New Delhi [India], December 5 (ANI): Noting that India is emerging as the world's skilled capital and the country's young talent has the potential to meet global requirements, Prime Minister Narendra Modi on Friday said that India and Russia are embarking together on a new journey of innovation, co-production and co-creation.

Addressing the India-Russia Business Forum, PM Modi said the goal of the two countries is not limited to increasing mutual trade, but they want to ensure the well-being of all humanity and need to develop sustainable solutions to global challenges.

He urged Russian businesses to 'Come, Make in India, Partner with India'.

'India is emerging as the world's skilled capital. Our young talent has the potential to meet global requirements. Given Russia's demographic and economic priorities, this partnership is extremely beneficial for both countries. When we train Indian talent in the Russian language and soft skills, we can jointly develop a Russia-ready workforce that will accelerate the shared prosperity of both countries. Today, we have taken several important decisions on tourist visas for citizens of both our countries,' he said.

'This will boost tourism between the two countries, create new business opportunities for tour operators, and open up new employment opportunities. Today, India and Russia are embarking together on a new journey of innovation, co-production, and co-creation. Our goal is not limited to increasing mutual trade. We want to ensure the well-being of all humanity. To do this, we need to develop sustainable solutions to global challenges. India is fully prepared to walk shoulder to shoulder with Russia on this journey. I want to say to all of you: Come, Make in India, Partner with India, and Together, Let Us Make for the World,' he added.

PM Modi said India supplies the highest quality medicines at affordable prices across the world.

'That's why India is also called the Pharmacy of the World. Together, we can collaborate on joint vaccine development, cancer therapy, radiopharmaceuticals, and API supply chains. This will enhance healthcare security and develop new industries. India has vast potential, from natural fibres to technical textiles,' he said.

'We have a global presence in design, handicrafts, and carpets. Russia is a major producer of polymers and synthetic raw materials. Together, we can build a resilient textile value chain. Similarly, there are many possibilities for cooperation in areas such as fertilizers, ceramics, cement, manufacturing, and electronics,' he added.

The Prime Minister said India is today a global leader in affordable, efficient EVs, two-wheelers, and CNG mobility solutions and Russia is a major producer of advanced materials.

'Together, we can partner in EV manufacturing, automotive components, and wireless mobility tech. This will not only meet our own needs but also contribute to the development of the Global South, especially Africa.'

The Prime Minister said India has opened defence and space to the private sector.

'This has created new opportunities in these sectors. Now we are going to open the door to new possibilities in the civil-nuclear sector as well. This is not just administrative reform, but mindset reform. The only resolve behind these reforms is a developed India. I would like to present some ideas for furthering our cooperation. First, in the area of logistics and connectivity, in today's meeting, President Putin and I emphasised realising the full potential of our connectivity,' he said.

'We are committed to moving forward on the INSTC, or the Northern Sea Route, i.e., the Chennai-Vladivostok Corridor. Progress will be made in this direction soon. This will reduce transit times, lower costs, and open up new markets for businesses. With the power of digital technology, we can connect customs, logistics, and regulatory systems through virtual trade corridors. This will speed up customs clearance, reduce paperwork, and make cargo movement more seamless,' he added.

The Prime Minister said it was a very important initiative by President Putin to bring such a large delegation to this event today.

'It is a great pleasure for me to be among you all, to join this forum and share my valuable insights. I express my heartfelt gratitude to my friend, President Putin. Discussions on an FTA between India and the Eurasian Economic Union have begun... Be it business or diplomacy, the foundation of any partnership is mutual trust. This trust is the greatest strength of India-Russia relations. It gives direction and momentum to our joint efforts,' he said.

President Putin arrived in national capital on Thursday on two-day visit. (ANI)