Mumbai – The Ulyanovsk region, a key industrial hub in Russia, has extended an invitation to Indian companies, highlighting its business-friendly ecosystem and reduced corporate tax rate of 2% for 10 years. Despite strong India-Russia economic ties, only one Indian company currently operates in the region, presenting a missed opportunity, according to Ms. Alina Abitova, General Director of the Ulyanovsk Region Development Corporation.
At a high-level business session organized by the All India Association of Industries (AIAI) and MVIRDC WTC Mumbai, Ms. Abitova emphasized the region’s strategic location, robust logistics, and tax incentives, including exemptions on property, land, and transport taxes. She highlighted key sectors for Indian investment, such as automotive, aviation, construction, pharmaceuticals, and consumer goods, while also pointing out a strong demand for resins as a potential export opportunity for Indian enterprises.
The session concluded with the signing of a Memorandum of Understanding (MoU) between WTC Mumbai and the Ulyanovsk Region Development Corporation to strengthen bilateral trade and investment.
Dr. Vijay Kalantri, President of AIAI and Chairman of WTC Mumbai, stressed the need to expand India-Russia trade beyond USD 100 billion, with investment as a key focus. He noted India’s 400% export growth to the region, indicating untapped opportunities. Mr. Mamed Akhmedov, Head of the Trade Mission of Russia in Mumbai, reaffirmed Russia’s commitment to facilitating Indian investments, with over USD 7 billion in bilateral investments already realized.
Ms. Rupa Naik, Executive Director of WTC Mumbai, emphasized the MoU’s role in fostering trade and business collaborations. With rising global uncertainties, both nations are keen on deepening their economic engagement.
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