"There is a vast potential which has not yet been fully brought out," Chernomyrdin told a news conference after meeting Indian leaders in New Delhi. "I think we should step up our efforts."
Indian and Russian officials signed eight agreements including pacts covering military cooperation, trade, shipping, investment and space cooperation. Few details were available.
The Russian leader, who arrived in the Indian capital late Thursday, was set to leave for Moscow on Saturday morning.
The visit, Chernomyrdin's first to India, followed a trip by Russian President Boris Yeltsin to New Delhi in 1993 and a return sojourn by Indian Prime Minister P.V. Narasimha Rao to Moscow last June.
The two countries were close allies during the Cold War, but relations hit a rough patch after the breakup of the Soviet Union.
Two-way trade fell to $1.1 billion in 1993 from $5.5 billion in 1990. Recently it has picked up, and in the first nine months of 1994 it totalled $1.1 billion.
The Press Trust of India said they agreed to set up a plant in India for the manufacture of an upgraded version of Russia's MiG-29 war plane. Moscow agreed to upgrade the Indian air forces' MiG-21 fleet, while New Delhi will buy equipment for its navy and army.
Russia renewed its offer to sell the advanced, long-range Sukhoi 30 fighter aircraft and an aircraft carrier. The two sides also entered into a long-term deal for the sale and servicing of Russian equipment to third countries, the trust reported.Russia agreed to buy minimum amounts of Indian soybean cake, tea, tobacco and pharmaceuticals between 1995 and 1997, to be paid for with rupees from India's repayments on its $10 billion in debt. There were no details on the level of purchases.
They also renewed a shipping treaty, pledged cooperation in space-program activities and agreed to protect cross-border investments.
Chernomyrdin said the two sides also discussed the oil sector, and he said much more could be done in exploration, extraction and power supply.
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