The Minister also expressed India's commitment to removing red tape and provide single window clearance to investors.
"India would provide visa on arrival facility for business visitors through eighteen airports," Sitharaman said speaking at the India-Russia Forum on trade and investments on Wednesday.
"India and Russia need to further strengthen the economic relation which is presently below potential," she said.
The bilateral trade between the countries stood at USD 6 billion in 2013-14.
Sitharaman also spoke about positive investment climate in India and also the huge investment opportunities in infrastructure, manufacturing, metallurgy, pharmaceuticals and other sectors.
Sitharaman expressed the hope that the recent liberalisation in FDI regime in India, including those in defence and railway sector, will create new opportunities for joint ventures by Indian and Russian countries in these areas.
Speaking on the occasion, Deputy Prime Minister of the Russian Federation D Rogozin said enhancement of the bilateral investment and trade cooperation is one of the important steps to advance economic relations and mentioned aviation and energy sectors as potential areas.
In a renewed thrust to joint manufacturing in hi-tech areas, India and Russia have developed a framework for tracking key priority projects at the Secretary level.
The sectors covered under this Joint Working Group on Priority Investment Projects include automobile, industrial and road-building machinery, chemical & petrochemical industry, civil aircraft construction, fertilisers, pharmaceuticals, energy, IT, and automobiles.
Another Working Group on modernisation and industrial cooperation also co-chaired by Secretary, Industrial Policy and Promotion identified potential projects and proposals and addresses issues for its implementation.
The India-Russia Forum on Trade & Investment was set up in 2006 with the objective to strive for stable development of Indo-Russian trade, economic and investment cooperation. The next meeting of the Forum would be held in 2015.

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