India-Russia Chamber of Commerce, established as a non-profit organization under the Companies Act of India, aims at helping businessmen on both sides to enhance and diversify economic and commercial relations between the two countries. The Chamber was formally inaugurated by His Excellency Mr Alexander Zhukov, Deputy Prime Minister of the Russian Federation on 12 February 2008 at Hotel Taj Mansingh, New Delhi.

One of the major factors behind the initiative was unsatisfactory level of bilateral trade, which is well below its potential. The establishment of the Chamber has provided a dedicated body for close partnership between India and the Russian Federation.

India and Russia have set themselves the target of achieving a turnover of US $ 10 billion by 2010. It calls for concerted efforts on both sides to achieve the lofty target. A study of bilateral trade reviews the low level of trade in terms of value. It also reveals that the trade basket has been dominated by a handful of items, which hardly reflects the strength and complementarity of the two economies. Of late, both India and Russia have envisaged a quantum jump of FDI into their respective economies. However, the level of investments between the two countries still remains inadequate.

This scenario sets the agenda for the Chamber. As a bilateral entity, India- Russia Chamber of Commerce has dedicated itself, first, to fill the information gap that exists between the both sides. A better understanding of the market conditions in India and Russia will also help the business community to make best use of the opportunities that exist between the two great countries. As in India, the Russian consumers too are a discriminating lot. Therefore, the businessmen and industrialists on both sides have to be sensitive to this situation. The phenomena of rising incomes has led to a raised expectation and demand for quality products. The market strategies have to take stock of these emerging trends. Although both India and Russia are attracting large amounts of capital inflow yet the bilateral level of investments remains low. It calls for studied approach and cooperation which is the top priority of India-Russian Chamber of Commerce. 

The Chamber is maintaining a close liaison with economic ministries in India, other chambers of commerce, Export Promotion Councils and with a cross section of interested Indian business / industrial houses. At the Russian end, the Chamber will pay special attention to developing business ties with the regions in fostering links with parallel organizations in order to keep Russian partners informed about the Indian market and opportunities. Hopefully, Russian chapter of the Chamber in Moscow will be opened in due course.