PTIA number of Russian software companies are looking for joint ventures in India and other BRICS countries as a spate of Western sanctions following the invasion of Ukraine is dampening trade with the US and Europe, according to the head of an association of over 250 IT firms said Russia.
Valentin Makarov, president of St. Petersburg-based Russof, said a delegation of about five to six companies from Russia recently attended the Bengal Global Business Summit (BGBS) here and held meetings with several Indian firms.
“We believe the sanctions against Russia present both challenges and opportunities. The US and western Europe account for more than half of Russia’s IT exports, and the restrictions have hurt that trade. Import substitution is also currently in focus.
“Thus, Russian software companies are keen to expand their footprint and forge JVs in the BRICS countries, and India seems to be the best potential partner for Russia to create and achieve technological goals,” Mr. Makarov told PTI in one Interview on the edge of the summit.
A total of 267 software companies from across Russia are part of Russof, which was founded in 1999 with a consortium of just 10 companies. Around seven Russsoft companies have “stable partners” in India, he said.
Mr Makarov said tech giants including Microsoft, Intel, Dell and HP have development centers in Russia and some of those companies have closed in the country after Ukraine was invaded.
“Over the past few days, our delegation has met representatives from a number of Indian companies and we have found common interest with 19 companies. Negotiations have yet to be completed. There are several areas where we can offer our expertise, including artificial intelligence (AI), industrial production automation, cybersecurity, telemedicine and digital governance,” he said.
The business-to-business meetings between Russof’s delegation and Indian companies were facilitated by the Bengal Chamber of Commerce.
Discussing how Russian IT companies can empower Indian companies with technological prowess, Makarov said there is plenty of scope to bring AI into tax treatment, optimize traffic flow through software, reduce power consumption and invest in information systems for logistics work.
The top Russoft official said India is coming to a level where it can compete with the US, but there is still room for improvement in manufacturing quality.
“We are committed to helping this region become more competitive in the global market and for that we need access to India’s human resources to adopt new software technologies. Our goal is to produce and sell together here and abroad,” Makarov said.
He also emphasized the digital currency and a rupee-ruble payment mechanism to avoid dependence on the US dollar for international trade. PTI BDC/RBT ACD ACD
