Modi In Russia: PM Announces 'Act Far East' Policy, Extends $1 Billion Line Of Credit- Top Takeaways

New Delhi, News Nation Bureau | Updated : 05 September 2019, 03:19 PM
PM Modi at the Eastern Economic Forum (Image: @narendramodi)
PM Modi at the Eastern Economic Forum (Image: @narendramodi)
HIGHLIGHTS
    • PM unveiled "Act Far East" policy to boost engagement with Far East
    • He likened Putin's vision for Far East to Sabka Sath, Sabka Vikas
    • PM announced a USD 1 billion line of credit for Russia's Far East

Prime Minister Narendra Modi on Thursday said India will walk shoulder-to-shoulder with Russia deepening the bond between the two countries. Giving the formula of 1+1=11, PM Modi said that the coming together will give a boost to developement in both countries 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 people and close business relations.

PM Modi also praised Russian President Vladimir Putin for his vision for the region. Thanking him for the love and warm hospitality, Modi revealed that Putin has extended the invitaion for this forum to him even before the Lok Sabha Election in India this year. 

PM Modi Annonces 'Act Far East'

Prime Minister Narendra Modi, in the presence of Russian President Vladimir Putin, unveiled the "Act Far East" policy to boost India's engagement with Russia's Far East region. 

"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," he said.

ALSO READ: PM Modi-Shinzo Abe Meet In Russia, Discuss Indo-Pacific Region

India Extends USD 1 Billion Line Of Credit

Prime Minister Narendra Modi announced a USD 1 billion (more than 700 crore rupees) line of credit for the development of the resource-rich Far East region of Russia. 

India And Far East 

Talking about the relationship between India and Russia's Far East region, PM Modi said 'India was the first country to open a Consulate in Vladivostok'.

Talking about the Eastern Economic Forum, PM Modi said India is a proud and active participant in the various activities of the forum. He said that participation has come from top levels of government and industry," he said.

ALSO READ: PM Modi Raises Extradition Of Zakir Naik With Malaysian Prime Minister

PM Modi Praised President Putin

PM 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.

"It is clear that President Putin's vision is in line with the development of the people of this region. It is similar to our vision of Sabka Saath, Sabka Vikaas," said PM Modi.

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

Modi Urges India Diaspora To Help In Far East's Progress

Indian firms have invested over USD 7 billion in taking stake in Russian oil and gas fields, said PM Modi. He urged the India diaspora to make a contibution in helping the progress of the 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 too the Indian diaspora will make an active contribution towards the region's progress," Modi said.

(With PTI Inputs)

First Published: Thursday, September 05, 2019 03:11 PM
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