India increases $1 billion line of credit for improvement of Russia’s Far East
Prime Minister Narendra Modi announced a USD 1 billion line of credit for the development of the resource-rich region.
Narendra Modi on Thursday addressed the plenary session of Eastern Economic Forum in Russia and said India will walk side by side with Russia in its development of the Far East .
This will be the first time when any such line of credit is being extended to a particular region of a country. Modi, who arrived in Russia on a two-day visit on Wednesday, is the first Indian prime minister to visit to the Russian Far East Region.
While addressing the plenary session of the 5th Eastern Economic Forum, prime minister Modi said the bond between India and Russia was not limited to governmental interactions in capital cities, but was about people and close business relations. During his address, he greeted the people of Russia, Vladivostok and Russia’s Far East.
The Indian PM was invited to the event by President Putin even before the elections invited. “The people of the Far East have stood the test of time and nature’s challenges,” he said. Later, he adding that the people are inspiring and that India is moved by the vision of its people and share it as well.
Modi respected the perception of Putin for the welfare for Russia’s Far East, saying the President has opened up investment chances for India in the region. Emphasizing India’s speculation in the oil, gas sector and gems sector, PM Modi said,” “this area is an opportunity for India” and President Putin’s focus on the region has turned the area from “frozen land to flower land.”
“Let us grow the bond between India and Russia even further. 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 influential contribution towards the region’s progress,” Mr. Modi said.