India, Russia can bring stability to energy market: PM Modi

While saying that the International North-South Transport Corridor will bring the India and Russia closer, Prime Minister Narendra Modi on Friday said that an energy partnership between the two countries can bring stability to the global energy market.

In a virtual address at the plenary session of the Eastern Economic Forum being held in Vladivostok, PM Modi said the friendship between India and Russia has “stood the test of time”, as reflected by recent cooperation during the Covid-19 pandemic, including in the field of vaccines.

“Energy is another major pillar of our strategic partnership. India-Russia energy partnership can help bring stability to the global energy market,” the Prime Minister said in his address.

Thanking President Vladimir Putin, PM Modi said, “I am delighted to address Eastern Economic Forum and thank President Vladimir Putin for this honour.” While recalling his 2019 visit to Vladivostok, PM Modi praised Putin’s vision for the development of the Russian Far East. “In Indian history and civilization, ‘sangam’ has a special meaning. It means confluence or coming together of rivers, people and ideas. In my view, Vladivostok is truly a ‘sangam’ of Eurasia and Pacific,” he said.

During a 2019 visit to the Far Eastern port city of Vladivostok, PM Modi had announced that New Delhi would provide a $1 billion loan to aid the region’s economic development. He had also signed a memorandum to establish a direct maritime corridor between Chennai and Vladivostok.

“I applaud President Putin’s vision for the development of the Russian Far East. India will be a reliable partner for Russia in realising this vision. In 2019, when I had visited Vladivostok to attend the forum, I had announced India’s commitment to enact Far East Policy,” said PM Modi.

During his brief speech, Prime Minister announced that India’s biggest shipyards will partner with Zvezda for the construction of some of the most important commercial ships in the world. “Today I’m delighted that one of India’s biggest shipyards, Mazagon docks limited will partner with Zvezda for the construction of some of the most important commercial ships in the world,” he said.

PM Modi even extended an invite for the Governors of 11 regions of the Russian Far East to visit India.

Earlier this year, Foreign Secretary Harsh Shringla met Russian Foreign Minister Sergei Lavrov and other senior officials in Moscow. During his visit, he had said that one of the primary aims of his trip was to discuss bolstering economic cooperation in the Russian Far East.

Eastern Economic Forum is an international meet held annually in Vladivostok to encourage foreign investments in Russia’s resource-rich but underdeveloped Far East. Russia has actively wooed India to invest in the region, and PM Modi had announced a $1 billion line of credit for the Far East while speaking as the chief guest at the last EEF meet in 2019.