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India To Extend USD 1 Billion Line Of Credit To Russia's Far East, Says PM Modi

New Delhi, News Nation Bureau | Updated : 05 September 2019, 03:20 PM
PM Narendra Modi with President Vladimir Putin (Image: @MEAIndia)
PM Narendra Modi with President Vladimir Putin (Image: @MEAIndia)

India will extend line of credit worth USD 1 billion (more than Rs 700 crore) for the development of Russia's Far East Region, Prime Minister Narendra Modi at the Plenary Session of 5th Eastern Economic Forum on Thursday. 

Modi took part in the fifth meeting of the Eastern Economic Forum (EEF) on Thursday on the second day of his two-day visit to Russia. Before the forum, PM Modi met his Japanese counterpart Shinzo Abe on Thursday and the two leaders pledged to deepen the robust bilateral ties in a number of areas, including in economic and defence sectors. Modi also held bilateral talks with President of Mongolia Khaltmaagiin Battulga and Prime Minister of Malaysia Mahathir bin Mohamad.

PM Modi is the first Indian prime minister to visit to the Russian Far East Region. The Eastern Economic Forum focuses on development of business and investment opportunities in the Russian Far East Region, and presents enormous potential for developing close and mutually beneficial cooperation between India and Russia in the region.

The live updates on day two of PM Modi's Russia visit:

1:38 PM

In Russia, I have always experienced warm hospitality and friendship. Whenever President Putin and me meet, we do so in a very informal atmosphere. Our discussions are also extensive: PM Modi

Let us deepen the bond between India and Russia even further. India and Russia friendship isn’t restricted to governmental interactions in capital cities. This is about people and close business relations, says PM Modi

1:36 PM

"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."

"My govt has actively engaged East Asia as part of its 'Act East' policy. This will also give a new dimension to our economic diplomacy," he adds.

1:35 PM

In India also we are building a New India on the 'mantra' of 'sabka saath sabka vikas'. We are aiming to be US$ 5 trillion economy by 2024: PM Modi

"I believe that our brainstorming today at this forum will not only strengthen  the efforts for human welfare in Far East, but also the entire mankind."

1:32 PM

India to extend line of credit of 1 billion dollar for Russia's Far East, announces PM Modi.

1:30 PM

"India and Russia’s Far East have enjoyed close ties for ages. When Vladivostok was not open for other foreigners, it was open for Indias. India was the first to open its consulate here."

PM Modi says, I got a glimpse of the culture of Russia’s Far East last evening at the Street of the Far East Exhibition.

1:25 PM

PM Modi pays tributes to the hard work and courage of those living in Russia’s Far East.

1:22 PM

PM Narendra Modi says, it is an honour to be addressing the Eastern Economic Forum.

"I was in St. Petersburg two years ago and here I am today in Vladivostok. In a way, it’s been a trans-Siberian journey for me as well," he says. 

1:20 PM

Prime Minister Narendra Modi is speaking at the East Economic Forum in Russia's Vladivostok. 

8:25 AM

PM met President of Mongolia Khaltmaagiin Battulga in Vladivostok on Thursday.

7:30 AM

PM had a meeting with Malaysian Prime Minister Mahathir Mohamad in Vladivostok. 

"Strengthening ties with an important ASEAN partner. PM @narendramodi met with Malaysian PM @chedetofficial on the margins of #EEF2019 in #Vladivostok. Discussions focused on the multiple layers of India - Malaysian bilateral relationship," tweeted Raveesh Kumar.

6:25 AM

The meeting between prime minister Narendra Modi and Shinzo Abe comes after they met at the G-20 Summit in Osaka in Japan and on the sidelines of the G7 Summit in Biarritz in France.

"Continuous engagement for concrete bilateral ties. Prime Ministers Shinzo Abe and Narendra Modi meet in Vladivostok," the Prime Minister's Office said in a tweet.

"A global partnership reinforced by robust bilateral ties. PM Narendra Modi met with PM Shinzo Abe on the margins of 5th EEF in Vladivostok. Discussed deepening multi-faceted ties in economic, defense and security, start-up and 5G areas and exchanged views on regional situation," External Affairs Ministry Spokesperson Raveesh Kumar said in a tweet.

What happened on day one of PM Modi's visit to Russia

 On Wednesday, Prime Minister Modi held comprehensive talks with Russian President Vladimir Putin aimed at finding new horizons of bilateral cooperation in key areas like defence, space, trade, oil and gas, nuclear energy and maritime connectivity.

"We both are against outside influence in the internal matters of any nation," Modi said in a joint press meet with Putin after their delegation-level talks at the India-Russia 20th Annual Summit following a two-hour tete-a-tete on board a ship.

His remarks without naming any country came against the backdrop of tension between India and Pakistan after New Delhi revoked Jammu and Kashmir's special status.

India has categorically told the international community that the scrapping of Article 370 was an internal matter and also advised Pakistan to accept the reality. Pakistan is trying to internationalise the Kashmir issue after India's decision on August 5.

Russia has backed India's move on Jammu and Kashmir, saying that the changes in the status are within the framework of the Indian Constitution.

A joint statement issued later said the two sides "underlined the primacy of international law and emphasised their commitment to the purposes and the principles stated in the UN Charter including the inadmissibility of interference in the internal affairs of member states."

The two sides signed 15 agreements/MoUs in areas such as defence, air, and maritime connectivity, energy, natural gas, petroleum and trade.

"Today's talks with President Putin were aimed at finding new horizons of India-Russia cooperation. This includes opportunities in trade, security, maritime cooperation and working together to protect the environment," Modi said.

He said a proposal has been made to have a full fledged maritime route between Chennai and Vladivostok.

The statement said the two leaders "agreed to facilitate, in all possible ways, exploring the impressive potential of our strategic partnership to the full, demonstrating its special and privileged nature which has emerged as an anchor of stability in a complex international situation."

The two sides "prioritise strong, multifaceted trade and economic cooperation as the foundation for further expanding the range of India-Russia relations," it added.

The two leaders decided to take the bilateral trade from the current USD 11 billion to USD 30 billion by 2025. The two sides noted the pace of progress achieved in the construction of the remaining four of the six nuclear power plants at Kudankulam.

Modi said Russia will help train Indian astronauts for the manned space mission - Gaganyaan.

Noting that close cooperation in military-technical fields is a pillar of Indo-Russia Special and Privileged Strategic Partnership, the statement said the two sides vowed to upgrade their defence cooperation, including by fostering joint development and production of military equipment, components and spare parts.

They shared the view that "implementation in good faith of universally recognised principles and rules of international law excludes the practice of double standards or imposition of some States of their will on other States."

They called for reform of the UN Security Council to reflect contemporary global realities. Russia expressed its support for India's candidacy for a permanent membership of the UNSC.

"The sides intend to focus particularly on increasing the effectiveness of countering terrorism, extremism, drug trafficking, cross-border organised crime, and information security threats, in particular by improving the functionality of the SCO Regional Anti-Terrorist Structure," the statement said.

The two leaders strongly condemned terrorism in all its forms and manifestations and called on the international community to set up a united front to fight against this evil.

"They insisted on the inadmissibility of double standards in countering terrorism and extremism, as well as of the use of terrorist groups for political ends," the statement said.

Both sides expressed concern over the possibility of an arms race in outer space and advocated peaceful uses of outer space. They reiterated their commitment to further strengthen global non-proliferation. Russia expressed its strong support for India's membership of the Nuclear Suppliers Group.

The two sides expressed their support for an inclusive peace and Afghan-led and Afghan-owned reconciliation in Afghanistan.

They reaffirmed their commitment to building an equal and indivisible security architecture in Asia and the Pacific region.

On his part, Putin said India is one of the key partners of Russia.

Underlining the Indo-Russia cooperation in technical and military areas, he said, "We are successfully implementing our bilateral programme on military and technical cooperation up to 2020. We are working to update it to extend to another 10 years."

(With PTI Inputs)

First Published: Thursday, September 05, 2019 08:58 AM
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