Russia on Nov 12 said it was ready to actively take part in the development of a Special Economic Zone (SEZ) being set up in Orissa as part of the efforts to encourage bilateral economic ties with India. Russian Premier, Mr Viktor Zubkov said he will like to mention the special progress by the two sides in setting up a joint venture for the production of titanium dioxide and other titanium products in the state of Orissa. The Russian companies are ready to actively participate in the development of SEZ in Orissa.
Mr Zubkov said his Government has allowed the second largest public sector bank Vneshtorgbank (VTB) to open its branch in India to facilitate bilateral trade and investments. India already has two banks in Russia - ICICI and Commercial Bank of India, a joint venture of State Bank of India and Canara Bank.
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