Eastern Economic Forum: India pledges 1 billion USD as ‘Line of credit’ for development of Far East

Eastern Economic Forum: India pledges 1 billion USD as ‘Line of credit’ for development of Far East

Eastern Economic Forum: Prime Minister Narendra Modi attended the 5th Eastern Economic Forum at Vladivostok, Russia as its Chief Guest at the special invitation of Russian President Vladimir Putin.

While speaking at the Eastern Economic Forum, the Prime Minister made a landmark announcement. The Prime Minister announced that India would be giving 1 billion dollar worth ‘Line of Credit’ for the development of the Far East. This is the first time that India would be giving line of credit to an area of another country. PM Modi said that his government’s ‘Act East Policy‘ has actively engaged East Asia and he believes that India’s credit line offer would serve as a take-off point of ‘Act Far East‘. The move would also add a new aspect to India’s economic diplomacy and help strengthen India’s cooperation with friendly nations in the region.

PM Modi further said that India and Russia’s friendship is not restricted to just governmental interactions in capital cities but it is, in fact, about the people and close business relations. PM Modi said that he and Russian President Vladimir Putin have kept ambitious targets for cooperation between the two countries. He said that the two nations have agreed to add new aspects to their relations by extending their cooperation to the private industry, states and regions.

Indo-Pacific Region

PM Modi announced that he and Putin have decided to start a new phase of cooperation in the Indo-Pacific Region. Towards this, the two leaders have agreed to a proposal to establish a maritime link between Chennai and Vladivostok.

PM Modi said that when ships begin to sail on the maritime route, it will open a new chapter in the history of cooperation between India and Russia and the relations between the two countries will deepen further. The Prime Minister said that it will open a new era of peace and progress in the Indo-Pacific region.

Far East Street Exhibition

Prime Minister Narendra Modi attended the ‘Far East Street’ exhibition on September 4, 2019 with Russian President Vladimir Putin. The ‘Far East Street’ exhibition showcased the vibrant culture of the Russian Far East.

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