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National News

Sep 05, 2019

India announces 1 billion dollar line of credit for development of Russia's Far East

India today announced a line of credit worth one Billion US dollars for the development of the Far East region of Russia. 

Addressing the Plenary Session of 5th Eastern Economic Forum, EEF, in Vladivostok this evening, Prime Minister Narendra Modi said this announcement will prove to be a take-off point for India's 'Act Far East' policy. 

Mr Modi said, this Russian region is full of resources which provide an opportunity for Russia and its friends. 

The Prime Minister said that start-ups are India's strength and youth of India and Russia can work further with new technologies for development of both countries. 

Mr Modi said that he firmly believes that the talent and professionalism of the Indian people will contribute to the development in the Far East region of Russia. 

The Prime Minister said with the start of the proposed Vladivostok- Chennai sea route, the relations of both countries will be further strengthened. Mr Modi said, the relation between India & the Far East is age-old as India is the first country which opened its consulate in Vladivostok. 

Mr. Modi said, India and Russia have taken their relations beyond the boundaries of government ties to people-to-people cooperation. He expressed happiness at the signing of more than 50 business agreement in Voldivostok at EEF platform. 

 Responding to a question on the issue of environmental conservation, the Prime Minister said, India is working for solar power production and looking at the possibility of turning India into a battery making hub. 

He said, efficient battery production will not only be helpful for e-vehicles but it will also open the door for clean cooking in more than 250 million families in India. 

The Prime Minister thanked Russian President Vladimir Putin for inviting him as the chief guest of EEF for his love for India.

Later, Mr Modi visited the annual International Jigoro Kano Judo Tournament, the main sporting event of the Eastern Economic Forum. Russian President Vladimir Putin accompanied the Prime Minister.

Earlier in the day, the Prime Minister visited the India Business Pavilion at the Eastern Economic Forum and launched the Indo-Russian Innovation Bridge, an online platform to promote joint innovations. This facility is meant to bridge the gap between Indian and Russian startup ecosystems. 

Earlier today, the Prime Minister held bilateral meetings with the Prime Ministers of Japan and Malaysia and Mangolian President on the margins of EEF. Briefing newspersons, Foreign Secretary Vijaya Gokhale said both Mr Modi and Japanese Prime Minister Shinzo Abe stressed the importance of bilateral cooperation on economic matters and people to people contacts in the Indo-Pacific region.

The Foreign Secretary said both leaders decided to hold the first 2 plus 2 ministerial meetings of Foreign and Defence ministers of both the countries ahead of the annual bilateral summit in New Delhi in December this year. 

The Prime Minister called on Malaysian Prime Minister Dr Mahathir bin Mohammad and Mongolian President Khaltmaagiin Battulga. 

On the first day of his visit, the Prime Minister participated in the 20th Indian-Russia annual summit followed by a joint statement with Vladimir Putin. The two countries signed 15 agreements of mutual co-operation and both expressed satisfaction over the outcome of the summit.

The Prime Minister has since left for New Delhi after concluding his two-day visit to Vladivostok, Russia.

 Before leaving for home, the Prime Minister described his visit to Vladivostok as productive. In a tweet, he said, the outcome of the visit will bring Russia and India closer.

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