Sberbank Calls for More Indian Workers to Address Russia's Construction Shortage
Labour Shortages and Sberbank's Response
Current Labour Shortage in Russia's Construction Sector
ST. PETERSBURG, Russia, June 3 (Reuters) - Russia's largest lender, Sberbank, on Wednesday called for more workers from India to be allowed into the country to help overcome labour shortages in the construction sector and offered help to facilitate the immigration process.
Faced with what the authorities say is an immediate shortage of at least 2.3 million workers - a shortfall exacerbated by Russia's war in Ukraine - Moscow has already turned to India for workers.
Rising Number of Indian Work Permits
In 2021, the year before Russia sent its troops into Ukraine, some 5,000 work permits were approved for Indian nationals. Last year, the number rose to almost 72,000 permits - nearly a third of the total annual quota for migrant workers on visas.
But Sberbank said more were needed.
Sberbank's Initiatives to Attract Indian Workers
Facilitating Immigration and Entry
"We work together with partners to develop solutions to simplify the process of entry for prospective foreign workers with the required competencies," Anatoly Popov, Sberbank's deputy CEO, told reporters on the sidelines of the St. Petersburg International Economic Forum.
"And we believe this project has significant potential, because labour migrants from India are well known across many countries and on numerous construction projects," he said.
Future Labour Needs and Government Agreements
Projected Worker Demand by 2030
According to Russia's Labour Ministry, the country's construction sector would need an additional 789,000 workers by 2030.
Bilateral Agreements Between Russia and India
President Vladimir Putin and Indian Prime Minister Narendra Modi signed a deal in December to make it easier for Indians to work in Russia. Denis Manturov, Russia's first deputy prime minister, said at the time that Russia could accept an "unlimited number" of Indian workers.
Sberbank's Expansion in India
Sberbank has also said it plans to increase its exposure to the Indian market and increase the number of offices it has in the country.
(Reporting by Elena Fabrichnaya and Vladimir SoldatkinEditing by Andrew Osborn and Barbara Lewis)
