Launching the ‘Act Far East’ policy, Prime Minister Narendra Modi on Thursday announced that India will give a line of credit worth US$ 1 billion to Russia for the development of Far East.

“My government has actively engaged East Asia as part of its ‘Act East’ policy. This will also give a new dimension to our economic diplomacy,” Modi said while addressing the Plenary Session of the fifth Eastern Economic Forum, in Vladivostok.

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India has launched the ‘Act Far East’ policy to boost New Delhi’s engagement with Russia’s Far East.

“India will walk shoulder-to-shoulder with Russia in its development of the Far East region,’ the Prime Minister said.

“In India also, we are building a New India on the mantra of ‘sabka saath sabka vikas’. We are aiming to be US$ 5-trillion economy by 2024,” he added.

Speaking on India-Russia relations, Modi said India is the first country which opened its consulate in Vladivostok.

“Even during Soviet Russia when there were restrictions on other foreigners, Vladivostok was open for Indians,” he said.

Prime minister Modi said the friendship between India and Russia was not restricted to governmental interactions in capital cities but is about people and close business relations.

The Prime Minister said that he believes that “brainstorming today at this forum will not only strengthen the efforts for human welfare in the Far East, but also the entire mankind”.

Earlier, addressing the Plenary Session of the fifth Eastern Economic Forum, Russian President Vladimir Putin said that Moscow’s relationships with India, China, Republic of Korea, Malaysia, Mongolia, Japan and other countries of the Asia-Pacific region are based on principles of respect and honest dialogue.

“I am convinced they have great prospects which tally with the growing role that the Asia-Pacific region is to play in the coming decades,” he said.

Prime Minister Narendra Modi is the chief guest of the Eastern Economic Forum. His visit to the Russian Far East Region is the first by an Indian prime minister.

The EEF is held annually with the objective of facilitating accelerated development of the Russian Far East’s economy and expanding international cooperation in the Asia-Pacific region.

Earlier on Wednesday, Prime Minister Narendra Modi and Russian President Vladimir Putin witnessed the exchange of 15 agreements ushering in new areas of cooperation including connectivity, deep-sea exploration, space, nuclear energy, among others, at the India-Russia 20th Annual Summit in Vladivostok.

Ahead of the exchange of MoUs, the two leaders discussed bolstering cooperation in trade and investment, oil and gas, mining, nuclear energy, defence and security, air and maritime connectivity, transport infrastructure, hi-tech, outer space and people-to-people ties.

Modi accompanied by Kremlin also visited the Zvezda shipbuilding facility on Wednesday, which is being expanded and has scope for foreign investment. The PM also interacted with the management and workers of the shipyard.