PM Modi launches 'Act Far East' policy for Russia

Prime Minister Narendra Modi on Thursday unveiled the 'Act Far East' policy for Russia and announced that India will give a line of credit worth USD 1 billion for the resource-rich region, saying it will give a new dimension to New Delhi's economic diplomacy.

"For the development of the Far East, India will give a line of credit worth USD 1 billion. My government has actively engaged East Asia as part of its 'Act East' policy. I am confident that the announcement will prove as a take-off point for the 'Act Far East' policy. This will also give a new dimension to our economic diplomacy," he said while addressing the plenary session of the fifth Eastern Economic Forum (EEF) here.

"We will become active partners in the development of friendly countries according to their priorities," Modi added.

The Prime Minister underlined that Putin's attachment to the Far East and his vision brought unprecedented opportunities not only for the region but also for Russia's partners like India.

"He (Putin) has declared the development of Russian Far East a national priority for the 21st century. In his holistic approach here and in every aspect of life be it economy, or education, health, sports, culture or communication, trade or tradition there is a serious effort to make everyone better. On one hand, they have opened the way of investment and on the other hand have given equal attention to social sectors," Modi said, adding that he was impressed with the Russian President's vision.

"India wants to join Russia in this visionary journey step by step. Based on our experience, one can say that the vision of the President will surely succeed for rapid, balanced and inclusive development of the Far East and Vladivostok because they are realistic and behind this is the immense talent of people and valuable resources," the Prime Minister said.

He also said that the Far East deepens the bond between Russia and Asia, underlining that the region is known for courageous and talented people.

"India looks forward to boosting cooperation with Russia's Far East. India is proud to be an active participant in the Eastern Economic Forum. We look forward to stronger India-Russia cooperation in areas like healthcare, education, skill development and more sectors," Modi further said.

During his two-day visit to Vladivostok, Modi held talks with Mongolian President Khaltmaagiin Battulga and Japanese Prime Minister Shinzo Abe, besides Putin.

Apart from participating in the EEF, Modi and Putin co-chaired the 20th India-Russia annual bilateral summit.

Both sides signed various agreements in the fields of military and technical cooperation, energy and science, LNG Business and LNG supplies, and natural gas, to name a few.

( With inputs from ANI )