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Russia’s Far East- Opportunities for India - Coggle Diagram
Russia’s Far East- Opportunities for India
Context
PM Modi recalled his participation at the forum summit physically in 2019, saying India had announced its “Act Far-East” policy at that time.
PM Modi recently attended the Eastern Economic Forum, being held in the Russian city of Vladivostok.
Russia’s Far East and India
This pledge has now become a key pillar of the ‘Special and Privileged Strategic Partnership’ between India and Russia.
Earlier PM Modi had pledged a $1 billion Line of Credit for development of the Russian Far East.
Geography of the region
The region’s largest city is Khabarovsk, followed by Vladivostok
The region shares land borders with the countries of Mongolia, China, and North Korea
It is located between Lake Baikal in eastern Siberia and the Pacific Ocean
Maritime boundaries lies with Japan to its southeast, and with the United States along the Bering Strait to its northeast.
Easternmost part of Russia and the Asian continent
Why focus on the Far East?
India is a country with a labor-surplus and a resource-deficit
India is in need of energy, mineral resources and farming land
It needs capital, technology and markets.
Russia is in a position to meet Indian requirements and vice-versa.
While the region is labor-scarce, it is resource rich.
Economic significance of Far-East Region
Blue Economy
Employment opportunities
Agriculture
Export destination for key sectors
Natural resources
Various steps taken by India
2001- India’s ONGC acquired a 20 percent stake in the Sakhalin reserves
2017- Tata Power announced that it had secured a $4.7-million mining license
India opened a consulate in Vladivostok in 1992, the first country in the world to do so.
Issues with the region
Increasing outmigration
Poor infrastructure
Sparse population
Lacking connectivity
Harsh climate
Strategic importance
Confidence building with sanctions-ridden Russia
Countering Chinese growing investement
Direct gateway to Japan
India's long stated ties with Russia
Gateway to Indo-Pacific
Way forward
India and Russia should put in place a free trade agreement, easier visa norms and improved travel facilities
Developing sea connectivity is possible
Connectivity is the key
Maintain the momentum in ties with Russia amid affinity with the West
Development of necessary infrastructure