India announces $1 billion line of credit to resource-rich Russian Far East

PM MODI said on Thusday that India will walk shoulder-to-shoulder with Russia in its development of the Far East and announced a USD 1 billion line of credit for the development of the resources-rich region.

India announces $1 billion line of credit to resource-rich Russian Far East
Prime Minister Narendra Modi (L) shakes hands with Russian Presdient Vladimir Putin.

During Addressing the plenary session of the 5th Eastern Economic Forum here, prime minister Modi said the friendship between India and Russia was not restricted to governmental interactions in capital cities, but was about close business relations and people.

PM MODI said: "India is a proud and active participant in the various activities of the Eastern Economic Forum. Participation has come from the top levels of government and industry".

Modi appreciated the vision of Putin for the welfare for Russia's Far East, saying the President has opened up investment opportunities for India in the region. He said that: "By declaring the development of the Russian Far East a 'national priority for the 21st century', President Putin has taken a holistic approach towards improving everything ranging from economy, education, health to sports, culture or communication".

He also focused on India’s commitment to become a 5 trillion dollar economy by 2024. The PM who has visited Russia for two-days on Wednesday is India’s first Prime Minister to visit to the Russian Far East Region. He has also participated in the 20th Indai- Russia annual submits with the President and the fifth meeting of the Eastern Economic Forum (EEF).

Meanwhile PM, Modi also added up by saying that: "India's connection to Russia's Far East go back a long way. India was the first country to open a Consulate in Vladivostok," he said. "For the development of Far East, India will give a line of credit worth USD 1 billion. My government has actively engaged East Asia as part of its 'Act East' policy. I firmly believe that today's announcement will add a new dimension to the economic diplomacy of the two countries".