Vladivostok: India announced Thursday an ‘unprecedented’ USD 1 billion line of credit for the development of Russia’s Far East with Prime Minister Narendra Modi vowing that New Delhi will walk shoulder-to-shoulder with Moscow in its quest for the development of the resource-rich region.
Addressing the plenary session of the Vth Eastern Economic Forum (EEF) here, Narendra Modi said it was a ‘unique case’ of India providing such special credit line to another country.
“For the development of the Far East, India will give line of credit worth USD 1 billion. My government has actively engaged East Asia as part of its ‘Act East’ policy,” Modi told the packed gathering.
“I am confident that this step will give new impetus to the development of economic diplomacy and growth of ties between the regions of our friendly states. We will remain active partners in our priority cooperation,” Narendra Modi added.
Terming it an ‘unprecedented case’, the Prime Minister asserted this is ‘our launching pad’ in the Far East where India is ‘very active’.
Modi said the friendship between India and Russia is not restricted to governmental interactions in capital cities, but about people and close business relations.
“India’s connection to Russia’s Far East go back a long way. India was the first country to open a Consulate in Vladivostok,” informed Modi.
The Prime Minister, in the presence of Russian President Vladimir Putin, also unveiled the ‘Act Far East’ policy to boost India’s engagement with Russia’s Far East region.
“Let us deepen the bond between India and Russia even further… India is proud of the achievements of the Indian diaspora. I am sure here in the Russian Far East the Indian diaspora will make an active contribution towards the region’s progress,” Modi said.
India concluded around 50 agreements worth USD 5 billion at the EEF-2019, according to the Prime Minister.
Indian firms have invested over USD 7 billion in taking stake in Russian oil and gas fields. India ventured into Russia when its flagship overseas firm ONGC Videsh in 2001 acquired a 20 per cent stake in Sakhalin-1 oil and gas field in Far East Russia.
OVL later bought Imperial Energy, which has fields in Siberia, as also stakes in Vankor oilfield in eastern Siberia.
Indian Oil Corporation and its partners have picked up 29.9 per cent stake in a separate Taas-Yuryakh oilfield in East Siberia.
Modi appreciated the vision of Putin for the welfare for Russia’s Far East. He said the President has opened up investment opportunities for India in the region.
“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,” Modi pointed out.
PTI