Monday, February 6 2006 17:45 Hrs (IST) - World Time -

New Delhi: With a view to infuse new economic energy into Indo-Russian relations, Moscow today (Feb 06 2006) sought for deepening cooperation with New Delhi in energy, education, IT and other hi-tech areas to achieve 10 billion dollar bilateral trade by 2010 and proposed to set up a bank here.

"We are collectively to blame for where we are. We are seeing a growing economy and can increase trade turnover to 10 billion dollar by 2010," Russian Trade Minister German Graf said at a FICCI meeting.

Pointing at the immense potential of trade and economic cooperation, Graf said he was hopeful of a solution of rupee-rouble debt and of signing the letter for its neutralisation soon so that about one billion dollar could be used by Russian companies to invest in India.

He indicated that Russian bank may open branches here. While ICICI and State Bank have branches in Moscow, no Russia banks have branches here.

Graf, who visited the Indian School of Business yesterday in Hyderabad mooted exchange of executives for management training in India and Brazil. Speaking on the occasion, Commerce Secretary S N Menon said there was need to break from tradition export items of tea and tobacco and diversify the trade basket.

He pointed that there was immense scope for enhancing cooperation in rough diamonds, education, IT and energy.