Table of Contents
WHAT JUST HAPPENED?
- Prime Minister Narendra Modi has become the first Indian Prime Minister to visit Vladivostok, the far-east region of Russia. The Prime Minister landed in Vladivostok on September 4, as a part of his two-day visit to Russia from September 4-6, 2019.
WHY RUSSIA NEEDS INDIA IN FAR EAST RUSSIA
- Joint projects between Russia and China in the Far East region have seen notable progress and the two sides are expected to further enhance their ties in various fields, Russian Minister for the Development of the Far East and Arctic Investment from China has accounted for 71 percent of the total direct foreign investments worth of 33 billion U.S. dollars that have come to the Far East in the past four years.
- WHY RUSSIA NEEDS INDIA IN FAR EAST RUSSIA Russian Deputy PM Yury Trutnev has recently announced that 80 per cent workforce in Chinese projects in Far East Russia must be locals and there will be no permanent land transfer to Chinese investors. He is of opinion that if any China is setting up any enterprise in Far East Russia it has to employ 80 per cent Russians and remaining 20 per cent should be Chinese.
- Russians are increasingly apprehensive of encroachment from contiguous China into Far East Russia which is resource rich but sparsely populated
EASTERN ECONOMIC FORUM
- The Eastern Economic Forum was established by the decree of the President of the Russian Federation in the year 2015. It takes place each year in Vladivostok, a city in Russia.
- It 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.
“RUSSIA IS AN INTEGRAL FRIEND,” SAYS PM MODI
Major Indian co in Russia
1)Tata Power
2)Coal India
3) ONGC videsh
4) GAIL (India)
INDIA AND RUSSIA TARGET $30 BILLION IN TRADE BY 2025
- Seeking to boost bilateral trade from its current $11 billion, the two countries announced deals in sectors including energy, defence and shipping India, the world’s third-biggest oil consumer and importer, aims to raise the proportion of gas in its energy mix to 15% in the next few years and diversify its energy supply to hedge against geopolitical risk.
CHENNAI AND VLADIVOSTOK
DITCHING THE DOLLAR
- According to the Russian president, it is important to use national currencies in mutual settlements. “We consider the introduction of the practice of using national currencies in our settlements to be a key component of the work with our Indian partners, as well as ensuring smooth interbank transactions, which would help India join the Bank of Russia financial message transfer system,” Putin said.
PACTS
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