- Prime Minister Shri Narendra Modi on September 5, 2019 announced a line of credit worth one Billion US dollars for the development of the Far East region of Russia.
- While addressing the Plenary Session of 5th Eastern Economic Forum, EEF, in Vladivostok , Prime Minister Narendra Modi said this announcement will prove to be a take-off point for India’s ‘Act Far East’ policy.
- Prime Minister also visited the India Business Pavilion at the Eastern Economic Forum and launched the Indo-Russian Innovation Bridge, an online platform to promote joint innovations. This facility is meant to bridge the gap between Indian and Russian startup ecosystems.
About Eastern Economic Forum
- The Eastern Economic Forum 2019 is being held on 4–6 September in Vladivostok on the Far Eastern Federal University (FEFU) campus.
- The Eastern Economic Forum was established by decree of the President of the Russian Federation Vladimir Putin in 2015 to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region.
- This forum aims at bringing investment and development to what is known as the Russian Far East, a region extending between Lake Baikal – world’s largest freshwater lake and deepest lake, and the Pacific Ocean.
- It shares borders with China, Mongolia, North Korea and Japan (maritime).
- India was the first country which opened its consulate in Vladivostok in 1992.
