Context: India has extended a $1 billion line of credit for development of Russia’s Far East. This was announced by PM Modi at the ongoing 5th Eastern Economic Forum.
- 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.
About the Eastern Economic Forum:
- Established by Decree of the President of the Russian Federation in 2015.
- It takes place each year in Vladivostok.
- Serves as a platform for the discussion of key issues in the world economy, regional integration, and the development of new industrial and technological sectors, as well as of the global challenges facing Russia and other nations.
- Participants: The Forum business programme includes a number of business dialogues with leading partner countries in the Asia-Pacific region, and with ASEAN, a key integration organization of dynamically developing nations in Southeast Asia.
ABOUT THE FAR EAST:
- The Far East is the easternmost part of Russia.
- It borders two oceans, the Pacific and the Arctic, and five countries (China, Japan, Mongolia, the United States and the DPRK).
- The Far Eastern Federal District covers more than a third of the country’s territory.
- RESOURCES: The Far East is rich in natural resources like diamonds, stannary, borax materials, 50 gold, tungsten, and fish and seafood. .
- About 1/3 of all coal reserves and hydro-engineering resources of the country are here. Forests of the region comprise about 30% of the total forest area of Russia.
- The forum focuses on development of business and investment opportunities in the Russian Far East Region, and presents enormous potential for developing close and mutually beneficial cooperation between India and Russia in the region.