The Hindu : Business : Warehouse in Finland for trade with Russia

Online edition of India's National Newspaper
Wednesday, Mar 14, 2007
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Business

Warehouse in Finland for trade with Russia

Vladimir Radyuhin

MOSCOW: Indian exporters are planning to set up a major warehouse in Finland to cater for the Russian market.

The warehouse, to be positioned in Kotka, on the Finnish border with Russia, will allow Indian exporters to offer Russian importers goods `off-the-shelf' without the need to open letters of credi (LCs), R. K. Dhawan, Chairman (NR), Federation of Indian Export Organisations, said.

Kotka was a favoured port for Russia-bound Indian exports and it offered much cheaper land prices than St. Petersburg across the border in Russia, Mr. Dhawan said.

India expo

Speaking at the opening of a multi-product India Expo-2007 here, Mr. Dhawan expressed the hope that the new warehouse facility, which may open as early as this year, would help redress the heavy disbalance in Indo-Russian trade and achieve the goal of $10 billion by 2010 set during President Vladimir Putin's visit to India earlier this year.

According to India's Ambassador to Russia Kanwal Sibal, Russian exports to India amounted to $3 billion last year, while Indian exports to Russia stood at just below $1 billion. He pointed out that Indian exporters had to offer high-quality products to succeed in the Russian market, which had become competitive in recent years.

Over 40 Indian companies have displayed their products ranging from fabrics and carpets to auto parts and building materials, as well as tourism and health services at the expo.

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