India’s Northern Sea Route provides a new opportunity for securing energy and resources.

Sochi (Russia) March 26 (IANS) The Northern Sea Route (NSR) is seen as a valuable addition to India’s energy security, as stated by Ved Prakash Singh, First Secretary at the Indian Embassy in Russia. The NSR, a 5,600 km Arctic sea route, has immense potential and Russia aims to develop it as an alternative to the Suez Canal.

Speaking at the AtomExpo 2024 conference in Sochi, Prakash highlighted the significance of the NSR for India’s trade and connectivity. He emphasized the potential of connecting Vladivostok with Chennai to strengthen ties between the two countries and enhance trade relations.

With bilateral trade between India and Russia reaching approximately $55 billion in the current fiscal year, India is exploring opportunities to expand its exports to Russia. The NSR presents a unique opportunity to save time and costs, with potential savings of 40% on transportation expenses along the Vladivostok-Chennai route.

India’s interest in the NSR extends beyond trade, encompassing research, education, and ecological impact assessments. The Arctic region remains largely untapped in terms of energy and resources, presenting new avenues for collaboration between India and Russia.

Discussions are underway to establish a Joint Working Group to address key issues related to the NSR, with India seeking cooperation from Russia in forming the group. The NSR currently serves Arctic ports and Siberian rivers, facilitating the import of essential goods and the export of natural resources.

As the Arctic ice caps continue to melt, the NSR is expected to witness increased traffic and commercial activity, further enhancing its importance as a strategic sea route. India’s participation in the NSR aligns with its port-led development initiatives under the Sagarmala project, underscoring the country’s commitment to leveraging maritime trade for economic growth.