Mandaviya says European companies leaving Russia, ‘India should seize’ opportunity

Many European companies are exiting Russia and India should “seize this opportunity”, Union Minister of Chemicals and Fertilizers Mansukh Mandaviya said, as he urged Gujarat traders to visit the country “immediately”.

“Many European companies are moving out of Russia. The Russian government has told me that if India comes, they will be provided opportunities,” said Mandaviya, who recently led the Indian delegation to the 25th St. Petersburg International Economic Forum in Russia. Leadership, said during his visit to Gujarat Chamber of Commerce and Industry (GCCI) on Tuesday. The forum held about a week ago was boycotted by many western countries because of Russia-Ukraine war.

“This is the opportunity. If anyone can capitalize on this opportunity, it is the ecosystem of Gujarat,” he told the traders of GCCI. Mandaviya assured to make necessary arrangements for their travel to Russia, said State Industries Minister Jagdish Vishwakarma may lead the delegation.

The Union minister’s remarks come at a time when India is already buying subsidized crude oil from Russia. “This is an opportune time to seize this opportunity,” he reiterated, adding that lucrative business opportunities in Russia were waiting for Indians. Mandaviya was speaking at an interactive session at GCCI on the topic ‘Role of Chemicals and Pharmaceuticals Industry to Achieving a $5 Trillion Economy’.

Talking about his experiences at the World Economic Forum held earlier this year, the Union minister said he defended India’s export ban on wheat and told countries present at the forum that the fertilizer-producing countries “have taken advantage of the situation”. took advantage” and increased the prices of fertilizers.

He said that India never increased the prices of medicines during the Kovid epidemic. “We could have taken advantage of the situation and Indian companies could have raised their prices. But we did not do that,” Mandaviya said, explaining how India reached out to hundreds of countries that needed drugs to combat Covid.

Speaking during the interaction session after the minister’s speech, former GCCI President Natubhai Patel said that Gujarat can offer high quality textile and pharmaceutical products to Russia. “Between 1990-95, when our economy was facing a crisis, it was Russia that stood by us. During that time many pharmaceutical companies came to Gujarat. So, when Russia extends its hands again, apart from discounts on crude, we also have opportunities in pharmaceuticals, chemicals and textiles,” Patel said.