Union Minister Suresh Prabhu has concluded the meeting held with various ministers from Russia, on enhancing bilateral trade and investment between both countries, the Ministry of Commerce and Industry said on Thursday.
The minister's three-day tour began with the visit of the KGK group of India in Vladivostok, which has a manufacturing capacity of 150,000 carats of diamond per year, the Ministry said in a statement.
Prabhu held discussions with the KGK group to explore the potential, sourcing and also value addition opportunities in the diamond trade for India.
The Minister held a bilateral meeting with Yury Trutnev, Deputy Prime Minister of Russia, and also interacted with Governors, Vice-Governors and representatives of the Russian Far East regions.
Discussions were held on possibilities of mutual cooperation in sectors like mining, agriculture, tourism, saving the tiger and elephant population and water.
According to the Ministry, India, one of the world's largest importers of timber, has imported bulk quantities from countries like Malaysia, Myanmar, Ghana and Ecuador. However, it was now facing difficulties with these countries.
"This opens up opportunities for suppliers in the Far East Region of Russia which enjoys an abundance of timber resources," it said.
The Minister ended his tour with a visit to radio Sputnik where he spoke about India's investment potential opportunities for Russian businesses and future avenues for economic cooperation between India and Russia.