EASTERN ECONOMIC FORUM
The 8th Eastern Economic Forum meeting is being held in the Russia’s far eastern city from September 10-13.
Eastern Economic Forum deals with encouraging investments in the Far East region of Russia.
- The EEF was established in 2015 to encourage foreign investments in the Russia’s Far East (RFE) region.
- EEF displays the economic potential, suitable business conditions and investment opportunities in the region.
- As of 2022, almost 2,729 investment projects are being planned in the region.
- The agreements focus on infrastructure, transportation projects, mineral excavations, construction, industry and agriculture.
- The forum aimed at connecting the Far East with the Asia Pacific region.
ABOUT RUSSIA’s FAR EAST DISTRICT
- Far Eastern Federal District (FEFD) is the easternmost part of Russia and borders the Pacific and the Arctic ocean, and five countries (China, Japan, Mongolia, the United States and the North Korea).
- The region encompasses 1/3rd of Russia’s territory and is rich with natural resources such as fish, oil, natural gas, wood, diamonds, coal and other minerals.
- The Russian government has strategically developed the region with the aim of connecting Russia to the Asian trading routes.
INITIATIVES BY INDIA IN FAR EAST RUSSIA
- NITI Aayog and Ministry for Development of the Russian Far East and Arctic are working on a plan to develop the Arctic and Russia’s Far East between 2020 and 2025.
- India offered a $1 billion line of credit to develop infrastructure in the region.
- Oil and Natural Gas Corporation purchased stakes in the Sakhalin-1 project in the region.
- India, Japan and Russia concluded their first Track II negotiations about joint Far East projects.
- India’s ‘act Far-East’ policy has become a key pillar of the ‘Special and Privileged Strategic Partnership’ of India and Russia.