India declares $1 billion line of credit for development of Russia’s Far East

Vladivostok: Addressing the plenary session of the 5th Eastern Economic Forum here, PM Narendra Modi said the friendship between India and Russia was not restricted to governmental interactions in capital cities but was about people and close business relations. India declares a $1 billion line of credit for the development of the resource-rich region.
“India’s connection to Russia’s the a Far East go back a long way. India was the first country to open a Consulate in Vladivostok,” he said.
“For the development of the Far East, India will give a line of credit worth USD 1 billion. My government has actively engaged in East Asia as part of its ‘Act East’ policy. I firmly believe that today’s announcement will add a new dimension to the economic diplomacy of the two countries,” Mr. Modi said at a packed house in Vladivostok.
The Prime Minister, in the presence of Russian President Vladimir Putin, also unveiled the “Act Far East” policy to boost India’s engagement with Russia’s Far East region.

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