The volume of trade between Russia and India has been steadily growing and exceeded $10 billion last year. The two nations are aiming to boost trade and encourage investment.

“According to Russia’s Federal Customs Service, the trade turnover between Russia and India has been hovering between $8 billion and $10 billion over the past several years. Machines and equipment, mineral commodities, oil and oil refining products, precious stones and metals account for the bulk of Russian exports,” Vice President of the Russian Chamber of Commerce and Industry Vladimir Padalko told TASS.

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He said that the leaders of Russia and India have “set a reasonable task of bringing the trade turnover between the two countries to $30 billion, and mutual investments to $15 billion by 2025.”

READ MORE: Russia to construct 6 nuclear power plant units in India

Padalko added that the expansion of Russia’s exports to India is possible by increasing supplies of energy, transport, metals and mining equipment, oil, gas, coal, agriculture equipment, ferrous and non-ferrous metals, timber and newsprint, chemical products and fertilizers, and so on.

Also on rt.com India suggests setting up special economic zone for Russian companies

In October, during his official two-day visit to India, Russian President Vladimir Putin said the expansion of trade and investment interactions is a priority for both nations.

New Delhi had earlier suggested setting up a special economic zone for Russian companies. The two countries also discussed creating a ‘green corridor’ for the smooth transit of goods. They want to create a list of entrepreneurs or companies whose goods will be exempt from regular customs inspections.

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