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‘Act Far East’: PM Modi Unveils New Policy, India To Extend $1 Billion Line Of Credit For Investments Into Russian Region
PM Modi with Vladimir Putin at the EEF. (via Twitter)
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.
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