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India extends $1 b line of credit to Russia’s Far East (Relevant for GS Prelims & Mains Paper II; IOBR)

Source: The Hindu Business line

Russia is eager to develop its Far East region, where 98 per cent of diamond and 50 per cent of gold of Russia are mined.

During the 5th Eastern Economic Forum (EEF) in Vladivostok, Prime Minister Narendra Modi has extended $1 billion line of credit to Russia for development of far east.

In December 2014, the countries’ leaders set a goal to bring bilateral trade and investment figures to $30 billion by 2025. While two-side investments have crossed $50 billion by 2017, thanks to acquisition of Essar Oil by the Rosneft-led consortium, the annual bilateral trade is still $11 billion.

Previous investments in far east
India’s largest state-owned companies as well as private business conglomerates have been investing in the Far East, which includes ONGC’s investments in oil and gas projects, the development of coal and gold deposits by Tata Power and Sun Group, diamond polishing factories set up recently by KGK group and M Suresh, among others.

However, experts in both countries believe the scale of these investments does not correspond to the potential of the region, nor to the opportunities or interests of Indian business.

Multiple delegations of state authorities and business from both countries have visited each other since the beginning of 2019. The latest and largest delegation of four chief ministers and over 130 companies was headed by Minister of Railways and Minister of Commerce & Industry Piyush Goyal.



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