VLADIVOSTOK, Sept 5 - India on Thursday announced an �unprecedented� USD 1 billion line of credit for Russia�s resource-rich Far East with Prime Minister Narendra Modi vowing to support President Vladimir Putin�s �stupendous efforts� to develop the extremely harsh region.
Addressing the plenary session of the 5th Eastern Economic Forum (EEF) here, Modi, who was the chief guest, said it was a �unique case� of India providing such special credit line to a region in another country.
�For the development of the Far East, India will give line of credit worth USD 1 billion. My government has actively engaged East Asia as part of its �Act East� policy,� Modi said at the well-attended meeting, hosted by Russian President Vladimir Putin.
The Prime Minister then unveiled his government�s �Act Far East� policy to boost India�s engagement with Russia�s Far East region, blessed with oil, gas and other minerals.
�I am confident that this step will give new impetus to the development of economic diplomacy and growth of ties between the regions of our friendly states. We will remain active partners in our priority cooperation,� he said.
Terming the grant of USD 1 billion to Russia�s Far East an �unprecedented case�, the Prime Minister said this was �our launching pad� in the region where India is �very active�.
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.
�India�s connection to Russia�s Far East go back a long way. India was the first country to open a consulate in Vladivostok,� he said. � PTI