India offers $1 billion loan for development of Russia’s Far East

Agencies
September 5, 2019

Vladivostok, Sept 5: Prime Minister Narendra Modi on Thursday said India will walk shoulder-to-shoulder with Russia in its development of the Far East and announced a $1 billion line of credit for the development of the resource-rich region.

Addressing the plenary session of the 5th Eastern Economic Forum here, Prime Minister 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.

"For the development of Far East, India will give line of credit worth $1 billion. My government has actively engaged East Asia as part of its 'Act East' policy. I firmly believe that today's announcement will add a new dimension to the economic diplomacy of the two countries," Modi said at a packed house here.

The Prime Minister, in the presence of Russian President Vladimir Putin, also unveiled the "Act Far East" policy to boost India's engagement with Russia's Far East region.

"Let us deepen the bond between India and Russia even further. India is proud of the achievements of the Indian diaspora. I am sure here in the Russian Far East too the Indian diaspora will make an active contribution towards the region's progress," Modi said.

"India is a proud and active participant in the various activities of the Eastern Economic Forum. Participation has come from top levels of government and industry," he said.

Indian firms have invested over $7 billion in taking stake in Russian oil and gas fields. India ventured into Russia when its flagship overseas firm ONGC Videsh in 2001 acquired a 20 per cent stake in Sakhalin-1 oil and gas field in Far East Russia.

OVL later bought Imperial Energy, which has fields in Siberia, as also stakes in Vankor oilfield in eastern Siberia.

IOC and its partners have picked up 29.9 per cent stake in a separate Taas-Yuryakh oilfield in East Siberia.

Russian oil firm Rosneft in 2017 bought Essar Oil, which operates in Vadinar oil refinery in Gujarat and some 5,500 petrol pumps, for $12.9 billion.

Modi appreciated the vision of Putin for the welfare for Russia's Far East, saying the President has opened up investment opportunities for India in the region.

"By declaring the development of the Russian Far East a 'national priority for the 21st century', President Putin has taken a holistic approach towards improving everything ranging from economy, education, health to sports, culture or communication," he said.

Prime Minister Modi also emphasised on India's commitment to become a five trillion dollar economy by 2024.

Modi, who arrived in Russia on a two-day visit on Wednesday, is the first Indian prime minister to visit to the Russian Far East Region.

He arrived here to participate in the 20th India-Russia annual summit with President Putin and the fifth meeting of the Eastern Economic Forum (EEF).

The forum focuses on development of business and investment opportunities in the Russian Far East Region, and presents enormous potential for developing close and mutually beneficial cooperation between India and Russia in the region.

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Well Wisher
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Thursday, 5 Sep 2019

LOL. Naave muluguttiruvaaga yaake beku maaraya inthaha saahasa.

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News Network
June 16,2020

Seoul, Jun 16: North Korea blew up an inter-Korean liaison office on its side of the border on Tuesday, the South's Unification Ministry said, after days of increasingly virulent rhetoric from Pyongyang.

"North Korea blows up Kaesong Liaison Office at 14:49," the ministry, which handles inter-Korean relations, said in a one-line alert sent to reporters.

The statement came minutes after an explosion was heard and smoke seen rising from the long-shuttered joint industrial zone in Kaesong where the liaison office was located, Yonhap news agency reported citing unspecified sources.

Its destruction came after Kim Yo Jong, the powerful sister of North Korean leader Kim Jong Un, said at the weekend: "Before long, a tragic scene of the useless north-south joint liaison office completely collapsed would be seen."

Since early June, North Korea has issued a series of vitriolic condemnations of the South over activists sending anti-Pyongyang leaflets over the border -- something defectors do on a regular basis.

Last week it announced it was severing all official communication links with South Korea.

The leaflets -- usually attached to hot air balloons or floated in bottles -- criticise North Korean leader Kim Jong Un for human rights abuses and his nuclear ambitions.

Analysts say Pyongyang may be seeking to manufacture a crisis to increase pressure on Seoul while nuclear negotiations with Washington are at a standstill.

Earlier Tuesday, North Korea's army said it was "fully ready" to take action against the South, included re-entering areas that had been demilitarised under an inter-Korean agreement.

"North Korea is frustrated that the South has failed to offer an alternative plan to revive the US-North talks, let alone create a right atmosphere for the revival," said Cheong Seong-chang, a director of the Sejong Institute's Center for North Korean Studies.

"It has concluded the South has failed as a mediator in the process."

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News Network
June 27,2020

Moscow, Jun 27: The number of people who have contracted the coronavirus infection in Russia has increased by 6,852 over the past day to a total of 627,646, the country's COVID-19 Response Center said in a daily update on Saturday.

"Over the past day, 6,852 new COVID-19 cases were confirmed in 85 regions of Russia, including 2,058, or 30 per cent, of asymptomatic cases," the response centre said.

Of the total 6,852 newly detected cases, 750 have been confirmed in Moscow, 366 in Moscow Region, and 280 in the Khanty-Mansi Autonomous Area, according to the report.

The reported daily dynamics included 188 new fatalities, which brought the cumulative death toll to 8,969.

Total recoveries now count 393,352, an increase of 9,200 over the past day, including 1,852 in Moscow, 1,421 in Moscow Region and 716 in St. Petersburg.

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Agencies
June 28,2020

Paris, Jun 28: More than 10 million cases of the new coronavirus have been officially declared around the world, half of them in Europe and the United States, according to an AFP tally on Sunday based on official sources.

At least 10,003,942 infections, including 498,779 deaths, have been registered globally.

Europe remains the hardest hit continent with 2,637,546 cases including 195,975 fatalities, while the United States has 2,510,323 infections including 125,539 deaths.

The rate of infections worldwide continues to rise, with one million new cases recorded in just six days.

The tallies, using data collected by AFP from national authorities and information from the World Health Organization (WHO), probably reflect only a fraction of the actual number of infections.

Many countries are testing only symptomatic or the most serious cases and some do not have the capacity to carry out widescale testing.

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