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India to Lend $1 Billion for Russia’s Far East Growth: PM Modi

PM Narendra Modi is on a two-day visit to Russia.

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PTI
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While addressing the Plenary Session of the fifth edition of the Eastern Economic Forum in Vladivostok, Prime Minister Narendra Modi on Thursday, 5 September, said that India will give a line of credit worth USD 1 billion for the development of Far East.

“My government has actively engaged East Asia as part of its ‘Act East’ policy. This will also give a new dimension to our economic diplomacy,” he added.

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.

He further said that relations between India and the Far East are not new but decades old. “India is the first country which opened its consulate in Vladivostok. Even during Soviet Russia when there were restrictions on other foreigners, Vladivostok was open for Indians.”

"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 too the Indian diaspora will make an active contribution towards the region's progress," Modi said.

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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 Limited (OVL) in 2001 acquired a 20 percent 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. IOC and its partners have picked up 29.9 percent stake in a separate Taas-Yuryakh oilfield in East Siberia.

Russian oil firm Rosneft in 2017 bought Essar Oil, which operates in Vadinar oil refinery in Gujarat and some 5,500 petrol pumps, for USD 12.9 billion.

Modi Appreciates Putin’s Vision

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.

"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 and communication," he said.

Prime Minister Modi also emphasised on India's commitment to becoming a five trillion dollar economy by 2024.

Prime Minister Narendra Modi on Wednesday, 4 September, said that both he and Russian President Vladimir Putin are opposed to outside influence in internal matters of any nation.

In a joint press conference addressed by both the world leaders, he stated that he is honoured to be the first Indian prime minister to be visiting Vladivostok and thanked Russian President Vladimir Putin for the invitation.

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He also said both him and Putin have been able to bring qualitative change to the bilateral ties between India and Russia, and that the friendship between the two nations is not restricted to their respective capital cities.

Earlier in the day, the prime minister had expressed his gratitude towards Putin and the people of Russia.

He met the Russian president after arriving in Russia on Wednesday on a two-day visit. Both the leaders visited Zvezda shipbuilding complex in Vladivostok. The two leaders discussed ways to deepen cooperation in shipbuilding. PM Modi is to hold summit talks with Putin and attend the Eastern Economic Forum.

Putin invited PM Narendra Modi to attend the celebrations to mark the 75th anniversary of Russia's 'Victory in the Great Patriotic War' (World War II) in Moscow in May 2020.

"We are expecting you in May next year at the celebrations devoted to marking the 75th anniversary of Victory in the Great Patriotic War, Victory over Nazism," the Russian president told Prime Minister Modi during their talks.

His visit to the Russian Far East Region is the first by an Indian prime minister.

Ministry of External Affairs Spokesperson Raveesh Kumar tweeted, "PM Narendra Modi was warmly welcomed at Vladivostok airport on his third bilateral visit to Russia. Over the next two days, bilateral meeting with President Putin, participation at Eastern Economic Forum and meetings with other world leaders on the agenda."

In Vladivostok, Modi will attend the fifth Eastern Economic Forum as the chief guest at the invitation of President Putin.

He will also hold the 20th India-Russia Annual Summit with Putin.

(With inputs from PTI)

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