By Kester Kenn Klomegah*

MOSCOW | 28 June 2025 (WorldView) — The St. Petersburg Economic Forum (SPIEF’25) remains one of the most valuable platforms for developing strategic trade ties and forging investment cooperation with potential partners, both local and foreign, amid the changing geopolitical rivalry and competition.

Organised by the Roscongress Foundation and held from June 18 to 21, 2025, the forum attracted more than 20,000 delegates from over 140 countries. India, in its efforts to establish comprehensive partnerships and expand economic opportunities, actively participated in several programmes and corporate events.

In this interview (Q&A), Sammy Kotwani, President of the Indian Business Alliance (IBA) and Founder of The Imperial Tailoring Co., offers insights into the evolving dynamics of Indian investment prospects and the step-by-step participation of Indian entrepreneurs in SPIEF-2025. Here are the interview excerpts:

How would you assess, in detail, the participation of Indian entrepreneurs and state officials in SPIEF-2025?

Sammy Kotwani (SK): India’s presence at SPIEF 2025 was both strategic and evident, underscoring the growing complexity and depth of Indo-Russian ties:

• Government Representation: India sent a high-level delegation, including union ministers, senior bureaucrats, and state trade representatives. They participated in bilateral meetings, multilateral BRICS panels, and sector-specific roundtables.
• Business and Entrepreneurial Engagement: Over 80 delegates from India’s private sector, including large corporates, tech innovators, MSMEs, and exporters, actively participated in the SPIEF platform. Their focus was clear: to explore joint ventures, technology collaboration, and direct investment channels.
• B2B Forums and Exhibits: Indian enterprises were prominently featured in curated SPIEF sessions such as “Business Dialogue: Russia–India” and showcased at national pavilions. There was heightened interest in areas such as green technology, pharmaceuticals, logistics, textiles, and software services.
• Institutional Representation: Key trade and investment promotion agencies, such as the Federation of Indian Export Organisations (FIEO), Invest India, and the India–Russia Business Alliance, facilitated partnerships and led discussions on reducing trade bottlenecks.

What sectors are the main trends and directions talking about bilateral trade between India and Russia? Has there been any noticeable change in the private sector between the two countries?

SK: India–Russia trade, historically anchored in energy and defence, is seeing noticeable diversification. Key emerging sectors and trends include:

• Energy and Commodities: India remains the top importer of Russian oil in 2025, with an average daily import of 1.9 million barrels. Fertiliser imports are also on the rise, supporting India’s agricultural sector.
• Pharmaceuticals and Healthtech: Russian interest in the Indian pharmaceutical sector has grown, with SPIEF hosting dialogues on technology transfer, local production under the “Make in Russia” initiative, and collaborative R&D ventures.
• Logistics and Infrastructure: Efforts are accelerating to operationalise the Chennai–Vladivostok Maritime Corridor, develop port alliances, and strengthen rail-road linkages to Eurasia via INSTC (International North-South Transport Corridor).
• Technology and AI: Startups and established firms from India in cybersecurity, artificial intelligence, and fintech are engaging in strategic discussions to co-develop platforms and deploy cross-border solutions, indicating strong momentum in the private sector.
• Digital Payments and Banking: Institutions such as Sberbank and Indian banks have discussed alternative payment systems, rupee–ruble trade settlements, and direct banking linkages in response to Western sanctions.
• Education and Culture: Agreements between universities, cultural exchanges, and Indian education expos in Russia suggest a deeper level of people-to-people cooperation.
• Notable Shift: There’s a precise movement from purely government-driven cooperation to private-sector-led innovation and trade, reflecting India’s global entrepreneurial expansion and Russia’s strategic pivot eastward.

What would you say about the significance of the St. Petersburg Economic Forum, particularly in the context of BRICS, given that Russia and India are staunch members, and the level of both India’s and Russia’s relations regarding South-South cooperation?

SK: SPIEF 2025 served as a powerful reflection of how Russia and India, as two foundational BRICS members, are shaping a multipolar world through mutual engagement:

• Platform for BRICS+ Synergy: The forum addressed key themes, including alternative development financing, local currency trade settlements, and technology independence, all of which are top priorities for BRICS.
• Championing the Global South: The India–Russia dialogue was framed within a South–South cooperation narrative, emphasising non-Western development models, fair access to technology, and shared growth ambitions across Asia, Africa, and Latin America.
• Strengthening Strategic Autonomy: Both nations signalled strong support for building systems independent of Western infrastructure—financial, digital, and diplomatic—using SPIEF as a showcase for resilience and shared sovereignty.
• People’s Diplomacy: Cultural, academic, and grassroots events held alongside business sessions signalled a growing soft-power partnership, further anchoring the bilateral relationship in shared values and mutual trust.

Conclusion: SPIEF 2025 marked a milestone in Indo-Russian engagement. It reflected a maturing strategic relationship that was evolving beyond hydrocarbons and military equipment into high-growth sectors, such as digital trade, healthcare, and infrastructure. The growing role of Indian private enterprise, the diversification of trade, and the alignment with BRICS values of equity and autonomy together reaffirm SPIEF’s significance as a bridge between India and Russia—and a beacon for South–South cooperation in the multipolar world order.

*Kester Kenn Klomegah specialises in policy research and business consultancy, with a focus on geopolitical changes, foreign relations, and economic development in Africa, particularly involving major global powers. [WorldView]

Image: Collage of pictures from RosCongress Photo Bank