Moscow: External Affairs Minister Yashwant Sinha has urged Indian business to change its mindset vis-a- vis Russia and take advantage of the changed economic scenario in both countries.

"We need to take the advantage of liberalisation and market reforms, but old mindset has not changed," Sinha said addressing the members of Moscow-based Indian Business Alliance (IBA) on May 13.

"India has very close relationship with the Russian Federation and there is an upsurge in relations in recent years, but strategic partnership is not reflected in economic exchanges, despite numerous efforts," he noted.

According to Sinha, lack of awareness in the two countries about each other's business environment has become a stumbling block in development of Indo-Russian trade.

He said Indo-Russian economic ties must take the form of Indian investments in Russia and Russian investments in India, and joint ventures, especially in frontline technologies.

Sinha arrived in Moscow on May 13 on a 6-day Russia visit, during which he will co-chair the 9th session of Indo-Russian Inter-Governmental Commission (IRIGC) on trade, economic, scientific, technological and cultural co-operation along with Russian Industries, Science and Technology Minister Ilya Klebanov on May 15-16.

PTI