Context
Prime Minister Modi highlighted the plenary session of the Eastern Economic Forum (EEF).
What is EEF?
- The Eastern Economic Forum was established by decree of the President of the Russian Federation Vladimir Putin in 2015.
- The forum aims to:
- support the economic development of Russia’s Far East
- expand international cooperation in the Asia-Pacific region
Key-points highlighted during the address
- India-Russia friendship has stood the test of time and noted the "robust" cooperation between the two countries during the COVID-19 pandemic, including in the vaccination programme.
- Energy is another major pillar of the strategic partnership between the two countries and that India and Russia can together help bring stability to the global energy market.
- India was the first country in the world to open a consulate in Vladivostok.
- Engaging closely with East Asia was in line with India’s policy goal of “Act East”.
Key-achievements
- In the last five years, as many as 17 different countries have invested in the Far East.
- These include regional and global heavyweights like China, Japan, South Korea, Australia, New Zealand, and Vietnam.
- As a result, 20 advanced special economic zones and five free ports have been put in place.
- A total of 1,780 new investment projects, worth over 3.8 trillion rubles, and 230 new enterprises have become functional,
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