External Affairs Minister Sushma Swaraj said that India and Russia should consider raising the overall investment target to $50 billion because the target of $30 billion set for 2025 has already been met.

In Russia for the Plenary Session of the 23rd India-Russia Inter Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), Swaraj said that the two nations crossed their overall investment target of $30 billion in 2017, a full eight years before the set deadline.

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“I am happy to note that Russian investment in India till 2017 has reached $18 billion and India’s total investment in Russia is over $13 billion. We have already crossed overall investment target of $30 billion which we had set for 2025,” she was quoted as saying by ANI.

“In the light of this we should consider raising our two way investment target to $50 billion from $30 billion by 2025,” she said during the plenary discussion with Russian Deputy PM Yuri Borisov.

The session concluded after a comprehensive discussion on all bilateral matters.

The two leaders participated in the signing ceremony of the Protocol after the successful conclusion of the meeting.

Earlier today, External Affairs Ministry spokesperson Raveesh Kumar tweeted that the meeting is aimed at expanding India-Russia relationship across all sectors and identify new opportunities.

IRIGC-TEC is a standing body which annually meets and reviews ongoing activities of bilateral cooperation. The Commission, after taking stock of bilateral cooperation in various fields, provides policy recommendations and directions in the fields concerned.

The meeting comes ahead of Russian President Vladimir Putin’s visit to India next month for the annual bilateral summit.

Prime Minister Narednra Modi and Putin have already met twice this year – at an informal summit in the Russian resort city of Sochi in May and then again on the sidelines of the BRICS (Brazil, Russia, India, China, South Africa) Summit in South Africa in June.

Soon after her arrival in Moscow on Thursday, Swaraj met Russian Foreign Minister Sergey Lavrov and according to spokesperson Kumar, both leaders had a good exchange of views on bilateral and regional issues.

(With inputs from agencies.)