International Engineering Sourcing Show 2017

On 16–18 March 2017, Dr. Ashok Singh, Izolyator’s partner in India, took part in the 6th International Engineering Sourcing Show, which was held in Chennai.

International Engineering Sourcing Show (IESS) is the largest international exhibition of high-tech products, organized by the Ministry of Industry and Trade of India.

It is an established event, actively promoting India as a brand globally.

The exhibition, first held in 2012, by today, has become one the most successful forums in the South East Asia and respected for a wide range of industries covering with high-tech products annually exhibited by over 400 participants from more than 55 countries in the world.

A 120-member Russian delegation, led by the Industry & Trade Minister, Mr. Denis Manturov, took part at the IESS, Chennai, India, in as new activity in trade and economic cooperation between India and Russia. Russia participated as Partner Country of India, bringing officials and businessmen from various regions of Russia.

Grand opening of IESS 2017 in India

The three-day IESS focused on showcasing ‘smart technology for smart engineering’ to top international companies. This is the first time that it is happening outside Mumbai. Around 400 global exhibitors and nearly 500 foreign delegates participated in the show, held at the Chennai Trade Centre.

‘India and Russia agreed to increase bilateral trade through a proposed Free Trade Agreement (FTA) and implement the International North South Transport Corridor. Negotiations are going on for an FTA between India and the Eurasian Economic Union that includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan’, said Ms. Nirmala Sitharaman, Minister for Commerce and Industry of India.

‘Prime Minister Narendra Modi and Russian President Vladimir Putin had set a target of achieving bilateral trade of $30 billion by 2025 from $6.3 billion now. To achieve that target, there is lot of work to do. Indian manufacturers need to find new markets in Russia, and Russian manufacturers can look at more joint ventures in manufacturing in India and partnerships to set up businesses both in Russia and India’, said Mr. Denis Manturov.

Business meeting at IESS 2017 in India, in the foreground center – Denis Manturov, to the right is Ashok Singh

Finally, both the trade and commerce minister of Russia and India agreed that India’s relations with Russia are a key pillar of India’s foreign policy and Russia has been a longstanding and time-tested strategic partner of India for the last 70 years.