Vladivostok, September 5: Prime Minister Narendra Modi on Thursday announced that India would give a line of credit worth USD 1 billion for the development of Far East Asia. The Indian Premier made these announcements while addressing a joint session with Russin President Vladimir Putin at the Plenary Session of 5th (fifth) Eastern Economic Forum in Vladivostok.

Announcing India's decision to support development projects in Far East Asia, PM Modi stated, "For the development of Far East, India will give a line of credit worth USD 1 Billion. My govt has actively engaged in East Asia as part of its 'Act East' policy. This will also give a new dimension to our economic diplomacy." PM Narendra Modi Meets Japanese PM Shinzo Abe in Russia, Pledge To Deepen Bilateral Ties

Narendra Modi said that the Indian companies, their expertise and their professionalism would help the far east to develop at a high pace. He said, "I am sure that Indian companies, their expertise and their professionalism will help the far east to develop at a great pace." PM Modi also applauded President Putin for his vision for the Far East and said that India would walk along with this vision.

In this visit to Russia, India signed many agreements in the sectors of energy, medicare and skill development. With this, India expects big investments in these sectors and more significant ties with the Far East Asian countries.

(The above story first appeared on LatestLY on Sep 05, 2019 02:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).