India And Russia To Collaborate To Build Aircraft And Automobiles

Putin said, "We both have a stake in consolidating this positive trend. Our talks are always held in a warm and friendly atmosphere, and are always substantive and productive. This time was no exception."

Putin stated that the partnership is not limited to supply of military equipment to India. He said, "The assembly of high-tech military products has been set up in India with Russia's participation. We agreed with the Prime Minister to continue to jointly develop and manufacture modern weapons systems."

Putin stated that the agreements made in St Petersburg Declaration reflect the steps to deepen the cooperation between both the nations. The Bilateral trade had decreased in recent years, but it is opposite this year.

Putin added, "As of today the sides have agreed a list of 19 projects aimed at establishing joint ventures for transport infrastructure, new technology, including pharmaceuticals, aircraft and automobile manufacturing, the diamond industry, and agriculture."

After the summit talks, the two leaders signed an agreement on intellectual property. Apart from that, the documents were signed to build Russia designed nuclear power plants at different sites in India.

Putin also stated that it is crucial to moving from trading goods to more sophisticated forms of partnership. He also invited their partners to localise production in Russia. He stated that the Russian market offers good opportunity to carry out bold business initiatives.