Union Minister Sarbananda Sonowal is leading an Indian delegation for the 8th Eastern Economic Forum, which will be addressed by Russian President Vladimir Putin in Vladivostok.
Vladivostok is the largest Russian port on the Pacific Ocean and it is located about 50 km from the China-Russia border.
The 8th Eastern Economic Forum meeting is being held in Russia’s far eastern city from September 10-13.
Sonowal will be addressing the India-Russia Business Dialogue at the Eastern Economic Forum where he will be highlighting the pivotal role of trade, commerce and business in fostering stability and sustainability within the special and privileged strategic partnership between India and Russia.
He will also be speaking at the session on Eastern Maritime Corridor, while also meeting senior ministers of Russian Federation on possibilities to further strengthen the bilateral relation between the two countries, including exploring possibilities of the Northern Sea Route and establishing a trans-shipment hub in the Bay of Bengal.
The Eastern Maritime Corridor is aimed at reducing cargo transit times between India and Russia. The journey from Indian ports to the Russian Far East takes just 24 days, compared to 30 days through the port of Novorossiysk.
This corridor holds immense potential to unlock new opportunities for trade and cooperation for both India and Russia.
Eastern Economic Forum
• The Eastern Economic Forum is a key international platform for establishing and strengthening ties within the Russian and global investment communities, and for comprehensive expert evaluation of the economic potential of the Russian Far East, the investment opportunities it offers, and business conditions within advanced special economic zones.
• The Forum was established by a decree of the Russian President in 2015 to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region.
India and the Far East
• The Far East is the easternmost part of Russia. The macro-region borders two oceans, the Pacific and the Arctic, and five countries (China, Japan, Mongolia, the US and North Korea).
• The Far Eastern region spreads over four time zones and various climate zones: from northern deserts to subtropics.
• The region is rich in natural resources. The macro-region extracts 98 per cent of Russian diamonds, 80 per cent of stannary, 90 per cent of borax materials, 50 per cent of gold, 14 per cent of tungsten, and 40 per cent of fish and seafood. About one-third of all coal reserves and hydro-engineering resources of the country are here. Forests of the region comprise about 30 per cent of the total forest area of Russia.
• India was the first country to establish a resident consulate in Vladivostok in 1992. However, India’s existing engagement with the region is limited to isolated pockets. In order to bolster the trade ties, it is imperative that connectivity between India and Vladivostok have to be simplified, affordable and time-efficient.
• Ease of connectivity will not only provide access to the resource-rich, unexplored Far East but will also strengthen India’s geo-political stature.
