St. Petersburg [Russia], June 5 (ANI): Russian President Vladimir Putin has expressed confidence that bilateral trade between India and Russia will reach USD 100 billion in the coming years, citing strong cooperation in energy, investments and other strategic sectors.

Speaking at the St. Petersburg International Economic Forum, Putin said the two countries have the necessary foundations to significantly expand economic engagement and achieve more ambitious trade goals.

'We hope that in the upcoming years we will reach 100 billion US dollars in mutual trade. It's about 58 or 60 billion US dollars, but we have all the foundations to work more actively and to reach more ambitious goals,' Putin said.

The Russian President highlighted the growing economic partnership between the two countries and pointed to cooperation in energy as one of the major pillars of bilateral ties.

'We are not only talking about our plans in energy, including nuclear energy,' he said.

Putin referred to the ongoing construction of the Kudankulam Nuclear Power Plant (KKNPP) and said new opportunities would also emerge in the hydrocarbons sector.

'Kudankulam Nuclear Power Plant is now being constructed. New platforms will emerge in terms of hydrocarbons. We will be continuing to work together,' he said.

He also highlighted the importance of investments in strengthening economic ties between the two countries.

'We have one of the largest investment projects in the Indian economy, and we will be doing mutual investments,' Putin added.

India and Russia share a long-standing partnership that spans political, economic, defence, science and technology, cultural and people-to-people cooperation.

The relationship was formally elevated through the signing of the Declaration on the India-Russia Strategic Partnership in October 2000. In December 2010, during the Russian President's visit to India, the relationship was further upgraded to a 'Special and Privileged Strategic Partnership.'

According to government data, bilateral trade between the two countries has expanded rapidly in recent years and reached a record USD 68.7 billion in FY 2024-25.

India's exports to Russia stood at USD 4.9 billion, led by pharmaceuticals, chemicals, iron and steel, and marine products. Imports from Russia were valued at USD 63.8 billion and mainly consisted of crude oil and petroleum products, sunflower oil, fertilizers, coking coal and precious stones and metals.

Trade in services between the two countries has remained stable over recent years and amounted to USD 1.021 billion in 2021.

Bilateral investments also remain significant, with both countries targeting USD 50 billion in mutual investments. Russian investments in India are concentrated in sectors such as oil and gas, petrochemicals, banking, railways and steel, while Indian investments in Russia are mainly focused on oil and gas and pharmaceuticals.

Earlier, during External Affairs Minister S. Jaishankar's visit to Russia in August 2025, both sides reiterated their commitment to accelerate progress towards the USD 100 billion bilateral trade target by 2030.

The discussions also included efforts to advance the proposed India-Eurasian Economic Union (EAEU) Free Trade Agreement and the opening of two new Indian consulates in Russia as part of efforts to deepen economic and diplomatic engagement between the two countries. (ANI)