Act Far East policy Current Affairs - 2019
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The fifth edition of Eastern Economic Forum (EEF) was held in Vladivostok, Russia from September 4 to 6, 2019. It was aimed at roviding a platform for discussing issues aimed at expanding international cooperation in Asia-Pacific region and developing the economy of Russias Far East. The participants in Summit were India, Malaysia, Japan, Australia, and South Korea. India’s Prime Minister Narendra Modi was Chief Guest at the event being hosted by Russian President Vladimir Putin.
Key Takeaways from Summit
India’s Line of Credit (LoC): PM Modi while addressing Plenary Session of 5th EEF announced LoC worth $1 billion for the development of the Far East region of Russia. This is the first-ever region-specific LoC extended by India in a foreign country.
Act Far East policy: PM Modi also announced launching of India’s “Act Far East” policy. Russia’s Far East is rich in resource, but is sparsely populated region. This policy aims to tap this region’s resources potential and also find opportunities for skilled workers to find employment in this region. It also ties in well with Indo-Pacific concept, and opens up possibilities for India to use Arctic route to connect with northern Europe.
About Eastern Economic Forum (EEF)
It is annual event held at Vladivostok, Russia to encourage foreign investment in the Russian Far East. It was established by decree of Russia President Vladimir Putin in 2015.
It is aimed at supporting economic development of Russia’s Far East and to expand international cooperation in Asia-Pacific region.
(i) Strengthening ties between Russian business and federal, regional, and local government bodies on side and international investment community on other side.
(ii) Conducting comprehensive expert assessment of Russia’s Far East economic potential and improving its competitiveness and attractiveness to investors.
(iii) Showcasing new investment and business opportunities such as advanced special economic zones (SEZs), Vladivostok Free Port, and state support for high-potential investment projects.
Events at this Forum: These are held in the form of panel sessions, roundtables, business breakfasts, televised debates and business dialogues devoted to Russia’s relationships with various countries.