PM Narendra Modi with Russian President Vladimir Putin after they issue a joint press statement in Vladivostok... Read More

VLADIVOSTOK: India on Thursday announced an "unprecedented" $1 billion line of credit for Russia's resource-rich Far East with Prime Minister Narendra Modi vowing to support President Vladimir Putin 's "stupendous efforts" to develop the extremely harsh region.

Addressing the plenary session of the 5th Eastern Economic Forum here, Modi, who was the chief guest, said it was a "unique case" of India providing such special credit line to a region in another country, adding it was "our launching pad" in the region. "My government has actively engaged East Asia as part of its 'Act East' policy," Modi said at the meeting.

"India's connection to Russia's Far East goes back a long way. India was the first country to open a consulate in Vladivostok ," the PM said.

"I am confident that this step will give new impetus to the development of economic diplomacy and growth of ties between the regions of our friendly states. We will remain active partners in our priority cooperation," PM Modi said.

The climate in the Far East is extremely harsh. The winter lasts nearly nine months, snow covers the ground almost all year round. According to official figures, the region, which is spread across an area of 6,952,555 sq km, has a population of just 8.1 million.

India concluded around 50 agreements worth $5 billion at EEF-2019, according to the PM. Modi also said the sanctions imposed by the US on Russia have no effect on India bolstering cooperation with Moscow in the strategic sectors like energy and defence. Modi, who arrived in Russia on a two-day visit on Wednesday, is the first Indian PM to visit to its Far East region. Modi and Putin chaired the 20th India-Russia annual summit on Wednesday and the two sides signed 15 agreements and MoUs to bolster bilateral ties in areas like defence, space and trade.



In Video: India to extend $1 billion line of credit for development of Russia's Far East