Eastern Economic Forum
Context:
- Russia hosted the seventh Eastern Economic Forum (EEF) Vladivostok from September 5 to 8.
- The four-day forum is a platform for entrepreneurs to expand their businesses into Russia’s Far East (RFE).
About:
- The EEF was established in 2015 to encourage foreign investments in the Russia’s Far East (RFE).
- The EEF is a forum to showcase the economic potential, suitable business conditions and investment opportunities in the region.
- Agreements signed at the EEF increased from 217 in 2017 to 380 agreements in 2021, worth 3.6 trillion roubles. As of 2022, almost 2,729 investment projects are being planned in the region.
- The agreements focus on infrastructure, transportation projects, mineral excavations, construction, industry and agriculture.
Major Takeaways:
- It is not surprising that China is the biggest investor in the region.
- As China is looking to expand its infrastructure projects under its Belt & Road initiative and also the Polar Sea Route in the RFE.
- It is a matter of fact that Chinese investments make up 90% of the total investments in the region.
- The Trans-Siberian Railway has further helped Russia and China in advancing trade ties.
- Apart from China, South Korea and Japan are also investing in the region, Japan seeks to depend on Russian oil and gas resources after the 2011 meltdown in Fukushima which led the government to pull out of nuclear energy.
India’s Position:
- India is also enthusiastic with respect to Russia’s Far East (RFE) as it aims to expand its ties specially in areas such as energy, pharmaceuticals, maritime connectivity, healthcare, tourism, the diamond industry and the Arctic.
- In 2019, India also offered a $1 billion line of credit to develop infrastructure in the region.
Source The Hindu
