PM Announces $1 Billion Line Of Credit For Russia Far East's Development

India will extend a 1 billion dollar Line of Credit to Russia's Far East, Prime Minister Narendra Modi announced today, unveiling the country's "Act Far East" policy during his two-day visit there. In the presence of Russian President Vladimir Putin, the Prime Minister said India will walk shoulder-to-shoulder with Russia in its development of the resource-rich Far East region.

Addressing the plenary session of the Eastern Economic Forum that's being held in Vladivostok, PM Modi said his government has engaged nations in the East Asia under India's new "Act East" policy.

"I firmly believe that today's announcement will be the take-off point of out 'Act Far East Policy'," the Prime Minister said in his address.

This step, he said, "Will add a new dimension to our economic diplomacy". India will become an active participant in the development of various regions of friendly nations, PM Modi added.

As part of PM Modi's "Look East" vision, the "Act East" policy was developed soon after the BJP came to power in 2014. Conceived primarily as an economic initiative, it has gained political, strategic and cultural dimensions as dialogue and cooperation grew.

Over the last years, New Delhi has focussed on the nations in the Asia Pacific region, but this is the first time, it is extending a Line of Credit.

The Eastern Economic Forum is meant to focus on the development of business and investment opportunities in Russia's Far East Region, and presents a huge opportunity to develop mutually beneficial cooperation between India and Russia.

PM Modi, who reached Russia on a two-day visit on Wednesday, is the first Indian prime minister to visit to the country's Far East region.