USD 1 BN CREDIT TO RUSSIA’S FAR EAST
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Prime Minister Narendra Modi said India would walk with Russia in its development of the Far East for which it would extend a $1 billion line of credit.
In this 20th summit Prime Minister Modi and President Putin of Russia exchanged few agreements.
- In December 2014, the countries’ leaders set a goal to bring bilateral trade and investment figures to $30 billion by 2025.
- By 2017, investments from two-side have crossed $50 billion.
- PM Narendra Modi and Russian President Vladimir Putin held delegation-level talks in Vladivostok, Russia.
- The announcement of financial assistance to the Far East came in the session of the 5th Eastern Economic Forum (EEF) which was held in Vladivostok.
- With this, Modi was the first PM from India to reach Far East Region of Europe.
- The two leaders also had discussion on expanding spectrum of bilateral ties, bolstering cooperation in trade and investment, oil and gas, mining, nuclear energy, defence and security sectors.
- Multiple delegations of state authorities and business from both countries have visited each other since the beginning of 2019
- Expanding economic cooperation is one of the key challenges for New Delhi and Moscow.
Agreements in the summit:
- The latest and largest delegation of four chief ministers and over 130 companies was headed by Minister of Railways and Minister of Commerce & Industry Piyush Goyal.
- List of MoUs/Agreements exchanged during visit of Prime Minister Modi to Vladivostok
- Joint Statement “Reaching New Heights of Cooperation through Trust and Partnership”.
- Joint Strategy for the Enhancement of India- Russia Trade and Investments.
- Agreement on the cooperation in the production of spare parts for Russian/Soviet military equipment.
- Agreement on Cooperation in Audiovisual Co-production.
- MoU on bilateral cooperation in the road transport and road industry.
- MoU on the Development of Maritime Communications between the Port of Chennai, Republic of India and the Port of Vladivostok, Russian Federation.
- Plan for cooperation between the Central Board of Indirect Taxes and Customs (India) and the Federal Customs Service (Russia), for combating customs violations in 2019-2022.
- MoU between on the use of Natural Gas for Transportation and expansion of cooperation in oil and gas sector.
- MoU to cooperate in coking coal mining projects implementation in the Russian Far East.
- Cooperation Agreement between Invest India and the Russian Direct Investment Fund for Investment Collaboration.
- MoU between the Joint Stock Company NOVATEK and PETRONET LNG Limited on joint development of downstream LNG Business and LNG supplies.
Act Far East policy:
The prime minister, in the presence of Russian President Vladimir Putin, also unveiled the “Act Far East” policy to boost India’s engagement with Russia’s Far East region.
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