India announces 1 billion dollar line of credit for development of Russia's Far East

India yesterday announced a line of credit worth one Billion US dollars for the development of the Far East region of Russia. 

Addressing the Plenary Session of 5th Eastern Economic Forum, EEF, in Vladivostok this evening, Prime Minister Narendra Modi said this announcement will prove to be a take-off point for India's 'Act Far East' policy. 

Mr Modi said, this Russian region is full of resources which provide an opportunity for Russia and its friends. 

The Prime Minister said that start-ups are India's strength and youth of India and Russia can work further with new technologies for development of both countries. 

Mr Modi said that he firmly believes that the talent and professionalism of the Indian people will contribute to the development in the Far East region of Russia. 

The Prime Minister said with the start of the proposed Vladivostok- Chennai sea route, the relations of both countries will be further



strengthened. Mr Modi said, the relation between India & the Far East is age-old as India is the first country which opened its consulate in Vladivostok. 

Mr. Modi said, India and Russia have taken their relations beyond the boundaries of government ties to people-to-people cooperation. He expressed happiness at the signing of more than 50 business agreement in Voldivostok at EEF platform. 

 Responding to a question on the issue of environmental conservation, the Prime Minister said, India is working for solar power production and looking at the possibility of turning India into a battery making hub. 

He said, efficient battery production will not only be helpful for e-vehicles but it will also open the door for clean cooking in more than 250 million families in India. 

The Prime Minister thanked Russian President Vladimir Putin for inviting him as the chief guest of EEF for his love for India.