India is set to diversify economic ties with Russia as new deals on the digital economy, nuclear energy, and space are expected to be sealed in September during Prime Minister Modi’s visit, India’s ambassador to Russia told RT.

The diplomat made the remarks during a major Russian economic forum, currently being held in Saint Petersburg. In an interview with RT, Bala Venkatesh Varma, who was appointed India’s ambassador to Russia in August 2018, hailed “time-tested historically friendly relations” between the countries but insisted that both nations “can do more.”

Economic diversification of our relations is a priority, also in new sectors like digital economy, new areas in nuclear sector, space, energy.

Most of the agreements will relate to the development of Russia’s eastern regions, the official noted. “The Far East is the priority for Russia and we take Russian priorities very seriously,” said the ambassador, adding that the Indian government strives to support multilateral economic order in which the interests of all countries will be protected.

Prime Minister Modi will be the principal guest at the Eastern Economic Forum which will be held in September in Vladivostok, Russia’s largest city on its Pacific coast. The annually-held high-profile event is aimed at fostering Russian trade and joint projects with the Asia-Pacific.

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Moscow and New Delhi are enjoying fruitful economic cooperation, particularly in the military sphere. Last year, the countries agreed on supplies of Russia’s S-400 missile systems worth $5.4 billion and sealed a deal on four Russian guided-missile frigates for the Indian Navy.

Investments between the countries exceed $30 billion with officials hoping to increase that figure to $50 billion by 2025.

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