New Delhi, Oct 3 : The Union Cabinet on Wednesday cleared two proposed agreements on bilateral cooperation with Russia to be signed during Russian President Vladimir Putin's upcoming visit to India.
The memoranda of understanding (MoUs) between the two countries would seek cooperation in the fields of road transport and the micro, small and medium enterprises (MSMEs) sectors.
The government said that both countries would benefit by mutual cooperation in the two fields.
It said the MoU on road transport sector would lead to increased co-operation, exchange and collaboration with Russia and contribute towards establishing a long-term and effective bilateral relationship of communication and cooperation in the sector.
"This will also help in planning and administration of road infrastructure and road network management, transport policy, technologies and standards for the construction and operation of highways in the country and will further go a long way in strengthening ties and bilateral relations between India and Russia," an official statement said.
A separate government statement added that the MoU on MSMEs would provide a structured framework and enabling environment to the sector of the two countries to understand each other's strengths, markets, technologies and policies.
"It aims to enhance enterprise to enterprise cooperation and help initiate sustainable business alliances in terms of technology transfers, joint ventures and business partnerships in MSME sector.
"Cooperation in the field of capacity building, rapid incubation for entrepreneurship development, exposure to each other's market by encouraging participation in exhibitions are also envisaged," it said.
The government said that such bilateral cooperation would create new opportunities for Indian MSME sector by way of new markets, joint ventures, sharing of best practices and technology collaborations.