By Caesar R. Vallejos
Eagle News Service
YALTA, Republic of Crimea (Eagle News) — Crimea can be the best tourism hub in the world or a global financial center, Indian Business Alliance President Sammy Kotwani said at the 4th Yalta International Economic Forum.
“The city can become like Hong Kong or global financial center,” Kotwani told eaglenews.ph. He is one of the panelists at the session on the integration of Crimea into global trade last April April 18-21 at the Mria Resort and Spa.
Aside from tourism, Indian businesses are eyeing the industry of agriculture in Russia. “Crimea can become a multicultural country. Agriculture is one big opportunity,” he said, specifying wine-making as one of the investment interests.
Kotwani also identified pharmaceuticals as a possible sector for India to tap, noting the country’s expertise in the industry.
Sanctions are a wake-up call
“Russia was in a sleeping mode, it was an oil and gas economy. After the sanction, they started producing grain. Now Russia is biggest producer of wheat in the world,” Kotwani said.
He noted that the impact of sanctions on Russia was that the country realized that while oil and gas are good for their economy, there are other industries that can be boosted.
“They have learned from India – no oil and gas but the economic growth is so big,” he said.
“They are going for agriculture and wherever they are not good, the sanctions make them better. Thanks to the sanctions, it was a wake-up call,” Kotwani said.
Reports indicate that US and EU have imposed an array of sanctions on Russian individuals and businesses in response to the annexation of Crimea and the crisis in eastern Ukraine.
These sanctions include Russian banks’ exclusion from raising long-term loans and bans on exports of technologies and services.
“The sanctions to Russia are not UN sanctions, but are industrial countries’ sanctions to Russia. The sanctions are imposed by some countries with their own personal interests. So the sanctions to Russia are opening the doors to India,” Kotwani explained.
According to Kotwani, India is expanding its business interests today. “On the global economic chart, the India growth is going to be very good. India is comprised of more than 60% of a very young population,” he added.
When money will flow to Crimea
“The banking is not so good. In the whole world, the banking crisis is going on. Everybody wants to go to business but the financial support is not there. But this has nothing to do with Crimea. The cash flow has gone out including Dubai,” Kotwani explained.
“Crimea is in a wrong timing because of the banking crisis in the world. Once this banking crisis is over, I think the money will flow here to Crimea,” Kotwani projected.
“When I came here for the first time, there was no credit card working here. I had no cash in my pocket and I am glad that today the credit cards are working,” he recalled.
According to Kotwani, the opening of the Simferopol airport and the road ways will make moving things faster than it was before. “The time is coming closer for everybody. Before, coming to Crimea was a very big headache. But with the opening of the airport and the road ways, things are already solved,” he said.
Always part of Russia
“Crimea was always a part of Russia, all the ancestors are Russians so it has the blood of the Russians. The Crimean people were the happiest people when they came to Russia. There was no revolution and 97% of their people voted for it,” Kotwani said.
“In the last 27 years of the under the leadership of Ukraine, this place was forgotten. But today in just four years, there have been many developments including the new airport,” the Alliance president said.
Integration and alliances among various countries is the only way. Even with the Philippines, the Alliance head said that, “we are happy that a lot of Filipinos join our cultural events and we have the full support of the Filipino community. Last year, when president was here, we met with the other Filipino chambers of commerce and we have better relationship now. And it was the first time that we wrote a contract with the Indian-Filipino Chamber of Commerce of Indian business in Moscow,” he ended.
