PM Modi offers $1 Bn credit line for the development of Far East Russia

PM Modi offers $1 Bn credit line for the development of Far East Russia

Agency News

Vladivostok (Russia), Sep 5: India will provide a USD 1 billion credit line to boost development in Far Eastern Russia, Prime Minister Narendra Modi announced on Thursday.

"To continue promoting the development of the Far East, India will provide a USD 1 billion credit line. This is an unprecedented and first time measure when we will provide such a credit line to another country. And I can assure you that the Indian government is working hard on the matter in Eastern Asia," Mr Modi said at a plenary session of the Eastern Economic Forum (EEF).

Far Eastern part of Russia has a unique link with Asia, he said and maintained that in this context "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".

This region is rich in natural resources, he said adding the visit to exhibition on Wednesday along with Russian President Vladimir Putin gave him a glimpse of the technological revolution that has taken place in the region.

The announcement of Credit Line today would in fact work as take off point for India in pursuing its 'Act for East' policy.

"We will be developing and growing in the Far East. I am sure that this step will boost economic development and regional development of our friendly countries," Mr Modi said.

Mr Modi is here to address the Eastern Economy Forum, a platform mooted by Russian President in 2015, as Mr Putin's chief guest. Prime Minister Modi invited 11 governors of the Russian Far East to pay a visit to his country.

"To ensure better results of India's participation in the (Eastern) Economic Forum, I would like to invite all the 11 governors of the (Russian) Far East to pay a visit to India," Mr Modi said.

The Prime Minister said he is much impressed by President Putin's vision for the region and said in this context, India would like to work every step with the Russian leadership. "The vision that President Putin has seen about Far East region is achievable as these are realistic," he said adding in India also, his government is working sincerely to unveil a 'New India'.

The Prime Minister emphasised on India’s commitment to become a five trillion dollar economy. "There is an historical occasion and together with India's achievements, the development flavour will also influence the Far East region and it provides an opportunity to ensure 'ek aur ek gyarah' (One-Plus-One Eleven -- high level of development)," Mr Modi said. The Prime Minister said India-Russia cooperation will extend to space technology and also to the deep sea. (UNI)