VLADIVOSTOK: Unveiling India’s Act Far East policy, Prime Minister Narendra Modi has announced a $1 billion Line of Credit for the remote resource-rich but less developed region of Russia.
“For the development of (Russia’s) Far East, India will give a line of credit worth $1 billion,” Mr Modi said at the Eastern Economic Forum in the port city of Vladivostok. This is the first region-specific line of credit that India is extending to any country, he said.
Placing India’s proactive engagement with Russia’s Far East region, Mr Modi said: “My government has actively engaged East Asia as part of its ‘Act East’ policy. I am confident that today’s announcement will be a take off point for (India’s) Act Far East (policy). This will also give a new dimension to our economic diplomacy,” he said.
Robustly backing President Vladimir Putin’s vision for economic resurgence of the Far East region, Mr Modi fondly recalled India’s ties with Russia’s Far East in the days of the former Soviet Union and stressed that India was the first country to open a consulate in Vladivostok. He added that Vladivostok was open to Indians even in those days, though there were restrictions on other people of other nations.
“Let us deepen the bond between India and Russia 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 actively contribute to the region’s progress,” Mr Modi said.
Indian companies have signed 50 agreements worth “billions of dollars” in investments in diverse areas, including energy, health, education, skill development, mining, and timber.
- India Writes Network (www.indiawrites.org) is an emerging think tank and a media-publishing company focused on international affairs & the India Story. A venture of TGII Media Private Limited, a leading media, publishing and consultancy company, IWN has carved a niche for balanced and exhaustive reporting and analysis of international affairs. Eminent personalities, politicians, diplomats, authors, strategy gurus and news-makers have contributed to India Writes Network, as also “India and the World,” a magazine focused on global affairs. The Global Insights India (TGII) is the research arm of India Writes Network. To subscribe to India and the World, write to email@example.com
- Africa Insights2022.07.20Jaishankar outlines new triad for India-Africa ties: health digital and green growth
- Diplomacy2022.07.20India, Africa co-partners in economic growth: Piyush Goyal
- India and the World2022.07.15I2U2 Quad unveils plans for making India regional food hub
- News2022.07.11Modi unveils National Emblem cast on the roof of the new Parliament