Vladivostok | Prime Minister Narendra Modi on Thursday announced that India will be offering a loan of $1 Billion dollars for the development of Russia’s Far East.
Prime Minister said India will walk shoulder-to-shoulder with Russia in its development of the resource-rich Far East region.
Addressing the plenary session of the Eastern Economic Forum that’s being held in Vladivostok, PM Modi said his government has engaged nations in East Asia under India’s new “Act East” policy.
“The relation of India and Far East is not new but ages old. India is the 1st country which opened its consulate in Vladivostok. Even during Soviet Russia when there were restrictions on other foreigners, Vladivostok was open for Indians”, said PM Modi, in presence of Russian President Vladimir Putin.
India is proud to be an active participant in the Eastern Economic Forum. High level delegations from India have come to this prestigious Forum.
We look forward to stronger India-Russia cooperation in areas like healthcare, education, skill development and more sectors. pic.twitter.com/EZkA0iFAI7
— Narendra Modi (@narendramodi) September 5, 2019
“For the development of Far East, India will give a line of credit worth US$ 1 Billion. My govt has actively engaged East Asia as part of its ‘Act East’ policy”, the Prime Minister said in his address.
He said that this will add a new dimension to our economic diplomacy.
“India will become an active participant in the development of various regions of friendly nations”, said PM Modi.
As part of PM Modi’s “Look East” vision, the “Act East” policy was developed soon after the BJP came to power in 2014. Conceived primarily as an economic initiative, it has gained political, strategic and cultural dimensions as dialogue and cooperation grew.
This marks the first time India is extending a Line of Credit.
The Eastern Economic Forum is meant to focus on the development of business and investment opportunities in Russia’s Far East Region and presents a huge opportunity to develop mutually beneficial cooperation between India and Russia.
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