India to offer Russia whopping $1 billion credit line to develop Far East, says PM Modi

Prime Minister Narendra Modi on Thursday announced that India will offer Russia a $1 billion credit line to help develop the Russian Far East. While addressing the economic forum in the city of Vladivostok in Russia's Far East, PM  Modi said, "For the development of Far East, India will give a line of credit worth $1 billion. My govt has actively engaged with East Asia as part of its `Act East` policy. This will also give a new dimension to our economic diplomacy." The prime minister thanked Russian President Vladimir Putin for inviting him to attend the event and said occasions like these will only strengthen the efforts for human welfare in Far East.

"Thanking Russian President Vladimir Putin for extending an invitation to attend the Forum, Prime Minister Modi said that the brainstorming on the occasion will not only strengthen the efforts for human welfare in Far East, but also the entire mankind," PM Modi said. He stressed that the relation of India and Far East is not new but ages old.Meanwhile, noting that India is the first country to open its consulate in Vladivostok, the Prime Minister said, "Even when there were restrictions on other foreigners, Vladivostok was open for Indians."

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PM Modi added that New Delhi is working towards building a New India on the `mantra` of `sabka saath sabka vikas`, wherein "we are aiming to be USD five trillion economy by 2024." The Prime Minister is attending the Eastern Economic Forum as a Chief Guest and it shows the importance India attaches to the Russian Far East, an area with which New Delhi has had few links in the past. 

Meanwhile, both the countries have also decided to work towards creation of an institutional arrangement for reciprocal logistics support for their armed forces as part of upgradation of the bilateral defence cooperation.

"The (two) sides expressed their satisfaction with regular military contacts and joint exercises of the Armed Forces of the two countries. They welcomed the successful implementation of the 2011-2020 Long-Term Program for Military and Technical Cooperation. They agreed to speed-up elaboration of a new long-term plan of interaction in this area," the joint statement by both the countries said.