Russia attracts 32 pc of all foreign investments to its far east region, says Russian Dy PM Trutnev

Around 32 per cent of all foreign investments in Russia lands in the country's Far East region, Russian Deputy Prime Minister Yury Trutnev said here on Tuesday.

"Thirty-two per cent of all investments to Russia are attracted towards the country's the Far East," Trutnev said, while talking to media persons here.

When asked if India will become a $ 5-trillion economy in the next five years, he said: "Russia ranks 31 among 190 countries in terms of ease of doing business. Today 17 countries have invested in Russia's far east. India has now started investing."

Trutnev informed that there were three more compes from India which have expressed their interest to invest in the Far East besides Tata Power, KGK Diamond and a few more.

Trutnev's remarks come after Prime Minister Narendra Modi, in his opening remarks at the 5th meeting of the Governing Council of NITI Aayog, on Saturday said that the goal to make India a five-trillion-dollar economy is challenging but can be achieved.

Modi, after jointly inaugurating the India-Kyrgyzstan Business Forum with Kyrgyz President Sooronbay Jeenbekov last week, had also invited Kyrgyz businesses to invest in India, saying the country has a huge market and is determined to become a five trillion US dollar economy in the next five years.

Modi was on a two-day visit to Kyrgyzstan to attend the Shanghai Cooperation Orgsation (SCO) summit and held a bilateral meeting with Russian President Vladimir Putin and Chinese President Xi Jinping.

During his meeting with Putin, Modi accepted his invitation to be the Chief Guest for the Eastern Economic Forum that is scheduled to be held in Vladivostok in early September.

In the meeting, the two leaders reportedly decided to further widen the scope of their economic partnership in the sectors of energy, Arctic region, transfer of technology, joint projects under 'Make in India' initiative and manpower.

Trutnev, who is also the Kremlin's top Far East official, visited India this week to set the stage for Modi's September visit and explore new areas for enhancing India's presence in the Russian Far East. His visit is likely to be followed by an Indo-Russian Strategic Economic Dialogue here in July.

Russian Far East, located on the transport corridor between Asia and Europe, has unique geographical advantages and untapped energy potential.

Meanwhile, Chandrajit Banerjee, Director General of Confederation of Indian Industry (CII), told : "We can assist in providing skilled human resources in many areas such as education, ICT, healthcare, hospitality, farming and others to Russia's Far East."

"This will also open a totally new frontier of the partnership between India and Russia," Banerjee added.

( With inputs from ANI )