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Modi announces $1 b credit for development of Far East

Modi announces $1 b credit for development of Far East


New Delhi: Wrapping up his two-day visit to Russia, Prime Minister Narendra Modi on Thursday announced a $ one billion line of credit for development of the Far East, a move seen as important in view of intensifying superpower struggle in the region, especially the South China Sea where China and the USA are intensely involved.

Addressing the Plenary Session of the Fifth Eastern Economic Forum (EEF) Summit at Vladivostok as Chief Guest, Modi underlined the age-old relationship between India and the Far East, adding New Delhi was the first to open its consulate in Vladivostok.

“My government has actively engaged with the East Asia as part of its “Act East” policy. This will also give a new dimension to our economic diplomacy,” he added.

On Wednesday, the Indian PM, accompanied by Russian President Vladimir Putin, visited the ‘Far East Street’ exhibition in Vladivostok. On Thursday, he attended the prestigious EEF Summit.

India and Russia are against ‘outside influence’ in the internal matters of any nation, Modi said after talks with Putin during which they discussed ways to bolster cooperation in trade and investment, oil and gas, nuclear energy, defense, space and maritime connectivity.

“We both are against outside influence in the internal matters of any nation,” said Modi during a joint press meet with President Putin.

His remarks came against in the wake of tension between India and Pakistan after the revocation of Article 370 which gave ‘special status’ to Jammu and Kashmir.

Modi also said a proposal has been made to have a full-fledged maritime route between Chennai and Vladivostok. A Memorandum of Intent was signed in this regard. “Due to the increasing localization of nuclear plants being formed with the cooperation of Russia in India, we are also developing a true partnership in this field,” he said.

“The India-Russia friendship is not confined to their respective capital cities. We have put people at the core of this relationship.”

Russia, the PM said, would help train Indian astronauts for the manned space mission—the Gaganyaan project. The two sides signed 15 MoUs in area such as defence, air and maritime connectivity, energy, natural gas, petroleum and trade.

On his part, Putin said India was one of the key partners of Russia and the relationship between the two states was of ‘strategic and special in nature’.

“We placed our priorities on trade amid investment cooperation last year. Our bilateral trade grew by almost 17% and mounted to $11 billion there is no condition that it will grow up,” he said.


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