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Eastern Economic Forum

  • Posted By
    10Pointer
  • Categories
    Economy
  • Published
    6th Sep, 2021

Context

Prime Minister Modi highlighted the plenary session of the Eastern Economic Forum (EEF).

What is EEF?

  • The Eastern Economic Forum was established by decree of the President of the Russian Federation Vladimir Putin in 2015.
  • The forum aims to: 
    • support the economic development of Russia’s Far East 
    • expand international cooperation in the Asia-Pacific region

Key-points highlighted during the address

  • India-Russia friendship has stood the test of time and noted the "robust" cooperation between the two countries during the COVID-19 pandemic, including in the vaccination programme.
  • Energy is another major pillar of the strategic partnership between the two countries and that India and Russia can together help bring stability to the global energy market.
  • India was the first country in the world to open a consulate in Vladivostok.
  • Engaging closely with East Asia was in line with India’s policy goal of “Act East”.

Key-achievements

  • In the last five years, as many as 17 different countries have invested in the Far East.
  • These include regional and global heavyweights like China, Japan, South Korea, Australia, New Zealand, and Vietnam. 
  • As a result, 20 advanced special economic zones and five free ports have been put in place. 
  • A total of 1,780 new investment projects, worth over 3.8 trillion rubles, and 230 new enterprises have become functional,