IBA is born in 1994 and is an umbrella organization for all Indian companies in Russia. It was established by a team of dedicated Indian businessmen under the patronage of the Embassy of India in Russia, and is exclusively devoted to the promotion of all the interests of the Indian business community in Russia. This is in conformity with IBA’s founding members’ aim of creating a platform to guide Indian businesspeople in Russia as well as other Indian entrepreneurs from India on relocating parts of their local and global businesses to this country.
A modest beginning of a few members in 1994, IBA today is an officially registered non-profit organization with over 150 members, which has being playing a very significant role in the promotion of Indian businesses in Russia since its formation. The alliance’s members span almost all the major manufacturing fields, like pharmaceuticals, engineering, textiles, chemicals, metals, sugar, plastics, tourism, different services sectors etc. The IBA has recently started offering membership to non-Indian companies and individuals.
IBA endorses all solutions to trade and investment issues that protect and benefit its members’ interests, supports greater co-operation between Indian companies and their Russian partners and provides timely and accurate information on the Russian market. The IBA regularly organizes seminars, workshops and other relevant programs on key subjects of topical importance as well as holds regular dialogs with various ministries.
IBA also organizes numerous business meetings with different foreign dignitaries and delegations from abroad and has signed many memorandums of understanding (MODs) with different Chambers of Trade and Commerce Associations for strengthening bilateral trade through joint ventures between IBA members and those of the respective Chambers of Commerce and Trade Associations.