Addressing the plenary session of the 5th Eastern Economic Forum here, Prime Minister Narendra Modi announced a $1 billion line of credit for the development of Far East region of Russia. In the presence of Russian President Vladimir Putin, the Indian Prime Minister also unveiled the “Act Far East” policy to boost India’s engagement with Russia’s Far East region.
“India will give line of credit worth $1 billion to contribute to the development of Far East. This is the first time that we have extended line of credit to a specific region of a country. My government has actively engaged East Asia as part of its ‘Act East’ policy. And I firmly believe that today’s announcement would be the take-off point for ‘Act Far East’. This move will add a new dimension to the economic diplomacy of the two countries,” Modi said at a packed house here.
In his speech, PM 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.