ST. PETERSBURG, Russia, June 1 (Xinhua) -- Russian President Vladimir Putin and visiting Indian Prime Minister Narendra Modi agreed here on Thursday to deepen bilateral ties and promote strategic cooperation.
The two leaders held talks here at the sideline of St. Petersburg International Economic Forum (SPIEF 2017). Modi was invited by the Russian side as an honored guest to the forum that is having India as a partner country this year.
"We appreciate such a representative delegation of Indian businessmen participates in the forum. All this vividly confirms the strength of our trade and economic ties and their solid potential, as well as the particularly privileged nature of the strategic partnership between Russia and India," Putin said in statement.
According to the president, the trade volume between the two countries last year has increased to more than 7.7 billion U.S. dollars, a sign that confirms the strength of bilateral economic ties and its great potential.
In this context, Russia and India decided to upgrade their partnership, including turning simple commodity trade to more complex cooperation, deepening bilateral investment ties and jointly boosting manufacturing qualities, according to the statement.
Putin underscored promising joint projects in nuclear energy, aerospace and biotechnology, adding that the key of future cooperation between the two countries lies in "the combination of the powerful scientific and technological potential of Russia and India."
The Indian prime minister, who is on the third stop of a four-nation European tour, also spoke highly of the prospects of bilateral ties.
Despite the ever-changing global dynamic, the willingness of Indian investment in Russia is still growing, and strategic partnership in the defense area is also being strengthened, Modi added.
Following the meeting, a package of documents on cooperation was signed at the SPIEF in the presence of the two heads of states, including an agreement on scientific and industrial research, which is a framework agreement on the construction of two units of the Kudankulam NPP, a program of cultural exchanges between Russia and India.
Founded in 1997, the SPIEF has now become an important international communication platform for representatives in various fields across the globe to discuss key economic issues facing Russia, developing countries and the world as a whole.
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