisfaction at resolution of the long pending issue of the utilisation of rupee debt funds for Russian investments and trade with India through General Letters of Exchange.

“I am happy that we have been able to satisfactorily resolve this long-pending issue. It will benefit the economic cooperation between the two countries,” Dr. Singh said. — PTI

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