Modi’s Russia visit: Trade and economy on agenda; key things to know

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Published: September 4, 2019 12:04 PM

Prime Minister Narendra Modi’s visit to Russia to participate in Eastern Economic Forum and hold bilateral meet with President Vladimir Putin comes with expectations on trade and economy front for India.

Modi government, Ayush centre, India, ayurvedic, Ayush medicine, Yoga Awards, narendra modiThe forum stresses on development of business and investment opportunities in the Russian Far East Region, a region traditionally known to be rich in natural resources.

Prime Minister Narendra Modi’s visit to Russia to participate in Eastern Economic Forum and hold bilateral meet with President Vladimir Putin comes with expectations on trade and economy front for India. At a time when the global economy sees a slowdown, the visit aims to lay down a five-year roadmap to develop stronger partnership in skills development, mining, medicine, education and agriculture. The forum stresses on development of business and investment opportunities in the Russian Far East Region, a region traditionally known to be rich in natural resources. The visit offers vast potential for developing close and mutually beneficial cooperation between India and Russia in the region. The two premiers would explore opportunity to open a maritime route connecting Chennai with Vladivostok and also discuss possibilities in the farming sector, Foreign Secretary Vijay Gokhale said in the media briefing. A number of agreements, including in the coal mining and power sectors, are expected to be strengthened during the visit, he added.

Narendra Modi, the first Indian prime minister to visit to the Russian Far East Region, visited Zvezda shipbuilding complex, one of Russia’s major shipbuilding yards, along with Russian President on Wednesday. India looks up to Russia as a major source of hydrocarbons as well, he noted. The PSUs of both nations would also ink some letters of intent and India may announce investment in new oil fields in Russia, he also said. Modi’s visit may also see something solid coming up on LNG import from Russia, Gokhale added.

Also read: India’s services sector activity eases in August amid softer rise in new business orders: PMI

Modi had earlier said that he looks forward to discuss regional and global issues of mutual interest with President Vladimir Putin. The meeting between the two leaders will be the 20th annual bilateral summit between the two countries.

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