Expert's view on Russia-India ties: IBA President speaks on the role of business organizations in boosting economic cooperation

As the CEO of The Imperial Tailoring Co. and president of the Indian Business Alliance (IBA), I believe there are deep underestimations on both sides of each other’s real potentials. Many sectors have to be seriously reviewed and reanalyzed with the aim of putting the right emphasis on industries, where resultant synergies will further enhance the level of business interactions between Russian and Indian corporations. In this regard, joint actions platforms such as the Indian-Russian Joint Action Group and the Indian-Russian Business Development Council are realistic steps in furthering bilateral cooperation. Also, such major Indian economy growth drivers, notably, the mining, metallurgical, machine building, electrical heavy engineering and energy sectors are just few industries, where significant Russian presence and participation are inevitable.

From your experience, what would say are the key problems/issues facing foreign investors in Russia?

In my own opinion, lack of transparency and almost insurmountable bureaucracy are two main hurdles hamstringing foreign investments in Russia. As everyone knows, these two factors usually breed corruption and noncompetitive business environment. There should be open-minded and liberal foreign investment policy with minimum limitations. Accepting foreign investors will bring better quality and much-needed competitiveness to the local market that will ultimately benefit everybody working and residing in Russia. Other issues requiring urgent reforms to entice more foreign investors into the country should include full liberalization of the current visa rules, maximal simplification of foreign company registration procedures, etc. 

If the Russian government had approached on advice on handling issues facing foreign investors, what recommendations would you have offered the government?

First of all, I would recommend the government to set up a foreign investment board that will offer one-window solutions to all issues regarding foreign investments in the country. Such policy will surely win investors' confidence, and will ultimately transform the Russian economy into one of the best investment havens on the globe. Also, I would recommend that foreigners investing their capital into this country be seen more as friends of this great country, rather than its enemies.