New Delhi/Vladivostok, Aug 14 (IANS): Union Minister Piyush Goyal has urged Indian and Russian companies to come up with concrete project proposals to diversify and deepen trade ties.

Besides, the Minister of Railways and Commerce & Industry spoke at an event held at Vladivostok, Russia from August 11-13, 2019.

The minister led a high-power delegation of Chief Ministers and about 140 Indian companies to Vladivostok for exploring investment opportunities and strike close partnerships with Russia's Far East provinces.

"In the 'Plenary Session' attended by close to 400 delegates, Russia's Deputy Prime Minister, Yuri Trutnev and Commerce Minister of India underlined the need to diversify and deepen trade links in priority sectors, in order to meet the trade target of USD 30 billion by 2025," a statement from the Ministry of Commerce & Industry said on Tuesday.

"Goyal urged companies on both sides to use this special opportunity to come together to discuss partnerships directly with each other, and to come up with concrete project proposals and substantial outcomes."

The session culminated with the signing of MoUs between regions of the Russian Far East and five states of India to expand and strengthen cooperation in the areas of trade, economy, investment, scientific and technical cooperation.

The visit came as a fulfilment of the assurance of Prime Minister Narendra Modi to Russian President Vladimir Putin during their meeting in Bishkek earlier this year on the sidelines of the SCO Summit, to explore opportunities for enhancing trade and investment from India to the Far East region of Russia.

"This visit has generated a positive momentum for the enhancement of trade and economic cooperation between India and Russia in the run-up to the 5th Eastern Economic Forum in September, during which Prime Minister Modi will be the guest of honour on his maiden visit to Vladivostok," the statement said.