Insta
‘Act Far East’: PM Modi Unveils New Policy, India To Extend $1 Billion Line Of Credit For Investments Into Russian Region
Swarajya Staff
Sep 05, 2019, 04:41 PM | Updated 04:41 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Prime Minister (PM) Narendra Modi has unveiled India’s ‘Act Far East’ policy to increase engagement in the resource-rich region in Russia, PTI reports.
“India's connection to Russia's Far East go back a long way. India was the first country to open a consulate in Vladivostok," the PM said at the plenary session of the fifth Eastern Economic Forum (EEF).
"For the development of 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. I firmly believe that today's announcement will add a new dimension to the economic diplomacy of the two countries," he added.
India’s first investment to the area dates back to 2001 when ONGC Videsh took up 20 per cent stake in the Sakhalin-1 oil and gas field in Far East Russia. Indian firms have invested over $7 billion in the Russian oil and gas fields since.
The EEF is geared towards showcasing the little known potential held by the easternmost area of Russia which is rich in minerals and other resources. 15 agreements were signed earlier to increase Indian engagement in the area, including a direct shipping route between Vladivostok and Chennai.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.